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Weekly News (June 13, 2018)

1. In Palisades Park, NJ, Mayor candidate for Democratic party becomes C Chung 

  • Current Mayor James Rotundo defeated by 8 votes for his 5th term
  • He cancelled Press Interview on 12th (He might ask re-count, but circumstances are not positive including his mother’s discriminatory remarks on SNS)
  • The candidate C Chung received a congrats msg from the Governor Phil Murphy

2. New Condo Construction near Wall St, Manhattan 

  • 130 William St / 800 FT Tall / 66 story / 244 units
  • Price: Studio → From $650,000 / 1 Bedroom → From $1.11 Million
    2 Bedroom → From $2.6 Million / 4 Bedroom → From $5.42 Million
  • Marketed by Corcoran’s Sunshine Group → Presale starts at the end of June → So far about 3000 inquiries
  • Designed by Sir David Adjaye (British designer, born in Africa Keyna) → Designed African-American culture center at Smithsonian museum

3. Building in Brooklyn Williamsburg sold at $18.85 Million 

  • 134-136 Broadway / 6 story building / Total 23,063 SF / Built-in 1901
  • Buyer Hotel developer → Total renovation with super hi-tech facilities

4. Overall rent in US stopped upward swing 

  • According to ‘Apartmentlist’, Rent in 25 big cities increased only 1~2% for a year (Until last year, 3~5% Up)
  • Rent went down in Baltimore, Chicago, Pittsburg, Portland, Seattle, St. Louis, Washington DC
  • Rent increased by 4.6%, 3.4% in Tampa, Houston respectively / In Atlanta, rent increased by 2%
  • 1 Bedroom median rent: Atlanta: $1,008 / Chicago: $1,067 / Houston: $834/ NYC: $2,065
    Portland: $1,128/ Seattle: $1,318 / Tampa: $983 / Washington DC: $1,311

5. Gig Economy workers becomes easier to get mortgage 

  • Fannie Mae and Freddie Mac are new policy for Gig Economy workers
  • Gig economy: Freelancers, Uber drivers, AirBNB workers, etc. → 20~30% of whole work force in US → Unstable income source from mortgage banker’s point of view
  • Ignoring this sector (Is not realistic any more) → One of important economic segments

6. In Korea, Real Estate Investment Trusts return rate hits 7.59% last year 

  • Real Estate Investment Trusts → Corporation with stocks: Investment fund from multiple investors → Invest in Real Estate →Return profits to investors
  • Much Higher than company bonds (2.33%), Savings Interests (1.56%), Office building and strip mall’s return rate (4%)
  • 193 REITs last year (14.2% Up) → Total assets: $33 Billion (36.8% Up)
  • Asset / REIT → $164 Million (10.9% Up)

7. $1.25 Trillion worth of stock value disappeared for last 3 months due to Trump’s international trade war 

  • According to JP Morgan, S&P 500 stocks lost 4.5% ($1.25 Trillion)
  • Threatening / Bluffing tactics work one-and-one negotiation, but could be dangerous result for complicated international trade situation

8. CEO Economic Outlook Index dropped first time in 2 years 

  • Dropped to 111.1 (2nd QT) from 118.8 (1st QT)
  • 132 CEO survey reveals concerns due to Trump’s foreign trade policy
  • 58% of CEOs forecasted mild impact
  • 41% of CEOs forecasted serious impact
  • 99% of CEOs watch with minor concerns
  • CEO Round Table’s chairman is Jamie Dimon → needs more competitive trade policy

9. AT & T wins: Judge clears $85.4 Billion bid for Time Warner 

  • Clears the deal that gives Pay-TV provider (Direct TV) ownership of cable channels such as HBO and CNN as well as film studio Warner Bros
  • Time Warner shares humped toughly 5% in extended trading → AT&T shares dropped as much as 2 percent
  • The outcome of this trial sours a wave of deals in the telecom and media industries and vertical merger, where a company buys its supplier

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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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