Weekly News (June 13, 2018)

1. In Palisades Park, NJ, Mayor candidate for Democratic party becomes C Chung

Current Mayor James Rotundo defeated by 8 votes for his 5th term
He cancelled Press Interview on 12th (He might ask re-count, but circumstances are not positive including his mother’s discriminatory remarks on SNS)
The candidate C Chung received a congrats msg from the Governor Phil Murphy

2. New Condo Construction near Wall St, Manhattan

130 William St / 800 FT Tall / 66 story / 244 units
Price: Studio → From $650,000 / 1 Bedroom → From $1.11 Million
2 Bedroom → From $2.6 Million / 4 Bedroom → From $5.42 Million
Marketed by Corcoran’s Sunshine Group → Presale starts at the end of June → So far about 3000 inquiries
Designed by Sir David Adjaye (British designer, born in Africa Keyna) → Designed African-American culture center at Smithsonian museum

3. Building in Brooklyn Williamsburg sold at $18.85 Million

4. Overall rent in US stopped upward swing

According to ‘Apartmentlist’, Rent in 25 big cities increased only 1~2% for a year (Until last year, 3~5% Up)
Rent went down in Baltimore, Chicago, Pittsburg, Portland, Seattle, St. Louis, Washington DC
Rent increased by 4.6%, 3.4% in Tampa, Houston respectively / In Atlanta, rent increased by 2%
1 Bedroom median rent: Atlanta: $1,008 / Chicago: $1,067 / Houston: $834/ NYC: $2,065
Portland: $1,128/ Seattle: $1,318 / Tampa: $983 / Washington DC: $1,311

5. Gig Economy workers becomes easier to get mortgage

Fannie Mae and Freddie Mac are new policy for Gig Economy workers
Gig economy: Freelancers, Uber drivers, AirBNB workers, etc. → 20~30% of whole work force in US → Unstable income source from mortgage banker’s point of view
Ignoring this sector (Is not realistic any more) → One of important economic segments

6. In Korea, Real Estate Investment Trusts return rate hits 7.59% last year

Real Estate Investment Trusts → Corporation with stocks: Investment fund from multiple investors → Invest in Real Estate →Return profits to investors
Much Higher than company bonds (2.33%), Savings Interests (1.56%), Office building and strip mall’s return rate (4%)
193 REITs last year (14.2% Up) → Total assets: $33 Billion (36.8% Up)
Asset / REIT → $164 Million (10.9% Up)

7. $1.25 Trillion worth of stock value disappeared for last 3 months due to Trump’s international trade war

According to JP Morgan, S&P 500 stocks lost 4.5% ($1.25 Trillion)
Threatening / Bluffing tactics work one-and-one negotiation, but could be dangerous result for complicated international trade situation

8. CEO Economic Outlook Index dropped first time in 2 years

9. AT & T wins: Judge clears $85.4 Billion bid for Time Warner

Clears the deal that gives Pay-TV provider (Direct TV) ownership of cable channels such as HBO and CNN as well as film studio Warner Bros
Time Warner shares humped toughly 5% in extended trading → AT&T shares dropped as much as 2 percent
The outcome of this trial sours a wave of deals in the telecom and media industries and vertical merger, where a company buys its supplier