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Weekly News (May 31, 2017)

1. Fort Lee, NJ, Public Parking Deck construction begins mid June, 2017

  • New Parking Deck at the current public parking on the Main St.
  • Will complete June 2018 → 220 spaces increase (Total 632 spaces)
  • During construction, alternative parking → Madonna Church parking, 2062 Lemoine Ave (near Hudson Lights)

2. Palisades Park, NJ elected new Chairperson (15th) for Palisades Park Chamber of Commerce  

  • YoungMin Chung (President, Redeemer Academy)
  • Former chairperson: JeeSoo Han (Pine Plaza)

3. Hard Rock Int’l took over Trump Taj Mahal casino for $50 Million in March 2017

  • Trump had spent $1.2 Billion to open it in 1990 → Car Icahn tried to shut down in Oct, 2016 → He breached Union contract
  • Chairman Jim Allen who worked for Trump before, is planning to spend $350 Million ~ $500 Million to renovate → scrub the influence of Trump → Open up again summer 2018
  • Jim All is making sure there is Union issue with Rock Hard

4. New Apartment building in Williamsburg will be completed this summer

  • 325 Kent Ave (Former Domino Sugar Factory) / 16 stories 522 units
  • Start lease in June / Studio: $2495, 1Br: $3250, 2Br: $5195
  • Currently median price for new apartment → $3,300

5. New Jersey, population influx → #1 : Lebanon in Hunterdon Co

  • US Census 2010 ~ 2016 report shows the following influx
    Lebanon in Hunterdon Co: 1,663 (21.7%) / Weehawken in Hudson Co:2,572(20.5%)
    Harrison in Hudson Co: 16,231(19.9%) / Riverdale in Morris Co:4,253(19%)
    Secaucus in Hudson Co:19,882(18.7%) / Woodridge in Bergen Co:8,600(12.6%)
    East Rutherford in Bergen Co: 9,856(10.4%)
  • New Jersey statewide: 153,000 increase (1.7%) for last 7 years.

6. House price continually upward mode nationwide 

  • According to Case-Shiller index, 186.95(March) → 5.8% Up
  • 20  Big City: 195.39 (5.9% Up) / 10 Big City: 209.11 (5.2% Up)
  • Hot area: Seattle (217.79: 12.3% Up), Portland, Dallas
  • New York Metro area show weakest gain because already price is high compared to median income
  • Reasons: Low inventory,  Still Mortgage Interest Rate → about 4%
  • With Trump new tax reform → house price might be dropped in big cities

7. Increase of obtaining non-immigration US Visa in Korea after 7 years 

  • 2015~2016 Fiscal Year non-immigration visa: 77,370 from 73,402 (5.4% Up)
  • Since 2008 (Korea → No entry visa country), about 10,000 decreased each year
  • Student(F): – 6.8%, Exchange(J): + 5.1%, Tour (B-1/2): + 67.1%, Work(L): – 7.4%, Trading/Investment(E): – 0.6%, Art/Athletic(P): + 26.7%, Vocational School(M): + 17.6%, Specialist(O): + 10.7%

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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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