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
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Striking James Bond-esque compound, artfully located on 20 acres of prime Malibu land overlooking the coastal landscape w/ convenient access to private aviation,blending architectural excellence w/the highest standards of engineering.An architectural feat incorporating sustainability w/pristine design.The main home feat. 5bd/6ba,media room,wine cellar,library,office & safe room.The exterior boasts an infinity pool, rooftop helipad, 5 car garage w/electric charging stations. The guest house features 2 bd/1ba w/kitchen living & dining rooms. Pool house feat a wet bar, outdoor kitchen w/wood fired oven, sundeck & outdoor shower.Possibilities of the compound have been designed to include a high-tech Industrial Multi-Use Shop w/Mezzanine for creative space, horse stable or 22 car garage. Platinum LEED certified & engineered to double the earthquake code,the property is self-powered by Lumos panels & lithium batteries, fully automated,stainless steel waterlines. Completed price:$24,000,000
For those looking for tranquility in an unspoiled and natural environment, where vibrant blue water meets the great blue sky - look no further. Experience the swaying palm trees and the powdery white sand beaches of an island, all surrounded by the warm waters of the turquoise lagoon. This is the lush tropical island 'Motu Moie. Accessible yet secluded, it covers an expansive 20 acres; the perfect place to unwind, relax, and/or entertain. Traditional French Polynesian accommodations pepper the island; there are three beautifully constructed beach front guest suites across the property with their wide-open windows allowing the south pacific breeze to permeate the houses. There is on-site caretaker's accommodations, and sports bungalow. The 'big' house is where you will entertain with a fully equipped kitchen, dining room, and living area. Fresh water is supplied by the island's natural coral-filtered well, and electricity for lightning and refrigeration is solar-powered.