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]
if you have a kid(s) and make below 200k you’re not buying shit in manhattan or anywhere “desirable” in brooklyn.
Another big downside–an agency loses a big account or two, and you can lose your job. It’s not pretty.
Prodigal Son… thanks for the Bill Hicks… I’ve been thinking of his ‘Fake Economy’ bit for the past few months.
Please enlighten us as to your assumptions and calculations behind the $8,000 monthly mortgage payment.
$200,000 in income is about $100,000 after taxes. And, this top figure for marketing includes all bonus (which in the case of Wall Streeters is enhanced with stock options, perhaps not as perky now, but amount to millions in long term holdings). Do the math – an $8,000 monthly payment (including tax benefits) is the minimum for a “nice” brownstone/3BR; annualized you’re at $96K. Basically $100,000 gone, with zero savings, and nothing left to live on. Unfortunately, REAL income is what will drive mortgages now. Let’s hope that there are a lot of trustfunders out there who appreciate the charms of our borough.
“advertising might take a hit, too”
No kidding? Huh! Boy, those guys at the Observer are clearly on top of things!
Yes, there are legitimate reverse mortgages. But I think Ed McMahon was one of the spokespersons and look what a mess he got himself into!!!!
Hey kids, don’t get too excited. If you’re thinking of a career in advertising entry level incomes start more in the low 30K range so expect pull a few years of late nights before you get to the 60K quoted above. Also, many agencies don’t give bonuses especially in bad times and that is regardless of how the company is doing. Why? Because ad agencies are cheap!
reverse mortgages aren’t scams. like any other housing finance product, they can be marketed deceptively, but there’s nothing wrong with reverse mortgages per se. in fact they help many seniors to have a living income while keeping their homes.