Weekly News (November 7, 2018)

1. Opening Fort Lee Public Parking garage will delayed till Jan, 2019

  • Some issue with Elevator installation
  • Originally opening was scheduled I the middle of Nov. 2018
  • 342 spaces: inside garage /273 spaces :outside → total: 625

2. Manhattan “Morningside Heights” is booming for re-development

  • Morningside Heights: West 110th st ←→ West 125th st /Hudson River ←→ Morningside ave (total 13 blocks)
  • Attorney Edward P purchased 3 br condo at $1M → needs to do renovation
  • Sakura Park, Riverside Park, etc./ landmark building → Riverside Church
  • Columbia University brings vitality to the community /many retails stores /restaurants /24-hour super-markets
  • In 2015, “Enclave” (15 story) apartment complex built / new rental complex is being developed across the Enclave
  • Co-op price → $895,958 /average condo price → $772,640
  • According to StreetEasy, residential listing → 45 units in October/ price range: $399,000 (junior 1 br co-op) ~ $2.95M (3br Riverview co-op)

3. Amazon 2nd HQ might be 2 different places

  • According to WSJ, last round candidates are 3: DC, Chrystal City /Texas Dallas /NY
  • Strongest candidate → DC, Chrystal City
  • Original Forecast outcome for being 2nd HQ  → $5B investment, 50,000 job creation
  • Jeff Bezos (Amazon CEO) mentioned in the recent interview that he will decide intuitively after all, not depending on data analysis (He will make tour to visit them, but schedule is not known)
  • They will make a decision this week
  • As of 11/7 Morning, it is almost certain that it will be LIC, NY (Amazon executive group visited the site 3 times and Governor /Mayor had secret meeting /nego unofficially, according to NYT & WSJ
  • After 2010, 41 high-rise apartment were built in LIC → easy for employee’s housing issue

4. Baby Boomers might delay down-sizing further

  • According to Trulia, working baby boomers is increased by 3.4%, compared to 10 years ago
  • Living together with children is increased by 1.7% /only 5.5% will do down-sizing
  • 10 years ago, baby boomers said they will sell the house and move to condo /apartment
  • Now, they said they will not do down-sizing till they reach to 80
  • It would be difficult to expect baby boomers put their houses in the market any time soon

5. Next year, RE market will be down market and remodeling market will be reduced

  • According to Joint Center for Housing Studies, investment for remodeling will be reduced
  • This year, remodeling index is 7.7% → highest in 10 years
  • Forecast → remodeling index will be 6.6% to $350B

6. “Cork” flooring is getting popular

  • Hot topics in flooring industry: Antimicrobial & Antibacterial
  • Flooring trend → “Cork” with natural antibacterial character /bio-friendly
  • Bio-friendly market is growing – LEED standard
  1. Cork is popular to younger gen → antibacterial character
  2. Carpet with fiber made by corn powder
  3. Engineering wood made by stone powder & wooden pulp
  • Vinyl demand is growing → luxury vinyl plank: different style pattern /color /texturewater- merits: reasonable price /easy to clean /resistance for water
  • Still carpet has good market share → pattern /design /feeling for entireness

7. Next year (2019), House price (median price) will go up

  • Lawrence Yun at 2018 Realtor’s conference and expo forecasted (11/2 – 11/5 in Boston)
  • House sale will be increased by 1% /house price will be increased by 3% in 2019
  • Nationwide Median price → $267,000
  • Buyer/Seller are confused in the 2nd half of the year  → less sales due to low inventory
  • Nationwide, house price are moving up over 90% area /only 10% area show decline
  • Some worry due to 10 year cycle theory, but Lawrence pointed out now and 10 years ago, fundamental is quite different

8. Trump will intend to fix Amazon after the election → Amazon stocks dropped

  • Trump is reviewing anti-trust issues on 3 big company: Amazon, Facebook, Google
  • These companies are located in area where democrats are strong
  • Trump claims Amazon is using USPS with cheap prices /Amazon owns Washington Post
  • If they are convicted with anti-trust law, they will have to divide into smaller companies

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