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Weekly News (December 27, 2017)

1. Another New Apartment in Palisades Park, NJ? 

  • Zoning board approved apartment development between Edsall Blvd and 14th St (Adjacent area for Palisades Park and Fort Lee)
  • 14 stories / 121 units (Original plan: 17 stories, 154 units)
  • There was a concern about Flood area → Approved based on the fact that it is 50 FT apart from ‘Long Swamp’ area

2. Manhattan, East Harlem is economically booming   

  • Business entities increased by 37% (Double of Manhattan average) for last 10 years to 1750 (2/3 of business have less than 5 employees)
  • # of jobs increase by 30% to 39,980
  • Average salary increased by 51% to $71,700 (Average growth rate → 16%)
  • Accordingly population increase sharply → 124,300 in 2016: 14% increased from 2010
  • Crime deceased by 33% between 2000~2016 / Felony deceased by 25%
  • But, crime is still biggest issue; highest # of admitted mental patients among 59 communities in NY / 2nd highest drug related patients in NY

3. Garden State Plaza will get new owner  

  • The Australian shopping center company (Frank Lowy and his 2 sons) has run for 31 years
  • Sold 35 malls in US and UK to French development company, Unibail-Rodamco $24.7 Billion by cash-and stock deal (The mall in the World Trade Center is a part of deal)
  • Still premium shopping centers are good investment (18% higher than above its stock price)
  • In recent years, the Westfield remodeled and added luxury and European in an effort of stay a step ahead of American Dream Meadowland
  • Frank Lowy started Westfield in the late 1950’s with one shopping center outside of Sydney, Australia and build it into a worldwide enterprises

4. New Rental Complex: The Harper at Harmon Meadow in Secaucus, NJ 

  • Developed by Harts Mountain Industries
  • 469 units in 3 mid-rise buildings → Initial occupancy in Feb 2018
  • Complimentary shuttle service to the Secaucus junction train station
  • www.TheHarperApts.com

5. Elected governor Phil Murphy put the priority on Gateway tunnel project 

  • He requested federal funding for the project which Christie put the brakes on what would have been most expensive transit project in the country.
  • Menendez said Christie had forfeited $3 Billion in federal funding à Under Murphy, New Jersey plans to join forces with New York to reapply for the money

6. Trump signed tax reform → Become new law  

  • Standard deduction of $12,700 → $24,000 for jointly filing (Individual $6,350 → $12,000)
  • State and local tax including property tax → limit to $10,000
  • Income Tax Brackets and rates
    10% : Up to $19,050 (Single: $9,525), 12%: Up to $77,400 (Single: $38,700), 22%: Up to $165,000 (Single: $82,500), 24%: Up to $315,000 (Single: $157,500), 32%: Up to 400,000 (Single: $200,000), 35%: Up to $600,000 (Single: $500,000), 37%: Higher
  • Charitable contributions: Deductible for itemized return from 50% of income → 60%
  • Deduction on Mortgage interests → Up to first $750,000 for 1st and 2nd (Existing loan → $1 Million) / No deductible for equity loan interests
  • Inheritance Tax → Exemption limit $11 Million (Couple: $22 Million) → Double the current limit
  • Pass-through businesses (Like S Corp): 20% deduction on the first $315,000 of joint income
  • Corporate Tax: 21% effective on 1/1/2018 permanently
  • Obama care obligation → Nullify from 2019 (Fed saving of $300 Billion)
  • ATM (Alternative Minimum Tax) → Nullify for corporation / individual exemption increased to $1 Million
  • Medical expenses deduction continued: Expenses exceeding 7.5% of income (10% from 2020)

7. House sales increased by 5.6% in November 

  • In November, yearly rate to 5.81 Million → 5.6% , compared to last year (According to NAR)
  • Highest level since 2006 (6.42 Million) (Forecast was 5.52 Million)
  • Median price: $248,000 → Up by 5.8%
  • Properties in the market in November: 1.67 Million → Down by 9.7%, compared to a year ago
  • Shortage is a concern, but not necessarily enough to derail the sales momentum
  • Interest rate: 3.93% last week (4.16% a year ago)

8. Cold weather is coming toward end of the year and new year 

  • From 12/27/17 through 1/3/2018
  • Sub-zero temperature : Stay 20’s, at night 10’s
  • Recovered from 1/4/2017 to 30’s
  • Coldest weather for 100 years (Since 1917)

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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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