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Unread 03-05-2011, 01:53 PM
 
15 posts, read 14,936 times
Reputation: 13
Quote:
Originally Posted by newjitty View Post
this is exactly what i did with my 1st post.. noting Northeast Bergen County vs Western Essex (prime area vs prime area) as opposed to the entire county itself.. if we do apples to apples...

$12MM can get you nice home in 4 acre or so lot in prime Bergen...
No address is listed for this Alpine, Nj 07620 new home - MLS #1046462 - Realtor.com®


$12MM in prime Somerset can get you nice home with 80 acres..
Bedminster Twp, Nj 07921 home with no address listed - Homes for Sale - MLS #2827390 - Realtor.com®


of course, housing prices are just a part of "wealth" factor and not all inclusive..

...but 4 acres or so vs 80 acres for the same buck is pretty damn material....


though I do find prime Somerset nicer to the eye (rolling undeveloped/preserved lands), it's just much more expensive in prime Bergen..






hunterdon/somerset are comparatively rural to bergen/essex just as bergen/essex is comparatively rural to manhattan..

don't take it out of context..


the only reason why I responded was that you were the one who quickly pointed to the top 10 county list.. you still haven't responded to why New York County (Manhattan), Fairfield County (CT), etc etc don't fall in top 10 when there are much more wealth in said counties..

I agree with all of this strongly, and often make the same (or similar) points in my posts on these forums. But, one thing does have to be said in reply to this point:
Obviously $X buys you more in cheaper areas, but it would be a mistake to infer that higher real estate prices automatically means wealthier area. $12Million would buy you an even smaller lot in the Bronx or in Downtown Newark, but of course that doesn't mean that those areas are wealthier than N.E. Bergen.
Same $X would buy you even MORE acreage in rural New Mexico than it would in Somerset...
The point is that weight has to be given to the preponderance of expensive real estate and mansions in an area. So a rural county with cheap real estate could mean lots of cheap homes and trailers or it could mean use of that cheap real estate to build stunning 80 acre estates. The latter area is therefore a classic rich area. Just because the real estate is cheaper than elsewhere doesn't mean that the area isn't super rich.
So when you're comparing $12Million estates in Bergen and Somerset you're comparing Apples to Apples in the sense of price, but not in the sense of luxury. Obviously it costs more in Bergen, but if a certain amount of luxury is not available in location X, it shows up in location Y.
Point is that while real estate price is one measure, what OP is looking for is wealth magnets. If the wealthy move to Fairfield or Somerset so that they can have the kind of amenities they cannot have on Park Avenue, then Fairfield and Somerset become significant.
A standard measure of this kind of thing could be median or average house value in a neighborhood/town. This way you measure what people can afford to do with the available real estate prices. But doing this is tricky because in higher density areas, it's more difficult to delineate the wealthy neighborhoods and in lower density areas you're going to have very spread out concentrations of wealth.
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Unread 03-05-2011, 04:10 PM
PDD
 
5,391 posts, read 4,594,045 times
Reputation: 5610
Hello

What is the richest area in New Jersey? Where mostly rich people lives in, expensive cars, homes etc. ??


NFN but in the above question where does the OP ask about quality of schools?

He wants to know where the richest people live and that has been over-answered too many times.
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Unread 03-05-2011, 04:19 PM
Status: "This is my new current status." (set 10 days ago)
 
Location: Holmdel, NJ
16,318 posts, read 11,210,487 times
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i was just on lbi to pick stuff up from my mom's summer house and picked up a listing on the street. 1500 square feet, 6 houses from the beach but no view and they are asking 779k. must be lots of ballers over there.

i was using a light jacket that i dont usually use so i didnt have poopy bags when i took my dog out when i got home. luckily i had that paper so i used it to pick up her poops.
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Unread 03-10-2011, 09:53 AM
 
25 posts, read 2,712 times
Reputation: 15
Thanks for responds
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Unread 04-15-2013, 04:59 PM
 
38 posts, read 24,417 times
Reputation: 17
Alpine, Franklin Lakes, Millburn, Essex Fells, Summit, Mendham, Bernardsville, and Colts Neck.
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Unread 04-15-2013, 05:04 PM
 
15 posts, read 8,116 times
Reputation: 12
Princeton
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Unread 04-15-2013, 05:18 PM
 
Location: The beautiful Garden State
1,940 posts, read 948,267 times
Reputation: 2102
This page listed the counties and then the towns by income:

New Jersey locations by per capita income - Wikipedia, the free encyclopedia

If you scroll down to the second list you can click on the different headers (per capita, family, household) You get a different town topping each category!
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Unread 04-15-2013, 06:14 PM
 
32 posts, read 19,912 times
Reputation: 60
some areas that come to mind:
Alpine
Demarest
Edgewater
Princeton
Spring Lake
Elberon
Rumson
Short Hills
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Unread 05-04-2013, 07:20 AM
 
38 posts, read 24,417 times
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Basking Ridge.
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Unread 05-04-2013, 08:00 AM
 
4,357 posts, read 3,345,201 times
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Peapack-Gladstone!
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