Want to Own a Home Like the Ones You See in the Tv Show Selling Sunset? Is Owning Million Dollar Real Estate Going to Become a Part of My Reality?
Financial Planning
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Want to Own a Home Like the Ones You See in the Tv Show Selling Sunset? Is Owning Million Dollar Real Estate Going to Become a Part of My Reality?

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Selling Sunset is a popular real estate show on Netflix, and amidst the drama, fashion, and gossip, it’s easy for viewers to wonder if the series is really about houses. Indeed, the Oppenheim Group, run by twin brothers Jason and Brett Oppenheim, exploits the glamour and prestige of luxury homes, featuring real estate agents who resemble runway models. In fact, many prominent real estate agents, including one of Nick Cannon’s baby mamas, Bre Tiesi, are former models shifting their careers toward real estate as they grow out of the industry.

Behind the shiny facade of their perfect contour and alleged Botox injections are savvy women who have made millions off of their commissions from selling stunning houses with high price tags from Hollywood to Beverly Hills. Christine Quinn, the former series villain and real-life Barbie doll, boasts a net worth of 3 million dollars, while former soap opera star Chrishell Stause is worth around $5 million. These models-turned-moguls are not messing around.

Many Millennials Struggle with Buying an Average Home, Let Alone a Million-dollar Abode (But People Are Finding Creative Workarounds to Address That)

Many Millennials Struggle with Buying an Average Home, Let Alone a Million-dollar Abode (But People Are Finding Creative Workarounds to Address That)

Like many reality TV shows, Selling Sunset holds an aspirational element. It feels out of reach for most modern-day Americans who can barely afford home ownership, let alone a multi-million dollar home, to look toward the agents and clients on Selling Sunset with serious motivation. Memes abound regarding baby boomer parents getting married, buying a home, and having two kids by the age of thirty, in contrast to millennials who are balancing whether or not they can afford takeout.

While wages haven’t risen in accordance with inflation, other factors are at play. For example, cities around the United States are currently experiencing a mass exodus of not only the low-wage workers who can’t afford to live there, such as bus drivers or teacher aides, but also the supposed high-paying jobs that should be able to afford to live in New York or San Francisco. It’s not just the houses, either – the cost of living is so astronomically high in New York that even a cocktail can break the bank. However, a Silicon Valley salary can go a lot further in Austin, Texas, or Nashville, Tennessee, when working remotely, and that’s exactly what’s happening. Maybe a lavish home is more accessible if consumers are willing to sacrifice location for accommodation.

The Affluence of Selling Sunset May Be More Attainable Than You Think

Selling Sunset is set in sunny Los Angeles and drips with nearly every stereotype of the region. The real estate women maintain perfect bodies despite what appears to be prettily packaged alcoholism and even have Botox injections at their broker’s opens. The women meet at juice bars to gossip and also own multi-million dollar homes with pools. Where the masses of Los Angeles toil in the heavy, dirty air for wages that can’t compete with the housing market, the women of Selling Sunset wobble around in their high-heeled stilettos holding tiny dogs and showcasing their massive pools that overlook the famed Hollywood Hills.

However, these women are still merchant class, dependent on the frivolous spending habits of their elite and disgustingly wealthy clients. As Jason noted in the most recent season of the hit Netflix reality TV series, the housing market is currently in decline, and the ladies had to work extra hard for less pay. Those perfectly curated wardrobes don’t pay for themselves – Oppenheim Group agent Emma Hernan reportedly spends $100,000 per season on her outfits for Selling Sunset.

Selling Sunset would have viewers believe that to even dip a toe into the affluent elitism portrayed on the show, they would have to be millionaires. However, after outlining a few steps, it becomes abundantly clear that through a few shrewd financial maneuvers, more Americans than one would expect could own homes nearly as lavish as some of those showcased on Selling Sunset. While most Americans will not buy a $10 million home anytime soon, $1-3 million could be more attainable, depending on location, lifestyle, and financial situation. While a million dollars might look different in 2040, it could be aspirationally attainable today.

Is a Million-dollar Home in the Cards for You?

Is a Million-dollar Home in the Cards for You?

While nearly every Selling Sunset episode features houses and clients, some episodes are more iconic than others. One of the more notable episodes included agent Davina Potratz convincing Jason to let her try and sell a $75 million listing. Her client, Adnan Sen, is a Turkish businessman worth millions, and while she could not sell that house, other striking plotlines focus more on the places than the interpersonal drama. The most expensive house the Oppenheim Group has sold was by Jason himself, a fabulous $40 million home.

However, many homes sold on Selling Sunset hover in the $4-25 million range. For example, Chelsea Lazkani’s first sale on the sunset strip was $4.7 million. Agents typically earn around 3 percent commission on their sales, meaning Chelsea banked around $141,000 for a single sale. While sales are inconsistent, that’s still not too shabby. When seasoned agent Mary Fitzgerald sold an $8 million home, she reportedly received a $240,000 commission. How these agents afford their lavish lifestyles makes more sense when considering their commissions.

“Some people really are able to afford the homes that you see on TV shows like Selling Sunset, Million Dollar Listing and more,” says Leonard Kim of AdvisorCheck. “Mauricio Umansky, founder of The Agency, who makes frequent guest appearances on The Real Housewives of Beverly Hills, along with Million Dollar Listing, invited me to two of his open houses. These homes come prefurnished and one of them came with a brand new Lamborghini with purchase. The other event was sponsored by O’gara Coach and they let me drive a Lamborghini Huracan through the canyons of Malibu. Another friend of mine by the name of Alexander Ali has invited me to other spectacular real estate events. The most memorable was a home in Bel Air that had a DJ set built into the living room, Andy Warhol artwork throughout the entire home and even came with Andy’s very own Rolls Royce he drove when he was in his prime,” Leonard continued.

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I Want a Home Like the Ones That I See on Selling Sunset – How Can I Afford a Selling Sunset Home?

I Want a Home Like the Ones That I See on Selling Sunset – How Can I Afford a Selling Sunset Home?

While there’s plenty of information online regarding Selling Sunset agents’ net worths, commissions, and listings, it’s less clear to the average American how the ability to afford these sorts of homes is even possible. According to Zip Recruiter, the American average wage is around $58,563 annually in 2023. This salary equals just over $28 per hour. However, this number varies depending on geographic location (a coastal resident will likely earn more than a Midwesterner), infrastructure, industry, and countless other factors. 

The typical American home (again, this will vary widely depending on many factors) costs $392,000 at the end of 2022 and is expected to drop to $380,000 by the end of 2023 due to the current housing market. However, if obtaining the luxury of Selling Sunset is an aspirational goal, there are steps Americans can take to make their home ownership dreams come true.

However, obtaining a multi-million dollar home like those featured in Selling Sunset may be less aspirational than potential homebuyers think. Putting aside the $40 million sale Jason made or the $75 million home Davina failed to sell for her client, let’s settle for a million-dollar home.

There are steps that consumers can take if obtaining a million-dollar home is a lifelong goal. Many factors contribute to how realistic it is to buy a million-dollar home, but experts with Property Club NYC suggest an annual income of $100,000 to $225,000 to afford a $1 million house – this seems to be the consensus. While the average American makes just shy of $60,000 per year, affording a million-dollar home seems more accessible to those who make far greater than the national average. However, if both partners in a two-person home make the national average, this dream becomes more realistic. Having a higher-than-average income to afford a Selling Sunset adjacent home shouldn’t be too much of a surprise, but there are other steps consumers can take.

Can a Financial Advisor Help Me Save for a Down Payment?

Can a Financial Advisor Help Me Save for a Down Payment?

A yearly household income of at least $100,000 is merely the first step to obtaining a slice of luxury, however households that save and invest meticulously could also qualify to be a part of the select group of individuals and families who can put themselves in the running for a home like these. Potential homebuyers also must have a down payment and closing price saved, which can be over 20 percent of the listed price. If consumers plan on buying a home for around $1 million, they would need to have $200,000 saved for these expenditures. Therefore, purchasing a million-dollar home is likely a long-term investment goal for most Americans. Additionally, the larger the down payment the home buyer can make, the lower their monthly mortgage payments will be.

While as little as 3.5 percent down can be acceptable, having enough for a 20 percent down payment is much more intelligent in reducing mortgage costs. However, having the cash around to put down 50-70 percent is the best option, though this is unrealistic for most Americans who don’t just have $500,000 just lying around.

Therefore, saving up for a down payment is the most significant barrier to obtaining the Selling Sunset glamour and valley dreams. Luckily, there are some tips and tricks along the way that can turn a prospective luxury homebuyer’s vision into a reality.

First, having a high-paying job and being willing to save and invest is critical. As outlined previously, the average-earning American will not realistically be able to afford a million-dollar home unless they take out a jumbo loan. While this is a plausible way to jumpstart the luxury home-buying process, these loans can come with astronomically high-interest rates. According to Bankrate, the jumbo loan interest rates in mid 2023 is at 7.12 percent, but this figure varies widely weekly and vastly by geographic location. In addition to the possibility of a jumbo loan, having a superb credit score will make saving for a down payment much more accessible. An excellent credit score may enable eligibility for a lower down payment and a better interest rate on the mortgage.

Are There Reasonable Ways to Adjust My Lifestyle so I Can Buy a Selling Sunset House?

One of the most intimidating factors in affording a million-dollar home is adjusting lifestyle while saving up for a down payment. While this is a factor most of the Selling Sunset ladies would never advocate for, they likely also had to manage their finances wisely before purchasing their own multi-million dollar homes. For example, notorious Selling Sunset agent Chrishell Stause recently bought a $3.3 million home in Hollywood Hills. While it may seem easy for a glamorous former soap opera and current reality TV star to afford a multi-million dollar home, she shared how she afforded the down payment for her home, which wasn’t savings. The recent divorcee of This is Us star Justin Hartley sold her wedding ring and used divorce settlement funds to finance her down payment for the lavish home. Even the stars have to figure out how to afford their expensive lifestyles.

If consumers don’t have outlandishly pricey wedding rings lying around, a lifestyle alteration may be the key to saving for a down payment. Every dollar counts – consider where the money that goes to subscriptions, restaurants, vacations, and clothes can be cut. For example, cutting down on restaurant expenses can really add up. Any extra nickel and dime toward a down payment is the next step toward a dream home. Those with extra skills and time could even consider monetizing a side hustle or freelancing in addition to their salaried position. What could really move the needle in this type of situation though, is working with a financial advisor who lays out a plan on how you can navigate and tackle this situation head on.

Should I Pull Funds Out of My 401(K), 403(B), IRA or Other Retirement Account to Fund the Down Payment on My Home?

Another risky move potential million-dollar homebuyers can make is using their retirement money, as long as they haven’t derailed it with frivolous spending. According to Rocket Mortgage, while this can be a tempting option for those trying to afford a decent down payment on a home, it shouldn’t be potential homebuyers’ first choice. A 401(K) account is specifically meant to enable Americans to save for retirement, but withdrawing from the account isn’t technically illegal. There is a 10 percent early withdrawal penalty and the money instantly becomes subject to income tax, but as long as the homebuyer is under 59 ½, it can be done.

Rocket Mortgage outlines the process in a streamlined manner – according to the website, there are two main options when using retirement money on a home down payment. 

The first is to obtain a 401(K) loan, which is the better option of the two. It enables the account holder to avoid the 10 percent early withdrawal fee and doesn’t impact credit score. However, the account holder or employer won’t be able to contribute to the account until the loan is paid back in full, usually with a 1-2 percent interest rate.

The second type is a 401(K) withdrawal, greatly decreasing the borrower’s accrued funds over time. It’s generally a last resort to use retirement money to contribute to a down payment. However, if potential homebuyers are careful and prudent about this move, it can lead to securing their goal of obtaining a million-dollar home without too much financial back-blow. Most financial advisors would not recommend this course of action, however, and it is always best to consult with a financial advisor before making a big purchase like a million dollar home. If you don’t have a financial advisor already, you can find one in your area using our free search tool.

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Are the Hollywood Hills Too Much Money for the Home? Considering a Shift in Location Could Make a Dream Home a Reality

Are the Hollywood Hills Too Much Money for the Home Considering a Shift in Location Could Make a Dream Home a Reality

On Selling Sunset, the lavish homes are located in elite neighborhoods in Los Angeles and Orange County, notoriously known for the exorbitant cost of living and pride in affluence and elitism. According to Zillow, the average home price in Los Angeles in 2023 is $901,961 and fell 14 percent in the prior year. This figure puts the million-dollar aspirational goal as merely average and likely a price elite Selling Sunset agents with the Oppenheim Group wouldn’t even touch. However, there is a solution to achieving multi-million dollar home dreams without the assistance of Barbie doll agents: geographical location.

When the pandemic hit and workplaces went remote, the ability to work for a San Francisco tech company while living in a place with a significantly lower cost of living became a reality. Due to many companies transitioning to an entirely remote workforce throughout the COVID-19 pandemic and remaining remote in 2023, a mass exodus has occurred in many major U.S. cities, including New York and San Francisco. 

According to U.S. News & World Report, cities in the West and South continue to grow as coastal cities become increasingly deserted. Currently, Myrtle Beach, South Carolina, Sarasota, Florida, and Fort Myers, Florida, boast the fastest-growing cities in America, according to the report. Given the difference in property taxes, living in Florida versus California provides a much more realistic entry point for potential million dollar home buyers.

In June of 2023, average home prices in Myrtle Beach, according to Realtor.com, hovered around $339K, or close to the national average. However, when looking at million-dollar homes, potential luxury homebuyers could be looking at a nearly 5,000-square-foot home on the waterfront. In comparison, the same amount of money would get a homebuyer a less than 2,000-square-foot condo in Los Angeles. 

The biggest secret to affording a Selling Sunset style house is to take the house out of Los Angeles and put it in a more affordable part of the country, such as Sarasota, Austin, Nashville, or Phoenix. While the valley girls of Selling Sunset would clutch their proverbial pearls at the idea of leaving the affluent Sunset Strip, average Americans whose work lives are shifting could consider relocating to a city with a lower cost of living. This move would also enable potential homebuyers to save up for their pesky down payment more realistically.

Turning the Selling Sunset Real Estate Aspirations into Becoming a Reality in Your Life

While most viewers of Selling Sunset watch the hit Netflix reality TV show for the drama, outfits, and aspirational luxury, buying a million-dollar home elsewhere in the country may not be as out of reach for Americans as many may think. With the right attitude on geographic location, an excellent credit score, a secure career, patience in lifestyle changes, and creativity with retirement funds, a million-dollar home could be in the cards for more Americans than would typically be thought.

The Selling Sunset agents are intelligent, aggressive, and charming, but there are agents around the country that are just as capable of helping clients buy their dream home, albeit without the 6-inch stiletto heels and Botox injections. If giving up the idea of living in eternally sunny and crowded California is a realistic sacrifice, buying a million-dollar home could be more attainable than previously thought. More Selling Sunset viewers could enjoy season 7 from their luxurious couches overlooking Myrtle Beach than previously imagined. While it’s not quite the same as famed California living, it could be better in many ways.

Are You Set on a Home in the Scope of Where Selling Sunset Is Hosted?

Are You Set on a Home in the Scope of Where Selling Sunset Is Hosted?

By all means, you could be doing much better financially than many others, or you aspire to do so. Regardless, living the Selling Sunset dream can be achieved by people who are set to move out of state, just as much as it is attainable for those extraordinarily hard workers, which could also include you.

The possibilities of attaining a home like the ones in the Selling Sunset backdrop could eventually become a home that you and your family live in as well. Also, for those who don’t mind sharing, fractional ownership is another possibility to turn high end real estate into a reality.

Regardless of whether or not you plan to move to a house like the ones you see in Selling Sunset in another state, or right in the heart of Los Angeles or Orange County, you’re going to need as much professional guidance as possible to navigate such large transactions, and to plan your way out to achieving this.

Anyone who is considering home ownership truly does need a financial advisor on their side to help plan, earn and make returns on their money, to turn this dream into a reality.

Consult with a financial advisor to see if you are on track to buying a home like the ones on Selling Sunset or if you need a plan of action to make one attainable.

Written by Victoria Erickson, Reality TV Features Writer & Updates Editor at ScreenRant

Fact checked by Billy Quirk

Reviewed by KJ Kim

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