More millionaires live in the Sun City area than Scottsdale area??? (Phoenix: for sale, real estate)

[TootsieWootsie]

OK, I keep hearing from vendors of major stores that Sun City region statistically has more millionaires than the Scottsdale area (I assume PV is in that, too). From what I hear, Macy's a few years ago did a study and that's what they came up with, as well as a couple other major manufacturers I've spoken with in the last 2 years.

Does anyone know of any hard data on this? I am really curious. And can this be real? I guess it could since it seems like the Sun City area does have more than a few millionaire-next-door types you would never guess about. Heaven only knows this area of SC isn't spending it on the latest fashions...

[MotleyCrew]

No. They spend it on spandex and black socks for sure. But seriously, we have had a couple of very wealthy clients lately that would fool most people. One a retired heart surgeon and another a CA state professor. They are hiding behind the bushes.

[grmi66]

About 10 years ago there was a survey that found the highest concentration of millionaires north of Sun City over by Arrowhead Mall. The reason why is that the people in north Glendale actually had a worth of a million dollars because they owned a thriving business or real estate investments. They were the typical "millionaire next door" like the book describes.

Used to be a vendor that sold to banks in Phoenix and one of the bankers was complaining about being transferred to Scottsdale. She told me that the people in Scottsdale make $100,000 a year but spend $120,000 and never have money to invest.

[azdr0710]

very well could be true, but remember statistics can be messed around with to suit desired outcomes...

for example, if a city of five people gets three more people to move there, it has experienced a "phenomenal" 60% growth rate, but if a city of 100 people gets "only" 30 people to move there, it "suffers" only a 30% growth rate....that's why we sometimes hear about very small towns being among the "Fastest-Growing Cities In America!!"....

perhaps Sun City has 30% millionaires and Scottsdale has 15% millionaires, but check the population of each before jumping to conclusions....

[wit-nit]

According to one of the AZ Republic reports a few years back it's the West Valley that has more millionaires than the East Valley. That includes the 3 Sun Cities, the Arrowhead area, Litchfield Park, some north Peoria areas and others scattered about.

[azriverfan.]

Yes, but there is a catch to that. They have a lot more millionaires because they are retired snowbirds but most of them are not worth over 2 million. They are retirees that are worth over a million and live fairly modestly. Scottsdale has many more multi-millionaires and is clearly wealthier, there is no comparison. Keep in mind that until 7 years ago, that area didn't have most luxurious amenities that most cities with wealthy people have. If you go to Florida particularly the southeastern coast of Florida for example(another retiree hotbead), you see so many high end luxury car dealerships, jewelers, mansions etc. and Sun City is nothing like that. If Sun City truly boasted that type of population, it would be far more developed than it is. For example, you wouldn't see one Mercedes Dealership, you would probably see two or three just in that area. If the area truly boasted that type of money, Arrowhead mall would be more upscale and prestigious. The area would offer more upscale restaurants; I mean even wealthy restaurants that old folks like to frequent like Ruth Chris doesn't even have a restaurant in Sun City.

[MotleyCrew]

I do see quite a few $100,000 classic cars zipping around here.

[desertskies]

Originally Posted by azriverfan.

Yes, but there is a catch to that. They have a lot more millionaires because they are retired snowbirds but most of them are not worth over 2 million. They are retirees that are worth over a million and live fairly modestly. Scottsdale has many more multi-millionaires and is clearly wealthier, there is no comparison. Keep in mind that until 7 years ago, that area didn't have most luxurious amenities that most cities with wealthy people have. If you go to Florida particularly the southeastern coast of Florida for example(another retiree hotbead), you see so many high end luxury car dealerships, jewelers, mansions etc. and Sun City is nothing like that. If Sun City truly boasted that type of population, it would be far more developed than it is. For example, you wouldn't see one Mercedes Dealership, you would probably see two or three just in that area. If the area truly boasted that type of money, Arrowhead mall would be more upscale and prestigious. The area would offer more upscale restaurants; I mean even wealthy restaurants that old folks like to frequent like Ruth Chris doesn't even have a restaurant in Sun City.

The same could be said about Paradise Valley and it's intentions of wanting to be a bedroom community. Perhaps like PV, SC doesn't want to be a mecca of business but more of a laid back, below the radar type of town. I could be mistaken too. The only business to be seen in PV are resorts. Just throwing out a thought.

[mjd2k]

Originally Posted by azriverfan.

Yes, but there is a catch to that. They have a lot more millionaires because they are retired snowbirds but most of them are not worth over 2 million. They are retirees that are worth over a million and live fairly modestly. Scottsdale has many more multi-millionaires and is clearly wealthier, there is no comparison. Keep in mind that until 7 years ago, that area didn't have most luxurious amenities that most cities with wealthy people have. If you go to Florida particularly the southeastern coast of Florida for example(another retiree hotbead), you see so many high end luxury car dealerships, jewelers, mansions etc. and Sun City is nothing like that. If Sun City truly boasted that type of population, it would be far more developed than it is. For example, you wouldn't see one Mercedes Dealership, you would probably see two or three just in that area. If the area truly boasted that type of money, Arrowhead mall would be more upscale and prestigious. The area would offer more upscale restaurants; I mean even wealthy restaurants that old folks like to frequent like Ruth Chris doesn't even have a restaurant in Sun City.

Sounds reasonable. The Sun City millions may need to last 30 years whereas in Scottsdale, the millions are churning.

[azriverfan.]

Originally Posted by grmi66

Used to be a vendor that sold to banks in Phoenix and one of the bankers was complaining about being transferred to Scottsdale. She told me that the people in Scottsdale make $100,000 a year but spend $120,000 and never have money to invest.

This is true to some degree. There are a lot of faux millionaires. The culture in Scottsdale embraces wealth and excess and unfortunately many of those people simply can't afford that lifestyle but are willing to go into debt to attempt to do so. You even see it among the young people that live there. They work in retail and the service industry and spend money like they are making hundreds of thousands of dollars a year. It's a joke. They go into massive credit card debt so they can wear $200 jeans and spend a $100 partying at night. You see this when you dine in Scottsdale sometimes. Your server will be some 24 year old kid who has a lot of attitude for no reason, this is particularly true of the bartenders at any Scottsdale location. They give you so much attitude for no reason. This is why sometimes I prefer to dine in Phoenix because you get the same quality food without the pretense.

What is ironic is Scottsdale has more homes for sale than Phoenix on the MLS. The reality is many of these 30K millionaires bought homes they couldn't afford and now they are trying to unload them but can't. There is a massive surplus of homes in Scottsdale that just can't sell because they are overpriced. Sorry but just having a Scottsdale name isn't enough any longer and a lot of people are looking to other parts of the Valley, competition that Scottsdale didn't have 10 years ago.