Latest news with #IvanSher
Daily Mail
07-07-2025
- Business
- Daily Mail
Las Vegas sees millionaire residents TRIPLE in just four years as they rush to capitalize on the city's perks
Millionaires have been flocking to Las Vegas at unprecedented rates and buying up lavish properties, a new study has revealed. From 2019 to 2023, the number of millionaires moving to the Sin City metropolitan area has boomed by 166 percent, according to Rent Cafe, which crunched numbers from Census Bureau data. The year before the pandemic, Las Vegas Valley had 331 millionaire households. By 2023, there were 879. 'It's no surprise to see the number of millionaire households in Las Vegas tripling since 2019. We've felt that momentum firsthand,' luxury realtor Ivan Sher told the Las Vegas Review. 'The city has transformed into a magnet for high-net-worth individuals who want more space, better quality of life, and the energy of a city that's constantly evolving.' Sin City has become somewhat of a wealthy person's safe haven thanks to Nevada 's forgiving tax policies. Nevada has no state income tax - a major perk for the rich. There are not any corporate income, franchise, inheritance or gift taxes either. The cost of living is also relatively low. Meanwhile in neighboring California, the state taxes anyone making over a million dollars 13.3 percent - likely why Sher has seen a spike in wealthy former Golden State residents coming to Vegas. Nevada has no state income tax - a major perk for the rich. There are not any corporate income, franchise, inheritance or gift taxes either. The cost of living is also relatively low. A residential area in Vegas is seen above Roughly a third of Nevada transplants have long been Californians. Nearly 39,000 Californians moved there last year, beating the previous year by roughly 2,000. Actors Mark Wahlberg and Dean Cain, as well as singer Celine Dion and boxer Floyd Mayweather, are among the celebrities who have bought homes in prestigious Vegas neighborhoods over the years. Panda Express co-founder Andrew Cherng, DCM co-founder David Chao, along with other prominent figures in the business world have also opted for Las Vegas. Some of the valley's most expensive and exclusive neighborhoods include The Ridges and MacDonald Highlands, where the median prices of sold homes are $2.3million and $2.4million respectively, according to At one point it looked like Southern Nevada would offer an even bigger draw to the area for stars with a plan to bring Hollywood Studios there. But the bill died in legislation. 'The movie studio bill not passing was a missed opportunity, but it doesn't slow us down,' Sher told the Las Vegas Review-Journal. However the real estate broker remains hopeful for the future. 'Vegas is still on the cusp of something major. From F1 to the Super Bowl, NHL, NFL, and even talks of MLB, the city's infrastructure is growing to support high-income industries. This is just the beginning,' he said. The same reason the wealthy may have their hearts set Vegas is why the City of Lost Wages has become an unsuspecting retirement location over the past few years - a cheaper cost of living. Stephen Miller, a professor of economics at the Center for Business and Economic Research at the University of Nevada, Las Vegas, said that phenomenon had been occurring for more than a decade. 'They retire, they sell their house, they come to Las Vegas and buy a house, maybe they downsize a but even if they don't downsize, the price is going to be lower,' he told Daily Mail in 2023.
Miami Herald
08-05-2025
- Business
- Miami Herald
Is Las Vegas becoming Los Angeles 2.0?
By 2021, as the COVID-19 pandemic swept across the globe, Las Vegas-based luxury real estate broker Ivan Sher started noticing a distinct migration pattern from California's affluent neighborhoods to Las Vegas. "What I think pushed people over the edge" in California was government mandates that impacted them and their children in school, he said. "When you lose your options and things get mandated by the state, it becomes less enticing to be there no matter how beautiful it is." Sher said anecdotally pre-COVID about 20 percent of his clients were from California, but that number jumped to around 80 percent during the tail end of the pandemic. Now roughly 60 percent of his clients are from California, he said. Earlier in the year, Zonda ranked the Las Vegas Valley as the eighth-hottest market for luxury homebuyers, beating out such cities as Los Angeles and Boston. The top spot for high-end buyers to start 2025 was Charleston, South Carolina. The influx of wealthy Californians drawn by a tax friendly, pro-business and less regulatory and bureaucratic environment has been well documented, and it has produced blowback from residents who worry Nevada will start looking like the Golden State. When Sher talks about Las Vegas becoming Los Angeles 2.0, he doesn't mean it in a negative way. He said his clients who are relocating from California realize why they are coming to Nevada. "What I can tell you is the people leaving California don't like what it's become and are looking for a different lifestyle and different opportunities and different economics, and so those people coming to Las Vegas are aware of how it can be, and don't want to go back to that," he said. From 2020 to 2023, nearly 158,000 Californians relocated to Nevada, making up 43 percent of all new residents of the Silver State in that period, according to data from the Nevada Department of Motor Vehicles. Sher's brokerage, IS Luxury, recently opened an office on Newport Drive in Orange County, California. He currently has approximately 37 active listings, with 43 percent priced over $5 million and 30 percent over $10 million. In addition, he has several off-market listings pending that are priced above $10 million. So far in 2025, Sher has closed 21 transaction worth a combined $103 million - 16 on the listing side and five on the buyer side - with an average price point of $4.1 million. A recent Concierge Auctions study found that the average price of an "ultra luxury" home in the Las Vegas Valley, defined as the 10 most expensive sales in a given market, jumped 107 percent from 2019 through 2024. Sher said Las Vegas is going through a rebranding, turning into a "cosmopolitan" destination that caters to a wide range of people and not just the traditional casino and gaming sector. He also pointed to the potential movie studio in Summerlin backed by Sony Pictures Entertainment and Warner Bros. Discovery Studio. He said Hollywood's move to Las Vegas most definitely won't mimic California's policies and political stances "If it's (Hollywood) 2.0, they have to learn from their mistakes," he said. "Nobody wants to replicate what they're leaving California for. They want to do a 2.0 version, they want to think things through." ___ Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
