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Spencer Rascoff

Real Estate Examiner
Spencer Rascoff is CFO and Vice President of Marketing at Zillow.com, one of the leading Real Estate sites. Here he will help you better understand and respond to the ever-changing market.

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The New York Times tells us to feel sorry for investment bankers (sort of)

July 15, 9:01 PM
by Spencer Rascoff, Real Estate Examiner
 
 
There was an amusing article in the New York Times this week about investment bankers in New York who are having a hard time making it past co-op boards. As a former New York investment banker, I can say with authority: please don't feel sorry for these people!

The NYT wrote: "As financial services companies continue to cut jobs and bleed billions of dollars, their employees have far less cash to spend on high-priced apartments, and very little optimism about taking a risk right now anyway."

This is serious stuff in the New York real estate market where bankers make up 25% or more of buyers. So with tens of thousands of layoffs on Wall Street, it's just a matter of time before the New York market starts feeling some pain. Thus far it has been incredibly resilient though, with Manhattan apartment prices still topping $1 million on average. The weak dollar has helped make Manhattan real estate attractive to foreign buyers, which has provided some price support, for now. 


Topics: house prices , home values
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