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Weekly News (July 11, 2018)

1. Edgewater rent is highest in Bergen county, NJ 

  • Based on ACS data between 2012 – 2016 of town of which Renter ratio is over 60%. Edgewater Median Rent:$2174 (68.7%)→#1
  • Hoboken: $2001 (61.9%)→#2 Palisades Park: $1401 (67.4%)→#5
  • East Rutherford:$1386 (62.3%)→#6, Weehawken:$1382 (66.6%)→#7
  • Hackensack:$1318 (64.7%).
  • New Jersey median rent: $1213→#5 in US

2Korean Massage worker died by car accident at the SoJo parking lot

  • On 7/8, a car ran over Korean woman(60’) and finally died at the hospital.
  • Valet parking driver at SoJo, Edgewater could not see her and ran over around 7:50pm
  • Police did not release any further info

3. Manhattan RE Market cooling down…. 

  • Acc to Elliman, Number of sales for condo/co-op reduced 16.6% in 2nd Qt,2018 from same period last year. (2629←3153)
  • Especially new construction reduced to 352 form 556 ( 36.7% Down)
  • Same period, price went down by 7.5% (Median sold price: $1.1M←$1.18) (New construction condo/Co-op median price down by 19.2% to $2.67M)
  • Inventory increased by 10.7%→Highest in 8 years
  • Manhattan market moves into adjustment period

4. New Condo will be built in LIC, Queens

  • 23-14 44th Drive, LIC/ 67 stories (778 ft) / 802 units
  • Developer: UCD Group acquire the lot at $143M from City Group/ Architect: Hill West
  • Higher than nearby City Group Buliding(50 story / 658ft)→Whole Glass Building
  • Will complete in 2021-2022→Pre-sale begins toward end of 2018 or early 2019
  • Price range; $500K – $4M
  • Many other development is active in LIC←Proximity to Manhattan, Relatively low rent, compare to Manhattan and Brooklyn

5. Trump ordered 25% tariff against Imported product from China

  • As of 7/6, 1:00pm, Imposed tariff on 818 items ($34B) : Mechanical parts /Electronics /Semi-Conductors/ LED/ Airplane engines, etc. →Targeting “2025 Made In China” project
  • In 2 weeks, Tariff on the remaining $16B will be on.→Total of $50B
  • Also tariff on additional $500B worth items is prepared for China’s tariff retaliation
  • Last year, Export to China: $$129B ←→ Import from China:$505.9B

—————–

  • China retaliated their tariff activation at 1:01PM for $34B worth of Soy bean, Corn, Pork, etc.→Targeting Farmers to affect November election
  • Selective tariff: imported US car→25%, Other imported car: 25%→15% ( US made cars:40%→Targeting Trump’s supporting group)

——————-

  • As of 7/10, US announced plan for additional 10% on $200B worth products against China→Garment, TV parts, Refrigerator, Other high-tech products) – ( If passed from hearing, total $250B worth tariff against China→Targeting “2025 Made in China” project)

———————–

  • Importers will avoid Made in China products→Will affect retailers shelves
  • Global financial market→US/China: Major force→Funds can go to more safe investment out of both stock market

6. Inflation in US will reach to 3% for next 3 years, acc to WSJ

  • According to New York Fed Reserve, in March, inflation reached to 2% / In May, 2.3%
  • According to US Labor Department, inflation keeps 1.87% till May
  • Accordingly Fed Reserve might decide Interest Rate increase faster→Concerns: Negative effects on economy under strong job market and trade war
  • Inflation due to outside factor is not healthy

7. Still Owning house is the American Dream

  • According to Zillow, 94% of American still dream own house.
  • House owning rate in 20 Big city, including NYC→2% ( Keep increasing since 2015)
  • Preference: Single House: 82%, Condo/Co-op: 10%, Townhouse: 7%
  • Most preferable location is suburban area of big city, near Highway

8. Owning house is best investment ??

  • Brandeis Univ’s Institute on Asset and Social Policy announced a report on The roots of the widening racial Wealth gap: Explaining the AA-White Economic Divide)
  • The study used 1700 AA/white, male/female, and spent for 25 years and took 4 years to amylase relevant data
  • Existing concept: the gap from education, income, inheritance
  • This report reveals the gap is coming from totally different side→who owns house early and maintains
  • In 1991, AA assets: $5,781 / White:$90,851→ 2016, AA:$28,500 / White:$265,000) ( Gap : $85,070→$236,500 after 25 years) ( During this 25 years, AA’s income increased 3 times, more higher positionàPresident, income gap decreased by 40%)
  • Biggest reason for this asset gap→housing owning time and duration
  • With similar conditions, time for White owning house is 8 years faster than AA
  • AA house owning rate: 44%, White house owning rate:73%
  • Korean: bit over 50%. Asian: about 60%. Current US house

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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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