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Weekly News (February 28, 2018)

1. Palisades Park, NJ faces suit over approval for high-rise 

  • Kibel Cos. (Manhattan based. Owns “Carriage House” in Fort Lee) filed a suit against 14-story high-rise known as the Aquaterra Apartments in the Long Swamp section between Fort Lee and Palisades Park (East Edsall Blvd. and 14th St)
  • Palisades Park town approved this apartment in October 2017
  • Defendants are Palisades Park Zoning Board of Adjustment and property owner Berkeley Palisades Park
  • Original Plan: 17-story, 154 units was changed to 14-story, 212 units

2. Palisades Park, NJ, Schools will have armed security guards 

  • Chris Chung announce that the Mayor will support the budget for this project.
  • All school system: Early Childhood (K-1st Grade), Lindbergh Elementary / Middle (2nd– 7th Grade), High school (8th-12th Grade)
  • Secaucus, East Brunswick, etc. will follow
  • NY Mayor mentioned that it needs $1.2 Billion budget for 1400 schools in NY → Not realistic

3. Flushing, NY, residential house price soars without ceiling 

  • Average selling price in 4th QT, 2017 → over $1 Million (Historical record)
  • According to REBNY, 1~3 family house Average selling price: $959,000 in 4th QT, 2016
  • $1,003,000 in 4th QT in 2017
  • Long Island: $1,285,000 / Astoria: $1,1149,000 / Douglaston, Little Neck: $1,105,000 / Rego Park, Foresthill: $1,035,000
  • Condo Average selling price in 4th QT 2017: $961,000 → 79% Up, compared to last year($537,000)
  • NYC residential Average selling price → 1% Down / Manhattan → 7% Down to $1,803,000
  • Flushing area’s sharp price increase is due to new Luxury condo construction

4. House price recovered fully in many area in US ( Miju KyungJe)

  • $9 Trillion in US has been recovered since the finance crises
  • 36.5% has been Up from the bottom in 2011
  • Lowest point was during Winter of 2011 → Household lost: $45,500
  • Currently Average gain is $55,200 from lowest point → $9,700 Increase from top before crises
  • High recovery area: San Jose, San Fran, L.A, San Diego, Seattle (All in CA)
    Example) San Francisco area → 91.7% Up from the bottom → Almost double from the bottom)
  • Low recovery area: Indianapolis, St. Louise, Cincinnati
  • Lowest point in NY/NJ → June, 2012 (24.3% Down → Lost Average $108,200)

5. New Jersey High Korean population towns’ Property Tax increase 

  • Leonia →4.7% (Up to Average $12,621), Palisades Park → 3.5% Up (Was Average $9,407)
  • Tenafly Up to over $20,000 fist time (2.8% Up) → 2nd in Bergen County
  • 1st in Bergen County→ Alpine (Average $21,933)
  • NJ Average tax increased by 1.6% (Bergen County increased to Average $11,000) → 3% Up during Governor Christie 7 year period
  • New Governor Phil Murphy’s greatest task → Control property tax

6. Reference IR will be increased 4 times in 2018 

  • Jerome Powell (Chair, Federal Reserve) is optimistic → Good signal from wage increase and inflation (will reach to long term goal of 2%)
  • Powell mentioned there is chance to raise 4 times instead 3 times (Probability: 33%)
  • NY 3 major stock indicator dropped due to mentioning of more IR increase

7. US Treasury Bond gained profit rate → Stocks dropped 

  • According to Goldman Socks, 10 Year T Bond profit rate went up to 4.5% → Will induce stock price drop
  • Stock might be dropped by up to 20~25% → Economy growth will be reduced, but not to recession

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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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