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Weekly News (March 22, 2017)

1. Leonia opens up liquor license 

  • Town is used to be dry town / Only BYOB → making new ordinances for liquor license
  • Currently only 1 license exists, but not used.
  • If new ordinance passed in May, restaurants can get licenses by from auction

2. Hudson-Bergen Light Rail system: one step further  

  • Public hearing for revised plan on 4/24 in Englewood (Crowne Plaza Hotel)
  • Rail Stations:
    North Bergen: 91st St on Route 1&9 to accommodate 123 vehicles
    Ridgefield: South of Hendricks Causeway, west of Broad Ave for 269 vehicles with drop off area
    Palisades Park: At Ruby Ave, South of Fairview Ave for 219 vehicles with drop off area
    Leonia: At abandoned basketball court in Overpeck County Park,
    extended to South of Fort Lee for 583 vehicles ( 4 story parking deck) Pull over access for bus and train transfer
    Englewood Route 4:  At West Nordhoff Pl with center island platform. 3 story parking deck for 945 vehicles
    Englewood Town Center: East of North Van Brunt St and west of South Dean St. Current parking space will be re-configured
    Englewood Hospital: Pedestrian overpass to the garage, 600 space will be leased to NJ Transit, Side platform to be built along North Dean St between Durie Ave and Cambridge Ave

3. Why so many 2 family houses in Palisades Park, NJ? 

  • Top/Bottom or side-by-side (Duplex) for last 20 years
  • Interview with Lorenzo (Town admin officer): Reason is people want to buy them
  • ‘Record’ mentioned Lorenzo is builder who built many ‘Duplex’
  • Agents say Palisades Park is easy to commute to NYC, Zone is allowed more profitable for builder
  • Lorenzo informed that Lot purchase: $500,000, Construction: $750,000, other expense → $1.35 Million: Sold at $1.5 Million yields about $150,000 profit
  • Complaint: Some houses become like sandwich → no lights, no winds By allowing Duplex → town Tax increase → but no benefits / investment

4. Senior Apt will be built in South Bronx (Mott Haven area)

  • 570 East 137th St / 159 units. 9th floor/ Will be completed by 2019
  • Currently it is called ‘Mill Brook House’ → Mill Brook Terrace
  • Over 62 year old / less than 50% of community median income ($36,250 for 2 people family, $31,750 for single family)
  • NYCHA joins with a local development company: ground lease for 60 years

5. Huge Mixed-use building development in South Bronx 

  • Waterfront in Mott Haven area, 3rd Ave Bridge area – 3 buildings: 25, 24, 16 floors
  • 1300 residential units – 25,000 sf commercial space & 1,100 sf community space
  • Will complete in 2019

 6. NYC, Rent decreased clearly(Manhattan, Brooklyn, Queens) 

  • Seller concession increased (commission pay by owner, longer free rent, etc.)
  • NY Queens (Long Island city, Astoria, Sunny side, Wood side) → Median rent($2,800) : 5.2%
  • Down CMT last year / Last month inventory: 556 → 19.6% Up CMT last year / New lease: 223 → 25.9% Down CMT last year (Only Studio and 3BR rent Up)
  • Manhattan Rent Down, Concession Up → Median Rent $3,350 : 0.9% Down, Owner concession: 30.9% of total lease (Last year: 19.1%) / New lease: 3,634 (27.9% Down) → Still low vacancy rate ← Owner concession increase Top 10% luxury rent ($6272) → 1.6% Down
  • Brooklyn Rent down for last 7 months → Median rent $2,750: 1.3% Down,  Inventory 2,354 → 17.2% Up → Over supply → Rent down, New lease 6.3% Down, Owner concession 15.7% of total lease (2.8% Up)

7. NJ has highest tax burden in US

STATE AVG. TAX MEDIAN PRICE %
NJ $ 7,410 $ 315,900(5th) 2.35 %
CT $ 5,327 $ 270,500 1.97 %
NH $ 5,100 $ 237,300 2.5 %
NY $ 4,600 $ 283,400(7th) 1.62 % (11th)
IL $ 3,995 $ 173,800 2.3 %
MA $ 3,980 $ 333,100 1.2 %

 

8. Korea, Tong Young opens Hotel/Resort by ‘Standford’ Group in July  

  • Owner: JungGap Kwon (H-Mart) purchase the lot in Sep 2014
  • 19 stories & 300 Rooms – Cost: About $60 Million
  • Pre-sale marketing in US by New Star Group for 150 units: 1 unit → 6 accounts / 1 account: $50,000 → 1 unit: $300,000 (Owner can use 60 days / 4% annual return) → after 10 years, all investment will be returned
  • Marketing seminar: NJ (03/27/17 Mon 11:30am at Double Tree Hotel by New Star Group: 201 294 4510)

9. Federal Reference IR raised to 0.75 ~ 1%

  • FOMC on 3/15 determined IR Increase (9 favorable out of 10 members)
  • Reason: Strong Employment, Steady Economy expansion, (Price) inflation close to 2%
  • Economy forecast is stable, not much change
  • Possible 3 times IR raise this year → Up to 3% would be proper if employment is improved further

10. ‘HARP’ benefits 3.45 Million family 

  • Home Affordable Refinance Program will be expired by Sep 2017
  • FHFA reported 3,452,224 received HARP benefit from 2009 (in Jan, 4,553 family)
  • Qualification: Balance → Over $50,000 / over 10 years left
  • Fed is planning to announce alternative program on Oct 2017
  • www.HARP.gov

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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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