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NJ Real Estate News : July 6th 2016

Posted by J Park on July 6, 2016
| 0

Recall on Mayor in Pal Park becomes reality?

  • Those who favors Michael Pollata will submit recall application this week.
  • Reason: favoritism for relatives, etc. / hiring relatives to town public positions
  • Acc to state law, needs more than 3 people to submit -> needs 25% of voters to register in 160 days. (voters: 6000) -> decide residence vote date -> vote

Sean (“P-Diddy”) Combs’ house in Alpne has a buyer 

  • Hip hop artist and producer.  House at 207 Anderson Ave, Alpine.
  • Purchased at $6M in 2004. ( 7 Br, tennis court, putting green, pool with waterfall, library, home theater, basketball and racquetball court, etc) )
  • Tax:$48,000 / Built in 1999.
  • Listed at $7.9M by Joshua Baris / Offer price is unknown ( listed at $13.5M in 2011)

1250 Broadway(32 st), Manhattan building sold

  • Woori Bank building. Sold at $575M ($780/sf) to Mr. Opper ( James Town & Murray Hill purchase at $310M in 2008)
  • Total 39 stories/ 721K sf/ Listed in April/
  • Built in 1968 / top floor is being used by Gaonnuri, High end Korean Restaurant
  • 320K sf is used by Visiting Nurse Service.

Queens rent market is still HOT! 

  • Acc to Elliman, Queens median Rent price increased by 5% CMT a year ago. (Brooklyn: 4.5%, Manhattan: 0.6%).
  • Queens(Astoria, Long Island City, Sunnyside): $2727 ( Brooklyn:$2847)
  • Rent price in Queens:$3101 (Brooklyn:$3134)
  • Acc to Zillow. NYC rent price increased by 3.9% CMT last year. (Nationwide: 2.9%)

Manhattan Median House priceà $1.1M in 2Qt .

  • Acc to Elliman, $1,108,500à1% increase CMT last year($980K)
  • Major contributionà new condo/co-op closings ß 2014 construction boom
  • Luxury New condo market is strong: M price ->$2.69M: 44% increase CMT last year.
  • Total inventory (6352) -> Increased by 10.9% (Existing home inventoryà increased by 25% / New home inventory (990) ->Decreased by 31%)
  • Total inventory continue to increase since 2013.

Rent Increase rate is 3.5 times than income increase rate

  • Acc to “apartmentlist.com”
  • Since 1960, Rent is increased by 64% income increased by 18%
  • Nationwide Avg rent:$568 in 1960 à $934 in 2013.
  • Nationwide Med income: $44,948 in 1960 à $53,013 in 2013.
  • After 2000, the increase rate difference becomes severe.
  • Especially, NYC, Boston, and Washington DC: incomes increase by 33%, but rent increase by 86%  -> Expensive water front cities.

Apartment space becomes smaller while rent increases

  • Acc to “Rentcafe” (On-line rental market place), for last 5 years, rent increased by 33% while apartment space becomes 8 % smaller for last 10 years.
  • New apartment avg size: 934 sf while 1015 sf 10 years ago à 81 sf reduced ( about 1 br)
  • Reasons: 1. High land price /Construction regulation becomes tougherà Cost increaseà To increase profit, more units built in limited space.

Amazon will open off line store in Manhattan      

  • Hudson Yard in Manhattan end of 2018 -> First store in N.E area.
  • #1 Store in US in Seattleà Open in Nov 2015. ( #2 Store will be in San Diego at the end of 2016)
  • Acc to General Gross Property CEO says Amazon will open 300-400 off line store in the future.

Tech News: .

  • Tesla(Model S) driver was killed by auto drive mode / another accident: drive injured ( the driver claims auto drive is fault)

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