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Weekly News (May 10, 2017)

1. Edgewater, NJ also would ban short term rent 

  • Town is in the process of proposing ordinance to ban short term rent including Airbnb
  • Fine would be $1250
  • Currently Airbnb has about 20 listings in Edgewater, NJ ($40~$350/night)
  • In Bergen County, Paramus, Palisades Park, Closter, East Rutherford, Fairview, etc. are banning short term rent

2. Kushner companies actively seeking Chinese investors for luxury apartments

  • $ 500,000 investment in Jersey City to get legal residency in US by EB-5 program
  • $ 976 Million ‘One Journal Square’ project is being built by KABR Group, based in Ridgefield Park: Managed by Kushner family real estate company
  • The project consists of 2 towers(79 and 56 stories) will have 1725 units
  • EB-5 program  was streamlined in 2007 à increase of use: INS approved 7632 visas in 2016 (Double than 3677 in 2012)
  • While lending money from the bank costs 6% interests, using people from EB-5 costs 1%

3. Energy market emerged in Brooklyn, NY, developed by ‘L03’ company

  • ‘Micro-Grid’ for electricity is on experiment among 50 houses in Brooklyn P2P market
  • A House with Solar panel Generate electricity and save extra electricity into storage(Block Chain) Sell to neighbor house through App (A house received 159 KW at $0.07 Paid $11/month)
  • Remaining issue is regulation from authority
  • In Germany, 8000 houses are involved with Energy market / Australia is in experiment

4. New development: Mixed use building in ‘West side’ in Manhattan, NY

  • At current parking space (11th Ave, between 39-40th St)
  • According to NYCEDC, Low-income apartment (234 units): 200,000 SF office space, 12,000 SF retail space Mixed-use complex will be completed in 2022

5. New farm Mart opened in Easter Rutherford, NJ

  • ‘Gourmet Farm Mart’ owned by Korean (Junghyuk Ahn)
  • Mayor and police chief joined opening ceremony on 5, 7, 9 / 2017

6. Florida is #1 place for retirement 

  • According to ‘WalletHub’, Florida stakes #1 place for retirement from 3 criteria: Affordability, Healthcare (24th), Quality of life(11th): Affordability is super
  • NY  Quality of life(1st), Affordability is poor
  • Hawaii, Washington DC, Connecticut, Alaska worst area to retire

7. LG All Automatic, Drum Washer Ranking #1 in US 

  • According to Consumer Report (from 67,000 consumer poll)
  • For Top-loader category, Brand reliability: 1. LG, 2. Maytag, 3.GE, 4. Whirlpool, 5. Samsung
  • For Front-loader (Drum washer) category: 1. LG, 2. Kenmore, 3. Maytag, 4. Electrolux, 5. Samsung, 6. Whirlpool

8. ‘Glass-Steagall’ Law might be revived by Trump  

  • For last 3 months, Trump was saying Dodd-Frank law will be gone / limited
  • Now Trump cabinet indicated revival of Glass-Steagall law Big banks will be divided to general commerce bank and investment bank
  • This law was nullified by president Clinton in 1999
  • American Bankers Association opposed (It will take long time : Currently government is working on Tax reform)


Stephen Lee

He has been in Real Estate industry in about 20 years and has been Broker of Record for 9 years. His experience includes residential, commercial, and property management. Prior to involving with Real Estate business, he has been involved in the digital communication equipment industry utilizing his engineering background and education, including running own company. He has established C Land Realty in 2011 which has grown to staffing over 100 Real Estate agents and the annual transaction amount of over $110,000,000 today.

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