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Weekly News (August 22, 2018)

1. New Public Parking garage in Fort Lee, NJ will be completed in Nov this year

  • Capacity: 352 / 4 stories → Total 625 (outside parking: 273)
  • Parking tickets in Fort Lee issued between 7/2017 – 6/2018 → 31,489 (8% Up from last year)
  • Parking tickets in Palisades Park is down by 14% to 23,249 partially because of new parking spaces at the public library

2. NJ DOT begins Lincoln tunnel repair project 

  • Starts 8/17/2018 and will be completed within 3 years (Daily traffic is about 150,000)
  • 80 year old and the work is over due ($90M project will extend bridge’s life by 75 year)
  • One way on each direction will be shut down / Exclusive bus lane will be open

3. Mixed use bldg. in Manhattan Washington Heights is listed at $10.05M

  • 561 West 181st / 5 stories / Total 17,526 sf (Listed at $600/sf)
  • 19 units under Rent Control( 2 x4Br, 16x3Br, 1x2Br, 2 x Retail unit(2800 sf))
  • Retail stores: Hardware store, Pharmacy

4. Townhouse sold at highest price in Manhattan Downtown

  • 37 West 10th / Townhouse in Greenwich Village Sold at $37.2M
  • Built in 1838 → Total renovation / 5 stories 9800 sf / 6 Br, 6.3 Bath
  • Court Yard inside building/ Outdoor kitchen at roof top/ Theater and Fitness room in the basement.
  • Purchased ta $9.5M in 2012 → Total renovation → New building

5. NYC Luxury Condo sales is down for 1st half of the year

  • According to WSJ, Above $5M condos sale went down by 31% from last year
  • Mostly bigger new construction condo sales are down → Price went down as well
  • Ex) New condos in Tribeca – 5Br, terrace, high ceiling penthouse listed at $40M → Lowered price 3 times → last listing price $22.5M → sales record shows at $20M

6. Big cities gain number of sales from last year

  • According to Realtor.com, 16 big cities/metropolitan area among 45 in US increased sales from last year
  • Luxury houses are more on the market → New breath to housing market
  • House price in San Diego went up by 18% to $691,000 /Seattle up by 29% to $569,000/ San Jose Up by 44% to $1.2M
  • Richmond down by 10% / Cincinnati down by 11%/ Minneapolis down by 11%, Philadelphia down by 12%/ Milwaukee down by 16%
  • For a few years, baby boomers stayed their own houses/ new construction is slow
  • July inventory reduced by 4% from last year (last year inventory reduced by 8% from the previous year)

7. US RE Agent’s mean income à $39,800

  • According to NAR, Mean income is reduced by 6% from last year to $39,800 even though house price is soring
  • Reason: Number of sales reduced due to low inventory and high price
  • Newly licensed agents are more difficult
  • Experienced agents with own clientele network is less affected

8. US RE market is getting enter into recession??

  • According to Business Insider reports on John Rubino’s DollarCollapse.com report: Housing Bubble Enters stage 2: “Suddenly Motivated Sellers”
  • Course to recession: 3 stages:                                                                                                                                                                                                                                                                                                             1st stage: Price keeps increasing/ Bank regulation become loosen/ Housing demand increase/ Foreign investment added

2nd State: Start fearing about end of booming ( Suddenly motivated sellers)/ Inventory increased sharply → Prices becomes flat

3rd stage: Inventory does not move → start lowering prices / Buyers wait more and sellers become anxious to sell

  • Rubino mentioned the current RE market enters to 2nd stage → Sudden inventory increase in big cities (Increase in 30 cities out of 100 cities)
  • Tip: you’d better sell the house if you do not plan to stay for next 10 years.

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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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