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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

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