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View Poll Results: Most prestigious
Los Angeles 114 44.36%
Chicago 39 15.18%
Washington, DC 44 17.12%
San Francisco 60 23.35%
Voters: 257. You may not vote on this poll

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Old 08-26-2015, 09:17 PM
 
Location: Westside Grand Rapids
3,570 posts, read 3,044,803 times
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I'm assuming that "billion" is a typo. Otherwise you are claiming that home in Pacific Heights would be worth more than the entire economic output of the state of Georgia.

 
Old 08-26-2015, 09:25 PM
 
Location: Baltimore, MD
3,505 posts, read 2,735,060 times
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This thread is now officially all about the money. Sigh, I thought we were better than this. Prestige isn't just wealth and who's neighborhood is fancier.

http://www.businessinsider.com/jobs-...low-pay-2014-8

http://www.forbes.com/sites/niallmcc...s-infographic/

America's Most Prestigious Professions

Doctors come first for prestige – 88 percent of US adults consider the profession to have either “a great deal of prestige” or “prestige” in general. Military officers are also widely admired and are viewed as having the second most prestigious job in America with 78 percent. Firefighters round off the top three with a rating of 76 percent. Engineers come in fifth with 69 percent of Americans considering the job prestigious, followed closely by police offers and priests.
 
Old 08-26-2015, 09:25 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
31,588 posts, read 53,148,159 times
Reputation: 14512
Quote:
Originally Posted by mjlo View Post
I'm assuming that "billion" is a typo. Otherwise you are claiming that home in Pacific Heights would be worth more than the entire economic output of the state of Georgia.
haha just fixed it.
 
Old 08-26-2015, 09:28 PM
 
1,353 posts, read 1,137,628 times
Reputation: 790
The Rothschilds have had real estate in and around the Bay Area for many many decades, and have been part of the social scene. So go tell the Rothschilds what?

NOLA continues to perpetuate that 90% of tech talent is in San Jose, but glad to see he's lowered that from 100%. At least a step in the correct/non-exaggerated direction.

I don't know which is more "prestigious": DC or San Francisco. Depends on a lot of factors. But it isn't Chicago and it isn't LA. Size has nothing to do with prestige.

Also, all these people conflating how much money a person spends on a house somewhere with "prestige". The Hearsts, Getty's, and a good chunk of the same overall families/social names who live in New York and have $30+M Hamptons houses might have a cozy $3-10M house in San Francisco. But you're not going to get that by looking at a list of $10+M houses...some places on that list are inhabited by A LOT of rappers and pro-athletes. Would it be elitist to not consider that demographic necessarily "prestigious"?

Literally all 4 cities on this list are part of the Social Diary.

When I think of prestige, I think of elite. These are adjectives that never come to mind at the same time Los Angeles or Chicago come to mind. These are adjectives that come to mind when I think of many parts of New York (or even the city as a whole, and even the metro), DC, Boston, and San Francisco. These have been traditionally the four main "gateway" markets for foreign investment for the longest time, and even in periods of recession when the list of "gateway" markets drops back down from what might now be 10+ cities (Houston, Denver, Portland, etc all included), these 4 will undoubtedly remain on that list and LA (aside from HNW individuals and recent immigrants) will likely not be on that list of cities that funds from Singapore or life insurance companies from China or German banks want to invest in. Chicago, despite its size, has had a difficult time entering that list even in good times.


Talking about education levels, LA is one of the least educated cities/metros in the country. For its size, one would think it would have 2 more UCLAs, at least. Culturally, with a lack of transit and an intensity of vehicular congestion to rival the craziest of Asian cities, as well as the fact that most cultural institutions are spread apart with miles between them, the local population doesn't have the same ease of cultural enrichment that cities such as DC, SF, Boston, and NYC provide their residents. And the results are easily reflected in the local populations.


Is LA larger and perhaps more important than either DC or SF? Yes, that is a separate question. But more prestigious? No.
 
Old 08-26-2015, 09:43 PM
 
Location: SF Bay Area
15,404 posts, read 24,403,654 times
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Since we're playing the "price per square foot" game, coastal SoCal on the ocean tends to have the highest outside of NYC I believe.

If you're looking at lot size (which most people generally don't), this home in Venice is $4,762 per sq ft.

https://www.redfin.com/CA/Venice/270...1/home/6734188

$12 million on a 2,520 sq ft lot
 
Old 08-26-2015, 09:44 PM
 
Location: Chicago, IL
2,388 posts, read 1,221,902 times
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Quote:
Originally Posted by NOLA101 View Post
The Newark area is almost certainly more prestigious than the Chicago area. It's certainly much pricier and more affluent. Obviously the city itself is very troubled, but the area is probably one of the most desirable in the U.S.

The Baltimore area is also reasonably affluent.

Jacksonville, obviously no, and has nothing to do with the Northeast Corridor or the discussion.
Yeah, of course if you're including NYC as part of the Newark "area." Notice how you slipped in "area" when the original comment just mentioned the cities. What a dumb comment. City Data is like a weird, alternate reality sometimes.
 
Old 08-26-2015, 10:13 PM
 
Location: Downtown LA
1,192 posts, read 1,228,561 times
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Quote:
Originally Posted by anonelitist View Post
These have been traditionally the four main "gateway" markets for foreign investment for the longest time, and even in periods of recession when the list of "gateway" markets drops back down from what might now be 10+ cities (Houston, Denver, Portland, etc all included), these 4 will undoubtedly remain on that list and LA (aside from HNW individuals and recent immigrants) will likely not be on that list of cities that funds from Singapore or life insurance companies from China or German banks want to invest in. Chicago, despite its size, has had a difficult time entering that list even in good times.
I don't think you're very up to date on what's happening in Los Angeles. I count $3.6 billion of currently under-construction highrise development from Chinese and Korean investment in Downtown LA alone. There is a whole new skyline going up along Figueroa Blvd, all built with Asian money.

Metropolis (Chinese) - $1 billion
A Closer Look at the Skyline Altering Metropolis | Urbanize LA

Wilshire Grand (Korean) - $1.1 billion
Slide Show: Meet the New Tallest Building in Los Angeles - Los Angeles Magazine

Oceanwide Plaza/Fig Central (Chinese - $1 billion
Huge Project Breaks Ground in South Park This Week - Los Angeles Downtown News - For Everything Downtown L.A.!: News

Circa (Korean) - $500 Million
Ownership Group Unveils Plans for $500M Mixed-Use Development in Downtown L.A. | REBusinessOnline

From the LA Downtown News:

Quote:
Last year, the United States attracted $6.4 billion in Chinese investment, of which Los Angeles accounted for $780 million, according to real estate firm Jones Lang LaSalle. The city ranked second domestically in Chinese investment, behind New York City.

Chinese investment into Los Angeles County has doubled over the past five years, making China one of the county’s most prominent investors, according to a report from the Los Angeles County Economic Development Corporation.
Also, I don't know what kind of measuring stick you could possibly be using if you don't consider LA a "gateway" market, but I'd love you to elaborate on that. From the same article:

Quote:
The visibility of Los Angeles to Chinese individuals has also risen. Tourism from China has nearly quadrupled from 158,000 in 2009 to 570,000 visitors last year, according to the LAEDC, and the number could rise to 2 million by 2020. Additionally, L.A. is the United States’ top trade gateway to China and vice versa, accounting for nearly 45% of trade between the two countries.
In fact, the CEO of Shanghai-based Greenland Group (responsible for the $1 billion Metropolis project currently under construction) literally referred to LA as a gateway when describing why they chose to invest here:

Quote:
Those factors have coincided with the Downtown boom, something that has not gone unnoticed by investors. The residential and amenity surge here bodes well for future returns, experts say, and Downtown has something else that other major metropolises often lack: prime developable property in the heart of the city.

I-Fei Chang, CEO and president of Greenland Group’s U.S. subsidiary, noted in a February interview that land for major projects in a gateway city is prized. “Look, if you go to San Francisco for the first project, that is only a 10-mile by 10-mile city. You don’t have much space,” she said. “Or New York, look at the prices and the overcrowding. Here, you have such a renaissance and there’s room to grow.”
 
Old 08-26-2015, 10:36 PM
 
1,353 posts, read 1,137,628 times
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Quote:
Originally Posted by DistrictDirt View Post
I don't think you're very up to date on what's happening in Los Angeles. I count $3.6 billion of currently under-construction highrise development from Chinese and Korean investment in Downtown LA alone. There is a whole new skyline going up along Figueroa Blvd, all built with Asian money.

Metropolis (Chinese) - $1 billion
A Closer Look at the Skyline Altering Metropolis | Urbanize LA

Wilshire Grand (Korean) - $1.1 billion
Slide Show: Meet the New Tallest Building in Los Angeles - Los Angeles Magazine

Oceanwide Plaza/Fig Central (Chinese - $1 billion
Huge Project Breaks Ground in South Park This Week - Los Angeles Downtown News - For Everything Downtown L.A.!: News

Circa (Korean) - $500 Million
Ownership Group Unveils Plans for $500M Mixed-Use Development in Downtown L.A. | REBusinessOnline

From the LA Downtown News:



Also, I don't know what kind of measuring stick you could possibly be using if you don't consider LA a "gateway" market, but I'd love you to elaborate on that. From the same article:



In fact, the CEO of Shanghai-based Greenland Group (responsible for the $1 billion Metropolis project currently under construction) literally referred to LA as a gateway when describing why they chose to invest here:



I'm well aware. But LA is pretty new to this game. And I don't feel like going into details. All of those groups above (with exception to Korean groups, which are new to the US in general) are also highly involved in SF. SF has been the recipient of hyper-core offshore money for decades. LA is not a core market and doesn't play well, typically, that that kind of cost of capital. It's also not a very constrained market and its economy and real estate submarkets are very difficult to understand, even for locals.

The literal opposite situation exists in NYC, Boston, DC, and SF. Chicago, despite its size and downtown, has almost no barriers to entry and goes development crazy in oddly-timed cycles. It's a bit similar to LA and is not a huge foreign capital market as a result. Any market that means anything now, in 2015, is a beneficiary of foreign capital. But it's not sustainable.
 
Old 08-26-2015, 10:39 PM
 
Location: Zurich, Switzerland/ Piedmont, CA
31,588 posts, read 53,148,159 times
Reputation: 14512
Quote:
Originally Posted by DistrictDirt
I-Fei Chang, CEO and president of Greenland Group’s U.S. subsidiary, noted in a February interview that land for major projects in a gateway city is prized. “Look, if you go to San Francisco for the first project, that is only a 10-mile by 10-mile city. You don’t have much space,” she said. “Or New York, look at the prices and the overcrowding. Here, you have such a renaissance and there’s room to grow.”


Translation: SF and NYC are way too competitive so we settled for Los Angeles.

Top World Cities By Commercial Real Estate Transactions, Q2 2014-Q2 2015
1 London $39 Billion
2 Manhattan $28 Billion
3 San Francisco $21 Billion
4 Tokyo $18 Billion

https://www.property-magazine.eu/glo...014-33718.html
 
Old 08-26-2015, 10:59 PM
 
1,462 posts, read 1,506,564 times
Reputation: 1019
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