Compare Listings

Weekly News (October 25, 2017)

1. A Fraud Case in Palisades Park, NJ 

  • Mr. K (YoungSin GunKang) accused of taking about $1 Million out of ‘KYE’ in Korean + $500,000 (Loan from individual) and fleeing
  • $3000 per account, Total 31 accounts / Each turn, each member will get $90,000
  • Mr. K’s store was vacated / He moved out form his house in Palisades Park as well
  • Victims are getting together to determine the possible legal action
  • They believe Mr. K is in US still → decided to file criminal case
  • Previously Mr. K was filed for $80,000 check fraud

2. Emerson Golf Club (Korean owned) becomes Bergen Co Public Golf club

  • Bergen Co passed the purchase unanimously at $8.5 Million
  • Opened in 1963 / 135 Acre. Korean owner (Emerson Management LLC) purchased at $10 Million in 2008 (Semi-private: Annual membership $4,000, Family $6,000, Company $18,000)
  • Closing will be within a few weeks → Renovation during winter → Open next Spring
  • Total 6 Public courses: Overpeck, Darlington, Orchard Hill (Paramus), Valley Brook, Rockleigh
  • Question for profitable operation → Valley Brook course made $518,000 net profit

3. The Modern in Fort Lee is being accused of violation of fair housing regulation

  • According to Star Ledger (10/11/2017), FSHC (Fair Share Housing Center) filed suit against The Modern
  • 2 buildings (47th floor each: 900 Units): 1st Building was built 2012 ~ 2014. 2nd building is being built. The tallest building in Bergen County
  • Agreement with the Town → 20% will be low-income units, but currently NO units
  • Current Rent → Studio: $2,000 / 3 Br: $7,300
  • FSHC is handling about 350 violation suits in NJ. In the past about 100 cases resolved

4. NYC claimed Unfair Tax Access for non-white residence area

  • Flushing, Bayside, Queens claimed for higher property than other area with more white residence
  • TENNY (Tax Equity Now NY) filed legal suit
  • Flushing: White → 2% / Real value vs Access Value → 101.24%
  • Bayside: White →5% / Real Value vs Access Value → 103.5%
  • Queens: White → 8% / Real Value vs Access Value → 102.25%
  • Manhattan Battery Park: White → 3% / Real Value vs Access Value → 49.92%
  • Manhattan Murray Hill, Gramacy: White → 3% / Real Value vs Access Value → 87.19%
  • TENNY claims that minority area paid $376 Million tax more than actual value

5. NYC proposed ‘Making Rent Count’ program

  • To help people with bad credit → Good rent payer can get positive credit
  • So far, no system to collect this type of data
  • Only Experian has system with landlord’s participation.
  • Proposal suggests to apply this system only to desired participants.
  • Participating Landlord’s incentive (options):
    1. Collect rent from a bank → bank reports to credit company
    2. Get loan for 1 year rent → tenant pays back to the bank
  • NYC projects 76% of renters credit will be increased

6. Millennium Generation (18~34 year old) is heating up the RE market

  • According to ‘Realtor.com’, Millennium Generation is moving into RE market, mainly suburban area
  • Among 32,000 cities, most active 10 cities are selected → Millennium Generation owner: 50%
  • #1 is Texas, Fort Worth suburban: Median price: $164,441.
    #2,#3 are Michigan, Livonia and Kentwood: Median prices $223,780 and $118,833
    #4 is MA, Medford(Boston suburban): Median Price $541,158
    #5 is Colorado, Littleton
    #6 is CA, Castro Valley (Median price $728,267) → Cheaper CMT Silicon Valley
    #7 is Colorado, Colorado Springs (Median Price $273,332) → Millennium Generation owner: 86%

7. AMAZON 2nd HQ competition → Very Steep

  • 238 proposals from 238 cities (Expected about 100 cities)
  • NYC: 4 places (Midtown West, Financial District, Queens LIC, Brooklyn Triangle)
  • NJ: Newark (Offered $7 Billion tax exemption)
  • Amazon’s Economic Effect for 7 years (2010~2016) in Seattle: $38 Billion
  • Negative side: Housing price / Rent goes hike

8. If Tax Reform passed, Mortgage interest deduction will be decreased sharply

  • According to ‘Zillow.com’, Mortgage interest deduction tax report will be decreased → by 1/6 level
  • Current 29.6% → 5.4% (NY State: 76.9% → 19.6% / San Francisco, CA: 98.5% → 58.9% / Boston, MA: 79.2% → 13.8%)
  • Tax payers will select standard deduction which might be higher than mortgage interest deduction → Trigger more renters than home buyers
  • In addition, if property tax deduction is deleted → negative effect to future home buyers

img

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.

Related posts

Weekly News (October 13, 2021)

This week’s News Brief This week’s Interest Rate (42nd Week) (By Fairway Home Loan...

Continue reading
by Stephen Lee

Weekly News (October 6, 2021)

This week’s Interest Rate (41st  Week) (By Fairway Home Loan)    30 yr fx(%)  15...

Continue reading
by Stephen Lee

Weekly News (September 29, 2021)

This week’s Interest Rate (39th Week) (By Fairway Home Loan )    30 yr fx (%)  15...

Continue reading
by Stephen Lee

Join The Discussion