LOS ANGELES – Famous individuals – they share similarities with everyday people! Kind of. A recent study reveals the neighborhoods in California that celebrities are moving away from the most, and the findings might catch you off guard.
Vegas Gems has compiled data from celebrity real estate reports dating back to January 2023, meticulously tracking the property relocations of more than 370 A-listers throughout the United States. An analysis has revealed certain areas in California that are currently experiencing a decrease in demand within the luxury real estate market.
Recent data reveals that Beverly Hills is experiencing a significant impact, as numerous celebrities have decided to list their homes for sale in the area. Drake, Lil Uzi Vert, and Charlie Puth are among the notable celebrities. The renowned neighborhood was once the residence of celebrities such as Rihanna and Mark Wahlberg.
In a previous report, we informed our readers that Wahlberg had successfully sold his luxurious Beverly Hills mansion for a staggering $55 million. This move came as the renowned Hollywood star made the decision to uproot his family and settle down in the vibrant city of Las Vegas.
“After the gubernatorial election, the individual expressed their hope that legislation would be enacted in Nevada to provide a tax credit for the state. Their goal is to establish a state-of-the-art studio and transform Nevada into Hollywood 2.0,” they stated in October.
According to data, Hidden Hills has seen a significant number of celebrities actively attempting to sell their properties since January. Analysts have identified a number of notable celebrities, including Kim Kardashian, Madonna, and Sylvester Stallone. The prices of the homes listed vary from $2.3 million to $17.2 million. It seems that Jessica Simpson and French Montana are among the celebrities who are currently attempting to sell their homes.
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In Central Malibu, a number of high-profile individuals, including Cher and Halle Barry, are currently attempting to sell their luxurious oceanfront properties situated along Pacific Coast Highway. According to reports, Megan Fox and Dean Cain are among the celebrities who left the area earlier this year.
The former “Superman” star expressed surprise and disbelief when he stated in July, “I have to admit that if you told me a year ago that I was going to leave California, I would have said: not a chance.” “The odds seemed incredibly slim, at a million to one, and the idea of leaving California never crossed my mind.”
“I grew up in Malibu, California,” he continued, “it is known for its stunning beauty and I was fortunate to have a magnificent house there.” “Residing in Las Vegas, Nevada, at present, I am filled with immense joy.”
One resident, an actor, is among the many individuals who are adding to the decreasing population in California. According to the state’s Department of Finance, California’s population has decreased by 117,552 people between Jan. 1, 2021 and Jan. 1, 2022, returning to its 2016 levels. Several regions in Los Angeles were included in the list, such as Studio City, Hollywood, Brentwood, Hancock Park, Encino, Montecito, and Bel Air.
“Amidst the ever-changing entertainment industry, celebrities are adopting new perspectives on property ownership.” In a recent development, the implementation of fresh measures, particularly the Los Angeles ‘Mansion Tax,’ brings an extra dimension to this ongoing transformation. “Sellers are now grappling with an increased transfer tax, which could potentially have an impact on the growth of celebrities’ real estate portfolios,” a spokesperson for Vegas Gems reported.
Recent research indicates that celebrities are considering alternative locations within California, particularly in areas that have experienced a noticeable decrease in prices, such as San Francisco and Santa Cruz. According to recent data, the average listing price for properties in Los Angeles is $20.5 million.
The study collected data upon receiving notification of a celebrity real estate transaction and then used it to pinpoint the property address of each celebrity. The address was subsequently traced using platforms like Redfin or Zillow to uncover sales and relocations.
New data reveals that Californians are flocking to Arizona in large numbers, making it their top choice for relocation. It seems that many are seeking to escape the high cost of living in California.
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