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Weekly News (April 18, 2018)

1. NJ ‘Jersey City’ is becoming popular as alternative of Manhattan 

  • According to CNBC, Housing price is moving up sharply in Jersey City because M Gen prefers to Jersey City over Manhattan
  • The price in Jersey City is about half of Manhattan price
  • Average Price in Jersey City is $391,000 (Average Rent: $1500)
  • Median Price in Manhattan is $1.3 Million (Median Rent: $3400)

2. Palisades Park, NJ, Korean Mayor candidates might try to make one candidate 

  • Palisades Park Voters Association is putting efforts to make one mayor candidate
  • ChaSoo Park might want to be single candidate / Chris Chung is open to discuss
  • Pre-election in democratic party will be held on 06/05
  • Total voters are 7,500, and Korean voters are about 3,500

3. Power Plant in Meadowlands, NJ? → ‘North Bergen Liberty Generating Project’ 

  • A California company is seeking approval of $1.5 Billion natural-gas-fueled generating station
  • would be transported via underground cable to Manhattan, where it could power as many as 1.2 Million households
  • LA based Diamond Generating Corp (Subsidiary of Mitsubishi) would build on a 15 Acre parcel near Railroad Ave on the banks of Bellman’s Creek
  • The company has to buy the lot, but already zoned for a power plant
  • A 6.5 mile cable would go from the plant through North Bergen, Fairview, Cliffside Park and Edgewater before crossing the Hudson river to ConEdison’s 49th Street substation
  • The project will hire 2146 construction workers and 33 permanent workers to run it

4. Indoor Skydiving facility in Paramus open → ‘iFly Paramus’

  • Free-fall indoors on Route 4, Paramus (Old Forum Diner: Route 4 and Forest Ave)
  • The wind can go up to 120 miles/h
  • Age limit: 3 ~ 103 years / Weight limit: 300 lb
  • Flight vary in pricing: $89.95 for 2 flights for one / $168.95 for 5 flights for one
  • The flight lasts 60 seconds

5. RE big hands moved from Baby Boomer Gen to M Gen (1980 ~ early 2000) 

  • Big influence → SNS / Digital Communication
  • According to BOA’s 2000 adults survey, Mostly stimulated by friend’s house picture posting on SNS (Facebook and Instagram) → More visual communication through Video and Image
  • 25%: FOMO effect: ‘Fear Of Missing Out’
  • 23%: Jealousy
  • RE companies use Facebook, Instagram and Tweeter beyond Web site
  • RE Consultant concept beyond property photos, video clip

6. Nail, Dry Cleaners income reduced / Medical, Real Estate income increased

  • 2015 Tax Report reveals income profile changes
  • Income with traditional small business by Korean and on-line competing business is reduced by 5%. Professional’s income increased
  • Many small business had to close without selling businesses
  • Income by Bit Coin introduced, but not big scale
  • Medical industry, Health and Environmental, Real Estate agent are booming
  • Real Estate Investment from Korea to US increased about 30% (According to CPA Moon)

7. SBA (Commercial) 504 loan increases loan period to 25 years 

  • Usually 10 years (Some case 20 years) → Choice between 10,20,25 years loan
  • Typical SBA 7a program loan limit → $5 Million
  • SBA 504 program loan limit → $10 Million / 10% down → Perfect for own building purchase or Expand facilities and equipment

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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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