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Weekly News (October 14, 2020)

This week’s Interest Rate (43th Week)

(By Fairway Asset )

   30 yr fx(%)  15 yr fx(%) FHA(%) 10 yr Tr Y (%)
A year ago      3.500       3.125          1.727
A month ago      2.750       2.375     2.625          0.672
Last week      2.875       2.490     2.625          0.775
This week      2.875       2.490     2.625          0.732

(The rate based on 25% down payment with 740 above credit score)

Prime Rate:3.0% / Ref IR: 0.00- 0.25%

Potential home buyer — Do not apply deferred payment or forbearance program. If applied , they need to complete the program as soon as possible.
FHFA will add an adverse Market fee as of 12/1/2020. There is potential interest rates rise

 

ALAND 2nd Store opened in ADM, East Rutherford, NJ

(Korea Daily  10/8)

  • ALAND opened it’s 1st store in Williamsburg, Brooklyn in NY.  ALAND has started in Korea in 2005 to introduce mixture new design and subculture life style in fashion, design and lifestyle products.
  • The 2nd store store size is 10,000 sf at 2nd floor in ADM and displays 600 items introducing K-pop, BTS cultures for younger generation.
  • Store hours: 11am-7pm for Mon-Thurs, 11am-9pm for Fri, Sat
  • Address: 1 American Dream Way, East Rutherford, NY
  • Tel: 551 248 4946 Parking: Parking BàLevel 2.

 

Manhattan Roosevelt Hotel will be closed for good by 10/30/2020

(Korea Times 10/13)

  • According to CNN on 10/11, the operation company of the hotel, PIA (Pakistan International Air) announced they will close Roosevelt Hotel operation permanently as of 10/30/2020 due to the financial difficulty from COVID-19 impact.
  • The Hotel has opened in 1924 at the corner of 45th St and Madison Ave, naming after the 26th president, Theodore Roosevelt.
  • Previously Time Square Hilton Hotel, W Hotel, Courtyard by Marriot Hotel have announced their closings.

 

Recent Lease in Chelsea, Manhattan: $94/sf 

(NYT  9/23)

  • Arisa Hair signed 10-year lease for a 900 sf retail space on the ground floor in Chelsea, which it plans to use as a salon. The building at 237 West 15th St between 7th Ave and 8th Ave is a 14-unit co-op building that was built in 1905.
  • Listing broker is Yossi Capland at Compass and the deal was dual.

 

Apartment manager draws new funding under COVID-19

(WSJ  10/10)

  • Co-living and rental apartment management company, Common completed the raising of $50M in new venture capital this month, becoming the latest apartment startup to wager it can expand despite the pandemic.
  • Earlier this summer, apartment-development startup, Juno residential Inc. launched with $11M in venture funding.
  • In Manhattan, the median rental price including concessions was down 7.7% in August from a year earlier, according to Muller Samuel.
  • Common’s CEO said he offered a new payment plan to struggling tenants and reduced rent for others to avoid a steep drop in occupancy because of fallout from the coronavirus pandemic. He expects the apartment-rental market to bounce back after the pandemic, saying that there are existential questions around the future of office, the future of retails, but people will always need a place to live.

 

Number of Mortgage forbearance has been reduced 18% from last week

(Korea Times  10/13)

  • Home owners with forbearance came down to 2.97M as of 10/6, announced Black Knight. It is the 1st time under 3M since April this year.
  • Mortgage with forbearance are now 5.6%, which is $614B, came down from 6.8% a week ago.  This change indicate green signal for economy recovery.
  • Meantime, 800,000 mortgage forbearance program will be ended 6 month program within a month, which could create impact to the housing market.

 

Labor market seems to be slow recovery in US

(Korea Daily  10/9)

  • Labor department reported that new UI application is 840,000 for the period of 9/27-10/3, which was higher than Bloomberg’s median forecast of 820,000.  Last week new UI application is 849,000.  During more than a month, it still hovers between 800,000 – 900,000.
  • Meantime, the continued UI application is reduced by more than 1M to 10.98M.
  • CNBC has commented that employment market has shown growth during summer season, but it is slowed down at the beginning of 4th WSJ has mentioned that more furloughs become permanent lay off, which means “red signal” in the labor market.
  • UI application was 210,000- 220,000 level before the March, 2020: It was 695,000 during Oil-shock in Oct, 1982 and 650,000 in 2009, right after the financial crises.

 

One out of five US residents live with HOA (Home Owners Association)

(Korea Times  10/10)

  • Total number of HOA in US is 351,000 last year, which means 22% of US population lives in HOA.  California is the #1 (49,200) and Florida is #2 (48,500) and Texas is #3 (21,000).  New York is #6 (14,000).
  • About 70 % of HOA residents are satisfied with living in the complex.  The total worth of property with HOA is $7.2T and they pay $96B for HOA maintenance fee.  Within this budget, $27.4B was used for maintenance for swimming pool, elevator, road maintenance, etc.
  • When purchasing a condo with HOA, purchasers (and attorney) need to do due diligence on the condo/HOA documentation.

 

Others/Tech News

(Korea Daily  10/13)

            Genesis is the 1st car equipped with Car Pay by ”blockchain”   technology in Korea

  • Driver can pay at the gas station without using credit card
  • BMW installed BMW Vantage platform using “BMW Coin” to pay online and offline payment

           Apple announced four iPhone 12 models for 5G network

  •  -iPhone 12 Mini ($699) – iPhone 12 Pro Max($1099 and up)

   

 

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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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