Mad Men Moving to Wall Street Digs?
Now that Wall Street is wounded, everyone’s asking who will snatch up our ever-increasing condo inventory (the units that don’t go rental, that is). Well, the NY Observer predicts that advertising execs will be next in line to buoy the housing market. “The median entry wage for an advertising and promotions manager in New York…
Now that Wall Street is wounded, everyone’s asking who will snatch up our ever-increasing condo inventory (the units that don’t go rental, that is). Well, the NY Observer predicts that advertising execs will be next in line to buoy the housing market. “The median entry wage for an advertising and promotions manager in New York City was $63,780 in 2007, not far off from the $76,230 entry-level wage for a financial manager in the same period,” they report, and $166,400 is the median wage for marketing manager and financial manager. True, advertising might take a hit, too, but “it’s certainly permissible to speculate on which industries in the city can still fund the envy-producing lifestyles that provide the ambitious young worker bee enough liquid cash for a one-bedroom apartment or a no-frills condo in Brooklyn.” Hey, if it makes you feel better.
The Next Condo Buyers [NY Observer]
I doubt the lawyers are the next bunch of high end home buyers. There are probably too many of them given the number of mediocre law schools that graduate too many lawyers all competing for that limited pie.
Is the Observer letting high school students write articles now? I can’t believe they actually printed that garbage. There isn’t even a good argument that I can debate. It’s just a bunch of poorly considered drivel.
“there’s nothing wrong with reverse mortgages per se”
Catch: Price ceilings. Are these price ceilings a fair assessment of market comps minus rental opportunity cost over the life expectancy of the senior?
That article is beyond useless. For example:
“In August, average monthly rent on a one-bedroom apartment in a non-doorman Manhattan building was $2,770… doable for an advertising wunderkind making over $60,000.”
Given that landlords typically like to see income at 40-50 times the monthly rent, that wunderkind would need to be making $110-138k to get in the door.
As someone in the advertising industry- I can tell you salaries are not that high. Salaries at the Sr. VP level is about 160-180K at most large firms, oh and that’s including bonus.
Dave-a 30 year mortgage on average ranges from $5.50- 6.50 per 1,000 dollars borrowed. So on average a 1 million dollar place would have a mortgage of around 6K per month. Helles Belles 8K quote is not far off for a 1 million + home in Brownstone Brooklyn
hilarious. $167k a year gets you a studio in clinton hill at this point. but the article does hint at some truth; $167k a year should be able to buy more in this city and perhaps it will very soon…
Lawyers will be the winners from this mess – there will probably be 20 million lawsuits borne out of it.
Sept. 24 (Bloomberg) — U.S. advertising spending fell 3.7
percent in the second quarter from a year earlier, the biggest decline since 2001, as automakers and phone companies cut marketing budgets as the economy struggled.
Sorry but somebody has to resume the What’s cut-and-paste strategy!!!
Some day this wars gonna end
Whatever
what a joke of an article. you have got to be kidding. the “luxury landscape” of the city will be significantly changed because of this implosion despite people’s efforts to find the new bubble.