Weekly News (March 15, 2017)

1. Closter, NJ looks to ban short term rentals  

• The Borough Council introduced an ordinances on 3/8/2017 that would ban short term rent under 30 Days → will vote on 3/22 ( A violation penalty is $1,250)
• Currently, Airbnb has 11 listings in the town on their website
• If the ordinances passed, neighbors can watch each other and report to the borough

2. Little Ferry Strip Mall NJ (‘H–Mart’ mall) is listed for lease  

• Little Ferry, NJ : Rt. 46 and Bergen Turnpike / Renovated
• Available: Anchor Retail 2 → 45,600 sf (Existing H-Mart space) / Anchor Retail 1 → 22,242 sf,  5 Other small spaces → 3000 sf each / Donkin Donuts space: 3000 sf (drive-through available)
• Existing H-Mart (43,236 sf) moves to adjacent(connected) building
• Listed by PD Properties, NY: 646 843 0992 (Tony  Park)

3. Fort Lee, NJ will raise the property tax, and other cities as well  

• The City Council passed the budget of $77.50 Million for 2017-2018 on 3/9/2017
• The budget was increased by $3 Million, compared to the last year
• $82.74 per family will be increased for $459,678 value house
• The hearing for this budget will be held on 4/13/2017
• Ridgefield: Avg. $76 increase According to new budget plan
• In NJ, Avg. 2.29% property tax of house value
• In contrast, State support funding has no increase:
  Palisade Park → $948,990 / Fort Lee → $1,771,192 / Ridgefield → $549,450
  / Leonia → $1,029,389 / Closter → $1,505,489 / Ridgewood → $1,867,322
• Governor Christie made a law in 2011 that annual tax increase will not be over 2%
• Among 565 towns, less than a half keep this law (In Bergen County, 49 towns violate this law among 70 towns)

4. Bergen Hudson Light Rail might be sooner than expected  

• Federal Transportation Department approved Environmental study for this project
• Need to pass the hearing and the budget plan
• Concern: The State planned to use the fund from gasoline tax increase →  But more urgent repair for roads and bridges
• Connection: (Tonnelle Station at North Bergen) → 91^st St →  Ridgefield → Palisades Park → Leonia → Englewood Rt. 4 → Englewood Town Center → Englewood Hospital
• Bergen county residence will ride to Manhattan by train 

5. ‘Staples’, biggest stationary store in US, will close about 70 stores 

• 4^th Quarter, Revenue dropped by 3% to $4.6 Billion, compared to last year ($548 Million loss)
• Total 1,225 stores in US, 304 stores in Canada (Closed 70 stores is about 7%)
• Facing tough completion by on-line stores (Amazon) → Closed 48 store last year
• 350 stores has been closed for last 5 years
• Last year, Staples tried to merge with ‘Office Depot’, but Federal rejected

6. A parking space worth of $300,000 in Brooklyn, NY

• A parking space (200 sf) is listed at $300,000 (It is equivalent of Bentley car)
• The garage has total 145 spaces, 24 hour operation / attendants
• In the past, Manhattan Soho parking space is sold at $1 Million in 2014

7. Foreclosure Rate declining in NJ  

• NJ observed 66,592 foreclosure filling in 2016 à 1.86 % of housing units
• Delaware:1.86% / Maryland:1.37% / Florida:1.18%
• Nationwide rate → 0.7%
• Distressed mortgages: 8.16 % in NJ ( While nationwide: 2.96%) → 42.5% dropped since its peak in 2012
• By the end of 2018, NJ might go back to normal level of 1% or less of all housing units

8. Credit Score system will be improved  

• 12 Million consumers will be benefited from July 2017
• Equifax, Experian, Trans Union will not keep some negative records
• Tax lien, Civil judgment and etc. record will be deleted
  (those record with less than 3 kinds of personal info among name, address, Social Secutity #, Date of Birth)
• About 11 Million consumers → raised by 20 scores (700,000 consumers → 40 scores)
• According to 2013 FTC report, Error on the records → 1 out of 5 consumers

9. ‘Preparing your home to go to market in Spring’ by Jim Weichert

• Making repairs / Staging home properly (Proper Staging can increase the offer price by 10%)
• Buyer likes room that are as brightly lit, clean, and neutral as possible
• Bathroom and kitchen are most important for showing (remove dingy grout, apply fresh caulk)
• Part of staging: remove personal items(diplomas, wedding and vacation photos, religious articles)
• Getting home inspection before listing