Weekly News (August 1, 2018)

1. New Jersey is #2 for Public Education System in US

According to WalletHub, NJ : 67.09 (out of 100) → #2 / MA: 74.1→ #1
NJ→ Education Quality: 3rd, Safety: 9th
CT: 66.93→ #3 / NH: 65.11→#4 / VT: 63.18→#5
NY: 53.36 → #22 ( Quality:24^th, Safety: 12nd)
Criteria: Math, English, SAT score, Student and teacher ratio, bullying accident rate, drop out rate

2. Avg. Age in Palisades Park, NJ → 39.5

According to Census between 2012 – 2016, Average age in Rockleigh → 70
Saddle River: 52.9 → Alpine:51.5 → Norwood: 49.7/ #7 – Paramus:46.9 / #9 – Englewood Cliffs:46.3 / #10 – Fort Lee: 45.8
Palisades Park: 39.5 / Ridgefield:40.9 / Leonia: 43.2 / Tenafly: 43.2
Youngest town → Garfield:35.5. East Rutherford:35.7 / Lodi:36.7

3. High rate for Korean owned foreclosure(Sheriff Sale) in Bergen Co, NJ

As of 6/29/2918, total sheriff sale → 1718 in Bergen Co.
Among them, 217 owned by Korean →13% (Korean population: 7% in Bergen Co)
Korean Owned Sheriff Sale → Fort Lee: 28 (Total 53) / Palisades Park: 25 (Total 31) / Edgewater:13 / Paramus:10/ Norwood: 10 / Closter:8 / Old Tappan:8
Among 70 towns in Bergen Co, 47 towns had at 1 Korean owned sheriff sale
A church building in Fair Lawn and Old Tappan
Highest price → $4,530,933 in Alpine, owned by Mr. Hwang
Reason: weak retail business owned by Korean / Increase on-line business
The other side business → Increase of investment by purchasing through sheriff sale
One can see about 30% of Korean in auction → Flippers

4. Unusual Phenomena in Queens, NY → Price going up with enough supply

House prices in Queens will go up continually even with high volume condo supply in NYC (Over supply might introduce price drop in NYC over all)
In Queens, especially Flushing has potential demand which is higher than supply
Reason: Population influx is bigger
Acc to Street Easy, Queens Flushing is #1 seller market among 10 NYC seller market
Belle Harbor → 40% Up from last year (median price:$1.18M)
Near Flushing, Auburndale → 21% UP from last year (median price:$856,500)
Acc to Elliman, house median price in Queens →6% Up (median price:$558,000)
Some say price might be unstable temporarily → Chinese money is not circulating well → Super active one or two years ago, but less sales recently → Possibly adjustment period

5. New Apartment supply in Queens à Highest in 5 Boroughs

4536 units are supplied for the first 6 months in 2018 → 143% Up from 2017 2nd
8% Up from last year (High growth since 3rd Qt in 2013(4.9%))
Manhattan : 52.5% Up (1044 → 1592 units) / Brooklyn:49.1% Up (3482 → 5190)
Bronx: 37.5% Up (2500 → 3438 units)
Hotel development is also active : 10.5% Up (2114 → 2337 rooms)

6. US Economy(GDP) Growthà 4.1% in 2nd Qt

GDP = Private Consumption+ Investment + Government Spending + Trade surplus
8% Up from last year (High growth since 3rd Qt in 2013(4.9%))
So, GDP growth in first half (1Qt: 2.2%) → 1% (Trump promised 3% for the year)
Private consumption → increased by 4% → Major factor
Trade deficit (in Products and service) was reduced by 6.6% to $43B.
Experts say it might not be easy to keep up same growth level due to trade policy.
WSJ forecasted 3rd Qt: 3%, 4th Qt:2.9%.
Market watches Ref IR (Current: 1.75 -2%) → forecasted 2 times increase this year.

7. New home sales in Juneà Down by 5.3%

8. NJ 2018-2019 Budget passedà Avoid Government shut down

Total $34.7B.
For income over $5M → Increased to 10.75% (from 8.97%) will be applied to 1760 in NJ → $280M additional Tax
Corporate Tax : Increased to 11.5% (from 9%) for 4 years → lowered to 9% afterwards
Start levying sales tax to Airbnb / Ex: $186.59/night (from $174/night) in Cape May, NJ / $440/night (from $413/night) in Hoboken, NJ
Uber/Lift rider pay additional charge: $0.25/mile for sharing with other. $0.5/mile for riding alone
75% sales tax will be applied to Electronic Cigarette (Tax: $0.1/milliliter nicotine)

9. “The Mountain” Lot in Beverly Hills in CA listed at $1B

Total 157 Ac. Listing price : never existed before.
Listing agent: Aaron Kirman (commission → $20M) says probable buyer will build his/her own compound (His marketing budget: $400K – $1M / 2800 people who owns more than $100M in the world → About 200 people might be interested)
In the past, $150M for 120 Ac (Paul Allen: Microsoft Co-founder) / $250M for 4 story super luxury mansion.
Twice size of Disneyland (85 Ac)

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