Bonuses Back to 2002 Levels
New York City will lose 170,000 jobs between July 2008 and December 2010, and Wall Street bonuses will decline at least 50 percent this year to the lowest levels since 2002, the state and city comptrollers said today…Wall Street bonuses totaled about $28.7 billion in 2007. This year’s estimate of about $14 billion would make…
With banks loaning like it was 1997 and unemployment reaching new highs every day, prices will revert way back before 2002 levels in all but extremely prime neighborhoods.
And home prices won’t go back to 2002 levels because…
***Bid half off peak comps***
Will be interesting to see how this down tick impacts RE prices. You would think that high end homes may suffer the most, but then again – are there sufficient wealthy people in NY that these would be protected regardless ?
Would also add that bonuses will similarly pick back up at some point as investment decisions inevitably change over the next year or two. Maybe we wont see a quick rebound, but rebound the markets will.
A harbinger of RE prices headed towards 2002 levels?
I haven’t had a christmas (or other) bonus since 2004 … forgive me if I have little sympathy for Wall Street.
It is when then the city and state budgets (not to mention the recipients budgets) were all calculated assuming far higher bonuses (and therefore tax revenues)
$10.8 billion still isn’t chicken feed!