Weekly News (December 18, 2019)

This week’s Interest Rate (51st Week)

(Fair Asset Corp.)

   30 Y Rate: 3.625%/ 15 Year Rate:3.25%/ 10 Y Treasury: 1.889%/  Prime Rate:4.75%
Ref IR: 1.50- 1.75%


Edgewater (NJ) construction shakes nearby homes like “Earthquake”

(The  Record  12/18)

  • 15 story new apartment, to be called as “Kray Plaza” is being built at 1000 Portside Dr., Edgewater nearby rental complex “Mariner’s Landing”.  At the moment they are doing pile-driving foundation up to 150 feet underground because the property is waterside.
  • Kray Plaza will have 91 studio and one bed room units, and 80 parking spaces according to the plan submitted to the town.
  • Nearby residents complaint that they feel dangerous. The walls are moving. It feels like the ceiling is going to come right down.
  • The prominent local developer Fred Daibes mentioned that the pile-driving will continue to middle of January.


Recall Application for Oh and Aversa has been submitted officially

(The  Korea Daily/Times 12/12)

  • The application for recall for Gloria Oh and Edward Aversa has been submitted on 12/9/2019 by signing of 1200 residents, which is 30% of town registered voters in Englewood Cliffs. After 10 days sign review period, if over 931 signers are verified, then town will be able to conduct official voting.
  • Originally petition signed by 6 residents specified that Oh and Aversa were not clear on the negotiation of the development project for low income residents and do not work for town residents.
  • Gloria Oh commented that recall process has some problems which need a detail review: there was no clear explanation of purpose when residents signed it’s application.

Also recall vote was intended at the regular voting day and it needs to be qualified for a special vote now.  If recall vote is conducted, then it will be the first vote for recall targeted Korean councilman in town.


Manhattan, NY Rent still keeps high

(The Korea Daily  12/13)

  • According to Miller Samuel Appraiser and D Elliman, Manhattan median rent was $3502 in November, which was very close to the record of $3521 in July. In September, Manhattan rents rose by 8.7%, compared to last year same period.
  • Jordan Miller mentioned that median rent of top 5% reached to $13,000, partially due to the fact that condo sales are still weak.
  • In Queens, median rent was $2989 which is up by 4.6% from the last year.


Queens economy is #2 among 62 counties in NY

(The  Korea Daily  12/14)

  • Queens GDP has reached to $93.3B which is up by 5.9% from last year’s $88.1B while Manhattan GDP is $600.24B which was decreased by 0.2% from $601.46B.
  • Brooklyn is #3 with $91.6B and Suffolk county with $81.21B, and the next is Nassau county with $81.2B.
  • Staten Island GDP grew up by 7.8% to $14.5B which was the biggest growth. Recently the biggest mega retail outlet, Empire Outlet moved into the county and Amazon distribution center moved in. Many shoppers stay in the Staten Island instead of going to New Jersey.
  • NY State GDP is $1.4356T which is #3 in US, up by 1.2% from last year. #1 State is California with $2.7216, up by 4.3% from last year.
  • Bergen county GDP is #1 in New Jersey with $66.15B, up by 2.6%. Jew Jersey State GDP is $555.76B.


CoreLogic forecasted 2020 House price will be up by 5.4% 

(The  Korea Daily  12/14)

  • According to CoreLogic’s HPI, October house price has been increased by 3.5%, compared to the last year same period while it was up by 0.5% from September.  Nationwide, house price has been moved upward continually since 2012. Especially it hit the record of 4.2% increase in February 2016.
  • If CoreLogic’s forecast will be correct, then it will replace that record in 2020. The CoreLogic’s forecast is based on two reasons: 1. Low mortgage interest rates  Strong employment.
  • Meanwhile, 35 cities among US 100 big cities show over-estimated house price and North East area such as NY, NJ showed 1% drop.  Nationwide house price rose 3.5%, but 22 Metropolitan area house price has been decreased or showed very weak stability.
  • According to CoreLogic’s RTI research, 3 out 4 M Gen show that they have confidence on getting their mortgage while 25% of M Gen said they will buy house in 6 – 8 months.


26,544 sf Apartment building sold at $9.5M in Queens, NY

(The NYT  12/18)

  • The four story building built in 1928 at 6614 Woodside Ave between 66th and 67th Streets sold at $9.5M ($357/sf).  The apartment has 40 rent-stabilized residential units, including 5 studio, 32 one-bed rooms and one two-room.
  • The building was last sole in 1974.
  • Broker was Matt Fotis and Zac Golub of Marcus & Millichap


Eviction Crisis that a few hundreds dollars could solve

(The NYT  12/14)

  • Many renters who face eviction owe less than $600 nationwide.  Most people below poverty line pays about 50% of income as rent.  Failure to pay rent is by far the most common cause of eviction.
  • In Virginia, 22 % of eviction judgments were for less than $600. In North Carolina, 32% of judgments were for less than $600. In Rohde Island, 8%. IN Delaware, 20%.
  • Federal and local governments are trying to make laws for preparing grant funds, mediator and translators for the cases.  They see the two main reasons: 1. Income level of poor people does not grow.  Not enough affordable hosing.


Other/Tech News : Verizon and AT &T started 5G service in Major cities

LA, Houston, Dallas, New York, Chicago, Washington DC, etc.

  •  Transmission speed 10 times faster
  •  Data amount 100 times more
  •  Hold time 1/100 shorter


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