It seems the glitter and glamour of celebrity-favoured neighbourhoods are dimming, as new research reveals an emerging trend of A-listers offloading their opulent homes in California, New York, and Florida. Areas like Beverly Hills, the Upper West Side, and Miami Beach are seeing an unusual uptick in celebrity listings, signaling a potential shift in the luxury real estate market’s winds.
In California, the iconic Beverly Hills neighbourhood, once synonymous with stardom and luxury, is the most significant location experiencing this departure. A staggering ten celebrities have put their homes on the market, looking past the palm-lined streets for new locales. Mark Wahlberg’s sale of his Beverly Hills mansion for a record $55 million perhaps illustrates this trend best as he relocates to Nevada. Other big names such as Drake, Charlie Puth, and Lil Uzi Vert are also seeking new addresses.
But Beverly Hills isn’t the only California hotspot feeling the change. Hidden Hills, Central Malibu, Studio City, and Hollywood are just some other areas where A-list residents like Kim Kardashian, Cher, and Laura Harrier are choosing to list their properties. An air of transition hangs over other noted regions like Brentwood and Bel Air, each witnessing a handful of celebrities preparing to part ways with their Californian estates.
The story in New York City echoes a similar melody. The Upper West Side, once a hub for stars such as Amy Schumer, who recently sold her $13 million penthouse, is seeing a notable decline in its usual appeal. Eight celebrities are currently in the process of selling their residences, and other historically celeb-dense areas like Central Park West and Greenwich Village are not far behind.
The sun-soaked luxury of Miami Beach, Florida, too, faces its own evolution as celebrities, including Lil Wayne who profitably sold his waterfront property, are listing their homes for sale. While Miami itself, Palm Beach, and various other Florida cities witness names like Joe Jonas, Sophie Turner, and Tommy Hilfiger waving goodbye to their high-end habitats.
A Vegas Gems spokesperson put this shift into perspective, commenting that “In the evolving landscape of the entertainment industry, celebrities are also changing their property mindsets. The introduction of new measures, like the Los Angeles ‘Mansion Tax’ seen in California, adds an additional layer to this transformation.” As celebrities move away from traditionally favored locations, and with the average celebrity home listing at around $20.5 million, it seems they could be searching for greener pastures, potentially in states like Texas, Washington, and Oregon, which are showing signs of a property price decline.