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Weekly News (May 17, 2017)

1. Senior Housing in Palisades Park NJ faces tough competition to get into 

  • Total 9 units( 4 Studios, 5 of 1 Bedroom) → 1,000 application on 1st day (5/13)
  • At 83 Center Place. Rent between $378 ~ $711 depending on income and size of unit
  • According to PAHC (Paramus Affordable Housing Corporation), Bergen, Passaic, Hudson, Sussex Co residents will get higher priority
  • Income limit: Under $47,276 for single and $54,030 for 2 people
  • PAHC: 201-265-2100

2. ‘Linwood Wine & Liquor’ opened in Hudson Lights complex in Fort Lee, NJ

  • At 675 Park Ave: 7,200 SF, Korean owned (JangHan Lee)
  • Lee opened his 1st Store (Stillwell Liquors) in Coney Islands in 1979
    2nd Store (Twin City Liquors) in Jersey City in 1989 →  Moved to Fort Lee (‘Linwood Liquor’ at 102 Linwood Plaza)
  • Opens Monday ~ Saturday (10am ~ 10pm), Sunday (12pm ~ 6pm)
  • Visit at www.linwoodwineco.com

3. ‘LG Signature’ goes to upper income family 

  • Premium brand LG Signature will attack high-end appliance market
  • Exhibition (Customer Experience Zone) goes to Sacks Fifth Ave, JC Penny, in Madison Square Garden along with
  • Various products: OLED TV ($8,000), Laundry machine, Refrigerator, Humidifier/Air filter, Oven, Dishwasher, etc.
  • Manhattan area →  Preference for High-end appliances & Trend Leaders

4. Homebuilders feel more optimistic due to surge of new home sales  

  • NA HB / Wells Fargo builder sentiment index → 70 (CMT 68 in April)
  • Readings more than 50 →  view as Good rather than Poor
  • The index has been above 60 since September

5. Trump’s infrastructure plan will come out soon  

  • Transportation secretary says the plan will be released in a few weeks
  • The plan will include $200 Billion in tax payer money
  • The investment will be used to leverage $1 Trillion in private investment for next 10 year
  • He pledged to generate $1 Trillion in infrastructure spending over 10 year

6. Serious Underwater House →  reduced by $1.2 Million 

  • Price: 25% lower than mortgage balance: $5.5 Million (9.7% of total mortgage)
  • Market price: below $100,000 houses →  1/3 are serious underwater
  • Example: Baltimore in MD →  increased by 26,974 (Philadelphia, Cleveland, Saint Louise also increased)

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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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