The New York Times reported that Wall Street bonuses will be record-breaking.
Will bonus money trickle down to the real estate market in 2010?
If past luxury sales are predictive of future activity, Westchester’s luxury market looks like it is on an upswing. In the typically slow month of December, Houlihan Lawrence closed two $5 million plus sales: an $8,000,000 waterfront property in Mamaroneck was sold by Cathy Devore from the Larchmont office. Mamaroneck is located on the Long Island Sound with miles of beaches and several waterfront neighborhoods.
Further north, Armonk’s Brian Milton sold a 1907 seven acre estate for $5,100,000. Armonk, a bucolic hamlet, offers country living at its best with a 38-minute commute to Grand Central Station.
Both Cathy and Brian’s buyers recognized the value of these special properties, and favorable market conditions that make now a good time to buy. Pending sales of $5 million+ properties point to the same conclusion.
Do you think it is a good time to buy?