News | January 12, 2010

New York Real Estate Expecting A Purchasing Boom

News | January 12, 2010

By Ebony Montenegro

There seems to be some good news coming for the real estate market. Agents should prepare for a wave of selling. The expected boost in real estate sales is expected to be coming from Wall Street. According to the New York Times, 2009 could be one of Wall Street’s biggest years for payouts. So you can imagine that Wall Street isn’t the only one jumping for joy. After the tough time, the New York real estate market has agents ready to feast.

According to The New York State Office of the State Comptroller, historically speaking, there has always been a direct correlation between Wall Street bonuses and real estate. So I guess if you work in Wall Street, the obvious splurge would be to buy a condo or two. The average bonus is totaling about $500,000 per employee, and that is just the average. As some may already know, those bonuses can run up to the tens of millions. Let’s hope the boom trickles down to other sectors. All I have to say is happy shopping!

Via: Miller Cicero