The First Wall Street Bonus Casualty of 2008

The first warning shot has just been fired across the bows of Manhattan’s high end property sector. Douglas Heddings, of New York real estate blog, True Gotham has just reported:

“Well I knew that the day would come when a voice on the other end of the phone would say, “We’re in a holding pattern because my bonus wasn’t anything like I thought it would be.” That day has indeed arrived as one of my team members informed me that he received just that phone call last week from one of his buyers who was in line to purchase a $2,900,000 property at The Rushmore.”

It is an interesting post and we wonder what this actually portends. Mr. Heddings is convinced this is just a blip, big bonuses are still being paid, good inventory is still in short supply, buyers are still aplenty and the ultra luxury market is likely to remain the same as 2007.

This is likely the case. The upper end of the Manhattan market seems largely untouched by the subprime real estate crisis – almost as though they were two completely different markets and in no way interconnected. Hmmmmm

Anyway, it’s a good blog and worth a visit. Just bear in mind they sell property in Manhattan ☺

True Gotham Real Estate Blog