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Weekly News (April 19, 2017)

1. Building Boom : NJ becomes an apartment heaven  

  • 20 Years ago → Single home in growth sector
  • Now national phenomenon → Multi-family housing
  • 5 Key residential construction projects:
    Hackensack – Main Sat (382 units), Franklin Lakes – Ewing Ave (275 units)
    Park Ridge – Kinderkamack Rd (240 units), Wayne – Route 23 South (223 units)
    Fort Lee – Park Ave (450 units)
  • Millennials are rental generation (1. Late start of their career due to recession, 2. Huge student loan, 3. Having good time being single)
  • Another large group: potential buyers and renters for townhouses / condos / apartment
    Baby boomers  (Two groups are called ‘Bookends’)
  • Jersey City has 4 multi-family development projects → $900 Million
  • Fort Lee, Modern II (47 stories) → Largest project in Bergen County
  • Possibly to follow European trends → More rent than own home / don’t have cars
  • American phenomenon (House ownership) is impacted by slow income growth & high living cost

2. Dodd-Frank Law will be modified, not cancelled entirely  

  • According to CNBC, Trump said partial items (Dodd-Frank) will be remained
  • Possibly 1. de-regulate stress test rules → bank will utilize more funds,
    2. reduce power of CFPB (Consumer Financial Protect Bureau)
  • New name → ‘Financial Choice Act’

3. Number of Gas Station in Manhattan, NY reduced as time goes  

  • 52 Statins in 2008 → Currently only 31 (21 disappeared in 8 years)
  • Car traffic increased every year, but less Gas stations → makes long waiting line
  • Almost no Gas station below mid-town and down-town → more stations in Manhattan will close out in the near future à Need some political action
  • Reason: High-rise Luxury condo / Apartment developers buy out
  • Drivers (Taxi) are under stress to find Gas station

4. Closter, NJ will ban short term rent (less than 30 days) 

  • Passed unanimously in the town council meeting
  • Fine will be $1,250
  • Other towns, Paramus, Palisades Park, East Rutherford, Fort Lee, Fairview prohibit a short term rent

5. ‘The Palisades’ in Fort Lee was requested to present maintenance fee audit 

  • At 100 Old Palisade Ave, Fort Lee, NJ
  • Korean residents has requested maintenance fee accounting records to the management company ‘First Service’, claiming maintenance fee accounts is not clear / no report
  • Total 538 units and about a half are Korean owners → about 200 owners will participate the next board meeting

6. Town Center at Cliffside Park, NJ readies for occupancy on Anderson Ave  

  • Opens this Summer → pre leasing 13 story, 277 unit luxury apartments and 50,000 SF retail and offices will start May 1st, occupancy in July
  • Approved in 2002 and halted by recession in 2007, struggled in financing in 2012
  • One of major developers: James Demetrakis: they got $75 Million loan from the bank and started digging 3.3 Ac lot in 2012 (Had tough time to dig out the rocks underneath)

7. IMF forecasts world economy optimistic in 2017 

  • World growth is expected to rise to 3.5% in 2017, to 3.6% in 2018 (CMT 3.1% in 2016)
  • In Jan. forecast was lower
  • Financial markets are buoyant and expect continued  policy support in China
  • Fiscal expansion and deregulation in US
  • Stronger activities / expectation on robust global demands/agreed restrictions on oil supply helped commodities prices recovery
  • Growth in US forecast → 2.3% unchanged since Jan (1.6% last year)
  • Growth in China forecast → 6.6% from 6.5% In Jan

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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