Newport Beach #17 on Business Week's list of "Towns That Will Be Hit Hardest by Financial Crisis"

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Clickification - <a href="http://images.businessweek.com/ss/08/09/0925_crisis_towns/17.htm ">http://images.businessweek.com/ss/08/09/0925_crisis_towns/17.htm </a>
 
It said the median household income for newport was 97,000. I find it hard to believe that Irvine has a higher median household income.
 
QFT 25!



The only way I can see Newport having a medium income of 97k if that is they make 97k on thier investments alone.... or the report is full of crap.



-bix
 
[quote author="biscuitninja" date=1222755794]QFT 25!



The only way I can see Newport having a medium income of 97k if that is they make 97k on thier investments alone.... or the report is full of crap.



-bix</blockquote>


Or there isn't nearly the wealth you thought there was in that town...............or there is a lot more leverage there than you could possiblly imagine.
 
US Census data for Newport Beach (2000):



<a href="http://quickfacts.census.gov/qfd/states/06/0651182.html">http://quickfacts.census.gov/qfd/states/06/0651182.html</a>



US Census data for Newport Beach (2006)



<a href="http://factfinder.census.gov/servlet/ACSSAFFFacts?_event=Search&geo_id=16000US0648256&_geoContext=01000US|04000US06|16000US0648256&_street=&_county=newport+beach&_cityTown=newport+beach&_state=04000US06&_zip=&_lang=en&_sse=on&ActiveGeoDiv=geoSelect&_useEV=&pctxt=fph&pgsl=160&_submenuId=factsheet_1&ds_name=ACS_2006_SAFF&_ci_nbr=null&qr_name=null&reg=null:null&_keyword=&_industry=">http://factfinder.census.gov/servlet/ACSSAFFFacts?_event=Search&geo_id=16000US0648256&_geoContext=01000US|04000US06|16000US0648256&_street=&_county=newport+beach&_cityTown=newport+beach&_state=04000US06&_zip=&_lang=en&_sse=on&ActiveGeoDiv=geoSelect&_useEV=&pctxt=fph&pgsl=160&_submenuId=factsheet_1&ds_name=ACS_2006_SAFF&_ci_nbr=null&qr_name=null&reg=null:null&_keyword=&_industry=</a>



US Census data for Irvine (2006)



<a href="http://factfinder.census.gov/servlet/ACSSAFFFacts?_event=Search&geo_id=16000US0651182&_geoContext=01000US|04000US06|16000US0651182&_street=&_county=irvine&_cityTown=irvine&_state=04000US06&_zip=&_lang=en&_sse=on&ActiveGeoDiv=geoSelect&_useEV=&pctxt=fph&pgsl=160&_submenuId=factsheet_1&ds_name=ACS_2006_SAFF&_ci_nbr=null&qr_name=null&reg=null:null&_keyword=&_industry=">http://factfinder.census.gov/servlet/ACSSAFFFacts?_event=Search&geo_id=16000US0651182&_geoContext=01000US|04000US06|16000US0651182&_street=&_county=irvine&_cityTown=irvine&_state=04000US06&_zip=&_lang=en&_sse=on&ActiveGeoDiv=geoSelect&_useEV=&pctxt=fph&pgsl=160&_submenuId=factsheet_1&ds_name=ACS_2006_SAFF&_ci_nbr=null&qr_name=null&reg=null:null&_keyword=&_industry=</a>



Imagine how much higher Irvine would of been if they didn't have all those pesky students and that homeless shelter of working poor known as Villages of Columbus to drag it down.
 
<strong>Not just the IE anymore....Million dollar REOs and green pools have hit Newport!!!!</strong>



<img src="http://i-0.rfimg.us/photo/46/bigphoto/253/P658253_3_0.jpg" alt="" />







2919 Paper Ln Newport Beach, CA 92660 Price: $899,900 <strong> (only 40% off, maybe the "high end" isn't immune?)

</strong>



http://www.redfin.com/CA/Newport-Beach/2919-Paper-Ln-92660/home/3565854





Sales History

Date Price Appreciation

Apr 19, 1991 $275,000 --

Jul 23, 1992 $405,000 35.9%/yr

Apr 11, 2001 $540,000 3.4%/yr

Aug 10, 2006 $1,300,000 17.9%/yr

Sep 05, 2008 $1,059,449 -9.4%/yr
 
At least this place has an additional feature you can't get there ... it's under the JWA flight path! Try to find that in the IE!
 
This is a highlypopulated area. Even though the % of wealthy people may not seem high, there are a ton of people with way too much money here. All these median incomes include renters, and beach bums that have to work for a living. The average income for a Newport Beach homeowner is much much higher, I would guess.
 
There are probably a lot of old people who live in Newport who have lived there 40+ years and not all of Newport is Lido Island.



<a href="http://www.redfin.com/CA/Newport-Beach/522-Clubhouse-92663/home/4571235">this house was bought for 26,000</a>



<a href="http://www.redfin.com/CA/Newport-Beach/631-Irvine-Ave-92663/home/4589782">$195,000</a>



<a href="http://www.redfin.com/CA/Newport-Beach/1927-Teresita-Ln-92660/home/3559153">340,000</a>



<a href="http://www.redfin.com/CA/Newport-Beach/20302-Spruce-Ave-92660/home/4631299">248,000</a>



<a href="http://www.redfin.com/CA/Newport-Beach/508-Clubhouse-Ave-92663/home/4571220">270,000</a>



<a href="http://www.redfin.com/CA/Newport-Beach/2222-Holiday-Rd-92660/home/4594319">344,000</a>



<a href="http://www.redfin.com/CA/Newport-Beach/530-Kings-Rd-92663/home/3246278">320,000</a>
 
[quote author="ABC123" date=1222835473]There are probably a lot of old people who live in Newport who have lived there 40+ years</blockquote>


correct.



People who aren't wealthy, but had good jobs that allowed them to pay off their houses. They couldn't buy a new house even if they wanted too because they couldn't afford the new property tax bill.
 
[quote author="lendingmaestro" date=1222833843]This is a highlypopulated area. Even though the % of wealthy people may not seem high, there are a ton of people with way too much money here. All these median incomes include renters, and beach bums that have to work for a living. The average income for a Newport Beach homeowner is much much higher, I would guess.</blockquote>


Isn't that the same argument people make about Irvine's median being understated?
 
It is interesting to see the perception of wealth in Newport Beach. There are certainly a number of wealthy people who live there. The rest are posers. Posers who want to everyone else to think they are rich, but they are just high wage earners with mountains of ego and debt.
 
[quote author="lendingmaestro" date=1222835572]

People who aren't wealthy, but had good jobs that allowed them to pay off their houses. They couldn't buy a new house even if they wanted too because they couldn't afford the new property tax bill.</blockquote>


My parents, who have their home paid off in Irvine, wouldn't be able to afford to buy their neighboorhood now and it's been that way for over a decade. I bet the neighbors are mad that their property taxes are 5x that of my parents.
 
[quote author="IrvineRenter" date=1222836106]It is interesting to see the perception of wealth in Newport Beach. There are certainly a number of wealthy people who live there. The rest are posers. Posers who want to everyone else to think they are rich, but they are just high wage earners with mountains of ego and debt.</blockquote>


ok, so I got the debt down... how do I work on the Ego???



:lol:



-bix
 
[quote author="IrvineRenter" date=1222836106]It is interesting to see the perception of wealth in Newport Beach. There are certainly a number of wealthy people who live there. The rest are posers. Posers who want to everyone else to think they are rich, but they are just high wage earners with mountains of ego and debt.</blockquote>


I was shocked when I found that to be true not only in NB but Irvine as well. A thief would be terribly disappointed to snatch the fancy handbags from South Coast Plaza shoppers only to find just a few dollars inside.



The median income published is always a shocker for me. The spending I see at SC Plaza from young 20-30 yr old do not balance with what they take home. They shop like an executive with clerical wages. They are spending money they haven't earned. Translate that to housing and we are in a mess.



We blog for hours and read IR's and others wisdom posting so we all can be more careful in balancing our own budget. When we can't even balance our own budget how we can balance our nation's ?
 
"A thief would be terribly disappointed to snatch the fancy handbags from South Coast Plaza shoppers only to find just a few dollars inside."



Hypothetical woman likely spent all her hypothetical dollars on said designer handbag. If I were the thief, instead of keeping the contents and throwing the purse away as is usually done, I'd throw the contents away and sell the bag for hundreds (Coach), if not thousands (Chanel), on Ebay. Unless, of course, the bag is as fake as she is. ;-)
 
[quote author="Astute Observer" date=1222855347]I have $76 in my wallet today. Most of the time, it is less than $20. I use credit card whereever I go, and if I go to SCP buying a purse, I will pay for it with CC too. This is why there is so little cash with anyone.



I just don't see how the content of a purse or an ATM reciept say anything about the owner.</blockquote>


In the spirit of Paul Begala, "<a href="http://latimesblogs.latimes.com/presidentbush/2008/09/begala-moron.html">I'm going to get in a lot of trouble for this.</a>



If the current bailout bill isn't passed, I expect your CC lines to be canceled, regardless of your credit score, and quickly. Will that change your mind?



(Not being inflamitory, but I have had too much scotch tonight. I expect all of my lines of credit to be clipped in the next sixty days, with a 40% chance of getting them clipped if the bailout does go through.)



I have a backup plan if "the worst" happens. It assumes credit cards are no good. Do you?



And I though Awgee (who I respect a whole lot) was out on a limb.
 
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