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Weekly News (August 1, 2018)

1.  New Jersey is #2 for Public Education System in US

  • According to WalletHub, NJ : 67.09 (out of 100) → #2 / MA: 74.1→  #1
  • NJ→ Education Quality: 3rd, Safety: 9th
  • CT: 66.93→ #3 / NH: 65.11→#4 / VT: 63.18→#5
  • NY: 53.36 →  #22 ( Quality:24th, Safety: 12nd)                                                                         
  • Criteria: Math, English, SAT score, Student and teacher ratio, bullying accident rate, drop out rate

2. Avg. Age in Palisades Park, NJ → 39.5

  • According to Census between 2012 – 2016, Average age in Rockleigh  → 70
  • Saddle River: 52.9  → Alpine:51.5 → Norwood: 49.7/ #7 – Paramus:46.9 / #9 – Englewood Cliffs:46.3 / #10 – Fort Lee: 45.8
  • Palisades Park: 39.5 / Ridgefield:40.9 / Leonia: 43.2 / Tenafly: 43.2
  • Youngest town → Garfield:35.5. East Rutherford:35.7 / Lodi:36.7

3. High rate for Korean owned foreclosure(Sheriff Sale) in Bergen Co, NJ

  • As of 6/29/2918, total sheriff sale  → 1718 in Bergen Co.
  • Among them, 217 owned by Korean →13% (Korean population: 7% in Bergen Co)
  • Korean Owned Sheriff Sale  → Fort Lee: 28 (Total 53) / Palisades Park: 25 (Total 31) / Edgewater:13 / Paramus:10/ Norwood: 10 / Closter:8 / Old Tappan:8
  • Among 70 towns in Bergen Co, 47 towns had at 1 Korean owned sheriff sale
  • A church building in Fair Lawn and Old Tappan
  • Highest price  → $4,530,933 in Alpine, owned by Mr. Hwang
  • Reason: weak retail business owned by Korean / Increase on-line business
  • The other side business  → Increase of investment by purchasing through sheriff sale
  • One can see about 30% of Korean in auction  → Flippers

4. Unusual Phenomena in Queens, NY → Price going up with enough supply

  • House prices in Queens will go up continually even with high volume condo supply in NYC (Over supply might introduce price drop in NYC over all)
  • In Queens, especially Flushing has potential demand which is higher than supply
  • Reason: Population influx is bigger
  • Acc to Street Easy, Queens Flushing is #1 seller market among 10 NYC seller market
  • Belle Harbor → 40% Up from last year (median price:$1.18M)
  • Near Flushing, Auburndale → 21% UP from last year (median price:$856,500)
  • Acc to Elliman, house median price in Queens →6% Up (median price:$558,000)
  • Some say price might be unstable temporarily  → Chinese money is not circulating well → Super active one or two years ago, but less sales recently → Possibly adjustment period

5. New Apartment supply in Queens à Highest in 5 Boroughs

  • 4536 units are supplied for the first 6 months in 2018  → 143% Up from 2017 2nd
  • 8% Up from last year (High growth since 3rd Qt in 2013(4.9%))
  • Manhattan : 52.5% Up (1044  → 1592 units) / Brooklyn:49.1% Up (3482  → 5190)
  • Bronx: 37.5% Up (2500 → 3438 units)
  • Hotel development is also active : 10.5% Up (2114  → 2337 rooms)

6. US Economy(GDP) Growthà 4.1% in 2nd Qt

  • GDP = Private Consumption+ Investment + Government Spending + Trade surplus
  • 8% Up from last year (High growth since 3rd Qt in 2013(4.9%))
  • So, GDP growth in first half (1Qt: 2.2%)  → 1% (Trump promised 3% for the year)
  • Private consumption → increased by 4%  → Major factor
  • Trade deficit (in Products and service) was reduced by 6.6% to $43B.
  • Experts say it might not be easy to keep up same growth level due to trade policy.
  • WSJ forecasted 3rd Qt: 3%, 4th Qt:2.9%.
  • Market watches Ref IR (Current: 1.75 -2%)  → forecasted 2 times increase this year.

7. New home sales in Juneà Down by 5.3%

  • Commerce Department announced.
  • New home sales: 631,000 (666,000 in May)
  • Forecast was 669,000 because of economy recovery (Lowest in 8 months)
  • Median sales price: $302,100 → 2% from last year ($309,700 in May)

8. NJ 2018-2019 Budget passedà Avoid Government shut down

  • Total $34.7B.
  • For income over $5M  → Increased to 10.75% (from 8.97%) will be applied to 1760 in NJ → $280M additional Tax
  • Corporate Tax : Increased to 11.5% (from 9%) for 4 years  → lowered to 9% afterwards
  • Start levying sales tax to Airbnb / Ex: $186.59/night (from $174/night) in Cape May, NJ / $440/night (from $413/night) in Hoboken, NJ
  • Uber/Lift rider pay additional charge: $0.25/mile for sharing with other. $0.5/mile for riding alone
  • 75% sales tax will be applied to Electronic Cigarette (Tax: $0.1/milliliter nicotine)

9.  “The Mountain” Lot in Beverly Hills in CA listed at $1B

  • Total 157 Ac. Listing price : never existed before.
  • Listing agent: Aaron Kirman (commission → $20M) says probable buyer will build his/her own compound (His marketing budget: $400K – $1M / 2800 people who owns more than $100M in the world → About 200 people might be interested)
  • In the past, $150M for 120 Ac (Paul Allen: Microsoft Co-founder) / $250M for 4 story super luxury mansion.
  • Twice size of Disneyland (85 Ac)

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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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