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Weekly News (September 23, 2020)

This week’s Interest Rate (39th  Week)

(By Fairway Asset )  

   30 yr fx(%)  15 yr fx(%) FHA(%) 10 yr Tr Y (%)
A year ago      3.500       3.125          1.462
A month ago      2.750       2.490     2.625          0.667
Last week      2.875       2.375     2.625          0.672
This week      2.875       2.490     2.625          0.664

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

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

Charging additional 0.5% for Re-Fi will be extended 3 month till December.

(FHFA will add an adverse Market fee as of 12/1/2020.  There is potential interest rates rise)

FOMC in this week might affect interest rates.

 

 

“99 Hudson Tower” condo’s first owner moved in

(Record   9/18)

  • Despite challenges created by the global pandemic, approximately 300 new condo owners will be moving in over next 100 days to 99 Hudson Tower condo.
  • The Marketing Directors reported 99 Hudson recorded 6 new sales in the past week, demonstrating how strongly its luxury homes, world-class amenities and desirable locations facing Manhattan’s iconic skyline continue to resonate with buyers.
  • The condo boasts the location, just steps from the Exchange Place PATH station and NY Waterway Ferry service to the 39th St and Battery Park City terminals. Also there is Light Rail station in front of the door, which provides direct access to other “Gold Coast” locals.  99hudsonliving.com or call at 201 371 7782 ( You may contact NY C Lander, Helena Liu at 201 315 1218)

 

“Sycamore Living” Luxury Senior Housing opens in East Hanover, NJ

(Korea Daily  9/18)

  • Sycamore Living facilities provide hotel type of living quality with health care, and they operates Korean wing in the complex which is unique and the first facility in New Jersey.
  • East Hanover is about 40 minutes away from Palisades Park and Fort Lee.
  • Korean Part Contact: H Lee (이현아) at 201 574 5648. hlee@sycamorelivingeh.com.  The address is 1 South Ridgedale Ave, East Hanover, NJ 07936.
  • According to JinGu Seo (C Land Senior Housing Specialist), the complex is operated with monthly rent.

 

Commercial building foreclosure ban is extended till 10/20/2020

   (Korea Times   9/22)

  • The NY Governor announced that banning of foreclosure for LLs and eviction for tenants have been extended again till 10/20.
  • This is 3rd time extension of foreclosure and eviction ban.

 

NYC, 87% of restaurants could not pay full rent of August due to COVID-19

(Korea Daily  9/22)

  • According to NYC Hospitality Alliance, the survey for 457 businesses (restaurants, bars) reveals that 87% could not pay full rent in August, which is continually increasing from previous two months (80% in June, 83% in July). 34% of restaurants could not pay rent at all.
  • NYC is planning to open indoor restaurants up to 25% capacity on 9/30.

 

US Home Sales rise 2.4% in August

(Record  9/23)

  • Sales of existing home sales rose 2.4% in August to its highest level since 2006 as housing market recovers form COVID-19.
  • NAR announced that sales rose to seasonally adjusted annual rate of 6M homes sold last month. Sales are up 10.5% from a year ago and back to pre-COVID-19 levels of early 2020.
  • The median price for an existing single family house reached $315,000 in August, up 11.7% from August, 2019.  Last month was the first time the median price for a home breached $300,000.
  • First time home buyers made about a third of purchases in August, about the same as all 2019.  Historically, NAR said that first-time home buyers made up about 40% of the primary residence home buyers in the market.

 

Home Equity is increased along with increasing home price

(Korea Times  9/23)

  • According to CoreLogic/CNBC, Home Equity in US for 2nd Qt 2020 is increased 6.6%, compared to the same period of last year.  The increased portion of home equity is $620B which is equivalent to $9,800 increase per home.
  • According to Zillow, US nationwide home value is increased by 5.1%, compared to the last year.  Home value increase has shown in 48 big cities out of 50 big cities in US.
  • Two reasons to boost home value: 1) Low inventory (Zillow announced that the listed house between 9/6-9/16 is 29% lower than the same period of the last year)  2) Low mortgage interest rates → More buyers in the market.
  • Home equity value increase means that there will be less short sales/ foreclosure houses.

 

New UI Application is 860,000 for the week of 9/6-9/12

(Record /Korea Times  9/18)

  • New UI application is hovering under 1M for consecutive 3 weeks.  This week’s application is 860,000 which is down by 33,000 from the previous week.
  • Continued UI application, which is at least for weeks, is 1.263M which is down by 916,000 from the previous week.
  • Media reported that employment market is improving, but unemployment is still abnormally high.

 

New Stock exchange market, MEMX has been launched

(Korea Daily 9/22)

  • Besides New York Stock Exchange (NYSE) and Nasdaq, new MEMX has started exchanging stocks on 9/21/2020.  Currently people can trade for 7 company’s stocks including Alphabet, YouTube, Exxon Mobile, and it will open to all companies from 9/29.
  • MEMX was a NJ start-up company and they were able to induce investment from JP Morgan, Goldman Sachs, Charles Schwab, Citadel, etc.  The main reason they invested to new market place MEMX is the existing market places charge too high trading fees.

 

Others/Tech News : Apple unveils New Smart Watch

  (Korea Daily   9/18)   Amazon announced wearable wrist band “Halo” last month Google purchased Fitbit, wearable specialty company, at $2.1B and announced a wearable watch,  Google Fitbit.

Trends:
1.  They see big health care market of $187.6B  2.  Watches provide health care (EGG, Blood oxygen level, Blood pressure, Skin temperature, etc,.
https://us02web.zoom.us/meeting/register/tZYpf–grToiEtLN4dafMj4D6G7uxLxT27Tm Big data, AI
3.  Companies are trying to provide subscription model.

 

 


 

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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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