Weekly News (December 13, 2017)

1. Leonia town decided to block non-resident’s cars to get in the town →Issue 

  • Town decision: block non-resident’s car during commuting hours → fine for $200
  • For 60 roads in town during 6:00am-9:00am and 4:00pm ~ 9:00pm from 1/15/2018
  • US Automobile Association, NJ chapter says this decision violates driver’s right for public roads ↔ Town officials says about 15,000 cars merges into the town in order to detour to go to the GW bridge → Creates huge impact to own residents

2. Fort Lee, NJ allows 3 hour free parking 

  • During year end season, 12/11/2017 ~ 1/1/2018, 3 hour free parking for meter parking and public parking in town
  • Good gesture for shoppers and restaurant customers
  • Fort Lee town government keeps this event annually

3. Queens, NY hit the record of house price in 3rd QT, 2017

  • For all types: Co-op, Condo, Single family, record high
  • According to REBNY, house price Up by 14% to $594,000 (Average)
  • Condo price Up by 27% to $723,000 (Average)
  • Among Queens area, Flushing area went Up by 69% to $874,000 (Average) ← Due to Flushing Commons and Sky View park condo
  • NYC in 3rd QT, 2017 went Up by 1% to $987,000 (Brooklyn Up by 9% to $969,000. Staten Island Up by 12% to $521,000.  Bronx Up by 3% to $414,000. Manhattan Down by 8% to $1.839 Million)

4. NYC will support Middle Class housing

  • Mayor announced 2 programs; 1. ‘Open Door’, 2. ‘Homefix’ as a part of 300,000 housing supply till 2026
  • Open Door: FHB (income: $69,000 ~ $112,000) will get incentive: 200 houses each year → Total 1300 till 2026
  • Homefix: Low income class will get low interest rate loam to improve their houses → 100 houses each year → Total 800 till 2026

5. 2018 RE Market View

  • Upgraded recovery: Mil Gen entering into RE Market → Good impact except still low inventory → Low cost new construction in suburban area will be increased to answer those demand
  • Still low inventory → Buyer’s dilemma continued (Inventory 12% reduced from last year)
  • Low cost new construction will be increase (Average yearly new construction supply: 1.2 Million for last 50 years → Reduced severely for last a few year)
  • Younger gen will coming back to suburban area housing (25~34 years old)
  • Home owners: Not sell, but remodel house → Waiting for further higher price
  • Baby boomers / Mil Gen will lead house design trend (For wheel chairs / Baby stroller, etc.)
  • House price will be increased by about 4.1% (6.9% increase from last year)

6. Tax Reform might be in danger

  • 2 ~ 3 Republican Senators might object Tax Reform: Susan Collins (Main), Bob Corker(TN) and Anti-Trump Senators (Jeff Flake(AZ), John McCain (AZ))
  • Senate: 52 Republicans and 48 Democratics → If 3 votes from Rep object Tax Reform, then Tax Reform will be failed
  • Rep goal was to pass the bill and put Trump’s desk before X-Mas this year

7. Digitalization is the matter in the future

  • Digitalized jobs → Higher income → Low possibility to be replaced by AI / Robot
  • According to Brookings Institutes report, Research on 545 jobs for digitalization level
  • Digitalization level: Level of usage of digital tools such as basic computer program to high-tech IT skill
  • 3 groups: High (Above 60), Middle (34~59), Low (Below 33)
  • Science / Technology / Professional service: 43 in 2002 → 55 in 2016
  • Accounting / Insurance: 39 in 2002 → 55 in 2016
  • Real Estate Services: 26 in 2002 → 45 in 2016
  • Education Services: 41, Retail: 41, Transportation/Storage: 37
  • Construction / Architect: 33, Nurse / Social Workers: 32, Restaurant / Hotel: 30
  • Timber / Farming / Fishing / Hunting: 16
  • High group → 30% will be automation Low group → 60% will be automation
  • Digitalization is the key to success / survive from being replaced by AI / Robot

8. Shanghai, China opened the 2nd highest building in the world

  • ‘Shanghai Tower’: 2,073 FT, 128 floors opened after 6 year construction (Cost: $2.4 Billion)
  • Planned to open 2015, but delayed due to safety issues
  • 35,000 people can be accommodated at the same time with 20m / sec super speed elevator
  • Offices, Hotel, and Observation deck (Major tenants: 60 corporations including ‘Ant Financial’ by Alibaba
  • Highest building in the world → Burj Khalifa (Khalifa tower) in Dubai 2,717 FT

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