Weekly News (June 7, 2017)

1. ‘One Park’ Condo in Cliffside Park, NJ to launch to preview sale

Upscale condos impressive skyline views, developed by DMG Investment
On site sales Gallery opens early June 2017, marketed by Halstead Property Devel Marketing (www.oneparkcondosnj.com, 201-633-7600)
14 story, 204 units / Shuttle bus to Port Imperial, Fully automated unitronics system garage, 32 foot-high grand lobby (One drawback: Adolphus Ave is ‘One Way’ coming out to Gorge Rd)

2. ‘Vantage Tower’ in Jersey City is named appropriately

45 stories / 448 units, developed by Fisher Development, managed by Marketing Directors for leasing. Designed by S9 Architecture
Located at 33 Park Ave near Paulus Hook, will be rented form $2,115 / the details are revealed on the website in a few weeks
www.vantagejc.com T: 201-333-1222

3. ‘Cast Iron Lofts II’ in Jersey City named ‘Community of the Year’

27-story industrial-inspired building located at 300 Coles Street
Developed by Manhattan Building Co → Enjoyed banner for 2017 NJ Builder Association’s Sales and Marketing (SAM) Awards
17,000 SF roof-top amenities: heated pool, pool side shower, gas BBQ, out door fire pit lounge area
Next luxury rental complex by Manhattan Building Co → SOHO Lofts : 377 units

4. Palisades Park, NJ, Residential Market is hot

According to Star Ledger, New Jersey Median Price → $301,600
Palisades Park → Ranking #11 in state. Median Price: $601,400 (6.39% Up CMT Mar 2016) (Reason: Commuting NYC is easy, Reasonably priced CMT other neighboring towns)
Tenafly → Ranking #14. Median Price : $793,000 (4.84% Up) (Reason: Good school, Commute to NYC)
Hoboken → Ranking #5. Median Price: $748,000 ( 12.55% Up)
Weehawken → Ranking #1. Median Price: $727,400 (25.15% Up)

5. New Jersey – Staten Islands Light Rail Construction Plan

MTA begins to study plan to extend Light Rail to Staten Islands through Bayonne Bridge
West Shore line → up to Tottenville (South end of Staten Islands): 13 miles
North Shore line → up to St. George

6. Luxury Condo in Manhattan developed by Korean owned Co

According to Realdeal.com, ‘Six Sigma NYC’ (Owner: Jason Lee) successfully obtained $77 Million loan to develop Luxury Condo (12 story) at 517-523 West 29^th Street
Total 53 units, 56,000 SF. Price starts from $1.2 Million
The company purchased the warehouse at $54.8 Million and 4900 SF Air right at $3.9 Million
This project is biggest one developed by Six Sigma NYC so far
Six Sigma NYC holds construction team and Architect/Interior Design Team
Also they developed condo at 19 Street in Chelsea, Walker St in Tribeca, Washington St.

7. Home sales dip as listings tighten

Americans pulled back their pace of home-buying in April
NAR announced sales of existing homes slipped 2.3% (Seasonally adjusted annual rate → 5.57 Million)
Inventory of homes pushed up prices above income growth
Number of properties listed for sales dropped by 9% for 12 months → 1.93 Million / Median DOM: 29 days → Let some of FHB out of the market
Median price: $244,800 (6% rises form a year ago)
Still Mortgage IR is low (3.85~4%) / 3.58% a year ago (Averaged 3.65% in 2016) → lowest level in records dating to 1971

8. Only 30% houses are recovered house price to the level before the crisis

According to Trulia, Denver, S Francisco are recovered by 95% level
Oklahoma, Colorado Springs, Nashville, Fort Worth, Honolulu → 90% level recovery
Among 108 Metro area in US, fully recovered area → 10% (28 area), Las Vegas → 1% level
2^nd slow area → Tuscan, AZ, Frezno in CA, → 2% level recovery
Bakersfield in CA, Fort Lauderdale in FL, Daytona in FL, River side in CA, Orlando in FL, Phoenix in AZ → 5% level recovery
New York, Los Angeles, Silver Spring, Maryland, Connecticut area → 50% level recovery