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Weekly News (April 11, 2018)

1. Palisades Park started fixing/repairing town’s infrastructure

  • From April, 2018, Palisades Park starts renovating town’s gas piping, water and sewer systems, and electric wires
  • Every week Monday through Friday between 7:00am ~ 5:00pm → Will take a whole year

2. NJ EPA initiated investigation for bad smell in Edgewater

  • Edgewater Residents filed a complaint about bad odor → Investigation from 3/29/2018
  • Residents claim bad odor is coming out of vacant lot at the south of City Place
  • According to EPA, Naphthalene is high since May last year
  • Mar, 2018, Naphthalene level is 4.62 micrograms per cubic meter → Over the permitted level → In danger

3. Manhattan Commercial rent is going down 

  • According to C & W, Rent went down by 20% on 5th Ave in 1st QT this year
  • Highest rent in US → 49th St and 60th St on 5th Ave: $2,592/SF → Dropped by 18.7% (Last year 1QT: $3,188/SF)
  • Other 11 area in Manhattan shopping district rent dropped (SOHO: $426/SF → 7% Down)
  • Only Meatpacking district went Up by 5.1% to $371/SF

4. Gateway project might be delayed ( Between Manhattan and Weehawken)

  • Not Fed funding issue, but Environment issue due to delayed Fed review
  • Trump admin is blamed for slow review process
  • Obama Admin promised to support $11 Billion among total cost of $30 Billion, but Trump admin is reluctant to support
  • Congress decided to include $541 Million in Fed 2018 budget → Green light
  • NY and NJ will support $5.5 Billion → Construction will start Fall 2019

5. Commercial RE’s Appraisal requirement limit to $500,000

  • It was required to get mandatory appraisal for more than $250,000 worth commercial RE
  • The limit is increased to $500,000 → Below this limit, no appraisal required → Bank can use market price for their loan, not the appraised price
  • Financial Authority tries to catch up fast increase of commercial RE property

6. Subprime mortgage is coming back again??

  • Mr. Kim (50) purchased a condo using subprime mortgage after bankruptcy → Interest rate: 10.9%
  • According to FT, subprime mortgage in 1QT, 2018 totaled to $1.3 Billion (Last year same period $666 Million)
  • Last year, subprime mortgage totaled to $4.1 Billion → This year it will reach to $10 Billion
  • In general, 3 types: 1.Prime, 2. Alt-A (Alternative A), 3. Subprime

7. Amazon begins Cleaning Service Business in Seattle, WA

  • ‘Amazon Home Assistant’ initiated à hiring cleaning crews
  • For 1,500 SF house: 1 cleaning per week → $156
  • Amazon has to take care of minimum salary / Worker’s compensation / Over-time pay, but they can increase productivity by using education, scheduling, selecting cleaning materials
  • Last year, consumer spent $16 Billion for cleaning

8. Hot Residential Market in Spring,2018 

  • Tough road for buyer in April → Many buyers, less inventory
  • According to Lawrence Yun at NAR, Spring season will be hot for residential market
  • Many multiple offer situation → Sold above listing prices.(For the range of $200,000’s house → 15~20 offers very quickly)
  • In general, 6 month inventory, but now only 3~4 month inventory
  • Average Days On Market: 51 → Changed to 41
  • Median price in Feb went Up by 5.9% to $241,700, compared to last year
  • 36% of under age of 35 adults own houses (Middle of M Gen enter into residential market → Average income: $82,000 increased to $88,000)
  • New construction will be 900,000 this year → Current demand is $1,300,000

9. 12th NY Real Estate Fair will held in Bayside, NY 

  • On 4/14 (Sat) 10:00am~5:00pm at KCS at 203-05 32nd Ave, Bayside, NY 11360
  • Revived Fair since 2014
  • Various seminars in 3 separate rooms including 3.75 CE credit class between 11:30am~2:30pm (C Land will have an exhibition booth and 7 agents will join)
  • Info: 917 992 3377

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Stephen Lee

He has been in Real Estate industry in about 20 years and has been Broker of Record for 9 years. His experience includes residential, commercial, and property management. Prior to involving with Real Estate business, he has been involved in the digital communication equipment industry utilizing his engineering background and education, including running own company. He has established C Land Realty in 2011 which has grown to staffing over 100 Real Estate agents and the annual transaction amount of over $110,000,000 today.

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