Weekly News (March 11, 2020)
This week’s Interest Rate (11th Week)
30 Y Rate: 3.375%/ 15 Year Rate:2.875%/ 10 Y Treasury: 1.377%/ FHA:3.125%/ VA:3.000%
Prime Rate:4.75% / Ref IR: 1.00- 1.25%
NJ, Edgewater Condo Group sued the Admiral condo over access to walkway
(The Record 3/11)
- The nonprofit Hudson River Waterfront Conservancy is suing the Admiral’s Walk condo complex to remove 900 feet fencing that blocks the Hudson River Water Front Walkway.
- The conservancy is challenging the condo association under the public doctrine, a principle that guarantees the public’s right to the use of waterfronts.
- In 1999, a federal judge ruled that all developers had to contribute to the walkway.
- In 2010, Bergen county outlined a vision for a continuous walkway that would welcome bicyclists and pedestrians and provide benches, restrooms, a kayak launch and a stage area, all by 2030.
Foreign Investors are eyeing for more US properties after COVID-19 situation
(The Korea Daily 3/10)
- CNBC reported, based on RoofStock’s analysis, that RE inquiries from overseas increased 5 times since COVID-19 breakout: 4.5 times in Germany and 2.5 times in Australia. RoofStock is established 5 year ago in California, and small investors and foreign investors purchase properties through the company Internet site.
- The reason if this surge is that US properties is not relevant with stock market and the net profits out of properties is relatively stable. Meantime, domestic buyers are more difficult to search properties due to low inventory because most foreign investors offer in cash.
- Also buying through Internet make foreigners easy to process without seeing properties.
New rule for NY Rental Broker fee might be postponed
(The Korea Times 3/10)
- The decision for new rule for rental broker fee is delayed for 3 months till June this year.
- The NY Attorney general, Letitia James has requested the decision till June on 6th. The hearing is supposed to begin on 3/13 originally, but it is delayed because the matter is complicated and needs more time to research.
- NY prosecutor team is planning to push to begin the rule from July.
New law underway: NY State penalizes vacant apartment for more than 3 months
(The Korea Daily 3/6)
- New law is underway that if NYC affordable apartment for low income tenants is not rented for more than 3 months, NYC will charge penalty. More landlords were keeping rent control/stabilizing apartments vacant or use them as just storage after the rent limit law has passed last year. They want to wait till NYC revise the law again so that they can raise rent.
- Meantime, NYC said they will not change the law.
- There are about 1,000,000 rent control apartment units including rent stabilization apt, rent-controlled apt, Mitchell-Lama program apt, etc.
CoreLogic forecasted home price increase in 2020
( The Korea Daily 3/6)
- January home price rose 4% from a year ago by HPI, while it was 4.2% a year ago, and Dec home price rose 3.8%.
- Home price will be increased by 5.4% by next year, according to CoreLogic HPI.
- As of Jan 2020, HPI is 9.6% higher than April 2006, which was highest point before financial crises.
Other/Tech News : First death due to COVID-19 in NJ
- Little Ferry man, 69, had underlying medical conditions (Emphysema: 폐기종, Hypertension:고혈압, Diabetes:당료병)
- Bergen county declared state of emergency.
- NY National Guard deployed to New Rochelle (Westchester Co)
- NJ positives cases: 15 / NY positive cases: 173