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NJ Real Estate News : August 24th 2016

Posted by J Park on August 24, 2016
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Pal Park provides Simultaneous Interpretation service(Korean) voluntarily

  • 30 Receiver set prepared.
  • In response, Town Mayor promised that they will hire interpreter sooner.
  • (Town passed regulation that town prohibit short term rent less than 30 days)

Pal Park/Ridgefield, “Felony” charges Up / Fort Lee Down

  • Pal Park:217 Felony (Up 74% CMT last year 125)/ Misdemeanor 285 (Up 10%) Total 982 crimes : 29% Up
  • Ridgefield: 137 felony(80% Up)/ Total crimes 705 (Up 27%)
  • Fort Lee: 606 Felony -> Down by 32% / Leonia: 84 Felony (from 80)
  • Tenafly: 76 Felony (from 93) / Closter: 71 Felony Up 45%(from 49)
  • In general, DWI down except Leonia, Tenafly.

One 57” Manhattan condo unit(64B) sold at $21.5M ($5127/sf)

  • 4193 sf/ 64th fl/ 3Br/3,5Bath.  M fee: $9158
  • Same buyer purchased also 64A at $24.8M in 2014.

EB-5 program investors sued US immigration officers

  • 9 Investors(Korean/Chinese) and NYIF(EB-5 Regional center) sued minister of Home Land security and USCIS chief for delaying immigration process for investors
  • Regional center approved Jul 2010/ Total $160M cost for “Iron State Navy Pier project” in State Island -> $25M funded by EB-5 program
  • Usually, $500K investor(I-526) receives T green card for 2 years period -> change (I-829) to P green card.                                                                                                                                                     USCIS issued T Green card after 1 year to 1st investor, but cancelled it the same day. /Other investors submitted I-526, but no response from USCIS so far, investors claimed.
  • $225M has been spent for the project from $250M from 50 investors

High house price & Low IR -> should buy a house?

  • Lowest IR: 3.43% ( 30Y fix) by Freddie Mac last week ->Lowest since 2013
  • Median House price Up: Long Island Nassau Co ->8% up to $470,500                                                                                                  Queens ->10% up to $458,600                                                                                                                            Manhattan ->4.8% Up to $1,157,500
  • Acc to Zillow, NYC house price 7.4% Up ( Rent Up by 4.2%)                                                                    US house price 5.4% Up (Rent Up by 2.6% )
  • NJ Bergen Co price up 0.5% (Acct NJMLS) <- Due to high rate of SS/Foreclosure                        (Acc to C Land) -> perfect time to buy in NJ!!

New Homes sell like 2007

  • July purchases climbed, thanks to jobs.
  • New home sales in July Up by 12.4% to 654,000 (yearly adjusted)
  • Strongest since Oct 2007/Only 4.3mon supply on the market (5.2 month last year)
  • Existing home sales to 5.57M in June àBest performance since early 2007

Tech News

  • Walmart purchased jet.com
  • Verizon purchased Yahoo.com
  • GM Heavily invested to Lift (car dispatch system Co.)

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