1. NJ Affordable Apartment will be increased
- Judge Mary Jacobson sentenced to build more affordable apartment in Princeton (753 units) and West Windsor (1500 units) in NJ by 2025
- Two towns were receiving funds for affordable housing, but not many affordable units built → Two towns must submit their construction proposal by 7/24/2018 to the court
- FSHC (Fair Share Housing Center) mentioned that it is positive decision for about 100 towns that built very little number of affordable units
- Princeton’s median income is $167,000 / West Windsor’s median income: $118,000
- In 1975 affordable housing law initiated, but not followed (190 towns agreed, but 100 towns did not performed)
2. Pilgrim Church building in Paramus sold at $6.5 Million
- Sold to The True Light Presbyterian Church (They have to sell their own church: worth of $5.5 Million)
- MOU signed → Buyer starts paying the mortgage($30,000) for balance of $4.5 Million
Payment for 3 month till May will be deducted from principle amount
From June, 50% of payment go to principle reduction - Balance of $2 Million is owner (PCUSA) financing (4%, for 5 years)
- Deed will be transferred when owner mortgage starts. PCUSA hold lien till owner mortgage ends.
3. Englewood Town will investigate Leonia’s banning non-residence vehicles
- The town will request The State, DOT to investigate the legality of Leonia’s rule
- Two towns were trying to negotiate the solution, but leads to impasse
- Zudah Zeigler, Leonia’s Mayor keeps his position:
No complaining from Palisades Park, Fort Lee
If a car stopped, no scrutinizing and it takes 10~15 sec
This rule helps residents’ and students’ walking to shop and go to school
4. Manhattan Luxury Apartment sold at $30 Million
- Owner: Saudi Prince (Heritage at Trump Place at 240 Riverside Blvd, #6A-T)
- 6 Units combined into 1 unit ( 5th FL~ 7th FL): 10,500 SF → 3Br / 4Bath, 3 Terrace
- Listed at $75 Million in 2012 → $48.5 Million in 2015 → $40 Million recently → Sold at $30 Million
- Monthly M fee: $27,500
5. Toys R Us will shut down around 800 stores nationwide
- If there is no last-minute save to bail out → Will cease re-organization plan under Chapter 11
- 1948 established → 1996 Babies R Us established → 1600 stores worldwide
- Amazon took on-line market / low response to mobile shopping trends
- Toy Manufactures: Mattel, Hasbro → Stocks dropped by 7.6%, 3.6%
6. Mortgage Rate → 4.46%: Highest during last 4 years
- Peak rate since Jan 2014 / Entered into 4% range from Jan 2018
- Impact to Re-Fi market → 1.4 Million customers lost Re-Fi opportunity
- For last 40 days, Re-Fi deals reduced by 40%
7. House Flipping is increased under short inventory
- According to CNBC, 207,000 flipping nationwide in 2017 → Increased by 10% from last year
- Highest flipping since 2006 (Highest in 2005 → 347,000)
- Profit rate →49.8% / 51.9% in 2016 / 28% in 2006
- 65% of flippers are cash buyers (Fannie Mei allows up to 10 houses for investor mortgage)
- Highest Profit: 168.2% → Scranton, PA. Pittsburg, PA →5%, Baton Rouge, LA:122.9%, Philadelphia, PA:115.7%
8. 2016~2017 Fiscal Year, F-1 Visa issue: 390,000 → Dropped by 16.6%
- Universities / Colleges are concerned (Foreign Students spend $2.7 Billion each year)
- Korean students: 22,856 → Decreased by 9.9% ( 2010~2011 Fiscal Year: 45,638)
- Reasons: Visa process become difficult / Anti-America → Go to Canada, England, Australia / Hard to get a job with H-1B after school