Weekly News (February 14, 2018)
1. Palisades Park, NJ crime rate went down while Fort Lee rate went Up
- Palisades Park rate Down by 31.7% to 125 (Theft went Down by 13.5% to 64)
- Englewood Cliffs rate Down by 22.9% to 34 (Car theft went Up from 2% to 4)
- Fort Lee rate went Up by 7% to 442 (Theft went Up by 16.6% to 232 / Car theft went Up by 175 to 11)
- Ridgefield rate went Up by 34.6% to 106 (Violence Up by 75% to 34 / Theft Up by 41% to 55)
- Bergen Co rate went Down by 4.3% to 12,491 (Rape went Up by 3.1% to 66)
- njsp.org/ucr/pdf/current/20180123-crimetrend.pdf
2. Palisades Park, NJ, Council member candidate might be Hispanic.
- Paul Kim might not be a Joseph Testa’s successor.
- If he is elected, 50% of council members would be Korean (Jong Chul Lee, Chris Chung, Paul Kim)
- Maria Alvarez might be a potential candidate
- Recently Hispanic population is growing with fast pace (Guatemala , etc.)
3. Leonia Mayor did not expect damage to the business (store) owners
- Business owners claim that prohibition of non-resident vehicle for selective hours causes fear to come in to the town at all
- Also they argued with town that it does not make sense what mayor said
- They insist to remove the ban or lift during evening hours at leas in order to restore damaged business in Leonia commercial district → They will submit the petition to monthly town meeting
4. Weehawken, NJ also is banning non-residence vehicle
- From 2/13, Hackensack Plank Rd / Pleasant Ave will be blocked between 3pm~7pm
- ‘Waze’ (Traffic guide application) will guide detour route before entrance of 495 highway
- They are following Leonia, but Leonia got sued and many complaint form business owners
- Possible to block JFK Blvd East and Highwood Terrace in the future
5. ‘The Grand at Sky View Parc’ in Flushing is most popular condo in NYC
- According to Property Shock, #1 popular condo is Grand View in Flushing (463 units sold/ Medium price: $794,223) at 131-05 40th(Subway 7 line, near Main Street station)
- #2 is Vanderbilt in Brooklyn (173 units sold/ $896,060)
- #3 is Flushing Commons (141 units sold / $1,033,524) at 138 -35 39th Aveà Total 148 units (95% pre-sale) for 1st. 2nd phase (450 units) will be completed 2021 → 1600 parking, 62,000 SF YMCA, 164,000 SF Hospital / Office, 53,000 SF Retail spaces, 1.5 Acre Community Plaza, etc.
6. NYC is making the law allowing basement rent
- Mayor is pushing a trial program to use basement rent as legal → He includes $5.7 Million budget to support this program
- The trial program is to change/modify basement room and legally allow to lease
- Basement unit under this program will be lower than FMR price
- Current law prohibits renting attic and basement ($15,000 fine and/or jail term under 1 year)
- Within 5 Boroughs in NYC, possible space to be legalized is estimated 45,000 units
- Concerns are population density and life quality
7. NYC Commercial RE transactions reduced by 32.8%
- 2017 Transaction amount: $31.26 Billion (2016: $46.54 Billion)
- 5% Down, compared to Recent highest year 2015: $66.98 Billion
- # of Deals above $100 Million dropped by 52% to 32 transactions (2016: $23 Billion → $11.6 Billion)
- Reason: worries to anticipate some adjustment period out of booming years → Less investment / over supply of properties to the market
8. Chinese Investors were waiting for 201’8′
- They love ‘8’ without reasoning → The pronouncing ‘8’ is very similar to the sound of the word of prosperity in Chinese character
- Especially, this year contains 18 → The pronounce of 18 in Cantonese is very similar to pronouncing of the sentence that ‘want to be rich’
- According to juwai.com (Chinese online site), many Chinese investors were ready to purchase this year from the end of last year. Also they are watching out on 8/18 this year → 8/18/2018
- Chinese culture will affect RE market, but more important factor: RE Market situation → More important factor: China government policy for allowance to spend abroad
Join The Discussion