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Weekly News (March 29, 2017)

1. Palisades Park town appoints new police women, Natalia Kim 

  • ‘Natalia Kim’ graduated from Rutgers with Criminal Justice major
  • Speaks 3 languages (Korean, English & Spanish)
  • Will work as a traffic police

2. Samsung 837 becomes Landmark for NY (At 837 Washington Street)

  • Samsung Marketing Center at Meatpacking District → ‘Digital Playground’
  • Marketing Center → Digital Playground for public → Forbes praised as great Plan and Leader of IT industry
  • New product/concept introduction, Customer / Clients invitation, IT technology education
  • Forbes praises its presence as a leader in IT industries
  • Exhibit 3 events among ‘Fashion, Technology, Food, Music, Sports, Health/Wellbeing, Arts, Entertainment’ for 7 days

 3. Trump’s old house in Queens sold at $2.14Million

  • 5Br, 5 bath, 2 floor Tudor house purchased at $1.39 Million 3 month ago by Michael Davis
  • Sold at $2.14 Million → made 54% profit.
  • Built in 1940 by Trump’s father (Fred Trump)

4. Bergen County gains 3.8% population for 2010 – 2016 

  • For last 6 years, Hudson County population increased by 6.9% → #1
  • Bergen County increased by 3.8% → #2
  • 9 Counties decreased population : Sussex County → 4.3% Down
  • NJ (2010 – 2016) population increased by 1.7% to 8.94M 

5. Garment District in Manhattan will be disappeared? 

  • EDC (Economy Development Center) announced the ordinances to lift the protection of garment district (5~9 Ave, 34~42 Street since 1987 → now decreased by 52%)
  • In return, Brooklyn Army terminal in Sunset Park (50,000 sf) and Bus terminal (20,000 sf) will be open to garment business → $12-25 / sf for 5-10 years lease
  • Korean owned garment business: 2,500 business → now 95% decreased to about 60 business

6. Let’s make NYC a next Silicon Valley 

  • Columbia University, NYU, Cornel University will concentrate STEM area
  • Columbia:  Manhattanville campus in West Harlem will be expanded/renovated ($6.3 Billion) → 450,000 SF center: Neuro-science center
  • NYU:  Tandon School of Engineering campus will be expanded($500 Million)→ Former MTA HQ building → 99 Year Ground lease → Remodeling for VR, Audio Research center, Public exhibition, etc. (1,100 students and 40 Faculty members.)
  • Cornel University: Builds New Tech campus in Roosevelt Islands sponsored by NYC and Bloomberg (Former mayor) → 12 c lot, 2 Million sf → 2000 graduate students
  • Looking for good connection with ‘Wall St’ for funding

 7. Mortgage process is still hard 

  • One of reason of US slow economy
  • House owning rate: 63.7% in 4th Quarter 2016 → Lowest for 50 years (69.2% in 2008)
  • Long term Average in US → 65%
  • Younger Generation is slow to move up
  • Too tight bank control → Mortgage default rate : 5.1% in 3rd Quarter 2016 (12% in beginning of 2000)
  • January, New construction sale: 550,000 (Yearly rate) in Jan → 3.7% Up CMT last month (5.5% Up CMT last year)
  • Usually residential sales is good indicator of general economy → Primal indicator

8. Commercial loan amounts reduced 

  • According to RealDeal, 2016 Commercial Loan Amounts: $82 Billion → 17% Down ($99 Billion in 2015)
  • Esp. Loan for residential apartment reduced to $29 Billion (23% Down)
  • Reasons: 1.Over supply (Multi-family construction booming → Rent down, Concession up)
    2. Warning to risky commercial loans
    3. Assets over $50 Billion is subject to stress test by Dodd Frank law

9. No more same mistake when buying a house 

  • Two things: 1.Selecting house  2. Mortgage process → most important
  • Survey answered out of 1400:  ‘Experienced stress’ → 42%   ‘Complicated’ → 32% would prepare more down payment → 27%, would buy bigger house → 20%, would shopping more mortgage company → 19% (28% feels that mortgage company treat  them poorly)
  • Mortgage rejection reasons → DTI issue: 52%, Credit score: 39%, Low income: 25%

 10. Korea, Tong Young sells investment  membership by New Star Realty 

  • Stanford Hotel Resort at Tong Young
  • Condo membership at $50,000 per account → total 600 account → $30 Million
  • 60 days use (About $60~$85 / night)  or 4% profit return annually
  • Process:  Initial Deposit (10%) $5,000
    1st Deposit(20%)        $10,000 (After 15 days)
    2nd Deposit(30%)       $15,000 (After 15 days)
    Balance(40%)            $20,000 (After 15 days)
  • After 10 years, principle amount can be return fully
  • C Land commission 5%: President Ahn at New Star Realty (201-294-4510)

11. 352 SF Super Mini House is real 

  • According to USA Today, 352 SF becomes hot item this summer
  • Price: $139,000 – Bed room, Living room w/ Patio, Kitchen, Bath room
  • Home automation: lights, audio/video system can be controlled by remote
  • Designed by Prof. Jeff Wilson who lived for 1 year inside waste can (33 SF) in 2014
  • This concept makes possible for a movable assembly house

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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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