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Old 03-25-2015, 06:48 PM
 
Location: Miami Beach, FL/Tokyo, Japan
1,699 posts, read 1,487,673 times
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Quote:
Originally Posted by 18Montclair View Post
Ha.ha.ha.

6th place on a survey of financial advisors is worthless compared to this:
I dunno, you're still sobbing .....
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Old 03-25-2015, 06:52 PM
 
Location: The City
21,971 posts, read 30,898,063 times
Reputation: 7495
this is painful, funny, and ironic

another thread about such small proportions and almost certainly a demographic none on this site are in

I do alway like the SF spin though - SF is different the elite pay people to buy house and this could not possibly happen elsewhere

And on Miami there is uber wealthy and even more uber wealthy wannabes

I actually like both Miami and SF very much and see many reason why wealthy would buy there regardless of all this. Whether that be 200 or 50 homes to me who really cares. I can tell there are very wealthy enclaves in both, and do think the people buying are different

there was a recent spin (actually think just yesterday) that JayZ and beyonce bought a 20 million dollar condo in Philly - I just dont buy it as I would expect NYC, LA, Miami (or a hometown) would attract that type - Dont see any pull for Philly - though there are actually wealthy enclaves here as well. Point is Miami does have a draw for the popular entertainment set - and others but they represent a small proportion as do these houses in SF which has many as well. I never get these threads as they represent such a small percentage of either area

This whole discussion seems about as productive as my penny is bigger than your dime, but my dime is worth more.
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Old 03-25-2015, 06:57 PM
J R J R started this thread
 
Location: Sunny Isles Beach, FL
49 posts, read 36,569 times
Reputation: 33
Quote:
Originally Posted by kidphilly View Post
this is painful, funny, and ironic

another thread about such small proportions and almost certainly a demographic none on this site are in

I do alway like the SF spin though - SF is different the elite pay people to buy house and this could not possibly happen elsewhere

And on Miami there is uber wealthy and even more uber wealthy wannabes

I actually like both Miami and SF very much and see many reason why wealthy would buy there regardless of all this. Whether that be 200 or 50 homes to me who really cares. I can tell there are very wealthy enclaves in both, and do think the people buying are different

there was a recent spin (actually think just yesterday) that JayZ and beyonce bought a 20 million dollar condo in Philly - I just dont buy it as I would expect NYC, LA, Miami (or a hometown) would attract that type - Dont see any pull for Philly - though there are actually wealthy enclaves here as well. Point is Miami does have a draw for the popular entertainment set - and others but they represent a small proportion as do these houses in SF which has many as well. I never get these threads as they represent such a small percentage of either area

This whole discussion seems about as productive as my penny is bigger than your dime, but my dime is worth more.

We are allowed to discuss whatever or heart desires that pertains to cities. And this particular thread is about the super rich set. Nothing wrong with discussing the fact that San Francisco is basically fly over country to these global UHWNI.
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Old 03-25-2015, 06:59 PM
 
9,511 posts, read 4,357,192 times
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What a ridiculous thread...it's pretty obvious there's a lot of trolling/egging on going on here (Miami posters, yea, you know what you guys are doing haha .

Anyway, I'll contribute to the madness:

This thread seems interesting and somewhat-relevant: Top 5 American cities for foreign real estate investment, 2015



For as great as Miami is, not sure why it wouldn't be higher. After all, all of the "fabulous" (...haha...) people want to be there, right??


For what it's worth, as a Bay Area resident, I'm not exactly happy that it has so much investment and so many homes at such an asinine level. Not sure if this is anything to be "proud of"...it kind of makes me sick, really.
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Old 03-25-2015, 06:59 PM
J R J R started this thread
 
Location: Sunny Isles Beach, FL
49 posts, read 36,569 times
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Quote:
Originally Posted by anonelitist View Post
But that's actually true. You cannot get nearly the same square footage, let alone yard, waterfront, 100' yacht slip, etc for the same price you can in Miami or other cities. That's a given. A 5,400 sf condo in a doorman building just sold off market for $30M. That's $5,500/sf. A luxury home in Pacific Heights is probably on average 6k-8k sf and old/needs work, limited to no yard and limited garage. I'd say that's living A LOT less lavishly than in Miami, which is part of Miami's lure, I suppose (and look who Miami attracts). Even suburban Bay Area is less lavish. There are certainly fewer mega mansions. Like I said, people want privacy, no road visibility, no sale visibility, no big visible house, but they do value land! That's what you pay for down in Atherton or Woodside or Hillsborough. People live in these homes PERMANENTLY and raise families in them. That's not the case in Miami.

Like I said, savvy investors know the long term potential for coastal CA areas to remain severely constrained and yet still be fed by 2 of the world's largest economies. Miami is less constrained, has no economy, and there are no concerns whatsoever about rising seas, hurricanes, water supply, or really anything. It's short term money, tax shields, currency protection/savings banks, more frequently than mentioned drug money, flashy foreigners (particularly Latins and Russians), athletes/celebrities/musicians, and the nouveau riche (and if just going by American Greed, plenty of scammers!).
There aren't luxury sales in SF because it's simply NOT a city that appeals to global rich. Most rich Americans are already settled and lots of these luxury homes are being driven by foreigners. They just don't care for San Francisco.

This land constraint thing is silly. Manhattan is even smaller than San Francisco yet they have over SIX HUNDRED $10M+ apartments, apartments over $100 million selling and at $11,000 per square foot. Monaco is tiny yet they still have $100 million apartment sales. If super rich foreigners had any desire in San Francisco, believe me, developers there would find away to carve out large residences in that city the way they do in other compact cities. But they don't because there is no market for it. Why on earth would someone like Roman Abramovich even think about somewhere as pedestrian as San Francisco when places like NYC, Miami Beach and London exist? What are they going to do? Tech meet ups at Starbucks on a Friday night with the other tech geeks of SF? Shop and party with all of those typical SF unattractive people in those comparatively low rent stores? What on earth does SF offer besides that feeling of missing out on being somewhere that matters. Hahahahah. As if!

I was born and raised in Miami Beach and have talked to and have come into contact with many billionaires. The only places they care about are the places I told you they care about, hence Miami ranking far above SF in that survey.

Last edited by J R; 03-25-2015 at 07:12 PM..
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Old 03-25-2015, 07:01 PM
 
Location: Miami Beach, FL/Tokyo, Japan
1,699 posts, read 1,487,673 times
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Quote:
Originally Posted by anonelitist View Post
But that's actually true. You cannot get nearly the same square footage, let alone yard, waterfront, 100' yacht slip, etc for the same price you can in Miami or other cities.
Actually that's not true, Miami is top 10 in the world for "most expensive luxury accommodations" and that's measured per square footage. You're thinking everyday apartments, forgetting that the luxury markets are an entirely different story. The houses selling in San Francisco for 30 million could be bigger than a house somewhere in the Miami selling for 40 million. It's the way it is.

Quote:
Like I said, savvy investors know the long term potential for coastal CA
Are you pretending you're a savvy investor I bet you still rent? Maybe give yourself some advice my friend before you begin pretending you know what savvy investors think.

I hate to go by "what the majority think" because it's a fallacy, but in this case I will just throw it out since listening to your opinion is a bit annoying. More ultra-rich invest in real-estate in Miami than San Francisco, you'd think they have savvy investors telling them where to invest, so you're wrong again.
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Old 03-25-2015, 07:02 PM
 
Location: The City
21,971 posts, read 30,898,063 times
Reputation: 7495
Quote:
Originally Posted by J R View Post
We are allowed to discuss whatever or heart desires that pertains to cities. And this particular thread is about the super rich set. Nothing wrong with discussing the fact that San Francisco is basically fly over country to these global UHWNI.
pretty much, yes you can I get entertained at times by these sometimes actually (or sadly)

BTW - if you switch the trullia app to trullia-x you can see the rouge house sales
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Old 03-25-2015, 07:11 PM
 
Location: SF Bay Area
15,404 posts, read 24,452,455 times
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Quote:
Originally Posted by anonelitist View Post
That's a given. A 5,400 sf condo in a doorman building just sold off market for $30M. That's $5,500/sf. A luxury home in Pacific Heights is probably on average 6k-8k sf and old/needs work, limited to no yard and limited garage.
Luxury homes don't sell for anywhere near that PSF on average in SF or really any neighborhood in the US for that matter. According to Redfin the most expensive price psf for a home sold in Pac Heights in the last 3 years was around $4100. That $5,500 psf might even be a record for SF as it's pretty rare to see anything above $3K psf. I think $1500 to $2000 psf is probably closer to the average luxury home in Pac Heights.
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Old 03-25-2015, 08:36 PM
 
Location: Dallas
282 posts, read 258,249 times
Reputation: 279
Quote:
Originally Posted by sav858 View Post
Damn, not a bad week for luxury real estate sales in LA

Kenny Rogers' onetime estate leads most expensive sales in L.A. - LA Times

4 sales in excess of $10 million
You're right - L.A. always performs well when it comes to high end real estate

Most expensive homes sold so far in the United States in the last 3 months:

157 West 57th Street #90, New York, NY $100,471,452
834 Fifth Avenue #1112A New York, NY $77,500,000
27852 Pacific Coast Hwy Malibu, CA $60,000,000
157 West 57th Street #85 New York, NY $55,559,331
101 Lily Pond Ln, East Hampton NY $55,000,000
157 West 57th Street #84 New York, NY $52,952,000
157 West 57th Street #79 New York, NY $50,916,000
616 Nimes Rd., Los Angeles, CA 90077 $46,250,000
21 East 61st Street #Ph New York, NY $52,000,000
212 W 18th St PH 2 New York, NY $40,700,000
1163 N. Hillcrest Beverly Hills, CA Rd $35,300,000
10410 Bellagio Rd, Los Angeles, CA $38,000.000
616 Ox Pasture Rd Southampton, NY $37,000,000
127 East 70th Street New York, NY $37,000,000
215 West 88th Street New York, NY $34,930,000
9151 Oriole Way, Los Angeles, CA $32,000,000
1 Central Park West PH 51B New York, NY $33,000,000
390 Fower St Southampton, NY 32,500,000
116 East 70th Street New York, NY $31,000,000
17 Indian Creek Rd Miami, FL: $30,000,000

Last edited by UAE50; 03-25-2015 at 08:49 PM..
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Old 03-25-2015, 09:15 PM
 
1,353 posts, read 1,141,601 times
Reputation: 790
Quote:
Originally Posted by sav858 View Post
Luxury homes don't sell for anywhere near that PSF on average in SF or really any neighborhood in the US for that matter. According to Redfin the most expensive price psf for a home sold in Pac Heights in the last 3 years was around $4100. That $5,500 psf might even be a record for SF as it's pretty rare to see anything above $3K psf. I think $1500 to $2000 psf is probably closer to the average luxury home in Pac Heights.
This is true. But $1,000psf is about average in the entire city nowadays. For high end stuff, that climbs. One can take out the yard and "waterfront" access/location you get in Miami. Also, the size of houses and condos in Miami is much greater than in SF. Miami tops out between $1,000-$2,000psf for its most luxurios condos and homes whereas SF will always see higher peaks and of course a MUCH higher average (closer to $1,000psf even for crap).

My point was about relativity. The point was made and disputed that the rich don't live any more "lavishly" in Miami than in the Bay Area.

I would argue that it's absolutely true that Miami is more lavish and it shows. It has NOTHING else to offer besides better weather 6 months of the year. Other cities with global elite are often far less "lavish" and lavishness is hardly embedded into the local culture. New York, perhaps, but $10M in NYC is not going to get someone anything as lavish as it would in South FL. Lavishness is so embedded in SoFla culture that even poor people are doing whatever they can to ride fancy whips or buy expensive clothing. The area is soooo poor yet filled with so many rich people (and not to be stereotypical, but many Latins are not so frugal) that one can't help but notice all of the poor people trying sooo hard to keep up with the Joneses, Joneses that aren't even there all year.
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