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Weekly News (September 20, 2017)

1. Super size Water Park in Palisades Park, NJ will be constructed

  • 102,000 SF around the current ‘King Sauna’ → will complete in May, 2019
  • Whole block between West Fair Street and West Central Blvd
  • Those retailers on Commercial Blvd moved out in early this month
  • New Water Park includes Children pool, Sliding pool, Aqua pool, Snack bar, Massage room, 1000 locker rooms
  • 500 Parking spaces. 80,000 SF indoor / 22,000 SF outdoor (Current King Sauna: 45,000 SF) → Total 14,7000 SF
  • Construction Cost: $50 Million (Almost 2 times than original 2011 plan)
  • Planning since 2009 / Purchased 317 Commercial Ave in 2011/ Continued to buy adjacent lots

2. Palisades Park, NJ Eminent Domain power exercised

  • Proposal for 27 Fairview St (2.43 Acre) has passed yesterday at the town meeting
  • Appropriated price is $5.2 Million by the town
  • Town government shows the lack of planning for new building → leads to objection by some residents
  • Some resident: Non-Korean proposed translation for Korean people who were more than a half of participants at the meeting

3. Amazon is looking for the 2nd HQ location

  • Smart Way: put RFP(Total 8 pages) on line
    City: 1 Million population / Good university (College) with excellent student pool / Less than 48 Km from downtown / Within 45 min from International Airport / Less than 3 km from major highway / Direct connection by train, bus, subway to the HQ site
  • The city with Amazon 2nd HQ will have 50,000 jobs for next 10-15 years (Average salary:over $100,000) → Construction cost: $5 Billion
  • The reason to leave Seattle: 1.Highest minimum wage 2. Tax hike for rich people
  • Kim Guadagno (Republican NJ Governor candidate) claims NJ has a chance if she is elected
  • Phil Murphy (Democratic NJ Governor Candidate) favor to: 1. minimum wage to $15 2. Tax increase about $1.3 Billion
  • NJ has a strong ties with Amazon so far: 7 fulfillment centers with 3 more to go. Wholefood has strong presence in NJ

4. Long Term mortgage rates stay at low for year

  • Mortgage rates were unchanged this week, leaving the average 30-year fixed Mortgage rate at the lowest level this year
  • 30-year fixed rate is 3.78% (In March, the rate was 4.3%) → slightly above last year’s average of 3.65%
  • 15-year fixed rate is $3.08%

5. More than a half of Houses are over priced? 

  • According to Core-logic, 46% of houses of big 50 cities are over priced
  • 10% more than proper price (capable to keep long term) → over price
  • Also 36% of houses are under priced → Only 16% are proper priced
  • Reason for over-price → price went up continually for past few years (6.7% Up in July CMT last year)
  • Reason: 1. Low Inventory 2. Low mortgage rates
  • Plan: Begin construction in 2019 and complete in 2026

6. Driverless driving will increase alcohol consumption

  • In 10 years, Gasoline consumption decreased, alcohol consumption increased
  • Restaurant, Liquor store will increase sales
  • Alcohol related death is about 29% which causes $44B economic loss
  • Worldwide alcohol volume: $1.5 Trillion → More revenue expected
  • Stocks for wine/liquor makers will go up
  • Federal Government and White house want to make new regulation for driverless driving which should not be the same as driver case

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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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