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Weekly News (March 15, 2017)

1. Closter, NJ looks to ban short term rentals  

  • The Borough Council introduced an ordinances on 3/8/2017 that would ban short term rent under 30 Days → will vote on 3/22 ( A violation penalty is $1,250)
  • Currently, Airbnb has 11 listings in the town on their website
  • If the ordinances passed, neighbors can watch each other and report to the borough

2. Little Ferry Strip Mall NJ (‘H–Mart’ mall) is listed for lease  

  • Little Ferry, NJ : Rt. 46 and Bergen Turnpike / Renovated
  • Available: Anchor Retail 2 → 45,600 sf (Existing H-Mart space) / Anchor Retail 1 → 22,242 sf,  5 Other small spaces → 3000 sf each / Donkin Donuts space: 3000 sf (drive-through available)
  • Existing H-Mart (43,236 sf) moves to adjacent(connected) building
  • Listed by PD Properties, NY: 646 843 0992 (Tony  Park)

3. Fort Lee, NJ will raise the property tax, and other cities as well  

  • The City Council passed the budget of $77.50 Million for 2017-2018 on 3/9/2017
  • The budget was increased by $3 Million, compared to the last year
  • $82.74 per family will be increased for $459,678 value house
  • The hearing for this budget will be held on 4/13/2017
  • Ridgefield: Avg. $76 increase According to new budget plan
  • In NJ, Avg. 2.29% property tax of house value
  • In contrast, State support funding has no increase:
    Palisade Park → $948,990 / Fort Lee → $1,771,192 / Ridgefield → $549,450
    / Leonia → $1,029,389 / Closter → $1,505,489 / Ridgewood → $1,867,322
  • Governor Christie made a law in 2011 that annual tax increase will not be over 2%
  • Among 565 towns, less than a half keep this law (In Bergen County, 49 towns violate this law among 70 towns)

4. Bergen Hudson Light Rail might be sooner than expected  

  • Federal Transportation Department approved Environmental study for this project
  • Need to pass the hearing and the budget plan
  • Concern: The State planned to use the fund from gasoline tax increase →  But more urgent repair for roads and bridges
  • Connection: (Tonnelle Station at North Bergen) → 91st St →  Ridgefield → Palisades Park → Leonia → Englewood Rt. 4 → Englewood Town Center → Englewood Hospital
  • Bergen county residence will ride to Manhattan by train 

5. ‘Staples’, biggest stationary store in US, will close about 70 stores 

  • 4th Quarter, Revenue dropped by 3% to $4.6 Billion, compared to last year ($548 Million loss)
  • Total 1,225 stores in US, 304 stores in Canada (Closed 70 stores is about 7%)
  • Facing tough completion by on-line stores (Amazon) → Closed 48 store last year
  • 350 stores has been closed for last 5 years
  • Last year, Staples tried to merge with ‘Office Depot’, but Federal rejected

6. A parking space worth of $300,000 in Brooklyn, NY

  • A parking space (200 sf) is listed at $300,000 (It is equivalent of Bentley car)
  • The garage has total 145 spaces, 24 hour operation / attendants
  • In the past, Manhattan Soho parking space is sold at $1 Million in 2014

7. Foreclosure Rate declining in NJ  

  • NJ observed 66,592 foreclosure filling in 2016 à 1.86 % of housing units
  • Delaware:1.86% / Maryland:1.37% / Florida:1.18%
  • Nationwide rate → 0.7%
  • Distressed mortgages: 8.16 % in NJ ( While nationwide: 2.96%) → 42.5% dropped since its peak in 2012
  • By the end of 2018, NJ might go back to normal level of 1% or less of all housing units

8. Credit Score system will be improved  

  • 12 Million consumers will be benefited from July 2017
  • Equifax, Experian, Trans Union will not keep some negative records
  • Tax lien, Civil judgment and etc. record will be deleted
    (those record with less than 3 kinds of personal info among name, address, Social Secutity #, Date of Birth)
  • About 11 Million consumers → raised by 20 scores (700,000 consumers → 40 scores)
  • According to 2013 FTC report, Error on the records → 1 out of 5 consumers

9. ‘Preparing your home to go to market in Spring’ by Jim Weichert

  • Making repairs / Staging home properly (Proper Staging can increase the offer price by 10%)
  • Buyer likes room that are as brightly lit, clean, and neutral as possible
  • Bathroom and kitchen are most important for showing (remove dingy grout, apply fresh caulk)
  • Part of staging: remove personal items(diplomas, wedding and vacation photos, religious articles)
  • Getting home inspection before listing

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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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