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Weekly News (August 14, 2019)

This week’s Interest Rate

 30 Y Rate: 3.625%/  15 Year Rate:3.250%/ 10 Y Treasury: 1.702%/  Prime Rate:5.25%
Ref IR: 2.00- 2.25%


Drunken youth came out of Palisades Park NoRaeBang assaulted a passenger

(The Korea Times  8/10)

  • On 8/5, 13 drunken youths came out of NoRaeBang in Palisades Park attacked a street passenger.  It is known that NoRaeBang is run by Mr.M who is one of town planning board members.  That victim is in intensive care unit in a hospital.  A law firm hired by the victim is asking for witness to be come forward unanimously.
  • Multiple incidents had happened in the town, but not much effective prevention policy has been adopted.
  • In 2014, Korean youths in NoRaeBang assaulted each other and police came in.
  • In 2016, Multiple Korean youths got drunken and used drug, and one of them even did sexual assault against girl student.
  • In 2017, Korean youths used Marijuana (Cannabis) and police started investigation.
  • Consequently, BYOB policy to NoRaeBang and restaurant is under review again.


Palisades Park will have  new website up and running next week

     (The Record 8/14 )

  • The site has been down since it was hacked earlier this year.  The new site was fast-tracked after the computer hack caused the borough to lose almost $500,000.  A cyberattack on municipal computer drained $460,000 from borough accounts at Mariner’s Bank through fraudulent wire transfer in January.  The town was able to recover $200,000 in an advancement on it’s insurance claim in February.
  • The new website will be interactive, offer schedules, and forms and easy to navigate for residents.


Lead component level in drinking water is increased in Newark, NJ

(The Korean  Daily  8/14)

  • In 2014, lead level in drinking water was high to cause danger to 150,000 residents.  Recent test in August shows lead level increased.  The test by EPA was done in 3 sample houses in order to verify corrosion prevention system and 2 houses show more than 15 ppb.  Newark city has provided 40,000 filters to the residents as a temporary solution and these 3 sample houses had that filter.
  • EPA recommend the city provide bottled water to residents.
  • The city recommend residents to run down water with a filter provided for 5 minutes before they use.


Financial District in Manhattan is being changed to residential area

(The Korea Time  8/10)

  • North boundary of this district is Chambers St and Brooklyn bridge, and West boundary is Battery Park.  After 9/11 in 2001 terror, many financial companies left this area and residential housing started moving in.  Currently multiple offices are being modified to residential condos or apartments.
  • A report shows that there are about 300,000 employees in this district and about 75,000 residents.
  • 80% of residential complex are condos and the median price is $1,067,500 and co-op’s median price is $750,000.  In July, residential listings are 384 and price range is from $480,000(Condo studio) to $39.95M ( 5 bedroom penthouse)
  • Rent listings are 611 and price range is from $2,300(Condo studio) to $35,000( 6 bedroom condo).
  • 12 lines of subway can be used to reach to Midtown in 15-20 minutes and PATH can be used to reach to Jersey City, New Jersey in 15 minutes.


Civil Engineering Firm got a lease at $60/sf in Midtown, Manhattan

(The  NYT  8/14)

  • Advantage Engineering Associates leased 1,474 sf office for 5 years at 411 Fifth Ave at East 37th St, Manhattan.  The building is 11 story and built in 1915.  Annual rent is $88,440 and monthly rent is $7,370. Tenant broker is Rob Gallucci of Colliers International.


US Economists forecasted another Fed Ref Rates down this year     

(The Korea Times  8/12)

  • 7 out 10 US economists forecasted lowering Federal Reference Interest rates in September this year by FOMC.  2 out 10 forecasted it will happen in October.  President Trump strongly voiced that FOMC should lower 0.5% to 1%.  Some experts are mentioning that July rates adjustment was not effective to create impact to market and it should be at least 0.5% to 0.75%.
  • Next FOMC will be held on 9/25 & 9/26, and next meetings are scheduled on 11/1 & 11/2, and 12/13 & 12/14 respectively.
  • Economists anticipate at least 1 time, or 2 – 3 times adjustment in 2019.


Pre-Home inspection can be very useful for smooth home sale

(The Korea Times  8/10)

  • The more seller knows their house, the more negotiation power seller gets. Regular house maintenance is very important to keep the home value or increase home value.  But most home owners delay it’s due home work.  It is strongly recommended home owner do pre-inspection and fix/repair in advance before putting on the market.
  • Advantages of pre-inspection and repair are  1) seller can do scheduled repair with own pace – no need to pay more for tight schedule  2) Not many home inspection negotiation (II) issues. (Some buyer is trying to cut the price severely)  3) Seller can put bit higher listing price (better anchoring)
  • Seller disclosure including items fixed/repaired would be recommended.


Other/Tech News : Voice banking era is coming. Natwest bank in UK is testing

     (The Korea Daily. AP  8/14)

  • User can ask info on current balance and most recent transactions through Google smart home speaker.
  • In the future, it will evolve to auto-payment and other complicated transactions.

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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