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NJ Real Estate News : August 31st 2016

Posted by J Park on August 31, 2016
| 0

“HARP” will be extended till Sep 2017. 

  • Home Affordable refinancing Program
  • Saving plan for underwater house with high LTV
  • No credit check / No limit on LTV / No new appraisal required.
  • Requirement: No default payment for last 6 month / Stable income source

More penalizing on short term rent

  • Fort Lee/Pal Park are getting tougher regulations
  • Special task force(2 policemen team: one-Korean speaking) -> $1250 penalty
  • Police are looking Heykorean.com site as well.

Fort Lee, Landmark leveled

  • “Archers” restaurant at 13010 Palisade Ave
  • Once as flossy, expensive, good… Upscale Italian.
  • Has sat vacant for several years / Unknown for what will be there.

More Korean owned foreclosure/SS

  • 1 out 7 foreclosure -> Korean owner
  • As of 8/26, 1091 foreclosure houses ->156 Korean owner (14%)
  • Korean population: 6.4% in Bergen Co
  • Fort Lee: 24 FC/ Pal Park: 23 ( Total FC:26) -> 88% Korean Ridgefield:9, Closter:15, Leonia:8, Tenafly:7, Old Tappan:4

Korean population becomes significant

  • American Community Survey, 1 town out of 4 towns in North NJà over 10% of Korean
  • PP:44.5%/ Fort Lee:21.8%/ Ridgefield:31.3%/ Leonia:28.8%/ Edgewater:18.6%/ Tenafly:17.9%/ Closter:24.3%/ Norwood:24.8%/ Englewood Cliffs:23.6%/ Demarest:19.5%/ Nortvale:15.8%/ Alpine:14.9%/
  • Bergen Co total(920456): 6.4% (58,483)
  • Not enough political presence.

House price continue to increase, but slow down

  • Slow down after 10 month moving up
  • Acc to Case-Shiller index, 184.42 in June -> 1% Up CMT last year
  • In May: 5.3% -> 2% decreased.
  • NW-> strong(Portland, OR:12.6%, S F, CAL:11%, Denver,CO:9.2%, Dallas,TX:8.9% / NE(NY/NJ…) -> weak
  • Acc to S&P Index Chair, Nationwide house price increased 4.8% Up annually/ Sale increased/ in July 654,000  new house sold ->Demand increase continually -> Not enough inventory

 

FAA regulates Drone’s commercial use.

  • Start drones in limited manner -> exp 600,000 drones in US within a year
  • Limits: 1. 55 lb/ Up to 400 ft with line of sight                                                                                                   2. No license, but pass written test.(Study guide:80 pages)                                                                 3. As of Monday announced, 3000 requests drone certificates
  • Possible use: mapping and survey, remotely accessing fields and crops,rail roads tracks, shooting films, flying mobile data hot spot, Special purposes like delivery/news gathering -> need approval case-by-case

Tech News

  • Apple will invest to “Lyft” ( GM and Google are kind of interested in)
  • Lyft will be competing with Uber (If Apple buys Lyft, Taxi-call service market will be different)

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