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Weekly News (November 14, 2018)

1. Korean Police in Palisades Park is promoted to Lieutenant

  • Shawn Lee is promoted to Lieutenant from Sergeant (2015)
  • First time Korean policeman becomes to high ranking officer
  • He started police job in 2000 in Palisades Park
  • He is the president of KABLE

2. NJ, Edgewater Multiplex theater was closed down on 11/13/2018

  • Due to not enough income after 15 year operation
  • Bow Tie Cinemas in Tenafly was closed down last month
  • Condo (apartment) development will be on Edgewater Multiplex lot

3. Google will expand it’s Manhattan operation

  • 12,000 work force will be added (currently 8000)
  • Google purchased a building in Chelsea area at $2.4B this year
  • Google will lease space in St, John’s terminal → will complete in 2022
  • Amazon was looking for 2nd QT openly, but Google did confidentially

4. “Amazon” decided two HQ2

  • Washington DC Crystal City (Arlington, VA, National Landing) & Queens LIC, Anable Basin (waterfront: 4M SF, cost $2.5B)
  • Newark and New Jersey offered $7B in the form of tax break, but bypassed in bid
  • Analysts predicted Amazon will not pick a “fixer-upper”, but a location that was more of a sure thing, and more conventional choice → Queens LIC
  • Amazon has 29 individual data centers in Northern, VA (Loudoun Co claims that 70% of global Internet traffic flows through it)
  • Newark/ New Jersey may not be getting HQ2, but the proximity to Queens means we are going to benefit (HQ2 will bring 25,000 jobs each cities)
  • But, objection is also strong around LIC  → uncovered negotiation, rent will jump up, traffic issue (Sunway 7), RE inquiry: sharply increase  → enlarge gap between low income and high income earners

5. LA and Orange County, CA have lower home owner’s rate  → 47.3%

  • Lowest rate among 73 big cities → 3% in 3rd Qt ( 2nd QT: 48.8%)
  • Highest rate  → Allentown, PA : 74.3% /Detroit: 74.2% /Cape Coral, FA: 72.3%
  • California State → 2% /New York State → 50.5% /Washington DC → 40.9%
  • LA and Orange Co: Before financial crisis (2005-2009) → 8% /2010 – 2018  → average 49.1%
  • Very low inventory in this area  → people started moving to “Inland Empire”
  • Inland Empire area → 7%
  • 3rd QT US home owner’s rate → 4%

6. “Lowes” will close down 20 stores in US

  • Manhattan store in 68th street was closed on 11/4/2018
  • It announced 20 stores in US and 31 stores in Canada will be closed by Feb 2019
  • The decision is based on strategy to improve profitability

7. Mortgage interest rate high /mortgage loan application low 

  • Lowest mortgage application in 4 years
  • According to MBA, last week application was dropped by 4% from last year sale time
  • Lowest point since December 2014
  • Reason → mortgage IR is increased.
  • Accordingly, Big banks cut off mortgage work forces (Wells Fargo cut 600/Chase cut 400 last month)


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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