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NJ Real Estate News : August 3rd 2016

Posted by J Park on August 3, 2016

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“Sojo Spa Club” in Edgewater opens in Oct

Korean Style Super Spa Resort/ 8 stories / 25,000 sf
2013 began/ construction for 3 years
1-3 floor: parking/office, 4-8 floor: 7 theme facility, Kids club, Lounge, 70 room hotel, etc.
24 hour open. At 660 River Rd between Russell Ave and Vreeland Ter.

“Hudson Lights” will open on Mid August

276 unit Apt : residence moving will begin / iPic movie theater will open.
140,000 sf project (announced in 2013)
iPic -> Dinning theater. (Movie “Operation Chromite”(InChun SangRyukJakJun”) will be viewed : first opening in US)

Pal Park, Fort Lee issued over 20,000 traffic tickets

NYC eyes on “black money” to buy properties

Manhattan: Over $3M, Other Co: Over $1.5M -> buyer will be reported. (Fl: $1M, Cal: $2M)
To prevent money laundry, phantom companies->title insurance co will report buyer’s identity info
For last 5 months, 25% of transaction are under suspicion.

IT companies started Construction Biz?

Facebook started APT pre-sale: announced to build 1500 unit APT in Menro Park near company’s HQ (New hiring of 6500 workers. Plans to sell them to other residence around
Tesla planed a village at suburban area in new Zealand. Will build “Power Wall” (Battery Charge Sys from solar energy). Among total 2500 homes, 60 homes soldà eco-friendly community
Alphabet(Google’s mother company) is leading the way to 21 C urban planning.

(Google’s auto car/ Urban-engines -> “Google city”(Smart city) ->More quality employees can be hired)

(Alphabet also jumped into Bio-engineering : joint venture with UK biggest Pharmaceutical Co. GSK.)

Lowest Interest rate age à Want to buy homes?

20 year ( 7 year fixed) ARM up to loan $417,000.

Remove Mortgage Insurance 4 year earlier than conventional loan

Manhattan 32nd St will be without cars?

Home ownership rate : lowest for 51 years

2nd Qt, 2016 -> 9% ( 0.5% Down form year) : Same as 1965
Reason: Mil Gen did not buy enough ( Student Loan…) / Still low income increase rate < home price increase rate
Cal: 57.9% / NE : 59.2% / Mid West: 67.7% / South:64.8%)
Apt vacancy rate: decreased / 2^nd Qt, US VR: 6.7% ( 6.8% last year)
House VR: 1.7%
In general, below 5% -> considered as “Perfect occupancy” (Cal:4.9%, NY:5.2%)

Big cities eases building permits as VR goes low

Housing supply cannot meet rent demandà allows builder build more housing
Seattle: for future 20 years, 6000 units to be built every year.
NYC: “Upzoning” allowed. Chicago: allows to build apt in down town with condition of funding for low income family.
US big cities, between 2006 – 2014, rent population increase is 6% faster than

Units supply. ( Atlanta : rent population increase 40% same period, rental unit increase 26% only)

Tech News:

Samsung, Galaxy Note 7 unveiled with S pen: 5.7 “ Front / 64 G Bytes memory/ Retina recognition(iris scanner)/Water proof/Vibration proof/ USB support( Type-C, Micro Type)

Jun 15, 2018

Check out my latest commercial listing introduced on Yang’s Real Estate Guide this week (11:35)