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NJ Real Estate News : September 14th 2016

Posted by J Park on September 14, 2016
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“Committee to recall Jams Rotundo from Office of Mayor” initiated

  • Registered with IRS in July. An attorney appointed.
  • 3-4 Korean residence is main force, not Michael Pollotta people.
  • Reasons: Employment of his family and relatives with town, spending about $600K / year.
  • Recall campaign will begin soon.
  • Application -> needs 25% of voters petition in 160 days. (6000 voters in PP)

A House in a desert becomes ‘cash cow” by using AirBNB?

  • A house in Yucca Valley in Cal was purchased at $28,000 -> makes $14,000 annual income ( Another Cabin purchased at $80,000 -> makes $25,000 annual income )
  • About 100 houses registered in AirBNB in Yucca Valley area
  • About $69-150/night
  • Most popular house with AirBNB -> Mushroom dome Cabin in Santa Cruz mountain à requires reservation 6 month before.
  • Mil Gen doesn’t have loyalty to hotel/motel -> like to have different/special experience.

Fort Lee, Planned parking deck will be smaller than plan                      

  • Initial plan: 400 ($18M) -> adjusted to 220 ( Total 635 including surface lots) 
  • Parking deck construction will begin Fall and takes 12 months
  • Will include 3 story commercial and office at the south end of the deck.
  • Town acquires current post office bldg. -> public plaza.
  • Fort Lee school district admin office will move in.
  • Hudson Lights rental residence: 276 units with 143,000 sf retail space/ 2nd Modern: 450 units/ 2nd phase of Hudson Lights: 201 units. -> More traffic

Manhattan Condos purchase -> shift to more realistic(low price) demand  

  • $1M-$3M range become popular / over $10M range demand decreasing
  • Almost stop sales on 57th
  • Hudson Square, 70 Charlton condos -> Explosive demand (mostly under $3 M) 1 Br : $995,000
  • In June, $500 K – $990 K range condo takes 4.7 months to sell.( $10 M takes 25.7 months)
  • “One57” condo ->over 2000 sf / “70 Charlton” condo ->1071-1622 sf

$35M listing in Mahwah on Wed -> 2nd priciest  home for sale in Bergen Co

  • 25 room on 46 Ac horse farm. ( 1st priciest: 12 Br Stone Mansion in Alpine: most recently listed at $49 M/ has been listed since 2010)  Owner : Price Rock LLC purchased in 2009                             Tax: $107,978 / 10 Br(10 Bath), soccer field, basket court, indoor & out door swimming pools,      wine cellar, home theater, 20 stall stable, indoor riding arena

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