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NJ Real Estate News : August 3rd 2016

Posted by J Park on August 3, 2016
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times-square-1507204_1280

 “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

  • Pal Park: 20,739 tickets between 7/2015 – 6/2016
  • Fort Lee: 25,289 tickets same time. Hackensack: 35,037 tickets
  • Ridgefield/Leonia/Englewood Cliffs/Tenafly -> under 6000.
  • Pal Park: long time complaints –not enough parkingà no results
  • Fort Lee: parking fee increase without proper announcement (25C/30 minà50C)

 

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?  

  • Freddie Mac-3.45% , Market- 3.18%(APR)
  • Big banks offer 3%, 1%, 0% down payment program.(Chase, BOA)
  • Quicken Loan offers 1% down : HPA(Home Possible Advantage) -> Buyer pays
  • 1% down, Quicken Loan pays 2% Grant.
  • Waterstone Mortgage : 0% down ( Wealth Building Loan)

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?

  • Proposal submitted No car block on 32nd St between Broadway Ave and 5th Ave.
  • Similar to “Little Italy” in downtown
  • Increase accessibility, no garbage on the street: Fri, Sat 7:00 pm to 12:00 am.                                                        

 

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 / 2nd 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)

 


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