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Weekly News (January 23, 2019)

  1. “Bayfront” Mixed Use complex development in Jersey City is expected to come
  • 100 Ac former chromium-polluted brownfield, cleaned up by Honeywell
  • Southwest section in Greenville area
  • The city is buying the property and develop mixed use complex. The council approved to go and get the money (the city will issue $400M bond)
  • 8,100 apartments, 600,000 sf retail space, 1M sf office space, 23 Ac green area
  • Will seek development companies and public/private investors
  • The mayor Steve Fulop thinks the plan can feature up 30% affordable units
  • Councilman Michael Yun encourages Korean to invest this project


  1. “Willets Point” development project is being re-emerging
  • Redevelopment committee re-submitted 2 possible proposals to DEC recently
  • 1st plan: 6 Ac (former junk car field) near Citi Field. The Plan includes 1100 units of low income apartment, fire station, police station, high school, banks, pharmacy, and other retails spaces
  • 2nd plan: 27 Ac includes football stadium for 25,000 capacity, police station, fire station, school, and mixed-use complex
  • Former mayor Bloomberg proposed 1st plan in 2007 and the city council passed the plan in 2013
  • For last 10 years, local politicians and residents opposed the plan


  1. 4 Story Apartment in Clinton Hill, Brooklyn sold at $4.225M
  • 500 Clinton Ave, Brooklyn
  • Built in 1930 /3 x 1 bedroom, 3 x 2 bedroom, duplex 3 bedroom  (total 7 units)
  • 6000 sf (sold at $704/sf)


  1. Houses over $1M would be sold after necessary upgrades
  • According to WSJ Manson section, luxury house needs to have upgrades to sell
  • “Glass” material indicates bright, light-filled, Southern : “Glass sliding (French) door to deck”
  • High ceiling: Cathedral ceiling, Vaulted ceiling
  • Quartzite counter top (white or gray color)
  • Butler’s Pantry: utility (storage cabinet) area between dining room and kitchen (with wine cooler, ice maker, dish washer, etc)
  • According to, house with Butler Pantry would be sold 40 -60 days earlier


  1. 2018 Foreclosure decreased : lowest in 13 years
  • According to Atom Data, 625,000 foreclosures in 2017: Lowest since 2005
  • 2010 was the peak: 2.9M
  • In some area, foreclosure was increased: Florida was 0.71% which is increased by 13% from a year ago. New Jersey was 1.33%, highest state
  • Experts forecast foreclosure might increase this year


  1. M Gen becomes biggest buyer group in US
  • In 2019, M generation buyers will be 45%, baby boomers will be 17%, X generation will be 37%
  • Buyers, especially first home buyers will face tough competition
  • Mortgage rate will be increased in 2019: 3% range in 2017, 4% range in 2018, 5% range in 2019 /reference rate increase will be 2 – 3 times in 2019
  • 10 year treasury bond rate will be middle of 3%
  • Over all still low rate, but buyers were spoiled with low rate for 10 years
  • Buyer’s buying power becomes weak: interest rate hike will make feeling of 10% higher price than 2018 /still house price will be increasing mode even though slower rate which is 3 ~ 4 %
  • Over all nationwide, number of sales will be decreased due to house price increase and interest rates increase
  • Low inventory problems will be easy, but not so dramatically
  • Inventory over $1M will be better, but $300K – $500K range inventory still have steep competition among first home buyer


  1. New York population increased while Korean population stays flat
  • Korean decreased by 0.2% between 2010 ~ 2015 to 98,158 while NY total population increased by 4% ( Asian increased by 13%)
  • 76% of Korean in NY is labor force (18 – 64 year old) while NY total labor force is 66%
  • 53 % of Korean in NY has college degree while NY total has 36%
  • Korean LEP is 50% while NY LEP is 23%.( Senior Korean LEP is 88% while NY senior LEP is 33%)


  1. Government Shut Down affects home buyers
  • 12/22 started. 33rd day as of today
  • Many lending programs need to verify IRS tax report through the form 4506T
  • Government employee buyers could not get the employment verification letter
  • On the contrary, some buyers’ lock-in would beneficial because interest rates are going down and say low for a while
  • According to NAR, for those agents who think shut down affects the market negatively, 25% said buyers gave up buying, 13% said closings are being delayed due to tax return verification, and 9% said buyers through FHA loans are being delayed loan approval


  1. There will be no recession for next one or two years
  • According to KOCHAM seminar in Fort Lee on 1/17, 1st Qt and 2nd Qt 2019 US Economic growth will be 2.8% and 2.5% respectively. 2nd half growth will be 2.2%. Entire 2019 growth will be 2.7%
  • In 2020, economic growth will be 2.2%
  • Lebanon mentioned job growth, government expense growth leading whole expense growth show stable foundation
  • JaeWoo Kim mentioned Materials, Airline, Logistics, Technology, Car sales, Real Estate will be strong in 2019, especially software technology will show strong investment
  • If recession will happen, three things should happen at the same times: 1.Unbalance among different industries and 2. Consequential financial unbalance 3. Failure of economic policy



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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