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Weekly News (May 3, 2017)

1. Englewood Cliffs, Tenafly, NJ raised property tax  

  • Englewood Cliffs town passed Education department budget of $2.09 Million (14.7% Up) → Property tax: $201 increased for $1.29Million house
  • Tenafly town passed $28.88 Million town budget → property tax: $79 increased for $790,000 house → Practically no increase

2. Key Yonkers Development Projects → Green Lights 

  • YIDA granted approved a host of apartment approvals
  • 705 Bronx River Rd → Rezone: Commercial to Residential → 9 story, 160 units Apartment Building with parking by Stagg Groupwill start this Spring (Total cost $35 Million): will take up Crescent Place and Reyer Ave and Springer Ave
  • Conversion former School 19 (emptied for 20 years) to market rate apartments by Alma Realty (Total cost: $228 Million)
  • Alexander Street Re-development: YIDA voted to acquire 3 parcels of land(Bus depot on Alexander St along the downtown waterfront – NYC owns MTA bus garage) – trying to use portion of it for already approved residential and commercial development
  • YIDA is trying to acquire 2 parcels (by eminent domain) along Ravine Ave near Point Street (owner is in significant tax arrears) for a new school
  • YIDA is trying to acquire another lot (former funeral home) at Yonkers Ave and Currans Lane for a parking lot

3. Port Authority terminal might be renovated instead of re-location? 

  • A proposal (Total renovation) will be submitted to the Board by July, 2017 → Will decide at September board meeting
  • Reason: 1. Relocation Cost is about $10 Billion
    2. Current biz environment (Broadway theaters, Wax museum, etc.) might be affected

4. LIC (Hunters Point South) – Manhattan: ‘NYC Ferry’ began to operate on 5/1 

  • NY Waterway (East River route) is merged into NYC Ferry (www.ferry.nyc)
  • East River Route: 34th St, Hunters Point South, Green Point, North/South Williamsburg, Dumbo, Governor’s Islands, Wall St/Pier II → Total 39 minutes
  • Fee: $2.75 ($3.75 with a bicycle) / $121 per month ($141 with a bicycle)
  • Rockaway Route opened.
    Astoria Route will open in August
    South Brooklyn Route will open in June
    Lower East Route/Sound view Route will open in 2018 → Total 6 Routes/21 stops

5. 1st Quarter of 2017 US GDP Growth rate → 0.7% 

  • Lowest since 4th QT in 2014(1.2%)
  • 4th QT in 2016 (Obama period) → 2.1%
  • Reason:  1. Consumer spending decreased (Lowest since 2009) → Some opinion: Might be due to mild weather (Utility bills reduced)
    2. Savings increased to 5.7% (4th QT: 5.5%)
  • 2nd QT Growth is expected to 2.8%

6. FHB (First Home Buyer) → 35% in 2016 

  • FHB → About 50% in 2010
  • In 2016, FHB Ave. age → 32 years old / Medina Income → $72,000 / Median price: $182,500
    White: 89%, Hispanic:9%, Asian:8%, Balck:7% (87% → Born in US)
    Married: 58% / Single woman: 18%, Single man: 8%
    Single house: 82% / Townhouse: 9%, Apartment: 1%

7. Trump New Tax reform will impact NJ/NY Tax Payers negatively

  • Tax reform will change/nullify tax deduction on Property tax / Mortgage interests/Donation while double the standard deduction amount
  • Itemized tax payers: 28% in US (43.2% in NY, 41.1% in NJ)
    Receives tax benefit: 9.1% of AGI in NY,  8.7% of AGI in NJ
  • Some say ‘Blue States’ (supported Clinton) will have negative effects
  • NJ / NY will strongly oppose the reform

8. New Credit Score: ‘Vantage Score’ 

  • FICO will still be used for Mortgage loan process
  • New Vantage Score will be used for Credit card issue → Will use trend data (future pattern)
  • New Rules: will not work that inactive card should be kept
    that high balance with low usage get high score
    that point system with many different credit cards
    will affect by civil judgment, medical bill issue, tax issue
  • During 12 months (July, 2015 – June, 2016), 2400 loan companies / financial companies used Vintage score for 80 Billion times
  • Among 25 top financial companies, 20 companies used → 40% increased CMT last year

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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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