The real estate boom is well underway in Las Vegas with new developments popping up both on and away from the famed Strip at a pace that hasn’t been seen in years. An article in the latest issue of Vegas Magazine takes a look at some of the major developments that are changing the desert landscape of the city, and includes Mauricio Umansky‘s predictions on what’s to come for the city’s luxury real estate market.

“We’re going to see a tremendous exodus of California residents into Vegas,” says Umansky, who is the CEO and Co-founder of The Agency. “Vegas is starting to trend up. We’re starting to see velocity. It’s an investment opportunity.”

One factor, the article reports, is that Californians are fleeing the state’s rising taxes. “After all, there’s no state income tax in Nevada, and jet-setting Hollywood types already consider Vegas an extension of LA.”

The article notes that The Agency is the sales and marketing partner for the city’s most exclusive and in-demand residential property, The Residences at Mandarin Oriental, Las Vegas. Rising 47 stories above the bright lights of CityCenter and the famed Las Vegas Strip, The Residences at Mandarin Oriental sets a new standard for luxury living in the entertainment capital of the world.

Read the full article here.