Wall Street bonus money coming to Nantucket?
I just spoke with a good client of mine who rented a relatively high end ($10,000/wk) house from me for the last two years (he’s not coming this year due to his new baby!!). Anyway, he works at a large bank in New York City and I wanted to know what he and others in the financial industry that received sizable bonuses this year have done or are doing with this capital. According to him, some folks are sending some of the money back into the markets; others have purchased flashy cars and jets (!); others are purchasing high-end rentals and real estate in places like Nantucket and the Hamptons.
I will be interested to see what happens with our real estate market this coming spring. With the announcement that JetBlue and Delta will be flying between Nantucket and NYC, along with a new fast ferry from NYC to Nantucket (or is this a rumor???), we could see a surge in rentals and home buying from people from the city. I’ve often heard how difficult is has been to travel from ‘the’ city to Nantucket; this obviously will make it easier, but to what extent??