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Thursday, December 28, 2006

Wall Street bonus bonanza

pam.jpgmarket reportCNN reports that $23.9 billion dollars in bonuses will be earned by Wall Street traders early next year. The inevitable effect of this will be a vigorous real estate market in NYC.

In my experience, real estate has been recovering nicely in the second half of 2006. I personally have over $5 million in sales volume booked for the first quarter of 2007, and that pace promises to accelerate as we enter the new year. The phones are ringing even faster now. Corcoran Group's President, Pam Liebman commented on the phenomenon for CNN in a recent interview. see the video