Weekly News (August 24, 2022)

Mortgage Interest Rates Review (33rd Week)

(by Fairway Home Loan 08/24/2022)

Abandoned outdoor restaurants will be removed in NYC: 버려진 옥외 식당 시설 철거하겠다 – 뉴욕 시장

(Korea Daily  8/19/2022)

• NYC mayor Adams said NYC needs those outdoor restaurants and wants to keep them. He believes these facilities made the restaurant industry alive during the pandemic.
• However, he said NYC will remove the abandoned outdoor facilities if they attract mice, garbage, and various illegal activities in them.
• NYC Council was supposed to make the regulation on design guidelines and how to do inspect and how to operate licensing regulations. But there was some objection and, consequently law suit from the NYC residents against the permanent outdoor restaurant facility.
• He asked to call 311 and report if there is any abandoned facilities and emphasized that removal of abandoned facilities is not an action of objecting permanent outdoor restaurant.

$32M super mall purchased by Korean: 대형 몰,한인이 3,200만 달러에 인수  

(Korea Times   8/24/2022)

• According to The Real Deal, Korean Real Estate company(Main 15-Lee Springfield LLC) signed the sales contract for a shopping mall at 61-01 Springfield Blvd, Bayside, NY for $30M in May, and closed at the end of July.
• The size of the mall is 40,000 sf and the lot is 83,000 sf with 100 parking spaces. Other tenants in this mall includes Starbucks, Spring golf shop, Wine & Spirit Liquor store, Chase Bank, Bank of America, Walgreen, and Post office, etc.
• With this purchase, more retail stores would be flourished in the surrounding area, where more Korean populated.

Sizzling residential market cools down in NYC

(Korea Daily 8/18/2022)

• According to StreetEasy’s report on 17th, the median price of 5 boroughs in NYC was down 0.8% to $990,000 in July from $998,000 in June. New sale contracts also declined 15.2% in July to 2053 from 2422 in June, which was bigger than typical slowdown in late summer.
• DOM was 66 days in July, which increased 12 days compared to 46 days in April.
• Kenny Lee, economist at StreetEasy said residential market slow down is concerned, and Pitch, global credit analysis company said that house price can go down 15% amid interest rates’ climbing up. The 15% decline of house price is very rare and it would be named “Pandemic house bubble” if happens. In recent decades, 15% house price decline was an unique situation in the financial crisis in 2008.

About Atherton, California (Zip:94027): 주택가 가징 비싼 가주,아세톤(94027)   

(WSJ  8/17/2022)

• Atherton, California, located on California’s San Francisco Peninsular, is one of the richest in the U.S. Atherton is 5-square mile town with population of 6,915 and median household income is above $250,000, according to census data.
• Although mostly subdivided by the, Atherton remains thoroughly residential today. Residents seeking shopping or a night o1950sut go elsewhere, whether to San Francisco or San Jose (both 25 miles away), or to nearby communities like Menlo Park, Woodside, or Palo Alto.
• The median list price in the town is $14.5M, up 16% year-over-year, and the median days on the market is 74, and the median price per SF is $2,079. There are 28 listings as of 8/15/2022. (The price for a teardown house in the most desirable areas of Atherton is $12M)

Office Glut Started Decades Ago: 사무실 과잉 공급은 사실 수십년전부터 시작    

(WSJ    8/24/2022)

• A surplus of empty office space threatens to hollow out U.S. business district. Don’t blame the pandemic. America’s office glut was decades in the making, real-estate investors, brokers and analysts say.
• U.S. developers built too many office towers, lured by federal tax breaks, low interest rates, inflated demand from unprofitable startups. At the same time, landlords largely failed to tear down or convert old, mostly vacant buildings to other uses.
• As a result, the country has too many offices and too few companies willing to pay for space in them. The rise of remote work during the pandemic aggravated a problem that was already emerging, analysts say.
• And yet the supply of office space kept growing. Substantial tax breaks and other subsidies over the past two decades went into projects such as New York’s Hudson Yards and the World Trade Center. Conversions of old, empty office buildings into warehouses or apartments remined rare.

“HanWha” QCells plans expansion in U.S.: 한화 큐셀, 미국 태양광 공장 짖기 실사로 들어감 

(Korea Daily 8/22/2022)

• Bloomberg reported that HanWha QCells is looking for factory sites around Georgia, South Carolina, etc. HanWha QCells said the company is planning and analyzing potential factory expansion in U.S.
• HanWha QCells solar module market share is #1 in U.S. and they are currently operating 1.7GW module factory in Dalton, GA. (About 100 miles away from Duluth, GA)
• Biden’s recent Climate, Healthcare Legislation of $375B might be beneficial to HanWha Qcells expansion plan in U.S.

Ford Cuts 3,000 White-Collar Jobs: “포드” 자동사 회사 정규직 3000명 감원

(WSJ  8/23/2022)

• Bloomberg reported that HanWha QCells is looking for factory sites around Georgia, South Carolina, etc. HanWha QCells said the company is planning and analyzing potential factory expansion in U.S.
• HanWha QCells solar module market share is #1 in U.S. and they are currently operating 1.7GW module factory in Dalton, GA. (About 100 miles away from Duluth, GA)
• Biden’s recent Climate, Healthcare Legislation of $375B might be beneficial to HanWha Qcells expansion plan in U.S.