February 07, 2018

1. A penthouse condo in Manhattan, NY sold at $60 Million Highest price this year 

  • 432 Park Ave. between 56th St and 57th St:  2 units at 91th floor
  • Each unit listed at $40 Million (91A, 91B) → finally sold 2 unit together at $60,083,577
  • Together 8000 sf. Each unit includes 3 Bedrooms, 3.5 Bathrooms
  • Monthly maintenance fee: $32,119.00 / 1396 Feet
  • Last year December, 3 units together sold at $91.13 Million to the same buyer

2. Leonia Town, NJ got sued by an attorney in Edgewater, NJ 

  • Jacqueline Rose filed law suit: Town’s prohibition of non-resident vehicle is illegal
  • Town blocked about 60 local roads from 12/22/2017 Rose is complaining it is taking 5~20 minutes longer than normal
  • The mayor said that still it is initial phase and we will improve this measure
  • About 30 Korean people who own business in Leonia requested resolution at the monthly town meeting (Since this traffic control, their sale cut by 30~50%: 50% of customers come from other neighboring towns)

3. Two Bergen towns called NJ’s safest for 2018 

  • According to National Council for Home Safety and Security, River Vale (#1), New Milford(#2), Hillsdale (#7) and Bergenfield (#9) out of 238 towns
  • Washington township in Morris County (#3), Clinton township in Hunterdon County (#4) and Bernard township in Summerset County (#5)
  • River Vale did not log a single violent crime latest year. They kept traditional approach to policing (20 officers : same as 25 years ago)

4. NYC, 65% are renters Ranking: 4th out of 100 big cities nationwide  

  • According to Rentcafe.com, 65% renters in NYC (5,441,635) → 4.5% Up, compared to 2006
  • Home owners: 34.9% (2,919,054) → 7.5% Down, compared to 10 years ago
  • Highest renters rate is Newark (#1: 74.3%) and Jersey City (#2: 70.4%) nationwide
  • Jersey City renters went Up by 10.7%, compared to 10 years ago
  • Home owners rate: Newark (25.7%) and Jersey City (29.6%)  lowest in US

5. Rent Control law movement spreads nationwide 

  • Demand for rent control is growing concern nationwide
  • According to Joint Center for Housing Studies at Harvard, between 2000~2016, rent went up by 15% (to $980/M) ← Renters annual income changed from $38,000 to $37,000.
  • Increased by 2 digit % San Francisco, Portland, Sacramento, Seattle
  • Renter group Demands more rigid rent control law
  • Landlords group Stronger rent control law prohibits new construction Becomes worse situation

6. H & M (Hennes & Mauritz) has closed 170 retail stores 

  • H & M: #2 Fashion brand in the world (Opened 1st store in 1947 in Sweden)
  • According to CNBC, 4th QT last year revenue reduced by 4% / Stock value dropped by 50%, compared to 2 years ago
  • H & M has grown continually from 2008 to 2015 as leading fashion brand name
  • Recently it is affected by on-line competition
  • 4500 retail stores (148,000 employees) worldwide / online revenue is only 5.5%
  • 2018, plan to open 390 stores and closed down 170 stores (Last year opened 479 and closed 91 stores)

7. Asian immigration might reduced by about 40% due to State of the Union address. 

  • According CGD (Center for Global Development), African American will be affected / reduced by 63.9% / Hispanic by 58.2%
  • White immigration might be affected much less (34.6%)
  • Trump’s immigration Reform is targeting for less family-invitation and deleting lottery system for Permanent Resident-ship
  • Due to Merit Base Point system, low education level (Below High school) will be reduced by 71% / High education level (Under graduate and higher) will be affected by 17.6%
  • Low education job immigration Reduced by 267,000 annually / High education job immigration Increased by 38,000 annually
  • The reform will affect to region based immigration: Catholic immigrant will be reduced by 53.8% / Muslim immigrant will be reduced by 53.2%

8. US hits $566 Billion trade gap in 2017 

  • Highest for a year since 2008, despite of Trump’s efforts to bring more balance
  • Trump has sought to re-arrange / negotiate with China and Mexico
  • Import: $2.9 Trillion / Export: $2.3 Trillion ($810 Billion deficit for trade of good, $244 Billion surplus for banking and education)
  • Americans spend more than they produce and imports fill the gap