No doubt there is a lot of wealth but I agree there is probably an equal amount of fake wealth as well in North County.
Even in affluent neighborhoods. I was surprised to read in the annual report of the HOA where I live, which they recently released, that they just wrote off $676,075 in uncollected assessments resulting from 3 years of foreclosures and bankruptcies. “Amounts left owing due to foreclosures have been pursued and about 60 personal debt judgements have been secured. Collection on these debts continues”.
These are mostly $1 million on up houses in this development where I live. So I’m sure that the neighbors assumed that these 60 people that have debt judgements against them were truly wealthy but I guess that wasn’t the case.
Often times it’s really impossible to know if someone is truly wealthy or faking it. Just look at shows like Real Housewives of Orange County or Real Housewives of Beverly Hills where these people are blowing insane amounts of money on expensive watches, expensive cars, live in nice places. Only to see that several are faking it and spending money they don’t have. Losing their houses in foreclosures, and one so called Venture Capitalist just committed suicide due to financial woes.
This is a guy who spent $60,000 on his 4 year old daughter’s birthday last year! I think California is full of these “keeping up with the Jones” types. Very sad.
