So the 'Wasp's had all their money in gold and T-Bills and entirely out of the stockmarket spring 2008?
people have short memories and GREED always trumps FEAR things back to normal in < 3 years. best, surf
You are thinking of West Palm Beach, Palm Beach island has one of the largest concentrations of wealth in the county. It has been this way for close to 100 years. It is a favorite spot for the jetset "society" circles (ie the we think we are important because we inhereted alot of money and have good famous last names), as well as some in the Mega yacht communities. Check it out the next time you are in FL it is a fun place to visit. The Breakers is a good place to stay. http://www.greenvilleonline.com/article/20090401/TALKGREENVILLE/90328028
Have you folks been to Hallandale or Boca, or Lauderdale for that matter? Boca is similar to WPB in many ways. There are some massive, massive estates and boats, up and down the inter-coastal with more than a fair share of them for sale. I know a guy who was forced to sell 2 70+ yacts and a fairly new 3mm+ home on the water in Lauderdale. He was forced to downgrade to a 35 ft runabout and now only has one 1mm+ home. poor guy is in shambles, seriously, he can't stand losing his status quo.
I love those homes separated by canals with all the boats on either side of las olas in Ft Lauderdale. I drove by them about 6 months back killing time down there just to see if there were for sale signs in case a trade goes massively in my favor, and there were more than a few. The kind of market dislocation that would result in one of my size trades affording me a house like that would redefine fat tail... Boca makes me want to kill myself. Im more into the latin SFL than the retired jew SFL.