Emma Chamberlain among young stars investing in real estate
To say Emma Chamberlain has been busy for the last year would be a terrific understatement. Despite the pandemic, the notoriously disrespectful YouTuber still managed to produce dozens of videos and write campaign deals with the likes of Levi’s and Louis Vuitton. She also bought a striking West Hollywood mansion that had already been sold for a profit and later acquired a Benedict Canyon home for $ 4.3 million. The latter property is currently undergoing major renovations – an outdated, idiosyncratic property that once belonged to both R&B legend Natalie Cole and actor Barry Bostwick.
While waiting for construction to be completed, Chamberlain rents a mid-century home above the Sunset Strip and pays $ 35,000 a month for what is called a “modern flagship” property in the listings. The Hollywood Hills Pad is cool in a low, perfectly vintage-meets-contemporary way, with a pool, fire pit, glass walls, and wine fridge, though Chamberlain’s is filled with energy drinks and water. That’s not to say that she’ll never have a glass of wine – the shortage of bottles is just because the native Bay Area can’t buy legal alcohol just yet.
Chamberlain, 20, is just one member of a growing group of ultra-young influencers and Hollywood stars buying high-end real estate at an unprecedented rate – much to the surprise and delight of Los Angeles Realtors, who almost consistently name their current buyer Pools are younger, richer, and more accomplished than ever. The rise of internet celebs and their quick journeys to fame and fortune is largely thanks to it, but even traditional young Hollywood – musicians, actors, aspiring producers – have reaped the tax advantages of an increasingly online entertainment industry.
Although social media as we know it today began in the late 90s and early 2000s, it wasn’t until the recent advent of Instagram and TikTok that viable, bankable internet celebrities began to really take shape. Today, social media has raised celebrity capital to all-time highs, and influencing can be a lucrative career, with brand partnerships and advertising revenue from YouTube videos generating millions for top stars.
Tana Mongeau, a major influencer first known for her often explicit “Storytime” videos on YouTube, made waves in early July when she announced to her millions of followers that she was the home of her fellow YouTube superstar, David Dobrik bought. A few weeks later, Mongeau went back on this hasty remark, clarifying that she had declined the purchase after discovering that the property required the installation of “$ 400,000 stilts” and cockroaches and “rats of the Size of Chihuahuas “is infested.
Dobrik, who turned 25 in July and has more than 50 million followers on YouTube, TikTok, and Instagram, has already received a $ 9.5 million mansion from Sherman Oaks, a striking modern structure with an infinity pool and basketball court .
But brokers say a lot of young stars don’t necessarily want to flash; They would prefer to maximize their cash out potential by buying unattractive homes that are either in a desirable area or on a large lot with lots of potential. Zendaya, the “Euphoria” and “Spider-Man” star with 102 million Instagram followers, bought a $ 4 million Encino property in 2019. The 4-acre property is one of the largest in its neighborhood, and the nondescript 1930s home could use dismantling, with the property potentially being divided into two or three parcels. But the 24-year-old prefers to be a landlady for the time being and quickly rented the property for $ 18,000 a month.
Finneas, the Grammy-winning record producer and older brother of Billie Eilish, has bought three homes in LA since 2018, including an oceanfront Malibu cottage that was bought for $ 5.2 million in 2020. but the great value comes from its location on Las Flores, one of Malibu’s most sought-after beaches. According to Zillow, prices in the region rose more than 20% in the past year.
But the most prolific young real estate whale is Kylie Jenner, arguably the biggest social media star. At 17, the reality TV veteran bought her first home with the help of her mother. Since then, she has bought eight multi-million dollar properties across southern California, from the San Fernando Valley to the Palm Desert. In early 2020, after selling a controlling stake in her $ 600 million Kylie Cosmetics empire, the 23-year-old reinvested a portion of her profits in a $ 15 million vacant lot in Hidden Hills and an estate valued at $ 36.5 million in the exclusive Holmby Hills neighborhood.
On the whole, according to real estate insiders, young Hollywood is just as cautious of stock market fluctuations and cryptocurrency risks as the average buyer, and prefers real estate as a safe haven. Home purchases can even be turned into a nifty tax benefit and source of income for content creators as virtual home tours generate millions of views.
Buyers like Chamberlain and Mongeau, who film much of their content at home, need large windows for lots of natural light. An open floor plan, high ceilings, and large closets are key. For security reasons, closed properties are a must.
And although the ideological gap between the baby boomer and the Millennial / Gen Z generation continues to widen, real estate remains a top demographic priority.
“Having my own house … has always been a big dream of mine,” says Chamberlain.
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