Now that Wall Street is wounded, everyone's asking who will snatch up our ever-increasing condo inventory (the units that don't go rental, that is). Well, the NY Observer predicts that advertising execs will be next in line to buoy the housing market. "The median entry wage for an advertising and promotions manager in New York City was $63,780 in 2007, not far off from the $76,230 entry-level wage for a financial manager in the same period," they report, and $166,400 is the median wage for marketing manager and financial manager. True, advertising might take a hit, too, but "it’s certainly permissible to speculate on which industries in the city can still fund the envy-producing lifestyles that provide the ambitious young worker bee enough liquid cash for a one-bedroom apartment or a no-frills condo in Brooklyn." Hey, if it makes you feel better.
The Next Condo Buyers [NY Observer]
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