Real Estate Brokers Get Giddy (2010 Edition)
It's bonus season on Wall Street, which explains why investment bankers are in good spirits these days. But they're not the only ones excited about the impending gravy train. Real estate brokers are gearing up to (finally!) unload some of those ridiculously expensive apartments that have been sitting on the market unloved for many months now.
And they're letting their excitement and optimism show:
While public outrage looms over Wall Street's 2009 bonuses, potentially record payouts expected in coming weeks, New York's real-estate community is outright giddy.
Don't be surprised if you notice the giddiness fade a touch in a few weeks, though:
But while some brokers are hopeful that the pickup in interest will turn into solid sales, analysts aren't so sure. They see several factors that could keep sales down. First, thousands of jobs that were lost on Wall Street still haven't returned. So while the employees who are left will reap big bonuses, the total number of workers with big pay packages will be smaller, and some bonuses payments will be made in stock, not cash, limiting the amount available for real-estate purchases.
But, hey, why worry about that now? Enjoy the moment! Pretend it's 2007! You can always re-start your Paxil prescription next month.