The Duke and Duchess of Sussex acquired their sprawling estate in Montecito in 2020, and now it is a family home for their two beautiful children, Prince Archie and Princess Lilibet. The royal couple purchased the estate for $14.65 million, and now the estimated value is a staggering $29 million, according to a Zillow estimate. This impressive growth puts them in a great financial position should they wish to sell up, but real estate experts have another suggestion for people in the area – and that’s use the money to buy an “investment property”.
Local real estate company, The Montecito Group, post advice and news on their Instagram feed, and in relation to the uptick in house prices, they shared recommendations for those who have bought in the area, and one of the pieces of advice was to “purchase an investment property”.
I’ve been writing about celebrity homes for five years now, and if there’s one thing celebrities do well, that’s buy and sell properties. It’s a lucrative side hustle for the A-list to have and after all they do say, “as safe as houses” meaning investing in bricks and mortar is a solid move. The likes of Ellen DeGeneres and Jennifer Aniston have been buying, flipping and selling properties successfully for years. Ellen has recently left Montecito for a life in the UK and Jennifer still owns a house there.
There are no signs that the royal couple are looking for a second home, but it would certainly be a way of them having a stable and regular passive income. At present, they are raking in Netflix deals and Meghan has her As Ever brand to make money from, but this could be a long-term goal. Their Montecito home is currently the only one they are known to own, as in the UK their residences like Frogmore Cottage and prior to that, Nottingham Cottage, were both leased and they paid rent.
The full post from The Montecito Group read: “If you lived in Montecito back in September of 2015, the average home would’ve run you about $3,600,000. By September of 2020, that climbed to $5,235,858. And this year? As of September, the average sold price of a single-family home in Montecito is around $13,691,143. That’s approximately a +280.3% jump in a decade.
“Here’s what that means: prices have marched upward over time, even through rate swings, natural disasters, seasons, and headlines. Different neighborhoods move at different speeds, but the long-term trend in. Montecito has been GAINS.
© AFP via Getty Images“For buyers: If you’ve been waiting for the ‘perfect’ moment, remember that time in the market often beats timing the market. You can always refinance later if rates improve, but you can’t go back and buy at last year’s price.
“For sellers: Rising values likely mean you’re sitting on real equity. That equity can help you move up, right-size, or purchase an investment property… without stretching as far as you might think.
“Ready to seize the opportunity? Dm us START to connect. Source: SB MLS • Metric: Average sale price • Property: Single-family • Periods: 2015, 2020, 2025 YTD (through September). Not financial advice; local conditions vary. Tara, Taylor and Trisha, (The Montecito Group) your hometown, family Santa Barbara County real estate advisors.”
What is Prince Harry and Meghan Markle’s home like?
Their stunning home, named Chateau of Riven Rock, is a nine-bedroom property set in 7.4 acres of land. The corners that they’ve revealed on Instagram and via their Netflix appearances have shown it to be pretty idyllic with gorgeous interiors and an incredible outside space. Highlights include the breathtaking bedroom terrace from the master suite and the secret wine cellar and games room.
Read the full article here
