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Weekly News (January 16, 2019)

  1. NYC charged $21M to a RE brokerage company for illegal house sharing biz
  • Metropolitan Property Group conducted Airbnb biz with 34 buildings in Kips bay Manhattan, etc.
  • They used 18 different names to Airbnb, and used 130 apartment as hotel room
  • According to NYC summon, the company rented 13,691 illegally /received 75,000 guests between 2015 and 2018, and gained $21M income
  • Some guests were instructed that they do not disclose their use of Airbnb services


  1. Nong Shim will build 2nd factory in NJ or Washing DC area
  • 1st factory is in LA
  • The cost for 2nd factory will be about $100M
  • The company forecasted that LA factory cannot meet increasing US demand in Canada and Central America market
  • Sale in 2015 was $105.6M and it grew to $225M by 44.2% for last 3 years
  • In US, Nong Shim takes 15% market share of Ramyun market which is 3rd


  1. House price in Flushing /Bayside NY dropped by 2 digit number
  • 4th Qt price in NE Queens (Flushing, College Point, Whitestone, Bayside, Douglaston, Little Neck, etc) are down by 10% from a year ago (median price to $688,000)
  • Price in dense Korean population area dropped to $724,153 by 4.2% from a year ago, dropped by 2.9% from the last Qt
  • Condo median price is $605,000, dropped by 11%/ sales volume dropped to 373 units by 26.6% from a year ago
  • 4th Qt Manhattan, median price is $999,00, dropped by 5.8% from a year ago/ sales volume dropped by 3.3% to 2,432
  • 4th Qt Brooklyn, median price is $785,000, increased by 1.9% from a year ago/ Sales volume dropped by 5.8% to 2,474


  1. SBA loan process stopped due to Government shut down: 26th day
  • Those loans approved before 12/22 will get funding, but application submitted after 12/22 stopped for further process
  • Even after shut down stopped and government service resumed, still so many applications backed up might create big delay
  • Many Korean Banks also are damaged due to stopped SBA loans because the fees were big portion of their profits
  • In Southern California, 11 banks processed 1,469 SBA loans, worth of $1.3B
  • No salary for 800,000 Federal employees due to this longest shut down. Many people are looking for part time temporary job


  1. Mortgage rate is lowest during last 9 months
  • It went down to below 4.5%
  • Freddie Mac announced nationwide average rate reached to 4.45% for 30 year which is 0.06% down from last week’s rate (4.51%) –  was 4.99% a year ago
  • 15 year rate is 3.89% which is 0.4% down from last week’s rate (3.99%) –  was 3.44% a year ago
  • According to Freddie Mac’s chief economist Sam Carter, mortgage application went up by 20%
  • Lower rate combining with income increase and low energy cost will lead RE market positively


  1. Median income per family increased by 1.8% in 2017 in US
  • Median income is $61,372 which is increased by 1.8% from last year – highest increase ever
  • Age between 22-37(M Gen)’s median income is $69,000 – highest income for last 50 year
  • Age between 54-72(Baby Boomer generation)’s median income is $77,600/ $75,800 in 2000
  • Age between 38-53(X generation)’s median income is $85,800/ $86,200 in 2000
  • Buying power is not increased as income increased because school expenses, medical expenses, and child care are increased with much higher rates


  1. Foreign companies in China are slowing down
  • Apple’s iPhone sales in China lowered its forecast this year
  • According to Goldman Sachs, next one would be Starbucks in China, and they suggested “modest adjustment” for Starbucks stock rather than “buying”
  • Starbucks currently is operating 3600 stores and plan to double the numbers in 4 year
  • Volkswagen, Ford, GM are experiencing slow sales


  1. China RE market make the rest of the world worry
  • Julong, China, 45 min driving distance away from Nanjing has developed 120 buildings in the International district, but sales dropped dramatically recently
  • In China urban area, 1 out of 5 apartments are vacant
  • In Julong, China, developer lowered the pre-sale price and purchaser’s value dropped already, which is creating angry buyerà 6 times demonstration to complain about price down after purchasing apartment (Julong’s population is about 600,000)
  • RE market is critical component which takes 20-30% of China’s economic growth
  • RE assets is most important asset in a family which takes 85% of family assets
  • RE sales dropped significantly since September 2018, especially after trade ware against US



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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