Weekly News (April 18, 2018)

1. NJ ‘Jersey City’ is becoming popular as alternative of Manhattan 

  • According to CNBC, Housing price is moving up sharply in Jersey City because M Gen prefers to Jersey City over Manhattan
  • The price in Jersey City is about half of Manhattan price
  • Average Price in Jersey City is $391,000 (Average Rent: $1500)
  • Median Price in Manhattan is $1.3 Million (Median Rent: $3400)

2. Palisades Park, NJ, Korean Mayor candidates might try to make one candidate 

  • Palisades Park Voters Association is putting efforts to make one mayor candidate
  • ChaSoo Park might want to be single candidate / Chris Chung is open to discuss
  • Pre-election in democratic party will be held on 06/05
  • Total voters are 7,500, and Korean voters are about 3,500

3. Power Plant in Meadowlands, NJ? → ‘North Bergen Liberty Generating Project’ 

  • A California company is seeking approval of $1.5 Billion natural-gas-fueled generating station
  • would be transported via underground cable to Manhattan, where it could power as many as 1.2 Million households
  • LA based Diamond Generating Corp (Subsidiary of Mitsubishi) would build on a 15 Acre parcel near Railroad Ave on the banks of Bellman’s Creek
  • The company has to buy the lot, but already zoned for a power plant
  • A 6.5 mile cable would go from the plant through North Bergen, Fairview, Cliffside Park and Edgewater before crossing the Hudson river to ConEdison’s 49th Street substation
  • The project will hire 2146 construction workers and 33 permanent workers to run it

4. Indoor Skydiving facility in Paramus open → ‘iFly Paramus’

  • Free-fall indoors on Route 4, Paramus (Old Forum Diner: Route 4 and Forest Ave)
  • The wind can go up to 120 miles/h
  • Age limit: 3 ~ 103 years / Weight limit: 300 lb
  • Flight vary in pricing: $89.95 for 2 flights for one / $168.95 for 5 flights for one
  • The flight lasts 60 seconds

5. RE big hands moved from Baby Boomer Gen to M Gen (1980 ~ early 2000) 

  • Big influence → SNS / Digital Communication
  • According to BOA’s 2000 adults survey, Mostly stimulated by friend’s house picture posting on SNS (Facebook and Instagram) → More visual communication through Video and Image
  • 25%: FOMO effect: ‘Fear Of Missing Out’
  • 23%: Jealousy
  • RE companies use Facebook, Instagram and Tweeter beyond Web site
  • RE Consultant concept beyond property photos, video clip

6. Nail, Dry Cleaners income reduced / Medical, Real Estate income increased

  • 2015 Tax Report reveals income profile changes
  • Income with traditional small business by Korean and on-line competing business is reduced by 5%. Professional’s income increased
  • Many small business had to close without selling businesses
  • Income by Bit Coin introduced, but not big scale
  • Medical industry, Health and Environmental, Real Estate agent are booming
  • Real Estate Investment from Korea to US increased about 30% (According to CPA Moon)

7. SBA (Commercial) 504 loan increases loan period to 25 years 

  • Usually 10 years (Some case 20 years) → Choice between 10,20,25 years loan
  • Typical SBA 7a program loan limit → $5 Million
  • SBA 504 program loan limit → $10 Million / 10% down → Perfect for own building purchase or Expand facilities and equipment

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