Wealthiest and most sophisticated/worldly suburbs (live, state, comparison, place)
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Possibly Detroit? The suburbs have a lot of wealth and corporate offices at the expense of the city, and being an eastern metro it has a lot of classic old-money neighborhoods like the Grosse Pointes. There are also a lot of established ethnic communities spread throughout the metro like Arabs, Chaldeans, Indians/Pakistanis/Bangladeshis, and eastern/southern Europeans.
Possibly Detroit? The suburbs have a lot of wealth and corporate offices at the expense of the city, and being an eastern metro it has a lot of classic old-money neighborhoods like the Grosse Pointes. There are also a lot of established ethnic communities spread throughout the metro like Arabs, Chaldeans, Indians/Pakistanis/Bangladeshis, and eastern/southern Europeans.
Yea. Detroit can make an argument for the win, along with Miami and Atlanta. No to the others.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Grosse Pointe looks beautiful and lots of bang for the buck for $1.5 - 3M, but are there any neighborhoods with properties selling there for $10 - 55M as there are in Miami’s Coral Gables … or up to $150M in Coconut Grove? Quite a few of these properties also have million - multimillion dollar yachts parked on their accompanying dock.
I haven’t even touched the Miami Beach barrier island communities or Indian Creek.…I think Miami takes this one; battle should be for second place..
Grosse Pointe looks beautiful and lots of bang for the buck for $1.5 - 3M, but are there any neighborhoods with properties selling there for $10 - 55M as there are in Miami’s Coral Gables … or up to $150M in Coconut Grove? Quite a few of these properties also have million - multimillion dollar yachts parked on their accompanying dock.
I haven’t even touched the Miami Beach barrier island communities or Indian Creek.…I think Miami takes this one.
That’s not the only metric of sophisticated and worldly though. What I don’t get about Miami is why they rank so poorly on economically if there is such a marker for those price points?
In any case, I agree Miami’s coastal desirability is almost unmatched in the US.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Because many on CD think “reported” W-2 median income is the only measure of any area’s wealth.
A lot of Miami’s wealth does not come from wage slaves. Retirees and foreigners—many who hide their wealth, assets and identities behind shell companies, LLC’s etc comprise a notable portion of Miami’s wealth and are not part of reported net or median income. Miami is also far more dependent upon self employed small business owners, rather than dependent upon salaried and fully reported corporate employment, who often underreport their total earnings to pay less taxes.
The coastal wealth—with some notable inland suburbs—is vast and extensive whether looking at just Miami Dade or the entire MSA up to Jupiter. It is this vastness of wealth, not lack thereof, that also attracts and supports high end retail brands and standalone boutiques found in but a few other cities. It also attracts jetsetters from Europe, wealthy South Americans, Northeast hedge fund managers, athletes/celebrities (probably a Russian oligarch or two).
My guess for 2nd place would be Scottsdale.
Quote:
Originally Posted by meep
That’s not the only metric of sophisticated and worldly though. What I don’t get about Miami is why they rank so poorly on economically if there is such a marker for those price points?
In any case, I agree Miami’s coastal desirability is almost unmatched in the US.
Last edited by elchevere; 03-08-2022 at 06:02 PM..
Because many on CD think “reported” W-2 median income is the only measure of any area’s wealth. A lot of Miami’s wealth does not come from wage slaves. Retirees and foreigners—many who hide their wealth, assets and identities behind shell companies, LLC’s etc comprise a notable portion of Miami’s wealth and are not part of reported net or median income. Miami is also far more dependent upon self employed small business owners, rather than dependent upon corporate employment, who often underreport their total earnings to pay less taxes.
The coastal wealth—with some notable inland suburbs—is vast and extensive whether looking at just Miami Dade or the entire MSA up to Jupiter. It is this vastness of wealth, not lack thereof, that also attracts and supports high end retail brands and standalone boutiques found in but a few other cities. It also attracts jetsetters from Europe, wealthy South Americans, Northeast hedge fund managers, athletes/celebrities (probably a Russian oligarch or two).
My guess for 2nd place would be Scottsdale.
That’s interesting, i more or less assumed that much…and I get that this board doesn’t give much credence to non-reported earnings despite Miami’s recognition for attracting money. But the same can be said for any city with a high amount of entrepreneurs… right?
South Florida actually has a very comparable per capita personal income to most of the major metro areas. ($5,500 behind L.A.) And that's just income. The metro is super stacked with already made wealth running up like 80 miles, even far far away from the coastline. Add in the huge amount of wealthy tourists everywhere and then the snowbirds etc and it just becomes absurd.
Then when you get up to Palm Beach County the whole place is insanely stacked. Think about all the wealth in just Boca Raton alone. Then think about how many other countless areas are like that down there, seemingly everywhere. High-Rises, modern mansions, exotic cars super luxury shopping, you name it. And more of those things per capita than pretty much anywhere else in the U.S.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Not to the same extent as a Miami, which is a top 3 luxury real estate market in the country after NYC and LA. Being one of only 2 year round exciting, amenities rich, desirable year round oceanfront cities in the country has its advantages—kinda like being the hot blonde in high school who has to make less effort to attract more dates
Also, FL has no state income tax which appeals to high net worth individuals who do receive and report wages—whether they live here full time or 6 months plus 1 day.
Quote:
Originally Posted by meep
That’s interesting, i more or less assumed that much…and I get that this board doesn’t give much credence to non-reported earnings despite Miami’s recognition for attracting money. But the same can be said for any city with a high amount of entrepreneurs… right?
Last edited by elchevere; 03-08-2022 at 06:18 PM..
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