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NJ Real Estate News : August 17th 2016

Posted by J Park on August 17, 2016
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Leonia hopes new signal pattern makes less dangerous street                       

  • Intersection of broad Ave and Fort Lee Rd (7 pedestrian accidents in 2.5 years)
  • New signal pattern -> Red light freezes all lights for 26 sections.
  • Also City implemented “No right turn on red” since June 24. -> positive feedback.
  • Aug, 2014, a women has been dragged 71 feet along the street by school minibus and killed.
  • Another place using same pattern: Washington Ave and Main St in Bergenfield

World Trade Center shopping mall by Westfield opens

  • 365,000 sf shopping center ( Apple, Forever 21, H&M, John Varvatos etc.)
  • Westfield expected $1B sales annually.
  • More than 60,000 residence live within blocks of WTC ( 3 times than before 9/11)
  • Underneath, Transportation hub -> 13 subway trains, river ferries -> 300,000 commuters daily.

PA Bus Terminal war between 2 states: NY and NJ

  • NJ wants to PA to keep the promise to build new bigger terminal at West Side of the Manhattan.
  • Many leaders on the east side River wants to have smaller terminal farther form Midtown. -> Force More NJ commuters to use train and cars.
  • Current terminal opened in 1950 -> Need to have new terminal /Residents opposes for eminent domain, environmental and historic preservation laws, etc.

NJ has 9th highest student loan debt in nation

  • debt per borrower is $30,536.( 64% is for college loan) (Acc. Lend EDU)
  • 6 out of 10 student use debt to finance college / about 90% of loan from government.
  • Most student finished in 6 years ->The sooner graduate, the less debt.

US, new Construction is highest for last 5 months

  • In July, 1.21M(Annual rate)new construction began -> 1% Up CMT last month
  • 3 Qt residential supply is expected to increase.
  • New construction sales is highest since 2008
  • Existing house sales is highest since 2007

 Underwater houses ->670,000 in US

  • Still 11.9% (Mortgage balance is 25% higher than current market price)
  • 1% Down CMT 1Qt / 1.4% Down CMT 3Qt 2015
  • Lower 33% of house piece -> 25% underwater
  • Higher 33% of house price -> 8% underwater

House price goes down?? –> Major reason : School system

  • NAR, Area with class size is over 40, lower graduation rate -> 22.5% down
  • Negative effects: Strip club, homeless shelter, renter concentration, cemetery, Power station, Funeral house, shooting range, hospital, etc.
  • NIMBY effect ( “Not In My Back Yard”)

Macy’s will close 100 off line stores ->More on-line biz 

  • Currently 727 off line stores (about 15% stores close down)
  • Sales will be reduced by $1B.            

Tech News:

  • Walmart purchased Jet.com
  • Verizon purchased Yahoo.com
  • GM heavily invested to Lift(Car dispatch system Co.)

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