Why is Meghan and Harry's new home worth so much more money
than when they bought it in 2020? And why is the couple thinking of moving already?
Prince Harry and Meghan Markle packed their bags and headed to California
after stepping down as senior members of the royal family in early 2020. The Duke
and Duchess of Sussex eventually settled in Montecito, a quiet community in Santa
Barbara. The pair are said to enjoy living in the upscale community, with a source telling Vogue,
"Harry loves California, but they were both drawn to the smaller town of Santa Barbara,
where they can integrate into the community while
having some distance and privacy that is hard to come by in the Los Angeles area."
The Sussexes' home features nine bedrooms, 16 bathrooms, a private playground, library,
office, spa, cinema room, arcade room, wine cellar, and a large five-car garage.
The royals also have some very famous neighbors, including A-listers such as Oprah Winfrey,
Ariana Grande, Gwyneth Paltrow, Rob Lowe, and Ellen DeGeneres.
"Everyone leaves you alone. You can live a normal life there."
While the couple bought their mansion in 2020, they may already be seeing the
fruits of their investment. The Duke and Duchess of Sussex were said to have paid
about $14.7 million for the Santa Barbara home, which features 7 acres of property,
including a swimming pool and personal gym. However, since the Sussexes invested in the house,
home prices in the Montecito community have skyrocketed by up to 43 percent.
However, when speaking to Newsweek, Danielle Hale, the chief economist at Realtor.com,
says that the growth may slow down in 2022. This means that if rumors
Meghan are looking to sell their mansion are true, they may want to start the process as
soon as possible. In addition, if the Sussexes want to upgrade their home, but stay in the
same general area, they may be looking to pay a higher price for any new properties.
Even though Meghan and Harry have ultimately decided that this stunning Montecito home
isn't the right one for them, that doesn't mean they didn't accumulate happy memories in
the few years they were there. In particular, they experienced Archie's first few years in that home,
as well as the birth of their daughter, Lilibet.
According to OK! Magazine, Meghan and Harry's lives are incredibly different now that they're
living in California, rather than the United Kingdom. As a source told the publication,
"Instead of a castle, they live in a mansion in Montecito overlooking the
Pacific Ocean [...] [and it has a] cool playhouse in their garden and Archie
loves running around the lawn with the dogs. He’s at the age where he can’t keep still."
And although Meghan and Harry are mega-famous, in Montecito, they're pretty average compared to
many of their neighbors, which means they fit in well amongst them. As a source told OK! Magazine,
"Meghan and Harry include Archie and Lili in all of their socializing, so they have a few
famous friends of their own [...] They've had playdates with Katy Perry and Orlando Bloom's
16-month-old, Daisy, and David Foster and Katharine McPhee's baby boy, Rennie as well."
That being said, Meghan and Harry still want to make sure that their children grow up grounded,
with the source explaining,
"They will make sure Archie and Lili get a diverse education
and want them to be able to express what's on their mind."
Although Harry and Meghan are reportedly not happy with the
specific house they purchased or its location,
they reportedly have plans to stay in the general Montecito area. As a source told the Daily Mail,
"They want to stay in the neighborhood or nearby."
So while this specific property, which was named the Chateau of River Rock by its previous owner,
isn't right for them, clearly they chose right when it came to the location.
Part of the reasoning behind relocating to Montecito was
because Prince Harry reportedly hated the stint they spent living in Los Angeles.
After their exit from the royal family, the pair wanted to give L.A. a shot,
but ultimately found it wasn't the right fit. According to an Us Weekly source,
"The timing was so wrong amid the [coronavirus] pandemic and they lacked privacy."
According to Us Weekly, Meghan has always had a soft spot for the area, with a source revealing,
"Meghan visited Montecito in her teens and fell in love with the
picturesque scenery and stunning architecture."
So it made sense for Harry and Meghan to set their sights on Montecito next,
as it has the best of both worlds.
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