Wall Street Bonuses Benefit Luxury Market

Brokers are saying that the return of Wall Street bonuses, mostly in stock form, seems to be benefiting the lower end of the luxury market. Financiers who are going to be receiving bonuses after a year lacking them, are now thinking of taking advantage of a believed dip in the real estate market, and fast. “People are hearing about bonus money and think they’re going to miss out,” said Michele Kleier of boutique brokerage Gumley Haft Kleier, after receiving many calls in regards to her high-end listings last week. Several other luxury brokers experienced a similar climb, which is unusual for what is normally a “quite sleepy” January market, according to Stribling’s Kirk Henckels. Buyers in the $2 million to $3 million range are especially active, with Manhattan contracts between $1.5 million and $5 million up 171 percent for the month that ended Jan. 15 over the year-ago period.