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NJ Real Estate News : July 27th 2016

Posted by J Park on July 27, 2016
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Pal Park also wants to prohibit short term rent.

  • Rent for shorter than 30 days including BNB – Ruling law under consideration
  • Possible to begin this fall season.
  • For NY, First offense -> $1000 penalty, from 3rd offence -> $7500

Pal Park rejects zoning variance proposal as to multi-family zoing

  • Proposal : 1-2 family zone between Grand Ave and broad(AA) / Outskirts Industrial area(M1)-> Multi-family zone up to 3 fl.
  • Town congress could not pass the proposal due to strong objection by residence
  • Korean residence expressed strong voice : major reason for holding the proposal.
  • Also

Finally YAHOO is sold to Verizon at $4.8B

  • Frontier of Internet biz for 22 years
  • At the peak, assets was $$125B in 2001 ( Once MS offered at $44.6B to buy in 2007: CEOà Yang)
  • Current CEO(Marissa Mayer) receives $57M as retirement money

First Home buyer hit the peak in last 4 years

  • 33% among home buyers in June (3% increased CMT last month)
  • FHB increased, but investors decreased
  • FHB was 34% in 2012 ( around 30% in 2015)
  • Individual investors : 11% ( 9% in June 2009 / 13% in May 2016)

Amazon increases NJ presence (between Rt 17 and Rt 46) .

  • Leased 617,000 sf at 698 Rt 46 West, Teterboro for 10 years.(by C & W)
  • Last year, leased 75,000 sf in Moonachie (2 Empire Blvd)
  • Goal -> Same day delivery ( the “holy grail” of e-commerce biz)
  • Amazon prime membership grows ( $99 yearly fee for free 2 day delivery) à about a half of US households

Pfister Chemical lot(16 ac) in Ridgefield is getting cleaned up further

  • Dormant for 14 years ( 70 years of Dye biz)à Clean up was a major hang up for any developer
  • Pfister teamed up with Procida Funding in Englewood Cliffs
  • Procida pays $7.5M and in return they will oversee the re-development
  • Current property tax is $128,000 (Assessed value for tax is $5.9M)
  • Acc to unreliable source ->“Skymark” project(40 Ac) developer in Ridgefield Park (across the Overpeck creek) will develop the “resi-mercial” complex.

Home values rise in North Jersey (acc to Records)

  • Metro area went up by 2% in 12 months
  • Now same as Dec 2005. Still 9% below 2006 peaks.
  • Bergen median price: $460,000 (dided by 1.1%) / Passaic median price: $300,000 (rose by 5.3%)  -> Both county, # of sales rose sharply.
  • Reason: low interest rate/ improving employment and income numbers

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