Wall Street blog Under The Counter uncovers yet another article about how the other half lives. In case you haven't heard, investment bankers made a lot of money this year and they will be spending it on real estate:
Keith Copley, of Sotheby's International Realty in Manhattan, is seeing bidding wars, mostly among young hedge fund players. "The bonuses are rolling in and people are going crazy." Three are competing for a "celebrity style loft" called the Glass Farmhouse, with views of the Hudson River, for sale for about $8 million. "All these guys are in their thirties," he says, and he expects a deal soon.
Just to make you feel worse: Dolly Lenz, vice-chairman of Prudential Douglas Elliman, is seeing the trend trickle down to those with "smaller bonuses" of $4 million or so. · Wall Streeters Ignore the Bubble [The Australian via Under The Counter]
· The Glass Farmhouse [Sotheby's International]