The trailer for season 8 of “Selling Sunset” dropped on Wednesday, and it was quick to highlight just how tough the California real estate market remains.
It's been a little over a year since “Selling Sunset” Season 6 finally acknowledged that the bubble in Southern California's luxury real estate market was bursting. Season 8 Trailer This only proves that things are getting worse, and it's probably only a matter of time before the same cracks start to appear in other parts of the country.
“The Los Angeles real estate market? Things aren't what they used to be,” says the cast in a voiceover. “Right now, the market is in trouble,” explains Brett Oppenheim, founder of The Oppenheim Group, who hands the solution over to a team of Hunger Games-esque real estate agents. But of course, this massive financial collapse is quickly ignored in favor of the cast's personal lives, which seem a lot more tense than previous seasons.
But the real concern here is the housing market. Los Angeles isn't the only city that could face a major crisis, according to a report released in 2023-2024. The Triangle region of North Carolina, which includes the cities of Raleigh and Durham, showed signs of fragmentation in January 2024. (RELATED: James O'Keefe appears on latest season of 'Selling Sunset')
A few months earlier, in September 2023, the first signs of collapse emerged in San Francisco, where sellers were four times more likely to lose money on their homes compared to the U.S. market average. Even big names like Kylie Jenner, Jennifer Lopez and Ben Affleck are struggling to sell their properties.
CAP-ANTIBES, FRANCE – MAY 23: Jason Oppenheim and Mary Fitzgerald attend the after-party for the 30th annual amfAR Cannes Gala presented by Chopard and the Red Sea International Film Festival at Hotel du Cap-Eden Roc in Cap-Antibes, France on May 23, 2024. (Photo by Dave Bennett/amfAR/Getty Images, Courtesy of amfAR)
LOS ANGELES, CA – MAY 18: (From left) Brett Oppenheim, Chelsea Lazcani, Emma Hernan, Chrishell Stause, Bre Tiesi, Mary Fitzgerald, and Romain Bonet attend Netflix's Real-Tea FYSEE event held at FYSEE at Sunset Las Palmas Studios on May 18, 2024 in Los Angeles, California. The event featured cast and filmmakers from “Love Is Blind,” “Selling Sunset,” “Selling the OC,” and “Love on the Spectrum.” (Photo by Kayla O'Adams/Getty Images)
LOS ANGELES, CALIFORNIA – FEBRUARY 21: Emma Hernan and Chelsea Lazcani on the set of “Selling Sunset” in West Hollywood on February 21, 2024 in Los Angeles, California. (Photo by JOCE/Bauer Griffin/GC Images)
Don't be fooled. This isn't a new crisis. Homebuyers with a monthly budget of $2,500 reportedly saw their purchasing power decrease by $118,000 in 2022. After costs skyrocketed during the COVID-19 pandemic, the median price of an existing home fell 1.7% through April 2023. That means new buyers are locked into overpriced homes and higher mortgage rates.
And according to a number of videos that have circulated around 2022 and early 2023, many of these McMansions are really poorly built. (Related article: Housing market “recovery” not as good as it seems, still has problems)
You may be panicking that you will lose your home in a major financial crisis in the next few years. Mismanagement Binge-watching season eight of “Selling Sunset,” a crucial part of the American economy, is sure to keep you entertained for at least a day, premiering on Netflix on September 6th.
