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 49^th 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