Your city's "favoured quarter"

[Docere]

Is there actually a "superrich"-dominated neighborhood or suburb in the US - i.e. somewhere where you'll find more CEOs of Fortune 500 companies, big hedge fund investors, world-famous celebrities, people with private jets etc. than law firm partners, surgeons, CPAs, corporate managers etc.? UES/Park Avenue comes the closest I think. I find this focus on billionaires and so on rather curious, given that they represent a tiny fraction of the wealthy.

There may be a few blocks or streets, but the richest of rich live, for the most part, around where the "regular 1%ers" live. Of course they control more stuff, have way more money, have more and bigger homes and the like.

Bill Gates and Jeff Bezos live in Medina, Washington. It's a rich place but it's hardly a "billionaires only" community.

[Crawford]

I think the Hamptons around Further Lane/Georgia Pond might come the closest. The properties are so enormous and there are so few, that you'd probably at least have to have net worth in the many hundreds of millions. Possibly also the most ultraprime oceanfront stretches of Palm Beach and Malibu.

But in an urban setting, probably the most prime stretches of Park and Fifth. Those buildings generally don't allow financing, and you probably aren't getting past the coop board without a net worth many, many multiples of the sales price.

[Quixote]

Also, at this point, tech is establishment and has arguably surpassed finance (although the recent collapses of Silicon Valley Bank and First Republic Bank have sort of given traditional finance a boost). By the time tech startups become household names and/or go public, the founders have already well established social connections with important and influential players across a number of spaces. They're no longer nerds behind a computer screen who just want to code and be left alone.

[sopas ej]

Originally Posted by Quixote

Las Vegas is now the primary residence for him and his wife.

Eeew. (Just kidding... maybe not.)

I didn't know that. And all this time I thought they still lived down the road.

Originally Posted by Crawford

I'm not embarrassed to admit I like their Beijing Beef. Actually I like most of their gloppy fast food goodness. Their rice is horrendous, though.

I haven't had Panda Express (or Panda Inn) in a long time. I assume you mean their fried rice? If a fast-food Chinese place offers steamed rice, I get that instead---it's kinda hard to screw up steamed rice, unless you use Uncle Ben's or something gross like that.

Speaking of fried rice, Indonesians must really make the best.

[Quixote]

Originally Posted by Crawford

Also, for the Peninsula, I think the nicer towns closer to SF are more traditional wealth (lawyers, doctors, small business owners), while the nicer towns closer to Stanford and Sand Hill Road are almost all tech-related wealth. So a SF law firm partner or neurologist might live in Burlingame, but a VC guy or startup founder will live in Atherton. And obviously the latter can be 100 times richer.

Very true. Palo Alto, Atherton, Woodside, and Portola Valley are closer to Stanford and the Silicon Valley giants as well as having real estate more befitting of billionaire status both in terms of property style (larger lots and privacy) and price tags (starting in the 8-9 figures, with middle inventory being mid-to-high 7 figures).

[Quixote]

Originally Posted by sopas ej

Eeew. (Just kidding... maybe not.)

I didn't know that. And all this time I thought they still lived down the road.

I always thought he lived on Chelten Way.

South Pasadena is where I grew up and I'm very familiar with that area. Ashbourne is the most exclusive street in SP, and that particular house is by far the largest in the city; I've always wondered who lived there. That property, 2040 Ashbourne, is a whopping 14,547 SF (I know of only one home in San Marino that's larger -- 1100 Oak Grove) on nearly 2 acres. You won't find another home in SP that sits on 2 (flat) acres. In fact, that type of acreage is extremely rare for LA in general, and having it in a community as desirable as SP is one-of-a-kind. You might be able to find something comparable in San Marino, but it's just not the same. From 2040 Ashbourne, you could walk your dog to Garfield Park or pick up groceries at Pavilions.

Going from that to Summerlin is a major downgrade.

[pdxtex]

Post Covid, I think Portland's favored quarter has jumped the river and is now inner SE and NE Portland. The Pearl is starting to see a construction slow down but commercial vacancies seem to have stabilized.

[iheartthed]

Originally Posted by Docere

Is there actually a "superrich"-dominated neighborhood or suburb in the US - i.e. somewhere where you'll find more CEOs of Fortune 500 companies, big hedge fund investors, world-famous celebrities, people with private jets etc. than law firm partners, surgeons, CPAs, corporate managers etc.? UES/Park Avenue comes the closest I think. I find this focus on billionaires and so on rather curious, given that they represent a tiny fraction of the wealthy.

There may be a few blocks or streets, but the richest of rich live, for the most part, around where the "regular 1%ers" live. Of course they control more stuff, have way more money, have more and bigger homes and the like.

Bill Gates and Jeff Bezos live in Medina, Washington. It's a rich place but it's hardly a "billionaires only" community.

For NYC: Billionaires Row. The UES from 59th to (roughly) 96th on the n/s, Fifth Ave and Park Ave on the e/w. Maybe also TriBeCa from Greenwich to Sixth Ave or Church.

[sopas ej]

Originally Posted by Quixote

I always thought he lived on Chelten Way.

South Pasadena is where I grew up and I'm very familiar with that area. Ashbourne is the most exclusive street in SP, and that particular house is by far the largest in the city; I've always wondered who lived there. That property, 2040 Ashbourne, is a whopping 14,547 SF (I know of only one home in San Marino that's larger -- 1100 Oak Grove) on nearly 2 acres. You won't find another home in SP that sits on 2 (flat) acres. In fact, that type of acreage is extremely rare for LA in general, and having it in a community as desirable as SP is one-of-a-kind. You might be able to find something comparable in San Marino, but it's just not the same. From 2040 Ashbourne, you could walk your dog to Garfield Park or pick up groceries at Pavilions.

I personally have never cared for San Marino. Something about the place is off-putting. Years ago, two different people I know who have driven through San Marino at night have been pulled over by cops for no reason at all, and I don't think it's a coincidence that they were both Latino and driving older cars (one of them had a more beat-up-looking car). The one with the more beat-up looking car was literally asked by the cop "Why are you driving through here?" And his answer was "I'm driving home from work" (He lived in Highland Park and worked in Arcadia, so he drove through San Marino and South Pas to get home). And then they let him go. Such assholes. San Marino PD is really sneaky, too; many of their squad cars look more like private security vehicles. A few years ago, San Marino installed these signs at some of their city entrances:

Google Streetview

So now San Marino does 24-hour camera surveillance.

South Pas is much cuter and has way more character, in my opinion. I feel South Pas is more into the arts than San Marino is too, with city-sponsored murals and even community theater. The only part of San Marino I do like, and it's only been recently, is its Mission District---mainly because of the Apsara coffeehouse that opened there towards the end of 2021; it has made that area a little less dead. Pizzanista! recently opened a location next door to it. My partner and I tried to eat there one time but it was just too crowded.

Originally Posted by Quixote

Going from that to Summerlin is a major downgrade.

Indeed. I've never been to Summerlin but from pictures I've seen of it, it just looks like Irvine in the desert.

[Crawford]

Originally Posted by iheartthed

For NYC: Billionaires Row. The UES from 59th to (roughly) 96th on the n/s, Fifth Ave and Park Ave on the e/w. Maybe also TriBeCa from Greenwich to Sixth Ave or Church.

Right, but only a few very small stretches.

Billionaires Row, so along/near 57th Street for a few blocks (and I'd bet many of these properties aren't primary residences so wouldn't show up). 220 CPS had a $190 million sale to a Hong Kong billionaire, and a $240 million sale to an American billionaire, but both not primary residences. This is very likely the densest concentration of billionaire residences on earth.

Then the very best coops along Fifth and Park. These are mostly primary residences, so in a way more impressive. Many of these sales will appear more modest, bc they're coops. But they're actually much tougher buys, bc money doesn't get you the apartment. Bezos or Jack Ma probably aren't getting into 740 Park.

Then maybe two stretches downtown - North Moore Street in Tribeca and around West 11th street in the West Village. Rupert Murdoch, the Chipotle founder, and the Softbank founder all live basically next door along West 11th and Jack Dorsey has a second home there.

[JManc]

Originally Posted by Quixote

Most A-list actors, musicians, professional athletes, and media figures ("celebrities") aren't and will never become billionaires. If they do, they'll "sneak in" at 1-2 billion (Michael Jordan, LeBron James, Tiger Woods, Jay-Z, Kim Kardashian).

I think that is starting to change; the Kardashian effect. Celebrities are getting into business and are making an absolute mint. More so than from their acting.

[Quixote]

Originally Posted by Docere

Is there actually a "superrich"-dominated neighborhood or suburb in the US - i.e. somewhere where you'll find more CEOs of Fortune 500 companies, big hedge fund investors, world-famous celebrities, people with private jets etc. than law firm partners, surgeons, CPAs, corporate managers etc.? UES/Park Avenue comes the closest I think. I find this focus on billionaires and so on rather curious, given that they represent a tiny fraction of the wealthy.

There may be a few blocks or streets, but the richest of rich live, for the most part, around where the "regular 1%ers" live. Of course they control more stuff, have way more money, have more and bigger homes and the like.

Bill Gates and Jeff Bezos live in Medina, Washington. It's a rich place but it's hardly a "billionaires only" community.

Holmby Hills, home to the Spelling and Playboy mansions. Most of the homes are in the 8 figures (many multiple times over), with the Spelling Manor currently on the market for $155 million. I personally think it should be asking at least $175 million. Even though it has no city or ocean view (it does have views though), it's huge (56,000 SF), clad in limestone, situated on five flat acres (extremely rare in LA), has pedigree, and is very stately looking. It's not an estate, but a compound — a one-of-a-kind property in a super desirable part of a desirable city, holding the distinction of being the largest home in LA for 30 years.

In 2000, Holmby Hills was ranked by Higley 1000 as the richest urban neighborhood in the United States. The 2017 report, however, redrew and expanded the neighborhood's boundaries, causing its ranking to slip.

https://en.wikipedia.org/wiki/Holmby_Hills,_Los_Angeles

Boundaries:

https://www.google.com/maps/place/Ho...6zL20vMDI2ejI2

Home values (choose satellite view and zoom in):

https://www.zillow.com/homes/for_sal...oom%22%3A16%7D

[LA21st]

Yea Holmby Hills is very impressive.

[Quixote]

Originally Posted by JManc

I think that is starting to change; the Kardashian effect. Celebrities are getting into business and are making an absolute mint. More so than from their acting.

More and more are investing in startups or selling their own companies with billion-dollar valuations (i.e. Reese Witherspoon, Ryan Reynolds). Jessica Alba, a B-list actress at best, has a net worth ranging anywhere from $100-390 million thanks to the Honest Company.

But they're "only" entering the $250-500 million range, which used to be occupied only by megastars like Tom Cruise, Brad Pitt, George Clooney, etc.

[Quixote]

Originally Posted by sopas ej

The only part of San Marino I do like, and it's only been recently, is its Mission District---mainly because of the Apsara coffeehouse that opened there towards the end of 2021; it has made that area a little less dead. Pizzanista! recently opened a location next door to it. My partner and I tried to eat there one time but it was just too crowded.

I like the Huntington Library, Lacy Park, and the city's more restrictive, preservation-focused housing policies (otherwise you would see more Arcadia-like McMansions). I also like the larger lots and some of the streets lined with shade trees that form a gorgeous canopy. In a perfect world, all of LA suburbia (in the traditional sense) would look like this:

https://www.google.com/maps/@34.1227...7i16384!8i8192

[Quixote]

I agree with Crawford.

I think oceanfront Malibu with direct beach access -- so Malibu Colony Cove Drive to Sea Lane Drive -- is a sure bet. Those who are both able and willing to plunk down $30 million for 2,700 SF are likely not the most renowned orthopedic surgeons or even very successful investment bankers at Goldman Sachs. If one is wealthy enough to afford such a property, chances are that person wouldn't want their primary residence to be what looks like a dingy cabin with very little exposure. Their primary residence would be either a large estate or, say, a Manhattan penthouse with sweeping views.

Palm Beach (and South Florida in general, but especially Palm Beach) is home to a shit ton of billionaires. I was blown away by the number as I went through and compiled the lists last night. It makes sense. FL has no state income tax and you get a slice of the Caribbean without having to leave the country.

[sopas ej]

Originally Posted by Quixote

I like the Huntington Library, Lacy Park, and the city's more restrictive, preservation-focused housing policies (otherwise you would see more Arcadia-like McMansions). I also like the larger lots and some of the streets lined with shade trees that form a gorgeous canopy. In a perfect world, all of LA suburbia (in the traditional sense) would look like this:

https://www.google.com/maps/@34.1227...7i16384!8i8192

I love the Huntington too, but I'm talking about the city in general. And even though it's a very wealthy area, I find the architecture in San Marino to be kind of mediocre; even the best residential architecture of San Marino is near the Pasadena border. I've only been to the El Molino Viejo once, which I thought was interesting. Lacy Park is nice, which I've only been to once, but I hate that even though it's a public park, non-residents have to pay to enter it on weekends. That is total bullshit in my opinion.

[Docere]

[deleted]

[Nite]

Originally Posted by Docere

Does your city have "favored quarter" - i.e. a wedge running from the core towards affluent suburbs. Thinking for example of Chicago's North Side lakefront to North Shore for example.

In Toronto, there's a "favored quarter" area that runs north from downtown. The area looks something like this:

since it's highly related to income here are the income zones of Toronto



I would say along with central Toronto in your image, the beaches and the area around High Park are also favored quarters

[Docere]

Beaches and High Park are upper middle class neighborhoods outside the favored quarter which is clearly in the central corridor running north from downtown.

Average individual income:

Bridle Path-Sunnybrook-York Mills $308,010
Rosedale-Moore Park $207,903
Forest Hill South $204,521
Lawrence Park South $169,203
Casa Loma $165,047
Kingsway South $144,642
Leaside-Bennington $125,564
Bedford Park-Nortown $123,077
Yonge-St. Clair $114,174
Annex $112,766


Of the 10 highest-income neighborhoods, all but one (Kingsway) are in the favored quarter.