Bonuses are making a comeback on Wall Street and that might help stabilize the Manhattan real estate market.
While Manhattan home prices dropped between 10% and 15% in the last quarter of 2009 compared with a year earlier, the losses have started to slack off, according to a host of markets reports released Tuesday by big New York brokerage firms.
“People feel there’s stability in New York. The fear factor is gone. The year 2009 started out in absolute fear. This year is starting off in hopefulness,” said Pam Liebman, CEO of the Corcoran Group, one of New York’s biggest real estate brokers.
Read Les Christie’s full article “Will bonuses save the day for Manhattan real estate?” in CNN (January 5, 2010).