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Old 08-01-2011, 08:20 AM
 
Location: Here&There
2,209 posts, read 3,768,810 times
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Quote:
Originally Posted by nurserosie View Post
not sure where you are looking...but I surely would not describe the homes in NB as "tacky"....nor that they look like Irvine..ever been to Newport Coast area??
I forget the neighborhood area but I worked in several houses there, the entrance had those arches. I didn't see every single house but I worked in several of them -- I thought they were tacky. My description of it being a fluffed up Irvine came from how Irvine had cookie cutter homes, from what I saw in NB, it seems that it comes from the same mentality, that is cookie cut for the rich.

Perhaps my aesthetics are skewed, perhaps theirs are the "right" kind. :\
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Old 08-01-2011, 08:26 AM
 
Location: Grosse Ile Michigan
28,410 posts, read 67,509,679 times
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I asked a realtor friend where she found people to buy all of those hundreds of multi million dollar homes in Newport Crest area. She said that a lot of them are form .com owners who got out before the crash and eventually decide to move out of the valley. Quite a few are foreign nationals, particularly middle eastern persons. Many homes are sold to speculators who pool their resources and try to make money on the real estate escalation (this was before the crach - oops), quite a few doctors, a few lawyers and some business owners. Some of the homes are purchased by corproataions as a vacation retreat or a place for meetings/conferences. A surprising unumber are entertainment industry people (primarily music and sports, not many movie/television persons). A few are sold to large family groups (particularly Asian families) where the entire family group is buying a house together and will share it. She said that there were a couple that she was pretty certain must be drug dealers.

I asked about the people who really cannot afford the homes but want to put on a show and she said that was not very common. Most are putting down a huge down payment and some pay cash.

This was in 2005.
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Old 08-01-2011, 08:31 AM
 
Location: Grosse Ile Michigan
28,410 posts, read 67,509,679 times
Reputation: 34275
Quote:
Originally Posted by BVitamin View Post
I forget the neighborhood area but I worked in several houses there, the entrance had those arches. I didn't see every single house but I worked in several of them -- I thought they were tacky. My description of it being a fluffed up Irvine came from how Irvine had cookie cutter homes, from what I saw in NB, it seems that it comes from the same mentality, that is cookie cut for the rich.

Perhaps my aesthetics are skewed, perhaps theirs are the "right" kind. :\

Many of them are cookie cutter homes based on a few similar designs and using similar materials. In a lot of those homes, the contraction quality is terrible, but that is just typical of modern construction methods. You do not find craftsmen amongst residential trades it is all about fast, big, and cheap. Quality is a secondary concern most of the time.

Rich people are gnenerally getting the same poor quality and crummy materials as the rest of us, just bigger and more feature laden. Things that you can see like appliances and windows tend OT be better quality, but the guts are the same cheap stuff and corner cutting as any house. The exception are some custom homes where the owner actually knows how to require quality workmanship and is willing to pay for it (that means a lot more money for a lot less square footage and features). THere are some pretty good quality homes in Newport and similar areas, but most of them are the same junk on steroids.
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Old 08-01-2011, 10:36 AM
 
1,376 posts, read 2,785,567 times
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Quote:
Originally Posted by jaredk View Post
No, not at all.

As a matter of fact, when it comes to percentage high net worth folks (liquid assets of $1M+), the Los Angeles/Orange County area severely lacks other metros.

Metros by millionaires:

1. New York City - 720,000 (4.6%)
2. Los Angeles/OC - 256,000 (2.5%)
3. Chicago - 212,300 (2.7%)
4. Washington DC - 164,400 (3.7%)
5. San Francisco - 147,400 (4.1%)
6. Philadelphia - 110,400 (2.4%)
7. Boston - 109,100 (2.9%)
8. Houston - 96,000 (2.1%)
9. Detroit - 92,000 (2.6%)
10. San Jose - 88,000 (5.9%)

Capgemini Releases the 2011 U.S. Metro Wealth Index | SYS-CON MEDIA

People seem to confuse actual wealth with flash/living beyond one's means.
I like how you took the data and simply put OC next to Los Angeles.

Newport Beach is one of the most affluent, if not the most affluent city, in the U.S:

Newport Beach: America's Wealthiest

Where to Find Rich Singles? Try Newport, Calif. - The Wealth Report - WSJ

Newport Beach tops in wealth study - Los Angeles Business from bizjournals
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Old 08-01-2011, 11:30 AM
 
17 posts, read 33,973 times
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Quote:
Originally Posted by aggrofish View Post
I like how you took the data and simply put OC next to Los Angeles.

Newport Beach is one of the most affluent, if not the most affluent city, in the U.S:

Newport Beach: America's Wealthiest

Where to Find Rich Singles? Try Newport, Calif. - The Wealth Report - WSJ

Newport Beach tops in wealth study - Los Angeles Business from bizjournals
Well, OC is part of the Los Angeles metropolitan area so I didn't take data and put it next to anything.

I posted the millionaire stats because a poster asked if there were some huge amount of millionaires in the Los Angeles/OC region and the answer is simply NO.

Per capita income isn't the best way to measure wealth since per capita income benefits communities like Newport Beach which attracts a far higher share of older/childless couples. Per capita income = all the monies earned and dividing it by people.

Newport Beach has some money, but it just doesn't compare to other parts of the country which are ironically far less boastful about their wealth. The richest areas in the country are in and around NYC, San Francisco and Washington as evidenced by this information released by the Census.

ACS; America's 100 Richest Suburbs by Average Household Income

Last edited by jaredk; 08-01-2011 at 11:42 AM.. Reason: copyright issues - please post link & *brief* snippet only. Thanks.
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Old 08-01-2011, 11:41 AM
 
Location: Grosse Ile Michigan
28,410 posts, read 67,509,679 times
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Quote:
Originally Posted by jaredk View Post

America's Richest Suburbs by income:

These can be misleading because many of the really rich people do not report any income. They are living off existing wealth and/or their income is re-invested, or sheltered, hidden and protected. this is just reported income which shows where there are concentrations of upper middle class people, but not necessarily where the richest people live.

Last edited by Kimballette; 08-01-2011 at 11:46 AM.. Reason: fixed quote tags
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Old 08-01-2011, 11:44 AM
 
Location: Grosse Ile Michigan
28,410 posts, read 67,509,679 times
Reputation: 34275
Quote:
Originally Posted by aggrofish View Post
I like how you took the data and simply put OC next to Los Angeles.

Newport Beach is one of the most affluent, if not the most affluent city, in the U.S:

Newport Beach: America's Wealthiest

Where to Find Rich Singles? Try Newport, Calif. - The Wealth Report - WSJ

Newport Beach tops in wealth study - Los Angeles Business from bizjournals

It apepars taht this is comaring the entire LA Basin with specific cities. However that is unclear. Detroit city certainly does not have an average of $92,000, but the Detroit Metro area includes some of the wealthiest areas int eh county. Because rich areas are often nearby extremely poor areas which skew the statistics, it is often more meaningful to look at very specific areas. For Example when you lump Newport Beach in with Watts, you end up with a very low average.
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Old 08-01-2011, 11:51 AM
 
17 posts, read 33,973 times
Reputation: 21
Quote:
Originally Posted by Coldjensens View Post

These can be misleading because many of the really rich people do not report any income. They are living off existing wealth and/or their income is re-invested, or sheltered, hidden and protected. this is just reported income which shows where there are concentrations of upper middle class people, but not necessarily where the richest people live.
Yes, and not many of those extremely wealthy people live in Orange County. They live in the wealth centers of the United States - NYC Area (Wall Street), Bay Area (Silicon Valley)

LA region simply doesn't have a significant economy to produce much wealth. Take a look at the highest paid CEO's in America and most of them live...in the same regions.. NYC and Bay Area.
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Old 08-01-2011, 02:06 PM
 
2,654 posts, read 4,900,152 times
Reputation: 1923
Quote:
Originally Posted by BVitamin View Post
I forget the neighborhood area but I worked in several houses there, the entrance had those arches. I didn't see every single house but I worked in several of them -- I thought they were tacky. My description of it being a fluffed up Irvine came from how Irvine had cookie cutter homes, from what I saw in NB, it seems that it comes from the same mentality, that is cookie cut for the rich.

Perhaps my aesthetics are skewed, perhaps theirs are the "right" kind. :\
Funny you say that. My wife and I went to a party in Newport Coast and thought the development looked just like our Irvine home, just with nicer landscaping and the houses had a few additional architectual details - nicer baseboards, more eloborate window casings, etc.

However homes in CDM, Balboa, etc (Old Newport, for lack of a better term) are very different.
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Old 08-01-2011, 05:51 PM
 
372 posts, read 697,008 times
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As mentioned above, lots of business owners. It really goes to show how taking a risk on small business can pay off, if done right.

I grew up on Newport and a lot of my friends's parents owned medium size businesses, that you would not think made a lot of money, but did: auto body repair shops, medical equipment manufacturing etc.... Then, there were the more obvious things like car dealerships, commerical real estate, restaurants etc....

There were, of course, the usual suspects like doctors and lawyers, but not as much as you would think.
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