Weekly News (November 13, 2019)
This week’s Interest Rate (45th week)
30 Y Rate: 3.750%/ 15 Year Rate:3.250%/ 10 Y Treasury: 1.917%/ Prime Rate:4.75%
Ref IR: 1.50- 1.75%
Major redevelopment plan for school district was rejected in Palisades Park, NJ
(The Korea Times 11/7)
- On 11/5/2019 residents vote revealed that residents in Palisades park do not want major redevelopment plan for school district. (311 For and 819 Against). Primarily it is rejected due to concern on increasing property tax.
- According to the plan, an owner should pay average $372 more every year for next 20 years.
- Education committee should come out with different plan that majority of residents agree and follow.
Long Island City is highest sale priced for residential in Queens
(The Korea Daily 11/7)
- According to Property Club report, LIC is the highest priced area during 3rd Qt 2019 for residential property sales. The 2 family house at 42-62 Hunter Street was sold at $2.99M which is the highest sold price.
- Next highest area is Forest hills for single house sales. Top 5 house transactions’ total amount is $11.2M. The third is Whitestone and 4th is Astoria.
New president of Manhattan K Town Chamber of Commerce was elected
(The Korea Times 11/7)
- Hyung Ki Choi, owner of GamMiOk was elected as new president of Manhattan K Town Chamber of Commerce unanimously. The previous one was Hye Hwa Park.
- They will have commencement ceremony on 12/11 and Mr. Choi will be in service for 2 years. Mr. Choi has opened GamMiOk in 1990 in Manhattan and later in Fort Lee.
NYC is preparing commercial rent stabilization law
(The Korea Daily 11/8)
- As commercial vacancy is increased, the city council is preparing commercial rent stabilization law. Steven Levin (Demo. 33rd district) proposed the law and mentioned it will be fair to both landlords and tenants, and especially it will help small business owners.
- NYC commercial rent regulation has been difficult topic to handle for long time.
New York State is preparing the law to control Co-op owners/tenants right
(The Korea Times 11/8)
- John Liu (Senate) and Edward Braunstein (State Assembly) are preparing the law to make exemption of tenant right of co-op tenants who is actually unit owner, tenant-share holders.
- Co-op owner purchases building(company) stocks and occupies the unit as long term tenant.
Cushman & Wakesfield appointed two Koreans to lead ASPIRE group
( The Korea Daily 11/13)
- Well known global commercial real estate company Cushman & Wakefield appointed Hannah Yoon (Attorney) and Anny Ha to lead ASAPIRE group (Asians and Pacific Islanders in real estate). They will provide mentoring, community services, and new agent hiring in San Francisco, St Louis, and New York area.
Worry about economic recession in US becomes weak
(The Korea Times/Korea Times 11/12)
- According to WSJ surveyed 57 economists and reported that probability of recession in 12 months is 30.2% while it was 34.2 a month ago. The reasons are 1. Trade war against China becomes soft and reached the 1st 2. Uncertainty of BREXIT becomes small. 3. GM labor strike is over.
- 3% has diagnosed that companies are hard to find work force due to not enough supply. However, 37.7% mentioned that job creation becomes weak because companies are bit hesitant to hire work force due to worry of economic uncertainty.
- This year, monthly job creation is 167,000 while it was 223,000 last year.
- Unemployment rate is forecasted to 3.7% in 2020 and 3.9% in 2021. The current unemployment rate is 3.6% while it was 3.5% last month.
- 50% mentioned FRR lowering was appropriate while 40.4% mentioned it was over-reacted.
More women real estate agents are involved with commercial fields
(The NYT 11/13)
- All women commercial team or project leader are emerging in real estate industry. Typically and traditionally male agents are dominant for commercial field and development projects.
- Still family care and travelling far distance are hindrance, but they are coming around in an efforts to close industry gap.
Other/Tech News : Global smart phones sales is increased 3 Quarters 2019
1 Qt: 313.9 M → 2 Qt: 331.8 M → 3 Qt: 352.4 M
SamSung’s market share is 21.3%
IT sector is coming out of downtime, is expected globally.