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Weekly News (January 30, 2019)

  1. Ridgefield, NJ town government encourages residents to perform Radon test
  • Town provides free test kits
  • Radon is colorless, smell less carcinogen which is the 2nd biggest reason for lung cancer
  • NJ EPA reported that 7% of total resident in Ridgefield has higher level than allowed level
  • Water line burst on Hamilton Ave in Ridgefield, NJ caused 10 houses got water damage
  • Suez company who manages water lines got blame
  • Town government cannot repair /manage private company’s infra-structure


  1. 99 Hudson Condo in Jersey City, NJ finished the roof top
  • Highest building in New Jersey.- 79 story, 900 feet, total 781 units
  • Goldman Sachs building was highest building – 781 feet (highest building for 15 years)
  • Developer is China Overseas America and Architect is The Perkins Eastman
  • Construction: The Plaza Construction, and Marketing Co is The marketing directors
  • Amenities includes roof top observation deck, play ground, swimming pool, BBQ grill, spa sauna, gyms, pet facility, etc
  • In unit, floor-to-ceiling windows, oak flooring, caesar stone countertop, washer and dryer are equipped among other features
  • Ask anything to Helena Liu (internal Sales/ C Land NY) at 201 315 1218


  1. Manhattan penthouse sold at $238M which is the highest residential price in US
  • Buyer is Ken Griffin(50) CEO of Citadel
  • So far, highest was $147M house in East Hampton, Long Island
  • Penthouse is in new construction 79 story condo, 220 Central park south
  • The unit includes 4 floors, total of 24,000 sf/ 16 bedroom,17 baths, 5 balconies and terrace facing Central park
  • He bought this penthouse as pre-sale unit in 2015
  • He also purchased condo unit in Chicago at $58.75M and condo unit in Miami at $60M, also he purchased $122M house in London this month, which is highest price in 10 years
  • He spent $250M to acquire vacant lot to build house in Palm Beach, FL


  1. “Northern Valley Green Way” Project initiated
  • Old Rail road will be converted to trail and cycling road
  • Northern Valley Green Way: Tenafly- Cresskill-Demarest-Closter-Norwood-Northvale
  • Already 6 town support obtained
  • Old Rail Road was not being used for last 10 years
  • Fund source would be private donation, corporate donation, and federal budget, etc


  1. House price went Up in Long Island, NY
  • Media price in Suffolk Co is up by 5.3% and Nassau Co, up by 4% to $515,000 while last year’s median price was $495,000
  • Suffolk Co median price is $380,000 while last year’s price was $361,000
  • In general, sales was declined: Nassau Co last month sales is 998, reduced by 6.6%, while sales a year ago was 1,069
  • Suffolk Co sales in December is 1,401, reduced by 6.7%, while sales a year ago was 1,401


  1. Still on-line fraud for rent cases
  • A case: Mrs K listed a rental house on general information web site. She got a call from a potential who was native speaker, saying that she sent deposit check for double amount ($3,900) of the security deposit, asking to return the difference from security deposit money because she needs to buy air plane ticket. Mrs. K sent $1800 wire. Later $3900 check turned out to be a false check
  • Sometimes, they intercept rent check through fraudulent advertisement
  • They approach through Facebook, Twitter, email, telephone, etc. /check address is not US address /issuer is not an individual, but a company address on the check is not existent
  • It takes about a week to identify normal check or fraud /do not wire within a week after deposit any checks


  1. Home sales in December dropped by 6.4%
  • Deal for existing homes fell 3.1% for 2018 to 5.34M which weakest total since 2015
  • December sale plummet by 6.4% to seasonally adjusted annual rate of 4.99M which is worst pace in almost three years
  • Home sales have slowed after years of strong price growth and modest inventories hurt affordability
  • More properties are sitting on the market, as days until signed increased to 46 from 40 days a year ago
  • Median sales price in December was $253,600 up just 2.9% from last year
  • Regional divide in price gains: NE posted 8.2% jump in median prices and South posted 2.5% gain
  • Lawrence Yun said Government shut down might affect 1% of sales in upcoming months even though it has yet to hit the housing market


  1. US Government Shut down causes about $200M loss per day
  • For 35 days, total loss was $60B ($60,000 per minute)
  • The budget for Trump’s Mexico border wall is $57B
  • Public sector: No tax collection/ No fee for public parks, etc
  • Private sector: South West Airline’s loss is $15M, Delay for new air route approval by FAA /Delta Airline loss is $25M
  • Government contractor jobs – about 4M jobs (no salary for 800,000 government employee)
  • Many small business who supply goods to US government
  • Temporary stop on 1/25 till 2/15 (without passing Trump’s Budget for Wall construction)
  • IRS delayed work load becomes serious: tax payers’ letter is piling up (about 5M letters), delayed employee education
  • In order to take care of delayed work load, IRS needs to hire thousands of employees
  • Receiving payment from IRS might be delayed


  1. Facebook might integrate “Messenger”, “Instagram”, “WhatsApp”
  • Facebook made Messenger, bought Instagram in 2012, and bought Whatsapp in 2014
  • Will keep independent messenger services , but free communication among them
  • Total user will become 2.5B which will be biggest network in the world
  • CNBC warned it becomes Anti-trust issue
  • EU already warned Anti-trust issue to Facebook mobile messenger



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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