The trailer for “Selling Sunset” season eight dropped Wednesday and wasted no time in explaining just how dire the California real estate market still is.
A little over a year since season six of “Selling Sunset” finally admitted the luxury real estate market bubble in Southern California was collapsing, the season eight trailer only proves things are getting worse. And it’s probably just a matter of time before the same splinters start showing throughout the rest of the country.
“The LA real estate market? Things aren’t the same,” the cast say in voice over. “The market is shit right now,” Oppenheim Group founder Brett Oppenheim explains, passing the solution to this over to his team of borderline “Hunger Games-esque” realtors. But of course this massive financial catastrophe is quickly glossed over in favor of the private lives of the cast, which does seem pretty intense compared to previous seasons.
But the real concern here is the housing market. Reports published throughout 2023-2024 suggest LA isn’t the only city with a potentially major crisis on its hands. The Triangle area of North Carolina, encompassing the cities of Raleigh and Durham, showed signs of fracture in January 2024. (RELATED: James O’Keefe Shows Up On Latest Season Of ‘Selling Sunset’)
A few months prior, in September 2023, San Francisco revealed its first hints of collapse as sellers were four times more likely to take a loss on their home compared to the U.S. market average. Even mega moguls like Kylie Jenner, J-Lo and Ben Affleck have struggled to sell their properties.
CAP D’ANTIBES, FRANCE – MAY 23: Jason Oppenheim and Mary Fitzgerald attend the amfAR Cannes Gala 30th edition presented by Chopard And Red Sea International Film Festival after party at Hotel du Cap-Eden-Roc on May 23, 2024 in Cap d’Antibes, France. (Photo by Dave Benett/amfAR/Getty Images for amfAR)
LOS ANGELES, CALIFORNIA – MAY 18: (L-R) Brett Oppenheim, Chelsea Lazkani, Emma Hernan, Chrishell Stause, Bre Tiesi, Mary Fitzgerald and Romain Bonnet attend Netflix’s Real-Tea FYSEE Event featuring cast and filmmakers of “Love Is Blind”, “Selling Sunset”, “Selling The OC”, And “Love On The Spectrum” at FYSEE at Sunset Las Palmas Studios on May 18, 2024 in Los Angeles, California. (Photo by Kayla Oaddams/Getty Images)
LOS ANGELES, CA – FEBRUARY 21: Emma Hernan and Chelsea Lazkani are seen filming “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 lost $118,000 in spending power in 2022. After soaring costs during the COVID-19 pandemic, the median existing home price dropped 1.7 percent by April 2023, meaning new buyers were stuck in overpriced homes with high mortgage rates.
And many of these McMansions are really shoddily-built, according to a slew of videos that have gone viral since around 2022, early 2023. (RELATED: Housing Market ‘Comeback’ Isn’t What It Appears, We’re Still In Trouble)
So while you’re probably panicking about losing your home in the coming years thanks to the massive financial mismanagement of the American economy, rest assured you’ll have at least one day of fun while you binge-watch the upcoming eighth season of “Selling Sunset,” premiering Sept. 6 on Netflix.
