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Weekly News (December 13, 2017)

1. Leonia town decided to block non-resident’s cars to get in the town →Issue 

  • Town decision: block non-resident’s car during commuting hours → fine for $200
  • For 60 roads in town during 6:00am-9:00am and 4:00pm ~ 9:00pm from 1/15/2018
  • US Automobile Association, NJ chapter says this decision violates driver’s right for public roads ↔ Town officials says about 15,000 cars merges into the town in order to detour to go to the GW bridge → Creates huge impact to own residents

2. Fort Lee, NJ allows 3 hour free parking 

  • During year end season, 12/11/2017 ~ 1/1/2018, 3 hour free parking for meter parking and public parking in town
  • Good gesture for shoppers and restaurant customers
  • Fort Lee town government keeps this event annually

3. Queens, NY hit the record of house price in 3rd QT, 2017

  • For all types: Co-op, Condo, Single family, record high
  • According to REBNY, house price Up by 14% to $594,000 (Average)
  • Condo price Up by 27% to $723,000 (Average)
  • Among Queens area, Flushing area went Up by 69% to $874,000 (Average) ← Due to Flushing Commons and Sky View park condo
  • NYC in 3rd QT, 2017 went Up by 1% to $987,000 (Brooklyn Up by 9% to $969,000. Staten Island Up by 12% to $521,000.  Bronx Up by 3% to $414,000. Manhattan Down by 8% to $1.839 Million)

4. NYC will support Middle Class housing

  • Mayor announced 2 programs; 1. ‘Open Door’, 2. ‘Homefix’ as a part of 300,000 housing supply till 2026
  • Open Door: FHB (income: $69,000 ~ $112,000) will get incentive: 200 houses each year → Total 1300 till 2026
  • Homefix: Low income class will get low interest rate loam to improve their houses → 100 houses each year → Total 800 till 2026

5. 2018 RE Market View

  • Upgraded recovery: Mil Gen entering into RE Market → Good impact except still low inventory → Low cost new construction in suburban area will be increased to answer those demand
  • Still low inventory → Buyer’s dilemma continued (Inventory 12% reduced from last year)
  • Low cost new construction will be increase (Average yearly new construction supply: 1.2 Million for last 50 years → Reduced severely for last a few year)
  • Younger gen will coming back to suburban area housing (25~34 years old)
  • Home owners: Not sell, but remodel house → Waiting for further higher price
  • Baby boomers / Mil Gen will lead house design trend (For wheel chairs / Baby stroller, etc.)
  • House price will be increased by about 4.1% (6.9% increase from last year)

6. Tax Reform might be in danger

  • 2 ~ 3 Republican Senators might object Tax Reform: Susan Collins (Main), Bob Corker(TN) and Anti-Trump Senators (Jeff Flake(AZ), John McCain (AZ))
  • Senate: 52 Republicans and 48 Democratics → If 3 votes from Rep object Tax Reform, then Tax Reform will be failed
  • Rep goal was to pass the bill and put Trump’s desk before X-Mas this year

7. Digitalization is the matter in the future

  • Digitalized jobs → Higher income → Low possibility to be replaced by AI / Robot
  • According to Brookings Institutes report, Research on 545 jobs for digitalization level
  • Digitalization level: Level of usage of digital tools such as basic computer program to high-tech IT skill
  • 3 groups: High (Above 60), Middle (34~59), Low (Below 33)
  • Science / Technology / Professional service: 43 in 2002 → 55 in 2016
  • Accounting / Insurance: 39 in 2002 → 55 in 2016
  • Real Estate Services: 26 in 2002 → 45 in 2016
  • Education Services: 41, Retail: 41, Transportation/Storage: 37
  • Construction / Architect: 33, Nurse / Social Workers: 32, Restaurant / Hotel: 30
  • Timber / Farming / Fishing / Hunting: 16
  • High group → 30% will be automation Low group → 60% will be automation
  • Digitalization is the key to success / survive from being replaced by AI / Robot

8. Shanghai, China opened the 2nd highest building in the world

  • ‘Shanghai Tower’: 2,073 FT, 128 floors opened after 6 year construction (Cost: $2.4 Billion)
  • Planned to open 2015, but delayed due to safety issues
  • 35,000 people can be accommodated at the same time with 20m / sec super speed elevator
  • Offices, Hotel, and Observation deck (Major tenants: 60 corporations including ‘Ant Financial’ by Alibaba
  • Highest building in the world → Burj Khalifa (Khalifa tower) in Dubai 2,717 FT

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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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