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Weekly News (January 17, 2018)

1. Christopher Chung (Democratic) will run for Palisades Park, NJ Mayor 

  • On the council since 2004 and intention to file June primary
  • Current Mayor James Rotundo (55, Since 2004) has not decided to rum primary → Would be last term till 2022
  • Chung (A father of two) works as a property manager → Time to run: More than a half are Korean heritage among 19,622 population according to 2010 Census
  • Chung said 1. Revitalizing down town, 2. Increasing number of parking, 3. Improving infra such as sewer lines and streetlights, etc.

2. Edgewater (NJ) Board dismissed developer’s plan for former Hess property  

  • Zoning board dismissed an application for mixed use complex because the developer did not appear at several meetings
  • Dismissal resolution because the developer (615 River Rd Partners), which is in litigation with the borough, did not appear at two special and two regular meetings, did not respond to questions, and did not provide dates to meet with board’s professionals
  • The development plan was to build 1873-unitmized use complex with 5 residential towers and 60,000 SF of retail which requires variances
  • The borough’s plan was to use 18.7 AC lot as Department of Public Works, a garage, a park and recreational space
  • Developer’s attorney said they intend to seek a fair hearing in federal court referring to lawsuit filed last month, and mentioned town officials had taken favors and money from developer Fred Daibes to act against Hess site application and to favor Daibes’ development elsewhere on the River Road

3. Gloria Oh (55),Englewood Cliffs council women becomes county prosecutor 

  • Started the prosecutor job as of 1/8/2018 for 1 year → First Korean prosecutor
  • Graduated from Boston University → worked for different banks for 30 years → Operated Title Co → Graduated from Pace University Law school
  • Worked as an attorney since 2011

4. Brooklyn, NY Hot RE Market does not go down .  

  • According to Elliman Douglas, 4th QT, 2017 shows residential median price $770,000 → 7% Up, compared to 2016 (Manhattan market → bit stall)
  • This record → 3rd highest (Highest record → $795,000 in 2nd QT, 2017)
  • Manhattan, Bronx, Queens → Increased inventory, decreased sales
  • Brooklyn residential inventory: 1,711 → 23% Down, compared to 4th QT, 2016
  • High priced residential → Bit stall (Same as other borough) / Low middle priced → high demands)
  • Bedford-Stuyvesant, Crown Heights, East NY, etc → High demand area

5. NY Governor Cuomo announced the plan for Underwater tunnel 

  • Underwater tunnel between Westchester (Rye or Port Chester) and Long Islands (Syosset)
  • NYC Transportation Dept presented 80 pages report at USA TODAY: Total 18 miles / Total cost $3 Billion – $5.5 Billion → Will reduce 1 hour commuting time → Also affect clean air
  • Issues: Huge budget / I-287 & I- 95 traffic problem during construction period
  • Total cost will be shared between public and private
  • Will take 5 years to come up with detailed plan including environmental study. After that, Construction design will take another 1 or 2 years

6. 2017 NYC Foreclosure was highest since 2009 

  • 58.5% is Up to 3306, compared to 2016
  • 2008 → 3728 / 2009 → 3360 / 2010 → 2482 / 2011 → 2988 / 2012→ 912
  • Queens: 40.3% Up to 1260 (38.1% in NYC): ( 2012 → 368)
  • Brooklyn: 25% Up to 827
  • Bronx: 44.1% Up to 650 / Staten Islands: 133.9% Up to 428

7. NYC is #1 for Foreign Investment in US 

  • According to AFIRE, Annual report announced that NYC is #1 in US for 7 years (LA is also #1)
  • Washington DC, Seattle are in top 5 (Washington DC is first time in top 5)
  • NYC is #2 for global ranking ( 1st:London, 3rd:Berlin, 4th:LA, 5th:Frankfrut)
  • LA → #2 city in US, Gate for Pacific Ocean, Lucrative Commercial investment
  • US is honored as the safest investment place in the world (Industrial → Multifamily → Office → Hotel → Retail)

8. 2018 House price à Forecasted still 4~6% Up 

  • Reason: 1. Low inventory, 2. M Gen’s push
  • NAR: Forecast 5.5% Up (Low inventory, Slow new construction). Mortgage will move to 4.5% at the end of the year. Lowest price point in 2011 → 47% in 2017 (Income → 15% for same period)
  • Price → Steadily upward. Low inventory will recovered depending on area. Main thrust → Low middle price houses. Average mortgage rate → 4.6% (up to 5% at the end of year)
  • Redfin: Low inventory → Will sell in 2 weeks. SALT deduction is up to $10,000 → Move form high priced house area to middle and low price area (Moving out: Y,NJ, MD, MA, IL). New word ‘Urban suburban’ by M generation → Urban area with job, school, and luxury environment. Mortgage: steadily increased to 4.3~4.5%
  • Zillow: Low inventory is major factor → As of Sep 2017, 12% decreased. Construction industry slowed down intentionally to raise house price → Will start building for more FHB market. House price will move up by 4.1%  increase. M Generation will move to suburban area more/ More remodeling than selling/buying.
  • MBA (Mortgage Banker Association): Forecasted 4.5% at the end of year → 5.3% in  2020. Total mortgage amount will be increased by up to 7% → $1 Trillion

9. 2018, First R Interest Rate Increase will be in March 

  • 93% of experts forecasted Rate hike in March this year
  • Inflation is relatively high / Strong employment / Economy growth
  • 65.2% forecasted 2nd increase in June


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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