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