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Weekly News (April 24, 2019)

This week’s Interest Rate

     30 Y Rate: 4.125%/  15 Year Rate:3.750%/ 10 Y Treasury: 2.533%/ Prime Rate:5.5%


Valley Hospital moved forward to open it’s Paramus facility by $50M donation

(The Record  4/24)

  • Valley Hospital announced in January 2018 that it would build a new hospital on a 40 acre campus off Winters Avenue in neighboring Paramus.  Currently the hospital operates from its North Van Dien Avenue address in Ridgewood. New hospital, the seven story, 362-bed medical center is projected to open in 2023.
  • Six new donators came up with $10M recently.  With these gifts, the foundation has raised over $50M toward the construction.
  • The total planned construction cost is $738M and philanthropic support for this project is expected to make up about 20%.


STEM Research Institute opened in Fort Lee, NJ

(The Korea Times  4/24)

  • The education consulting company (Medical & Dental School Admissions Consulting Group) is located in South Pole building at 222 Bridge Plaza South, #550, Fort Lee, NJ.  The company has other offices in Fairfax in VA, Seoul Korea, Orange county in CA, etc. Mainly the company will provide consulting and prep-program for those students who want to go to Medical and Dental fields.
  • There will have an opening seminar on 4/27, 10 am at their Fort Lee office (703 789 4134)


“Tangram” in Queens, NY is completed and pre-sale is in full fledge

(The Korea Daily 4/19)

  • F&T Group and SCG America announced the completion of construction on 4/17.  The mixed-use complex with 1.2M sf is located at 37-09 College Boulevard.  The developer already did pre-sale from 2018 for “South House” and after that they started pre-sale “West House” and they sold 95% already and ready to move-in this summer.
  • The amenities include 8000 sf luxury Spa, 1 acer garden, tennis court, library, lounge, and 4DX movie theater, etc.


Penthouse in Manhattan once Barbara Streisand owned is listed at $11.25M

(The  Korea Times  4/20)

  • The condo is located at 320 Central Park West on 92nd The penthouse unit is connected to the unit below which makes duplex style with 4 bed rooms and 3.5 bath.  The total size is 3,600 sf and 2,500 sf outside terrace. The monthly maintenance fee is $12,486.00. The current listing price is at $11.25M ($3,125/sf)
  • The current owner Richard Prince and his wife purchased this unit at $4.25M in 2002 from the couple Barbara Streisand and Elliot Gold who had lived in the unit since 1963.


NYC population continues to decrease to below 8.4M

(The Korea Daily  4/19)

  • NYC population has dropped for 2 consecutive years to 8,398,748 in 5 boroughs, which was decreased by 0.47% from the last year. NYC population has been increased from 2013 till 2016 while it showed sudden drop in 2017 to 8,437,271. NYC 4 boroughs show decrease except Staten Island.
  • Queens was decreased by 17,959, Brooklyn was decreased by 13,555, Manhattan was decreased by 1,097, and Bronx was decreased by 7,593 while Staten Island was increased by 633.
  • The reason of decrease is that moving out is more than moving in. Adding factor is that immigrants from over seas were decreased as well.


Nassau County might have “Asian American Agency” in county government

(The Korean Times  4/22)

  • Nassau county council will vote the plan for establishing the agency on 4/25 and finalize it’s plan. If decided, it will be the first agency who is specialized in Asian in New York local government.  Currently Nassau county has “Minority Affairs” and “Office of Hispanic Affairs”, but there was no agency specialized in Asian.
  • Total population in Nassau county is 1.36M and Asian population is 9.1% which is 123,000.  Korean population is about 1% which is 12,193.
  • In Nassau county, Asian population is increased by 40% from 2005 till 2016.


Core-Logic reported Rent cost is much higher than Mortgage cost

(The Korea Daily 4/18)

  • Increasing rate of renter’s burden is much higher than that of mortgage during 10 years after 2005, reported.  Rent index is increased by 36% between December 2005 and December 2018 while mortgage payment index is decreased by 4% for the same period.  The reason is that mortgage interest rate in 2005 was much higher than in 2018.
  • Interest rate in 2005 was 6.3% while the rate was 4.6% in 2018 and the difference is 1.7%.
  • Among 12 big cities in US, 7 cities showed rent increase of 27%-61% between December 2005 and December 2018 while typical mortgage payment was decreased by 3% – 24%. The rest 5 cities showed increase for both rent and mortgage payment.
  • But from last year, it is changed that rent increase weakened and house rice and interest rate rose.


New Home sales up 4.5% in March, best since November 2017 

(The Record  4/24)

  • The third straight month gain for new home sales shows that housing market appears to be cautiously recovering from a mortgage rate spike last year that caused home buying slump.  The Commerce Department said Tuesday that new home sales sold at a seasonally adjusted annual rate of 692,200 in March, up from 662,000 in February.
  • For the first three months of 2019, new home sales were 1.7% higher than the same period a year ago.



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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