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Weekly News (March 8, 2017)

1. Former ‘Syms’ site will be used for Used Card dealer ‘CarMax’

  • Route 17 North bound in Paramus: 65,000 SF SYMS closed in 2012
  • One of largest and longest-standing retail vacancies in Paramus
  • Founded 1958, profitable till 2000→facing new competition: T.J. Maxx

2. Leonia, NJ declares ‘Welcoming City’ resolution instead of Sanctuary city

  • Originally proposed Sanctuary city on March 6
  • Addendum : 1. illegal → Undocumented
    2. Police will not ask immigration status except criminal indictment
    3. City is duty bound to cooperate criminal investigation and share relevant info with local, state and federal authorities
  • Concerning about future federal fund support/ Cherishing diverse community

3. Wells Fargo branch office in Teaneck closed (opened in 2007) 

  • At Cedar Lane and Garrison Ave
  • 300 Wells Fargo branches in NJ
  • In general, teller transactions fell 45% from 1992 to 2013.
  • City Councilman Mark Swartz mentioned to see Mixed use building at the site

4. NJ State is trying to levy Airbnb sales tax for less than 30 days rental

  • Proposed a law to levy sales tax like hotel (max. 18%)
  • Let each town issue short term rent license : $100 fine per day for a violation
  • Fort Lee, Pal Park, Paramus etc. banned short term rental

5. NJ State is preparing another law on tax deduction for FHB 

  • ‘Tax-free saving account program’
  • Open saving account → funds to be used only for closing home purchasing → Allow Tax deduction for the funds (for FHB)
  • FHB without age discrimination – Buyer who never purchased a house before

6. Chinese Investors turning to Asia instead of US

  • According to Colliers Int’l, Change to move to Asia is detected
  • 1. Concern on Chinese currency devalue stopped.  2. Trump’s policy
  • Asian RE investment to US:$33B in 2015 ( Chinese portion:43%)
  • In 2016, Asian investment dropped by 12% to $29B (Investment to Asia:$70B→Chinese portion:17.4%)
  • Chinese investors avoid Hong Kong ( they see Hong Kong as US extension ← Hong Kong $ == US $)

7. Yellen (Fed Reseve Chair) indicates IR increase in March

  • Will increase if “Price(inflation around 2%)” and “employment” (near max employment ) are manageable reasonably
  • Will make decision at FOMC between March 14 ~15
  • According to “Beige book”, US economy is growing with modest/moderate speed
  • According to FT’s 43 experts, possible 3 times IR increase ← Fast economy growth ← Consumer spending up, De-regulation, Tax reduction

8. ‘Trump Care’ Plan revealed for replacement of Obama Care 

  • No penalty for not joining insurance
  • No obligation for company to have insurance policy
  • Reduce Medicare recipient ( It was up to 130% of poverty line)→10M in 31 states might loose the benefits by 2020
  • Tax Deduction plan : $6550/person, $13,100 per family ( Currently, $3700/p, $6750/f)
  • Many politicians objected.(→Support funding reduced for low income family)

9. 3D Printer House built in a day by ‘Apis Cor’ in San Francisco, CA 

  • Size: 400 sf / Studio – Bath, kitchen
  • Exterior: Concrete / Interior: Sheet Rock
  • Cost: $13,682. Construction in 1 hour→70% cost saving CMT conventional
  • Will help disaster area, homeless, Refugees, etc.

10. Tech News:

  • Subway robot(‘Promobot’) guide in Moscow introduced – hands, eye
  • Contacting, remembering someone it met before… ( Android based ‘AI’)

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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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