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Weekly News (March 21, 2018)

1. Best Seller market in Flushing, NY 

  • According to StreetEasy, Flushing is best Seller market among 10 seller market in NY
  • Flushing → Wood heaven → Kew Gardens → Prospect Heights → Flatbush →Glendale…
  • 65 days to close (Flushing area: 52 days to close)
  • Definition of seller market: Sold at full listing price and low inventory
  • Median price went up to $822,500 from 742,000 last year
  • Buyer Market: Manhattan Midtown (→ #1), Central Park South, Midtown South, Brooklyn Dumbo, Manhattan Tribeca, SoHo

2. Innovation Hub plan in New Brunswick, NJ

  • Governor, Murphy announced the plan on 3/19 for 12 AC innovation technology complex in New Brunswick
  • Focus on Innovation and new start-up companies for synergy between the State’s future growth and employment growth

3. Waldorf Astoria Hotel becomes Condo partially 

  • Among 1413 rooms, 352 room will be converted to condo units (14th FL ~  43rd FL)
  • Development plan and permit submitted to DOB by new owner, AnBang Insurance
  • Established hotel in 1931. Purchased by AnBang at $1.95 Billion two years ago. Closed in 2017, Mar for Re-construction for 3 years

4. Federal Ref Rate might be raised for almost sure

  • FOMC is being held on 20th and 21st
  • Market foresees 2.5% raise in March as a fact with 99% probability
  • 3 time raise might become 4 time raise this year
  • New Rate 1.5% ~ 1.75% will affect Korean economy (1.5% in Korea ) → Funds will move to US, looking for higher IR
  • US Rate is higher than Korea Rate → 1st time since 2007

5. Uber’s experimental Driverless test drive killed a pedestrian 

  • On 3/18 in Arizona, Temp → 1st victim by driverless car
  • Uber announced immediately they will stop the driverless drive test
  • Uber was testing in Pittsburg, San Francisco, and Canada

6. New Idea: Loan for Apartment security deposit money

  • ‘NeighborWorks America’ is testing this loan in Montana state
  • Up to $1000 loan for 3 years with 5% Interest rate, with no prepaid penalty
  • The company hopes they can increase loan amount and loan period
  • Their idea was security deposit is burdensome even though tenant can pay rent
  • Equally or more important than auto loan and mortgage loan

7. House price went over to peak price in 2006 in 172 metropolitan area 

  • In February, US median price: $285,7000 → 8% Up, compared to last year
  • Biggest jump for last 4 years → Continuous increase for 72 months
  • 6.3% higher than the peak time in July, 2006 (46% Up from Feb, 2012)
  • # of sales is still low → Sold in Feb 166,000: 0.4% Up → Still lower than Average
  • Inventory in February: 607,800 → 4% Down, compared to last year
  • Interest rate increase is not affecting housing transactions yet
  • According to Redfin, median price in San Jose: $1.18 Million → 34.1% Up, compared to last year. Detroit went up by 19.8%
  • In February, Average DOM: 53 and 21.1% of Sold price is higher than listing price

8. 3D Printer built a house in a day in Texas → Feasible to solve housing problem?

  • The company “ICON” in Austin, TX built 350 S circular shape model house.
  • 1st legally permitted house in US by 3D printer (Vulcan).
  • Technology to accumulate many 2 dimensional layers
  • Equipped with bed room, living room, bath room, foyer, porch
  • Cost: About $10,000 → Possibly can be reduced to $4000 in about 12 HR ~ 24 HR
  • ICON and New Story will build jointly 100 houses in El Salvador next year where there are many homeless people

9. Consumer prices rose 0.2% in Feb in US 

  • Inflation pressures appear still under control (In January, it rose sharp 0.5%)
  • Overall consumer prices rose 2.2% in February, compared to a year ago
  • Core prices rose 1.8% (Core prices excludes volatile food and energy category)
  • Sluggish pay increases have helped keep inflation dormant for most of the past decade.
  • Labor Department reported that inflation is slowly moving toward the Federal Reserve’s 2 percent target → As a hedge against deflation, which can bring down wages as well as prices

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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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