Many top executives at large investment banking firms will be depositing some jumbo bonuses by the end of this month–and I can’t help but wonder if San Diego real estate and luxury home sales will also get a boost from this largesse.
Despite an overall bonus decrease of 10% due to months of multibillion-dollar bank write-downs and a spreading credit crisis, many will be pocketing some still-sizeable sums.
Depending on which firm they work for and the position held, some of these Wall Street and corporate bonuses can range anywhere from up to $2 million to $50 million.
Real estate prices this year have dropped and where else should these high earners invest their bonuses?
According to Forbes, some of these bonus recipients may also be rookies as well as first time homebuyers looking in the $5 to 6 million range. For top executives, the bonuses will be substantially more and potentially leading them towards the $20,000,000 home range.
Some rich real estate markets such as Manhattan, San Diego, the Silicon Valley area, Los Angeles and other top markets, just might see an increase of sales come the end of the year. Interest is already brewing in a number of these luxury markets.
In the coastal San Diego real estate market for example, Rancho Santa Fe, Del Mar, La Jolla, Carmel Valley, Coronado, Solana Beach, Cardiff, Encinitas, Carlbad and downtown San Diego (all coastal) offer some of the finest luxury homes in San Diego County. Inventory levels are also attractive for these flush buyers, which should make the home shopping experience even more fun.
At the other end of the country, many bonus-rich buyers will be shopping properties in Manhattan including townhomes overlooking Central Park, which have asking prices at $50,000,000 or more. These executives might not be able to pay cash for one of these properties, but can rest assured that large down payments will be coming from a secure source.
Of course the purchase of one of these homes will depend on the size of the bonus. But for some just starting out in the business, a nice condo in a great location would work very nicely–and San Diego might be just the ticket.
Heres wishing fat bonuses to all!
For additional information call Scott or Roberta Murphy at either 760-942-9100 or call/text at 760-613-6190
Curious about most expensive homes in Rancho Santa Fe, Del Mar, La Jolla and other fine communities?
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Shadow Mountain is an enclave of 46 wonderful estates that enjoy 24 hour live-gated security just minutes from all that Pacific Palisades has to offer. This spectacular property was conceived and custom built to recreate a comfortable and lovely chateau from the south of France. Set on over an acre with stunning ocean, hillside and vineyard views, 16242 Shadow Mt. enjoys a huge flat yard, a wonderful custom paved pool and a great sports court. The owners/builders imported antique and reclaimed tile, stone and pavers from France and generously and creatively added these beautiful and timeless finishes throughout the house. The house is nearly 9,000 sq. ft. and has high ceilings, oversized doorframes, walls of French doors and gracious places to relax with family and friends or host huge gatherings.The kitchen has it all and is a true chef's paradise with Viking appliances, wonderful work surfaces and 2 large farm sinks. There is an oversized 3 car garage and an electric charging station
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Constructed in 1993 and remodeled in '08 and '09, Motu Moie is located 15 miles from Bora Bora. This reef protected 20 Acre Private Island in the Tahitian Island chain of French Polynesia comes complete with 3 Guest Beach Bungalows, 1 Owners Bungalow, 1 Caretakers Bungalow, 1 Kitchen and Entertainment Bungalow, 1 Maintenance and 1 Sports Bungalow. The islands electricity for both lighting and refrigeration is Solar Power and fresh water is provided by the islands natural coral filtered well. The Sports Bungalow includes equipment for snorkeling, windsurfing, kayaking, fishing, spearfishing, water skiing and sailing. Living space sqft unknown. The village of Patio on the island of Tahaa is a 5 minute boat ride away where you will find shopping for food and necessities, government offices and a doctors office. French is the official language but English is taught in the schools and is widely spoken. The Raiatea airport is a 25 minute boat ride from Motu Moie with daily flights to Tahiti and Bora Bora. The nearby city of Uturoa is the cultural center and the country's 2nd largest city. Here you'll find most everything you desire, including various shops, restaurants, supplies, and a community hospital. Markets offer products and food from France and around the world. Flights from Los Angeles to Papeete arrive daily. A 40 min local flight brings you to Raiatea/ Tahaa then a short boat ride brings you to Motu Moie, or should we simply say..., paradise! LIFE IS SHORT
One of a kind property on the Northern California Coast. On nearly 50 acres this is a compound like no other. With approximately 17,000 sq ft of living space this is one of the largest homes on the coast.Ocean views, luxury, privacy. Must see to appreciate the workmanship of this unique, custom property.