New (faux) Wealth is a sickening result of the housing bubble. My wife and I sold our home (of 12 yrs)in ’05, choosing to cash out and be patient. We rented in coastal (Santander) Carlsbad, and recently moved to Solana Beach (off Cedros). The difference in cars, lifestyle and attitude is amazing. Carlsbad was full of people who, with a run up of equity believed that they had actually “earned” their new found wealth. The gorging of boob jobs, Escalades, 24″ Spinner rims, “you deserve it honey” weekend Porsches, jewelery and $30,000 Harleys, lavish vacations, and everything else that comes with people who don’t truly love what they do or where they live, but believe in their “genius”. Their children were starting to display the same attitudes.
We were treated as second class (even though our personal wealth and income was well above most in the area, home or not), almost with pity. The arrogance was disturbing.
The atmosphere in Solana has been so refreshing, with people who have owned and loved their homes and community for many years, friendly, with a confidence in their lives. Sure, some had bought in with a flip mentatilty (417 Glencrest is a good example), but the overall atmosphere is actually human.
One other aspect of faux wealth are the kids growing up in it, believing in their “entitlement”, and losing the life skills, true satisfaction and awareness that earning, hard work and patience will bring.
The burst will shock more than one generation