Weekly News (September 20, 2017)

1. Super size Water Park in Palisades Park, NJ will be constructed

  • 102,000 SF around the current ‘King Sauna’ → will complete in May, 2019
  • Whole block between West Fair Street and West Central Blvd
  • Those retailers on Commercial Blvd moved out in early this month
  • New Water Park includes Children pool, Sliding pool, Aqua pool, Snack bar, Massage room, 1000 locker rooms
  • 500 Parking spaces. 80,000 SF indoor / 22,000 SF outdoor (Current King Sauna: 45,000 SF) → Total 14,7000 SF
  • Construction Cost: $50 Million (Almost 2 times than original 2011 plan)
  • Planning since 2009 / Purchased 317 Commercial Ave in 2011/ Continued to buy adjacent lots

2. Palisades Park, NJ Eminent Domain power exercised

  • Proposal for 27 Fairview St (2.43 Acre) has passed yesterday at the town meeting
  • Appropriated price is $5.2 Million by the town
  • Town government shows the lack of planning for new building → leads to objection by some residents
  • Some resident: Non-Korean proposed translation for Korean people who were more than a half of participants at the meeting

3. Amazon is looking for the 2nd HQ location

  • Smart Way: put RFP(Total 8 pages) on line
    City: 1 Million population / Good university (College) with excellent student pool / Less than 48 Km from downtown / Within 45 min from International Airport / Less than 3 km from major highway / Direct connection by train, bus, subway to the HQ site
  • The city with Amazon 2nd HQ will have 50,000 jobs for next 10-15 years (Average salary:over $100,000) → Construction cost: $5 Billion
  • The reason to leave Seattle: 1.Highest minimum wage 2. Tax hike for rich people
  • Kim Guadagno (Republican NJ Governor candidate) claims NJ has a chance if she is elected
  • Phil Murphy (Democratic NJ Governor Candidate) favor to: 1. minimum wage to $15 2. Tax increase about $1.3 Billion
  • NJ has a strong ties with Amazon so far: 7 fulfillment centers with 3 more to go. Wholefood has strong presence in NJ

4. Long Term mortgage rates stay at low for year

  • Mortgage rates were unchanged this week, leaving the average 30-year fixed Mortgage rate at the lowest level this year
  • 30-year fixed rate is 3.78% (In March, the rate was 4.3%) → slightly above last year’s average of 3.65%
  • 15-year fixed rate is $3.08%

5. More than a half of Houses are over priced? 

  • According to Core-logic, 46% of houses of big 50 cities are over priced
  • 10% more than proper price (capable to keep long term) → over price
  • Also 36% of houses are under priced → Only 16% are proper priced
  • Reason for over-price → price went up continually for past few years (6.7% Up in July CMT last year)
  • Reason: 1. Low Inventory 2. Low mortgage rates
  • Plan: Begin construction in 2019 and complete in 2026

6. Driverless driving will increase alcohol consumption

  • In 10 years, Gasoline consumption decreased, alcohol consumption increased
  • Restaurant, Liquor store will increase sales
  • Alcohol related death is about 29% which causes $44B economic loss
  • Worldwide alcohol volume: $1.5 Trillion → More revenue expected
  • Stocks for wine/liquor makers will go up
  • Federal Government and White house want to make new regulation for driverless driving which should not be the same as driver case

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