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Weekly News (May 13, 2020)

This week’s Interest Rate (20th Week)

(Fairway Asset Corp.)

Y Rate: 3.000%/ 15 Year Rate:2.625%/ 10 Y Treasury: 0.691%/  FHA:3.490%
  Prime Rate:3.0% / Ref IR: 0.00- 0.25%

A special program for Owner Occupy and 2nd Home available.  Conventional interest rate is lowest in history.  Government loans still have liquidity problems.

 

Palisades Park, NJ will operate COVID-19 Testing facility on 16th and 17th

( The Korea Times  5/13)

  • The town will provide a Drive-through tests on 16th and 17th at Fairview Street.  People with insurance will be covered by insurance, but people without insurance will pay small amount of testing fee.
  • Reservation is necessary by calling at 862 257 0718 or on line site at Covid19testing@sunrisegoc.com.  Answering machine will take care of receiving personal info such as name, birthday, etc.

 

NY State will do re-opening from 5/15/202, depending on each area

(The  Korea Daily  5/11)

  • The Governor announced on 5/10 that re-opening will be begun depending on each area’s situation while the daily death toll on 5/10 was 207.
  • Meantime, “New York Pause” order will be extended till 6/6/2020.  Northern NY and Western NY area become eligible for re-opening, but, for example, NYC area is still not eligible to re-open.

 

New Jersey Re-opening might be soon

(The Korea Times  5/13)

  • The Governor Phil Murphy announced that he will announce the re-opening plan this week.  Different from New York, he mentioned that entire area will be opened at the same time.
  • However, it will be multiple steps and stages.  Also he mentioned that the testing cases will be increased to 20,000 cases daily from 10,000 cases by this month and the man power for tracing the positives will be increased by 1,000.

 

3400 sf space is leased at $275/sf in Koreatown, Manhattan

(The  NYT   5/13)

  • This 3300 sf lower level and more than 100 feet wraparound frontage in the 7- story building in Koreatown at 298 Fifth Ave at West 31st Street is leased at annual rent of $935,000.
  • The previous tenant was Willoughby’s Camera.
  • Landlord’s broker is Joseph Aquino and David Zaken of JAACRES.

 

Manhattan Office market could in for rough road?

(Jason Shim /TRD 5/12)

  • The social media firms and tech firms might keep some of their employees working at home permanently.  CEO Jack Dorsey of Twitter told employees in an email Tuesday that some of them would be able to permanently work from home, even after COVID-19 crisis is over.
  • Twitter office has 215,000 sf at 245-249 West 17th Street in Manhattan.

 

Additional $1,200 ( CARES2 Act.) might be available 

( The Korea Times/Daily   5/13)

  • The House of Rep came up with CARES2 Act for $3T additionally.  The 2nd round cash fund $1200 will be given to a single person under $99,000 and couple under $198,000.  However, people with higher income than $75,000 for single and $150,000 for couple will receive less amount proportionally.
  • Being different from the 1st package, people with TIN will receive the fund.
  • This package includes providing $1T to state governments.

 

Residential Real Estate market is coming back slowly?

( The  Korea Daily  5/13)

  • According to a real estate brokerage company, Compass, the sales is reduced by 40% from a year ago on 12th, but was recovered to pre-COVID-19 era on 20th last month.
  • MBA announced that buying index rose 12% at the last week of April from a week ago.  Single home mortgage application rose 6%.
  • Zillow mentioned that potential sale index is being improved and it is increased by 6.2% on 19th.

 

Uber is considering to buy Grubhub, a food delivery business 

(  The Record / NYT  5/13)

  • Uber Technologies Inc. is offering an all stock takeover to buy Grubhub Inc.  If this offer is successfully accepted and made a deal, this would give the companies control over a majority of the US food delivery business.
  • Combined, Uber and Grubhub would control over 55% of the US food delivery market while their major competitor, DoorDash controls 35% of the market.

 

Not many “Urgent Sale” under the Pandemic

( The Korea Time 5/8)

  • According to NAR, the survey through 19th and 20th reveals that 3 out 4 listing agents answered clients did not drop the price due to the Pandemic, which indicates most sellers are not disturbed and played clam.
  • Lawrence Yun mentioned that sales reduction is a temporary situation due to health authorities’ guidelines and RE market will be recovered in 2 months.
  • COVID-19 made some owners to withdraw the listings and not much new listings, and the situation affected existing seller with more confidence on the price.
  • 27% of agents in the survey answered that they could close the transactions with social distancing.  Most alternatives used are e-Sign, SNS, Message App, Virtual tour, etc.
  • Another survey by NAR shows trendy preference of the houses fit for the pets.  43% answered clients are looking for pet-friendly residential, which indicates pet-friendly environment will be an important factor for residential transactions.

 


 

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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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