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NJ Real Estate News : June 29th 2016

Posted by J Park on June 29, 2016
| 0

“Two Fulton Square” New Mixed Use construction plan has been submitted

  • College Point Blvd + Prince St ( 37 – 39 Ave)
  • Developed by F&T Group / 14 stories : 420 unit Condo, 240 room Hotel
  • 1st Phase: 220 Condo, 150K sf retail and office, 6500 sf community center, 520 parking
  • 2nd Phase: 200 Condos, Hotel

“MUJI” Japanese Life Style shopping center will be at GS Plaza Mall

  • Wide range of products: no-brand, logo-free products
  • Promoting simplicity, minimalism, and functional shopping.
  • 8600 sf. Ground level will open in August.
  • Has 5 stores in Manhattan ( 400 in Japan, 300 outside Japan, 11 in US)
  • Mission: strip away excess features waste form the products to produce affordable, functional, recyclable, high-quality goods.

 NJ State passed $34.8B New Budget

  • $100M increased than last year.
  • Funds for low income level : $300M / funds for pre-school : $25M / Re-fund money for senior property tax : $25M
  • It has to finished by 6/30/2016. -> Waiting for Governor’s sign.

How does BREXIT will affect RE market?

  • UK is mainly financial industry. -> difference between EU countries -> induce instability of UK currency
  • UK commercial market price will drop 5% -10%  -> Possibly buyers move to US
  • Dollar value goes up. Money flows to US for safe assets. -> for next 2-3 years
  • Eastern block European investors who were familiar with UK RE market -> turn into US market.
  • On the other hand, some savvy people will look into price dropped UK properties reversely.              ( UK’s credit level, AAA -> AA by S&P)

Regional home prices are slowly climbing.

  • Increase about 2.6% à a half of nationwide avg. by S&P (Case-Shiller)
  • Regional price reached to Sep 2004 while national price reached to Oct 2005.
  • Prices are 10% (nationwide) and 16.5%(regional) lower than peak time in mid – 2006
  • Acc to NJAR, single house price went up 1% in Bergen Co in April to median $465 K, and Passaic Co, 7% to median $300,000.
  • Ahead -> moderate price increase

# of Bank local office went down by 6.3% for last 6 years     

  • # of bank local offices -> 93,283 I 2016 (99,550 in 2009)
  • Mostly BoA(6185 -> 4834: 21.84% reduced), Citi bank(1043 -> 807:20% reduced), Capital One(1041 -> 826: 20.65% reduced), etc.
  • Last year, 25M people becomes mobile customers.
  • Branch office costs $4.25 per 1 transaction / Mobile banking costs $0.1
  • Wells Fargo increased to 6246 from 3429 because of merge with Wachovia

Housing recovery gaining traction

  • Home construction has risen, but running historic lows
  • Foreclosures are way down, Stronger job market is encouraging more young people move out of their Mom’s basementà boost home construction for next decades
  • 36% of households rented in 2015à Highest point since 1960’s
  • 9 M renters added from 2005 to 2015.
  • In 2000, 6.5M lived in high-poverty area -> in 2014 it is doubled. -> long term negative implication for children.

11M people in US spent more than 50% of income to rent payment .

  • As of 2014. -> First time to go over 11M
  • 3M pays more than 30% of income for rent payment
  • Currently 30% of income for rent payment is standard -> maintaining is not easy -> more difficult to prepare down payment for purchasing first home

Tech News: .

  • Google will make Cell phone hardware
  • Window 10 free upgrade will be ended this this month -> From next month $119

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