May 10, 2017

1. Edgewater, NJ also would ban short term rent 

  • Town is in the process of proposing ordinance to ban short term rent including Airbnb
  • Fine would be $1250
  • Currently Airbnb has about 20 listings in Edgewater, NJ ($40~$350/night)
  • In Bergen County, Paramus, Palisades Park, Closter, East Rutherford, Fairview, etc. are banning short term rent
Read more ...

May 3, 2017

1. Englewood Cliffs, Tenafly, NJ raised property tax  

  • Englewood Cliffs town passed Education department budget of $2.09 Million (14.7% Up) → Property tax: $201 increased for $1.29Million house
  • Tenafly town passed $28.88 Million town budget → property tax: $79 increased for $790,000 house → Practically no increase
Read more ...

April 26, 2017

1. 'One Park' condo New Condo project in Cliffside Park, NJ 

  • 320 Adolphus Ave.  Unparalleled views of the Manhattan and Hudson River
  • 14 stories, 200 units (1 ~ 4 Bedrooms) 
  • Developed by Manhattan based DMG Investments and designed by Architectura
  • Floor-to-ceiling glass windows                
  • There was a plan before financial crises
Read more ...

April 19, 2017

1. Building Boom : NJ becomes an apartment heaven  

  • 20 Years ago → Single home in growth sector
  • Now national phenomenon → Multi-family housing
  • 5 Key residential construction projects:
      Hackensack - Main Sat (382 units), Franklin Lakes - Ewing Ave (275 units)
      Park Ridge - Kinderkamack Rd (240 units), Wayne - Route 23 South (223 units)
      Fort Lee - Park Ave (450 units)
  • Millennials are rental generation (1. Late start of their career due to recession, 2. Huge student loan, 3. Having good time being single)  
  • Another large group: potential buyers and renters for townhouses / condos / apartment
     → Baby boomers  (Two groups are called 'Bookends')
  • Jersey City has 4 multi-family development projects → $900 Million
  • Fort Lee, Modern II (47 stories) → Largest project in Bergen County
  • Possibly to follow European trends → More rent than own home / don’t have cars
  • American phenomenon (House ownership) is impacted by slow income growth & high living cost        
Read more ...

April 12, 2017

 1. Tenafly, Spencer Smith elementary school → Asian’s Highest score for PARCC  

  • Partnership for Assessment of Readiness for College and Careers 
  • Every year test for English and Math for 3 ~ 11th grade
  • Spencer Smith, Tenafly → English 95%, Mathematics 97% /  Merit Memorial, Cresskill → E 93%, M 95%
  • Roosevelt, River Edge → E 89%, M 89%  /  Fort Lee #1 → E 87%, M 92%
  • Upper School, EC → E 86%, M 85%   / Hillside, Closter → E 87%, M 85%
  • Lindbergh, Palisades Park → E 70%, M 68%   / Anna Scott, Leonia → E 68%, M $82%  
  • Asian student percentage: Highest → Fort Lee #3 school (57.3%), Fort Lee #1, Upper school in Englewood Cliffs (around 50%), Lindbergh in Palisades Park, Fort Lee #3 & #4, Anna C. Scott in Leonia, Malcolm Macrae in Tenafly, Hillside in Closter → over 40%
  • 'Korean is major language' → Lindbergh, Palisades Park:33.5% / Fort Lee #3: 30.1 %
Read more ...