Irvine recession proof, but Newport at risk?

NEW -> Contingent Buyer Assistance Program
[quote author="hs_teacher" date=1224567339]I think that Huntington and Irvine are similar in terms of wealth. However, Irvine has higher incomes. So from my deductions, Huntington has many more older White people who have accumulated wealth through time. Irvine has younger Asians people who are accumulating wealth through work. When I think of a wealthy White person, I visualize someone in their 70's with their beachfront home and million dollar retirement account. As for a wealthy Asian, I see someone in their 50's running a business or a practice to generate income. And I'm assuming seasoned wealth can handle economic turmoil over growth-oriented entrepreneurs.</blockquote>


Huntington Beach Asians are mostly Vietnamese and fewer Chinese and inverse ratio for Irvine. Check the Asian restaurants near by to validate the Asian ethnicities living near-by. Chinese resturants in Irvine out numbers Pho restaurants and it is the opposite for HB and Fountain Valley.
 
I always thought that the people who most frequented Belmont Shores were the same people who frequent West Hollywood, Laguna Beach, the Castro District of San Francisco and the Claremont District of San Diego.
 
[quote author="ABC123" date=1224568546]I always thought that the people who most frequented Belmont Shores were the same people who frequent West Hollywood, Laguna Beach, the Castro District of San Francisco and the Claremont District of San Diego.</blockquote>


Do you mean Hillcrest district of San Diego?
 
[quote author="bkshopr" date=1224568171][quote author="hs_teacher" date=1224567339]I think that Huntington and Irvine are similar in terms of wealth. However, Irvine has higher incomes. So from my deductions, Huntington has many more older White people who have accumulated wealth through time. Irvine has younger Asians people who are accumulating wealth through work. When I think of a wealthy White person, I visualize someone in their 70's with their beachfront home and million dollar retirement account. As for a wealthy Asian, I see someone in their 50's running a business or a practice to generate income. And I'm assuming seasoned wealth can handle economic turmoil over growth-oriented entrepreneurs.</blockquote>


Huntington Beach Asians are mostly Vietnamese and fewer Chinese and inverse ratio for Irvine. Check the Asian restaurants near by to validate the Asian ethnicities living near-by. Chinese resturants in Irvine out numbers Pho restaurants and it is the opposite for HB and Fountain Valley.</blockquote>


Not surprising, since HB and Fountain Valley are right next to Westminster. I love how Westminster is the self-proclaimed, "All American City," yet it is 90% vietnamese.
 
Anyway, back to the original post, I was checking Monster.com and didn't specify any search criteria other than city and entry-level positions. There seemed a lot more openings when I put in Cerritos than when I put in Irvine. I'm not sure if that means anything or not.
 
[quote author="High Gravity" date=1224568775][quote author="ABC123" date=1224568546]I always thought that the people who most frequented Belmont Shores were the same people who frequent West Hollywood, Laguna Beach, the Castro District of San Francisco and the Claremont District of San Diego.</blockquote>


Do you mean Hillcrest district of San Diego?</blockquote>


Yes, I think that's the one. I couldn't think of the name.
 
[quote author="25w100k+" date=1224568081][quote author="bkshopr" date=1224564493]I agree with Acpme. Caucasian spent money on Sport toys. Asians who own homes in Irvine are not the Asian demographic shopping at SC Plaza. They are younger Asian shoppers who do not pay rents to their parents. Some are tourist from oversea and many are from Monterey Park, Rowland Height, San Marino, Rosemead, Temple City, Arcadia, San Gabriel, Walnuts, North Fullerton, Brea, Diamond Bar, Chino Hills, and the Westside Korean communities. Most of the Asians who shop at Nordstrom do not own homes.



2 zipcodes appeared most frequent on charge card transactions are Long Beach (Belmont Shore and Ht) and San Gabriel Valley.



Asian homeowners are frugal.</blockquote>


Do you do any research before you spout bullshit like this? Lets see some studies backing what you say up. Because I think you are pulling this out of your ass.</blockquote>


Actually, BKShopr is not a real person. He's Zoltar, an automated message & fortune telling device attached to this blog. Please insert $0.25 for your fortune.



<img src="http://www.thegreenhead.com/imgs/zoltar-2.jpg" alt="" />





Statistically, the fortune telling slips from BKShopr machine is about 99.8% more accurate than anything else I've read.
 
[quote author="ABC123" date=1224568887][quote author="High Gravity" date=1224568775][quote author="ABC123" date=1224568546]I always thought that the people who most frequented Belmont Shores were the same people who frequent West Hollywood, Laguna Beach, the Castro District of San Francisco and the Claremont District of San Diego.</blockquote>


Do you mean Hillcrest district of San Diego?</blockquote>


Yes, I think that's the one. I couldn't think of the name.</blockquote>


ABC123, Thanks for the quarters. Good observation. The gay population are the biggest spenders at SC Plaza. Good taste and disposable income are the best customers.
 
[quote author="bkshopr" date=1224564493]Asian homeowners are frugal.</blockquote>


Not from what I am seeing looking at the property records on a daily basis. I don't know the exact population breakdown of Irvine, but Asians are at least as well represented as HELOC abusing pretenders as their Caucasian counterparts. I would say at least half of the properties I view have Asian last names. Persian names make up about 20%, and Caucasian names make up about 30%.



Now I would grant the idea that those Asians that are frugal are much more frugal than their Caucasian counterparts. The savings rate among those who have savings is probably higher. Culturally this would seem to be true. However, the pressure to look rich and live beyond one's means is by no means limited to Caucasians. In fact, I would argue the Asian preoccupation with status probably eclipses their Caucasian counterparts in Irvine.
 
ABC123

"I see a lot of Persians/Middle Easterners and Indians (but I guess they are considered Asian) at open houses in Irvine and an occasional elderly Caucasian couple who lives in the neighborhood who can be heard mumbling under their breath saying, ?I can?t believe there are people are foolish enough to be spending nearly a million dollars for this rundown place?.





Actually, Persian/Middle Easterners are considered to be Caucasian and (East) Indians are classified as Asian per the US Census Bureau. (I used to work for the census bureau). If interested, you may look <a href="http://www.census.gov/population/www/socdemo/race/Directive_15.html">here</a>. Scroll to Appendix 1, Directive No. 15.
 
Besides being intelligent and only opening his trap when he knows of what he speaks, bkshpr also has a lot of class. Someone to learn from.
 
[quote author="awgee" date=1224572083]Besides being intelligent and only opening his trap when he knows of what he speaks, bkshpr also has a lot of class. Someone to learn from.</blockquote>
BK is one of my favorite posters.

I have learned so much from him.

Thanks, BK. :coolgrin:
 
[quote author="BethN" date=1224571604]ABC123

"I see a lot of Persians/Middle Easterners and Indians (but I guess they are considered Asian) at open houses in Irvine and an occasional elderly Caucasian couple who lives in the neighborhood who can be heard mumbling under their breath saying, ?I can?t believe there are people are foolish enough to be spending nearly a million dollars for this rundown place?.





Actually, Persian/Middle Easterners are considered to be Caucasian and (East) Indians are classified as Asian per the US Census Bureau. (I used to work for the census bureau). If interested, you may look <a href="http://www.census.gov/population/www/socdemo/race/Directive_15.html">here</a>. Scroll to Appendix 1, Directive No. 15.</blockquote>


The United States' classifcation of race is so confusing.



I should clarify. Occasionally I see quite a few WASPS and Jews of Eastern European and Russian decent looking at open houses in older neighborhoods. They are usually the the original owners of houses a few doors down.
 
[quote author="IrvineRenter" date=1224570411][quote author="bkshopr" date=1224564493]Asian homeowners are frugal.</blockquote>


Not from what I am seeing looking at the property records on a daily basis. I don't know the exact population breakdown of Irvine, but Asians are at least as well represented as HELOC abusing pretenders as their Caucasian counterparts. I would say at least half of the properties I view have Asian last names. Persian names make up about 20%, and Caucasian names make up about 30%.



Now I would grant the idea that those Asians that are frugal are much more frugal than their Caucasian counterparts. The savings rate among those who have savings is probably higher. Culturally this would seem to be true. However, the pressure to look rich and live beyond one's means is by no means limited to Caucasians. In fact, I would argue the Asian preoccupation with status probably eclipses their Caucasian counterparts in Irvine.</blockquote>


I think the Asians are frugal about the little things but when it comes to housing, they tend to throw caution out of a window, especially housing in Irvine. All under the pretext of "must find good school district for my children" otherwise they will become "nobody" in this society. Maybe Confucius said something about schooling. :-)
 
[quote author="25w100k+" date=1224568081][quote author="bkshopr" date=1224564493]I agree with Acpme. Caucasian spent money on Sport toys. Asians who own homes in Irvine are not the Asian demographic shopping at SC Plaza. They are younger Asian shoppers who do not pay rents to their parents. Some are tourist from oversea and many are from Monterey Park, Rowland Height, San Marino, Rosemead, Temple City, Arcadia, San Gabriel, Walnuts, North Fullerton, Brea, Diamond Bar, Chino Hills, and the Westside Korean communities. Most of the Asians who shop at Nordstrom do not own homes.



2 zipcodes appeared most frequent on charge card transactions are Long Beach (Belmont Shore and Ht) and San Gabriel Valley.



Asian homeowners are frugal.</blockquote>


Do you do any research before you spout bullshit like this? Lets see some studies backing what you say up. Because I think you are pulling this out of your ass.</blockquote>


Here is my research. My wife is one of three sisters whose parents came over from asia and have accumulated a lot of money (has his own business). While the parents have a lot of money, they dont spend a dime on materialistic things. The three girls, my wife included, can be seen shopping just about every weekend, South Coast, Fashion Island, you name it. They need to get their LV, Gucci, Fendi fix.



So this seems to support BK's statement.
 
[quote author="IrvineRenter" date=1224570411][quote author="bkshopr" date=1224564493]Asian homeowners are frugal.</blockquote>


Not from what I am seeing looking at the property records on a daily basis. I don't know the exact population breakdown of Irvine, but Asians are at least as well represented as HELOC abusing pretenders as their Caucasian counterparts. I would say at least half of the properties I view have Asian last names. Persian names make up about 20%, and Caucasian names make up about 30%.



Now I would grant the idea that those Asians that are frugal are much more frugal than their Caucasian counterparts. The savings rate among those who have savings is probably higher. Culturally this would seem to be true. However, the pressure to look rich and live beyond one's means is by no means limited to Caucasians. In fact, I would argue the Asian preoccupation with status probably eclipses their Caucasian counterparts in Irvine.</blockquote>


I agree with your findings. Asians prefer to have the cash reserve. Cash purchase allows Asian full bargaining power such as in luxury car purchase. Getting a huge price discount and an interest write off on Heloc as well. Cash also allow Asians to provide the house down payments for their children. Asians like to deal with cash because of negotiation power as well as untraceable trail in accounting record. Asian business transaction are cash basis.



Asians are obsessed with status so keeping up with the Wongs easily out numbered the Joneses.
 
[quote author="qwerty" date=1224575071][quote author="25w100k+" date=1224568081][quote author="bkshopr" date=1224564493]I agree with Acpme. Caucasian spent money on Sport toys. Asians who own homes in Irvine are not the Asian demographic shopping at SC Plaza. They are younger Asian shoppers who do not pay rents to their parents. Some are tourist from oversea and many are from Monterey Park, Rowland Height, San Marino, Rosemead, Temple City, Arcadia, San Gabriel, Walnuts, North Fullerton, Brea, Diamond Bar, Chino Hills, and the Westside Korean communities. Most of the Asians who shop at Nordstrom do not own homes.



2 zipcodes appeared most frequent on charge card transactions are Long Beach (Belmont Shore and Ht) and San Gabriel Valley.



Asian homeowners are frugal.</blockquote>


Do you do any research before you spout bullshit like this? Lets see some studies backing what you say up. Because I think you are pulling this out of your ass.</blockquote>


Here is my research. My wife is one of three sisters whose parents came over from asia and have accumulated a lot of money (has his own business). While the parents have a lot of money, they dont spend a dime on materialistic things. The three girls, my wife included, can be seen shopping just about every weekend, South Coast, Fashion Island, you name it. They need to get their LV, Gucci, Fendi fix.



So this seems to support BK's statement.</blockquote>


This is how Asians learned their ABCs



A for Armani

B for Burberry

C for Chanel

D for Dolce&Gabbana;E ermenegildo

F for Fendi

G for Gucci

H for Hermes

etc
 
Blah, all of you take BK way too seriously. Don't you know he is just some part time feng shui wanna be guru, who also sells his origami in Venice beach on the weekends? We have had some of the most credible posters of IHB prove he wouldn't know the difference between a condo and an SFR if there was a neon sign attached to it, that he gets his architectural knowledge from google searches that anyone here could do, and every poster here has at least one family member that doesn't support his knowledge of ethnic cultures. I mean... the dude admitted he has a Coach murse. How anyone who admits they have a murse can be taken seriously is beyond me.



You all need to chill out. Go buy a house in Irvine, get a HELOC and buy bimmer, some Chanel sunglasses, a Coach bag, an LV luggage collection, some D&G's tees, a couple of Hermes dresses, a Gucci belt, a few Zegna suits, and a Frank Muller watch just to prove him wrong, no matter what your ethnic background is. Now... stop posting so much, and get shopping.
 
[quote author="qwerty" date=1224575071]

Here is my research. My wife is one of three sisters whose parents came over from asia and have accumulated a lot of money (has his own business). While the parents have a lot of money, they dont spend a dime on materialistic things. The three girls, my wife included, can be seen shopping just about every weekend, South Coast, Fashion Island, you name it. They need to get their LV, Gucci, Fendi fix.



So this seems to support BK's statement.</blockquote>


excellent point, qwerty. there's a big generational difference . obviously generation gaps exist in all ethnicities but this probably has more to do with the immigrant experience. the older generation of east asians came from a war-torn era and often had to work themselves up from next to nothing in america. the only walls the children and grandchildren have ever faced are handball courts at uni high.



unfortunately this is the demographic i belong to and i don't see the same ethic from my peers that our parents had. a lot of young asians may have a good education and a decent job. but those 1st yr residency or auditing salaries don't pay for the m3's, gucci sunglasses, and irvine townhomes. they expect to maintain the same lifestyle once they're "on their own" as they had while living under their parents roof.



<blockquote>

In fact, I would argue the Asian preoccupation with status probably eclipses their Caucasian counterparts in Irvine. </blockquote>


IR, this is so true. status can be defined differently amongst diff groups of people whether its an ethnic community or a group of desperate housewives on the same block. most common example is obviously overt material possessions but there are other forms. so preoccupation with status doesnt necessarily debunk the frugality myth. for ex, i remem (they may still do this) local korean newspapers used to publish test scores from prep courses and PSATs. you better believe ever parent cared about the position of their kids name on those lists.
 
[quote author="bkshopr" date=1224565730][quote author="cl1" date=1224564805]All the open houses in Irvine that I go to most everyone else are also Asian, is that your experience too?



I looked at API scores breakdown by school by student races, the number of Asians are all over 50% and increasing every year, consistent with house buying trend.



There maybe an equilibrium, but could be 70-80% Asian in Irvine eventually.</blockquote>


No, large Asian population is sustained by critical mass of Asian retail, markets, restaurants and bilingual services. So. County zoning and regulatory agencies are very difficult so fewer Asians have the expertise to overcome the developmental process. Mom and pop businesses are the success to a thriving Asian population as well as reasonable home prices for the poor Asian workers. Irvine needs an El Monte adjacency and better public transportation inorder for Asian population to flourish. There is not enough of poor Asians to service the upper middle class Asians in Irvine so population growth is controlled.</blockquote>


I agree with bkshopr that Irvine is unlikely to be a place for lower-income Asians, however I think there is enough upper-middle class Asians who will buy in Irvine to keep the % of Asians in Irvine gradually increasing for many years to come. Irvine is a choice destination for upper-middle class Asians in the LA-Orange county area and will continue to be so as test scores rise in schools with more and more Asian kids. Look at any school in Irvine and witness the increase of Asian students year after year. To say that the % of Asians in Irvine will stop increasing, you will need to come up with an argument of what will break this trend - what will make the number of Asian students stop increasing, or what will bring less Asian home shoppers to Irvine open houses.
 
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