Photo: Courtesy of Sotheby’s
The usual tradition on Wall Street is… you get your awesome bonus, you pay some bills, and then you buy some awesome stuff.But this year, with bonuses capped and reduced throughout the industry, everything is different. A Manhattan-based realtor named Lisa Lippman told Crain’s New York that she’s already seeing the impact:
Since listing a three-bedroom co-op in a classic prewar building on West End Avenue for $2.35 million last month, Lisa Lippman has received a half-dozen bids… Not one of the bidders works on Wall Street. The same holds true in the other three multimillion-dollar sales Ms. Lippman is working on.
“It’s unusual that not one of these buyers is in finance,” said Ms. Lippman, a top-producing agent at brokerage Brown Harris Stevens. “Like most high-end brokers, I find that most of my clients [typically] work on Wall Street.”
Back before the recession, in 2006 and 2007, finance professionals on average represented 35% of the buyers of new luxury condo developments in Manhattan sold by Corcoran Sunshine. Last year, that share tumbled to 24%, just ahead of the second largest group, the overseas buyers who accounted for 21% of the firm’s deals, followed by the 19% who worked in entertainment, media and technology.