As I was walking this weekend along the coastline in Newport Beach, CA, I couldn't help but be in awe of the stunning luxury homes dotting the boardwalk. The median home price in this posh costal community is about $1,675,000. And the properties with postcard ocean views can reach up in the double-digit marker. For someone like me, those figures might as well be imaginary. But for a growing number of millionaires, it's just another day in the neighborhood.

 This beach front home in neighboring Corona Del Mar is listed at $14,950,000.

Lifestyles of the rich
According to a recent eMarketer.com article, nearly 10 million households in the United States have a net worth of at least $1 million, excluding their primary residences. The figures were derived from a study from TNS's "Affluent Market Research Program." The research company said the number of millionaire households increased by 5.9 percent from June 2006 to June 2007. It was the sixth such increase in as many years.

This sprawling mansion in Newport Beach offers sweeping views of near by harbors and is listed at $3,499,000.

The average age in millionaire households was 66, with an average net worth of $4.6 million, according to the study. The single most important financial goal of surveyed millionaires -56 percent of them - was to "assure a comfortable standard of living during retirement." More than one-third of the 10 millionaires surveyed said they "took a wait-and-see approach" toward investing and about a quarter of them looked for investment bargains.

A family friend of mind who's made his fortune in developing residential and commercial properties says despite the down housing market, some of the best investments right now can still be found in real estate. In a separate report published in the Personal Real Estate Investor magazine, found that in 2006, property purchased purely for investment represented 22 percent of all purchases or about 1.64 million homes and over $300 billion in sales volume.

In life there are those who know how to make money, those who know how to spend money and those who get to do both. Which one do you want to be? I think the latter sounds like a good pick.

View homes in Newport Beach, CA

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.