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Weekly News (June 7, 2017)

1. ‘One Park’ Condo in Cliffside Park, NJ to launch to preview sale

  • Upscale condos impressive skyline views, developed by DMG Investment
  • On site sales Gallery opens early June 2017, marketed by Halstead Property Devel Marketing (www.oneparkcondosnj.com, 201-633-7600)
  • 14 story, 204 units / Shuttle bus to Port Imperial, Fully automated unitronics system garage, 32 foot-high grand lobby (One drawback: Adolphus Ave is ‘One Way’ coming out to Gorge Rd)

2. ‘Vantage Tower’  in Jersey City is named appropriately  

  • 45 stories / 448 units, developed by Fisher Development, managed by Marketing Directors for leasing. Designed by S9 Architecture
  • Located at 33 Park Ave near Paulus Hook, will be rented form $2,115 / the details are revealed on the website in a few weeks
  • www.vantagejc.com    T: 201-333-1222

3. ‘Cast Iron Lofts II’ in Jersey City named ‘Community of the Year’

  • 27-story industrial-inspired building located at 300 Coles Street
  • Developed by Manhattan Building Co →  Enjoyed banner for 2017 NJ Builder Association’s Sales and Marketing (SAM) Awards
  • 17,000 SF roof-top amenities: heated pool, pool side shower, gas BBQ, out door fire pit lounge area
  • Next luxury rental complex by Manhattan Building Co → SOHO Lofts : 377 units

4. Palisades Park, NJ, Residential Market is hot

  • According to Star Ledger, New Jersey Median Price → $301,600
  • Palisades Park → Ranking #11 in state. Median Price: $601,400 (6.39% Up CMT Mar 2016) (Reason: Commuting NYC is easy, Reasonably priced CMT other neighboring towns)
  • Tenafly → Ranking #14. Median Price : $793,000 (4.84% Up) (Reason: Good school, Commute to NYC)
  • Hoboken → Ranking #5. Median Price: $748,000 ( 12.55% Up)
  • Weehawken → Ranking #1. Median Price: $727,400 (25.15% Up)

5. New Jersey – Staten Islands Light Rail Construction Plan

  • MTA begins to study plan to extend Light Rail to Staten Islands through Bayonne Bridge
  • West Shore line → up to Tottenville (South end of Staten Islands): 13 miles
  • North Shore line → up to St. George

6. Luxury Condo in Manhattan developed by Korean owned Co  

  • According to Realdeal.com, ‘Six Sigma NYC’ (Owner: Jason Lee) successfully obtained $77 Million loan to develop Luxury Condo (12 story) at 517-523 West 29th Street
  • Total 53 units, 56,000 SF. Price starts from $1.2 Million
  • The company purchased the warehouse at $54.8 Million and 4900 SF Air right at $3.9 Million
  • This project is biggest one developed by Six Sigma NYC so far
  • Six Sigma NYC holds construction team and Architect/Interior Design Team
  • Also they developed condo at 19 Street in Chelsea, Walker St in Tribeca, Washington St.

7. Home sales dip as listings tighten

  • Americans pulled back their pace of home-buying in April
  • NAR announced sales of existing homes slipped 2.3% (Seasonally adjusted annual rate → 5.57 Million)
  • Inventory of homes pushed up prices above income growth
  • Number of properties listed for sales dropped by 9% for 12 months → 1.93 Million / Median DOM: 29 days → Let some of FHB out of the market
  • Median price: $244,800 (6% rises form a year ago)
  • Still Mortgage IR is low (3.85~4%) / 3.58% a year ago (Averaged 3.65% in 2016) → lowest level in records dating to 1971

8. Only 30% houses are recovered house price to the level before the crisis

  • According to Trulia, Denver, S Francisco are recovered by 95% level
  • Oklahoma, Colorado Springs, Nashville, Fort Worth, Honolulu → 90% level recovery
  • Among 108 Metro area in US, fully recovered area → 10% (28 area), Las Vegas → 1% level
  • 2nd slow area → Tuscan, AZ,  Frezno in CA, → 2% level recovery
  • Bakersfield in CA, Fort Lauderdale in FL, Daytona in FL, River side in CA, Orlando in FL, Phoenix in AZ → 5% level recovery
  • New York, Los Angeles, Silver Spring, Maryland, Connecticut area → 50% level recovery

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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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