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Weekly News (March 14, 2018)

1. NJ Affordable Apartment will be increased

  • Judge Mary Jacobson sentenced to build more affordable apartment in Princeton (753 units) and West Windsor (1500 units) in NJ by 2025
  • Two towns were receiving funds for affordable housing, but not many affordable units built → Two towns must submit their construction proposal by 7/24/2018 to the court
  • FSHC (Fair Share Housing Center) mentioned that it is positive decision for about 100 towns that built very little number of affordable units
  • Princeton’s median income is $167,000 / West Windsor’s median income: $118,000
  • In 1975 affordable housing law initiated, but not followed (190 towns agreed, but 100 towns did not performed)

2. Pilgrim Church building in Paramus sold at $6.5 Million 

  • Sold to The True Light Presbyterian Church (They have to sell their own church: worth of $5.5 Million)
  • MOU signed → Buyer starts paying the mortgage($30,000) for balance of $4.5 Million
    Payment for 3 month till May will be deducted from principle amount
    From June, 50% of payment go to principle reduction
  • Balance of $2 Million is owner (PCUSA) financing (4%, for 5 years)
  • Deed will be transferred when owner mortgage starts. PCUSA hold lien till owner mortgage ends.

3. Englewood Town will investigate Leonia’s banning non-residence vehicles 

  • The town will request The State, DOT to investigate the legality of Leonia’s rule
  • Two towns were trying to negotiate the solution, but leads to impasse
  • Zudah Zeigler, Leonia’s Mayor keeps his position:
    No complaining from Palisades Park, Fort Lee
    If a car stopped, no scrutinizing and it takes 10~15 sec
    This rule helps residents’ and students’ walking to shop and go to school

4. Manhattan Luxury Apartment sold at $30 Million

  • Owner: Saudi Prince (Heritage at Trump Place at 240 Riverside Blvd, #6A-T)
  • 6 Units combined into 1 unit ( 5th FL~ 7th FL): 10,500 SF → 3Br / 4Bath, 3 Terrace
  • Listed at $75 Million in 2012 → $48.5 Million in 2015 → $40 Million recently → Sold at $30 Million
  • Monthly M fee: $27,500

5. Toys R Us will shut down around 800 stores nationwide 

  • If there is no last-minute save to bail out → Will cease re-organization plan under Chapter 11
  • 1948 established → 1996 Babies R Us established → 1600 stores worldwide
  • Amazon took on-line market / low response to mobile shopping trends
  • Toy Manufactures: Mattel, Hasbro → Stocks dropped by 7.6%, 3.6%

6. Mortgage Rate → 4.46%: Highest during last 4 years 

  • Peak rate since Jan 2014 / Entered into 4% range from Jan 2018
  • Impact to Re-Fi market → 1.4 Million customers lost Re-Fi opportunity
  • For last 40 days, Re-Fi deals reduced by 40%

7. House Flipping is increased under short inventory 

  • According to CNBC, 207,000 flipping nationwide in 2017 → Increased by 10% from last year
  • Highest flipping since 2006 (Highest in 2005 → 347,000)
  • Profit rate →49.8% / 51.9% in 2016 / 28% in 2006
  • 65% of flippers are cash buyers (Fannie Mei allows up to 10 houses for investor mortgage)
  • Highest Profit: 168.2% → Scranton, PA. Pittsburg, PA →5%, Baton Rouge, LA:122.9%, Philadelphia, PA:115.7%

8. 2016~2017 Fiscal Year, F-1 Visa issue: 390,000 → Dropped by 16.6% 

  • Universities / Colleges are concerned (Foreign Students spend $2.7 Billion each year)
  • Korean students: 22,856 → Decreased by 9.9% ( 2010~2011 Fiscal Year: 45,638)
  • Reasons: Visa process become difficult / Anti-America → Go to Canada, England, Australia / Hard to get a job with H-1B after school

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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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