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Weekly News (August 28, 2019)

This week’s Interest Rate

30 Y Rate: 3.625%/  15 Year Rate:3.250%/ 10 Y Treasury: 1.474%/  Prime Rate:5.25%
Ref IR: 2.00- 2.25%


Ticketing using Smart Meter in Palisades Park will be prohibited soon

     (The Korera Times  8/24)

  • Governor Phil Murphy vetoed against the bill to do ticketing using smart meters by camera.  Consequently, Palisades Park town will have to stop using smart meters to issue parking tickets.  Palisades Park has been using smart meter on Broad Ave between Central Boulevard and Palisades Boulevard since 2016 and been issuing tickets by camera.
  • Some residents even did not know the town is using smart meters to issue tickets and they found out only after they got the ticket by mail.


Palisades Park, NJ started processing removal of BYOB permits

(The Korea Times  8/28)

  • The town council proposed removal of BYOB(Bring Your Own Bottle) permits in Palisades Park.  The town adopted BYOB permit regulation in 2009 and kept about 10 years.  If the proposal passed in the town, then the town will follow the State regulation which allows BYOB in restaurant, not in NoRaeBang.
  • In order to enjoy BYOB, NoRaeBang has to apply for restaurant permit with kitchen facility.
  • Those business with town BYOB permits do not need to pay BYOB license application fee of $2250 and annual license renew fee of $1000 to the town.


Englewood Cliffs Council members are facing more difficulty

(The Korean  Daily  8/28)

  • Normandy Development has submitted an evidence letter stating that Democrat council members were approaching the developer and tried to negotiate secretly.  According to this letter, council members mentioned that they will proceed with the project even though residents will be opposing the project.
  • The reason that the developer submitted the letter to the court is that the city has decided to bring this case to the court for a trial instead of negotiating each other.
  • The Korea Daily tried to contact Gloria Oh, but she did not answer it for she is in vacation.  Other democrat council members gave no answer for phone conversation.


New Apartment complex will be at the former Golf range in Edgewater

(The Korea Daily, The Record  8/28)

  • Town zoning board of adjustment will review the project officially, reported The Record on 27th.  The 7 story apartment will be located at 575 River Rd and the total units are 384 including 58 affordable housing. Total lot size of 53,726 sf.  The developer, 575 River Road Edgewater LLC is still under negotiation with the town.
  • The plan has 3 times of height limit the town permits, which is 25 Ft, and has 1031 parking spaces while the town limits to 420.
  • There are a few law suits going on between the town and civil right movement activists for affordable housing construction.


Six-Strory mixed Use building in SOHO sold at $19.5M ($1262/sf)

(The NYT   8/28)

  • This 6 story mixed use building was built in 1896 and is located at 40 Wooster St between Grand and Broome St.  Total size is 15,451 sf and 5 floors are leased out to Knotel, which provides flexible office spaces. There is on retail space on the ground level leased to gallery.
  • Brokers are Robert Burton and Boddy Carrozzo of Cushman & Wakefield.


Korean Foreign Student coming to US reduced by 40%

(The Korea Daily  8/24)

  • Total F visa issuance was 389,579 during 2017-2018 while it was 421,008 during 2016-2017 and 502,214 during 2015- 2016.  During fiscal year of 2017 – 2018, Foreign student form Korea is reduced by 40%.  Due to Trump’s tough immigration policy, therefore, less F visa issuance and less job opportunity afterwards, Korean students are heading more to Canada and Australia, etc.
  • In reality, those graduates graduated in May got 5 month late approval for OPT, and consequently they had to go back to their countries.
  • According to NAFSA, total foreign students are 1.1M during the fiscal year of 2017-2018 and their expenses are $39B and they could create 455,000 jobs in the future, which are not negligible for new technology development and start-up company opportunity.


Less Home Sales, but still House price is high?

(The MIJU   8/23)

  • Nationwide house sales is slightly reduced, but house price remain same.  The real reason is individual investors and organization investors are holding houses and keeping them as rental. Professionals say house price will be kept high for a while.
  • House price will go down if 1. Income is not increased and housing demand dropped.  2. Therefore, housing sales will be dropped below 5M.  3. Enough inventory will induce price down, and eventually low price longer period will induce multiple offers  4. Lowering Mortgage loan standards with too easy condition.
  • Individual investors are enjoying high rental income which induce strong buying demand.  They are investors, not speculators. Owners of houses has been changed to investors through financial crises.  ( 3.6M houses were added to rental houses and total rental houses has reached to 15M houses)
  • Some experts say that many organizational investors such as “Blackrock” are holding big number of rental houses, but individual investors are not negligible at all.
  • Recently some big cities show rent regulation: Rent limit regulation and more inventory will induce house price down.




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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