REALTOR®
OFFICIAL PUBLICATION OF THE ARCADIA ASSOCIATION OF REALTORS®
PROUDLY SERVING THE REALTORS® OF ARCADIA, BRADBURY, DUARTE, MONROVIA & SIERRA MADRE
Why Aren’t New Homes Going Up That Millennials Can Afford? See page 12
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ARCADIA REALTOR® · JANUARY/FEBRUARY 2015
MARCH/APRIL 2016 · ARCADIA REALTOR®
REALTOR® 2016 ASSOCIATION OFFICERS Roy Blume 2016 PRESIDENT Sylvia Ramos PRESIDENT-ELECT Kelvin Chang TREASURER Joseph Pacilio IMMEDIATE PAST PRESIDENT BOARD OF DIRECTORS Ryan Asao Julie Bencosme Cecil Griffin Fred Madjar Yvonne Rosas-Petty Irene Truong Mike Vachani
C.A.R. DIRECTORS Ryan Asao Andy Bencosme Julie Bencosme Roy Blume Margaret Garemore Joseph Pacilio Sylvia Ramos Randall Traw Mike Vachani Kelvin Wong
ASSOCIATION STAFF
Robin Allen Ext. 307 Director of Finance / Office Manager Robin@TheAAR.com Michael Beltran Ext. 302 IT Director / Webmaster Michael@TheAAR.com Brenda Faltes Ext. 304 Director of Membership & Professional Standards Brenda@TheAAR.com Jamie Hu Ext. 309 Director of MLS Data Integrity & Affiliate Liaison Jamie.Hu@TheAAR.com Stephanie Maertens Ext. 303 Director of Education & Commercial Real Estate Stephanie@TheAAR.com Jane Shriver Ext. 301 Director of Association Services Jane@TheAAR.com Laura Thai Ext. 304 Director of Broker Compliance & Member Outreach Laura@TheAAR.com Andrew Cooper Ext. 308 Chief Executive Officer Andrew@TheAAR.com
ARCADIA ASSOCIATION OF REALTORS® 601 South First Avenue Arcadia, California 91006 626.446.2115 626.446.4072 FAX www.TheAAR.com 2
ARCADIA REALTOR® · MARCH/APRIL 2016
Cooper’s Comments Cyclical Cycles When we closed the financial books for 2016 it once again reminded me how cyclical the real estate business can be. To be sure, life in real estate can be unpredictable, brutally competitive and not for the faint of heart, which is why many of us have learned to enjoy the good times when they come. As an industry, we’ve spent the better part of the past 10 years or so reeling from the “crash”, from mortgage defaults which resulted in record numbers of short sales and foreclosures, a recession and an anemic, slow-to-recover global economy. Thankfully the industry has rebounded and it appears we’re moving in the right direction but there is still plenty of room for improvement. Keeping in line with improvement, at the AAR we’ve transformed our service model for the new realities of a real estate environment that’s changed radically from that of just 10 years ago. One effect of the “Lost Decade” was a decline in income for many of our members which forced the need for them to reinvent themselves. Recognizing that, we pivoted our capabilities to better serve our members and help them through the market transition. This transformation necessitated a large amount of change which included an overhaul of our method of thinking. The phrase, “that’s how we’ve always done it” was forever banned inside the walls of the AAR building. The results are a huge variety of educational and professional development opportunities - most of them for no additional cost, more bi-lingual opportunities than ever before, quantitative community partnerships and as an extension, new community relationships, outrageously positive customer service and huge technological improvements for our members. I’m immensely proud of our staff and our cadre of volunteers for enduring such challenging times and we’ve emerged stronger than ever. It’s truly been a labor of love on behalf of our valued members. What’s remarkable to me is that through it all, the AAR has grown 32% in membership over the past 5 years and my hat is off to our over 2,300 members for helping make this happen. Never ones to rest, we now focus our attention on the basics of customer service and membership benefits - two concepts that are so intrinsically simple in meaning yet just as important as our major operating initiatives in terms of fulfilling our purpose. We’re doubling down on our commitment to deliver a world-class membership experience, even more educational and bi-lingual opportunities and a smile or two along the way. On behalf of the 2016 Board of Directors and your dedicated staff, THANK YOU for renewing your membership with us and a warm AAR welcome to our many brand new and transferring members!
Andrew Cooper Chief Executive Officer
MARCH/APRIL 2016 | VOLUME 20 | NUMBER 2
Contents 7
Regular Features 2
Cooper’s Comments
4
Market Matters
5
Attorney Comments
6
Through the Lens
9
Affiliate Corner
Andrew Cooper, Chief Executive Officer
Market Statistics for the San Gabriel Valley
Dave Freeman, AAR Legal Counsel
A Look at What’s Happening Around the AAR
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12
On the Cover 12 Why Aren’t New Homes Going Up That Millennials Can Afford? All across the country, home prices are shooting up, driving buyers to slug it out in bloody bidding wars.
Additional Content 7
Introducing the 2016 Grievance Committee As REALTORS®, we agree to abide by our professional rules of conduct known as the Code of Ethics.
10 AAR New REALTOR® Members The AAR welcomes its newest REALTOR® Members of 2016. 11 YPN Party for a Purpose A recap of the Young Professionals Network “Charaoke Night” Fundraiser for Relay for Life.
“5 Keys to the Perfect Mortgage” Ryan Hoffman, Wholesale Capital Corporation MARCH/APRIL 2016 · ARCADIA REALTOR®
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Market Matters Market Statistics for the San Gabriel Valley - January 2016
City
Arcadia Arcadia Duarte El Monte El Monte Glendora Glendora Monrovia San Gabriel San Gabriel San Marino Sierra Madre Temple City
Zip Code
91006 91007 91010 91731 91732 91740 91741 91016 91775 91776 91108 91024 91780
Single Family Homes
Condominiums
Sales of Price Price % Single Family Median SFR Chg from Homes ($1,000) Jan. 2015
Price Median Condo ($1,000)
14 11 15 6 7 10 19 23 8 12 8 8 20
$910 $1,520 $430 $398 $500 $442 $580 $585 $810 $563 $1,880 $950 $687
-19.5% 4.8% 2.4% -0.6% 26.6% -7.0% -10.8% 1.7% -2.6% 5.7% -8.3% 3.0% -7.8%
Sales Count Condos
n/a 15 5 n/a 8 2 3 3 n/a 6 n/a n/a 2
SFR Only
Price & Median Chg from Home Price/ Jan. 2015 Sq. Ft.
n/a $498 $380 n/a $350 $309 $465 $576 n/a $442 n/a n/a $409
n/a -2.0% 20.6% n/a -21.5% 7.8 21.1% 41.3% n/a -11.6% n/a n/a -38.3
$505 $538 $357 $348 $356 $321 $358 $459 $477 $445 $760 $530 $443
Market Statistics for the San Gabriel Valley - February 2016 Single Family Homes
City
Arcadia Arcadia Duarte El Monte El Monte Glendora Glendora Monrovia San Gabriel San Gabriel San Marino Sierra Madre Temple City 4
Zip Code
91006 91007 91010 91731 91732 91740 91741 91016 91775 91776 91108 91024 91780
Condominiums
Sales of Price Price % Single Family Median SFR Chg from Homes ($1,000) Feb. 2015
16 16 14 4 12 7 13 18 9 7 13 5 17
$1,172 $1,596 $390 $377 $375 $505 $613 $669 $841 $586 $2,150 $1,370 $750
ARCADIA REALTOR庐 路 JANUARY/FEBRUARY 2016
-7.0% 17.8% -2.5% -0.3% 13.6% 0.4% -8.9% 43.9% 2.6% 0.9% -5.1% 101.5% 6.7%
Sales Count Condos
6 7 4 n/a 2 n/a 1 6 1 6 n/a 2 3
Price Median Condo ($1,000)
$808 $548 $354 n/a $532 n/a $479 $583 $436 $441 n/a $460 $645
SFR Only
Price & Median Chg from Home Price/ Feb. 2015 Sq. Ft.
19.6% 2.8% 4.3% n/a 8.9% n/a n/a 37.7% n/a -8.1% n/a -10.5% 8.4%
$539 $523 $395 $373 $288 $352 $366 $443 $509 $439 $852 $458 $532
Source: CoreLogic.com
Attorney Comments
By Dave Freeman, Association Counsel
Escrow Scams Beware the relatively new scam, where the perpetrator pretends to be the Escrow Company or the agent of the Buyer and instructs them to wire the money to a different account. This is all done at the last minute. The new account is, of course the perpetrator’s account, and the money is lost for good, at the Buyer’s loss. This scam is done by discovering or hacking the agent’s or the broker’s or the escrow’s email account and sending the amended wire instructions, usually at the last minute. Warn your clients to be suspicious of questionable instructions, and to check with you and escrow before responding to any last minute instructions.
Escrow Scams #2 - Seller Carrybacks This is very similar to #1, but requires no hacking or gaining of email addresses. Here, usually the Buyer (scammer), who frequently uses an LLC or corporation to buy, convinces the Seller to carry back a Trust Deed (TD)for all but the down payment on the property. Then, late in the escrow, the Seller receives a somewhat confusing but short instruction, requesting the Seller to sign and return the instruction to escrow. The instruction is actually agreeing to place the Seller in second position, behind a large first TD on which the Buyer’s accomplice is the Beneficiary. The Seller is now in a position of possibly being foreclosed out by the bogus first TD, or having to agree to a short sale to save any of the money owed to him/her. Again, advise your clients to read what they sign! And if they don’t understand ALL of it, advise them to have you or a real estate attorney read it and advise them.
Electronic Signatures A typed or printed signature on an electronic communication may, or may not be, held to be a valid signature for the purpose of enforcement in court. Recently, investors claimed fraud by a developer, with whom they had invested (in an LLC). The investors filed suit and made demand for $350 thousand. The developer, first in an email from his cell phone with his name at the end, later by telephone voicemail, and lastly by a text message, said that he accepted the settlement demand. But, later the developer refused to sign the formal Settlement Agreement and Judgment. The investors attempted to enforce the agreement reached through electronic means. The Trial Court judge agreed to enforce it, but the Appellate Court, said, ”No.” A typed signature can be enforceable, but only if the surrounding evidence is sufficient to establish that the developer, “electronically signed,” the agreement. Here, the Court didn’t buy it. Solution: take the time; make the effort to get actual wet signatures on any contract or document that you or your client would like to enforce. (Electronic SIGNATURES, as opposed to typed signatures, have been upheld so far.)
MARCH/APRIL 2016 · ARCADIA REALTOR®
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through the lens addy Says: 2016 E4C St. P O! Let ’s Play BING
A Look at What’s Happening Around the AAR
The AAR Booth at the Monrovia 2016 Spring Egg Hunt & Healthy Kids Day
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ARCADIA REALTOR® · MARCH/APRIL 2016
INTRODUCING The 2016 Grievance Committee By Margaret Garemore, Grievance Committee Chairperson
MEET THE COMMITTEE MEMBERS It is my pleasure to introduce the 2016 Grievance Committee: I am your Chairperson, Margaret Garemore, and the team consists of vice-chairs Larry Kallis and Irene Yamagata, along with the following committee members: Ryan Asao Andy Bencosme Julie Bencosme Kelvin Chang Peggy Fong Chen Cecil Griffin Marie Hischier
Jenny Hsieh John Lee David Milton Joe Napoli Jill Nelson Joe Pacilio James Pai
Sylvia Ramos Sonia Santos Linda Szerdahelyi Mike Vachani Camelia Vera Louis Wang Val Wong
CONTACT US IF YOU NEED HELP WITH A GRIEVANCE MATTER To become more familiar with the Code of Ethics, go to the National Association of REALTORS® (NAR) website. If you have questions or concerns about a possible violation, please contact the Arcadia Association for assistance at (626) 446-2115. As always, my best wishes and let’s make it a great year in real estate.
WHO ARE WE AND WHAT DO WE DO? The Grievance Committee is comprised of REALTOR® and Broker members of the Arcadia Association of REALTORS®. As a group, we review confidential Ethics Complaints that come into our association from other REALTORS® and members of the public for alleged ethics violations against our REALTOR® members. It is our job to review the complaints and determine if they should be sent up to the Professional Standards Committee for an ethics hearing.
HOW MANY COMPLAINTS IN 2015? We received four Grievance Complaints in 2015.
WHAT ARE THE RULES? As REALTORS®, we agree to abide by our professional rules of conduct known as the Code of Ethics. In our daily business we must govern our behavior in accordance with these rules of conduct. The Code is divided into three sections with 17 Articles as follows: 1. Duties to Clients and Customers 2. Duties to the Public 3. Duties to REALTORS® 7
ARCADIA REALTOR® · JANUARY/FEBRUARY 2015
Maureen McCune Loan Consultant, NMLS# 284640 Tel: 626.991.4656 Maureen.McCune@kinecta.org www.kinecta.org/mmccune
270,000
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ARCADIA REALTOR庐 路 JANUARY/FEBRUARY 2015
AFFILIATE Corner “5 Keys to the Perfect Mortgage”
By Ryan Hoffman, Wholesale Capital Corporation Personal finance is 90% personal and 10% financial, so when it comes to helping your clients find a mortgage that is right for them, it is important to find out what their life and financial goals are so the mortgage can be tailored to their needs. For example, newlyweds with their first baby on the way looking to get out of their apartment and into their first home will have drastically different priorities in a mortgage than a retired couple who needs more wiggle room due to their fixed income, or the savvy investor who needs to understand the return on investment if they were to go with a lower interest rate, a shorter term, or multi-unit property. When clients are stressing about one of the largest financial decisions of their entire lives you can create a sense of calm by asking them the right questions to ensure they’re making the right moves. Clients should always consider the five keys to the perfect mortgage. 1. Payment - Of course the most basic is the monthly payment. As simple as it may seem, clients always need to back in to their dream house from the monthly payment first. 2. Cash in Hand - This applies to the cash expended when making a purchase and the cash pulled out in the case of a refinance. Though your clients may have enough for 20% down, they will want to consider the security that comes with having cash in the bank. It’s practically guaranteed that when we have temporarily spent all our money is when the water heater goes out. 3. Term - Though most clients seem to go with the standard 30 year loan we want to consider that some clients may be closer to retirement age and would like to consider the payoff date of their loan or the benefit on pricing when going with a 15 year fixed over a 30 year. 4. Tax Benefit - When comparing renting vs buying the concept is pretty clear but how about 20% down vs. 10% down while paying off debt that isn’t tax deductible such as credit cards or car loans. 5. Risk - Though most buyers have been made aware of the dangers of Adjustable Rate Mortgages it should be said that ARM’s have their place. Borrowers should think about the possible risks that could make it difficult to pay their mortgage and how to minimize them. For example: someone who has a great but unpredictable commission income may consider that though he would like to pay his mortgage off faster, he should go with a 30 year loan without a prepayment penalty in order to have flexibility when he needs it. When your buyers have taken the time to ask all the right questions, not only do they feel better about the transaction, but they feel better about your ability to take care of them… and their future referrals of course. Ryan Hoffman, Wholesale Capital Corporation. For more information, contact Ryan at: 951-312-8650 or rhoffman@wccloans.com
MARCH/APRIL 2016 · ARCADIA REALTOR®
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Welcome, New Members! NEW REALTORS速 FEBRUARY 2015 Renee Bannoura, Dilbeck Real Estate; Ginger M. Brody, Coldwell Banker Dynasty T.C.; Hsin Hung Chen, Highland Real Estate; Lu Chen, Treelane Realty Group; Walter Chen, August Pine Real Estate; Yong Z. Chen-Huang, IRN Realty; Michael J. Chung, RE/MAX Premier Properties Arcadia Jeannie C. Clark, IRN Realty Debbie L. Cook, Highland Real Estate Roderic Cunanan, Urban Link Realty Wilson C. Fang, Wilson C. Fang, BROKER; Daniel R. Flores, Coldwell Banker George; Yuh-Sheng Ho, Highland Real Estate;
Pingying Huang, RE/MAX Omega; Allen W. King, RE/MAX Premier Properties; Yong S. Koh, First Investment & Realty David M. Koshi, Keller Williams Market Center; Pak Fai R. Lau, IRN Realty Loc T. Le, Long Dragon Realty Group, Inc.; Jennifer Leeway, Highland Real Estate; Charles Q. Li, Highland Real Estate; Xiaohui Li, RE/MAX Advanced Realty; Mei Liu, Treeline Realty & Investment; Hong R. Mao, Highland Real Estate; Derek K. Ng, Highland Real Estate; Josefina Partida, Berkshire Hathaway Home Service
Ana Maria Ramirez-Lopez, Keller Williams Market Center;
Juan C. Rosas, Urban Link Realty; Nana Shen, Grandmark Realty Inc.;
Karen Kai C. Su, Tajen Lee, BROKER; Suliman A. Suliman, American Frontier Financial; Michael Vu, Coldwell Banker George; Bin Wang, Champion Character Inc.; Steven Weng, Long Dragon Realty Group, Inc.; Yidan Xu, RE/MAX 888; Ting Yin, Highland Real Estate; Lili Young, Han Realty; Bryant J. Zhong, Century 21 Golden Realty
NEW REALTORS速 MARCH 2016 Oz O. Akram, Keller Williams Market Center; Carol E. Bush, Coldwell Banker Arcadia; Peony Cai, Keller Williams Market Center; Tao Chen, Highland Real Estate; Craig Chong, RE/MAX Omega; Thomas Chou, ALTC Realty; Tony Chou, ALTC Realty; Jessica Chu, Champion Character Inc.; Pauline R. Cox, Keller Williams Realty; Thanh H. Dang, Mega Realty; Ye Fang, Coldwell Banker Dynasty T.C.; Leon Feng, RE/MAX 6000 Realty; Peng Gao, Highland Real Estate; Karyn S. Godbold, Dilbeck Real Estate; Yuqian Han, Highland Real Estate;
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Luis I. Herrera, Keller Williams Market Center; Shirley H. Huang, Coldwell Banker George; Kailey T. Ji, Long Dragon Realty Group, Inc.; Marjorie Jimenez, Urban Link Realty; Irvin Jing, Long Dragon Realty Group, Inc.; Andrew Lam, RE/MAX 6000 Realty; Kenny Lee, Highland Real Estate; Miao Li, Highland Real Estate; Lisi Ling, VasTree Real Estate; Chris Liu, US National Realty; Feng Liu, Highland Real Estate; Christopher H. Ngu, RE/MAX Omega; Xiaodong Niu, Highland Real Estate; Jenny J. Pak, IRN Realty; Joyce Park, ALTC Realty;
ARCADIA REALTOR速 揃 MARCH/APRIL 2016
Kevin Quan, Grandmark Realty Inc.; Edna R. Renskers, Keller Williams Market Center; Jannet L. Sun, Cal Mutual; Carmen Vega, Good Bones Properties, Inc.; Jonathan Wang, RE/MAX Elite Realty; Lina Wang, RE/MAX 6000 Realty; Na Wang, Highland Real Estate; Ruhong Wei, Highland Real Estate; Brenda Wendt, Katalina Klein Properties, Inc.; Sarah J. Yan, Long Dragon Realty Group, Inc.; Fan Yang, IRN Realty; Audrey Ying Young, Long Dragon Realty Group, Inc.; Jing Yu, Highland Real Estate; Shu F. Zheng, Highland Real Estate; Liping Zhou, Highland Real Estate
Party for a Purpose This year’s AAR YPN Party for a Purpose “Charaoke” event was held on March 24th at La Colina Estates in Glendora and was a huge success! Everything for this event was donated by our amazing sponsors Tri Phung, William Lyon Homes; Muzzy Mirza, Banc Home Loans; Yvonne Magana, New American Funding; George Abich, Target Mortgage Inc.; David Chang, Chase Bank, Choe Hung & Riyad Nehlawi, Wells Fargo Home Mortgage & DCFL Events. All the proceeds from this event will benefit our Arcadia Association of REALTORS® Relay for LIFE team. If you would like to support our team please visit the Association’s website. The AAR YPN Committee we would like to thank you ALL for your support and remember that cancer affects EVERYONE!
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MARCH/APRIL 2016 · ARCADIA REALTOR®
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Why Aren’t New Homes Going Up That Millennials Can Afford? By Clare Trapasso, Senior News Editor, realtor.com® All across the country, home prices are shooting up, driving buyers to slug it out in bloody bidding wars. And those feeling the punches the hardest: first-time home buyers. Cut me, Mick! One of the main factors pushing up prices also happens to be one of the most intractable: There just aren’t enough newly constructed homes that are affordable for sale. Yet home builders, who could swoop in heroically and save cashstrapped millennials by creating a new wave of entry-level homes, aren’t coming to the rescue any time soon. Much like home buyers themselves, builders are still struggling to recover from the housing crash of ’08 - dealing with lenders who don’t want to lend and higher costs for all things housing-related. Construction on single-family homes is expected to be up about 15% this year over the previous one, says Robert Dietz, chief economist at the National Association of Home Builders. About 647,900 new, single-family homes were completed in 2015, according to the U.S. Department of Commerce. But don’t expect to score a bargain-basement deal on a brand-new starter home. Not anytime soon, anyway. That rose-colored American dream of moving into a gleaming new first home made just for you - well, it’s fast fading into scratchy black and white. “Builders are creating larger, more expensive homes for older buyers” with the money to burn, Dietz says. Sorry, millennials! Those target older buyers are typically existing homeowners who want to move up into bigger homes. So first-time buyers are caught in a classic bind. They don’t make up a significant share of the new-home market - only 11% of those 35 and under bought new, never-occupied homes, according to a recent National Association of Realtors® report. They’re just too darn expensive, and so not many new homes are being built for them. Can anyone say “chicken vs. egg”? For example, the median price of a new home was $301,400 in February, according to the U.S. Department of Commerce. That’s a big contrast from the median cost of an existing home at $210,800 in February, according to NAR. Homebuilders’ costs skyrocketed The reason that new construction is more expensive isn’t just 12
ARCADIA REALTOR® · MARCH/APRIL 2016
because you’re getting shiny new appliances and rooms that have never been lived in before. It’s everything that goes into developing a brand-new residential area. “In some large metro areas like New York and San Francisco … it’s difficult to obtain land to build on,” Dietz says. Builders in most markets must contend with zoning, securing permits, and taking care of any environmental issues, as well as installing the infrastructure on newer developments, including sewers and roads, he says. And the longer it takes to prep the land and put up the houses, the more costly it is for builders - and therefore for buyers, too. “If you buy the land, and it takes you 10 months instead of two months to get all the permits and agreements from utilities … [that] raises the cost for the builder and reduces the number of potential buyers willing to wait around a while until they can move in,” says Ken Simonson, chief economist for the Associated General Contractors of America. There are more cost-effective ways to build. By fitting more residences such as townhouses into smaller lots in new developments, builders can charge less per home. Residences are generally cheaper to build - and therefore cheaper to buy - farther from city centers. But many people want to avoid long commutes to work, says Susan Wachter, a real estate and finance professor at the Wharton School of the University of Pennsylvania. So those homes may end up being a harder sell. Labor ain’t cheap either The burst of the housing bubble in 2008 was catastrophic for the residential construction industry - about half of builders went out of business as buyers and financing dried up. Laborers who got laid off went on to other industries or careers. Some builders are now just beginning to get back into the market. But even when they do, they often can’t find the skilled workers essential to constructing homes - the industry remains down about 900,000 laborers, says NAHB’s Dietz. In addition, some contractors were burned during the financial crisis by builders who, once their own businesses began to suffer, stiffed contractors on their fees or paid them less than promised for labor, says Jonathan Smoke, chief (Continued on page 13)
economist of realtor.com. Those enterprising contractors who stayed afloat by moving into home remodeling or commercial construction may be understandably reluctant to go back into business with the same builders who are now knocking on their doors. Loans are tough to come by It isn’t just hopeful home buyers who have to run the gantlet with newly strict lenders to get the necessary cash for a new home. The bulk of residential construction around the country is done by smaller builders who typically go to local lenders such as banks and credit unions for financing. But after the crisis, lenders became way more cautious about doling out loans. This means developers and builders have a harder time getting the financing needed to embark on new projects and that limits the amount of new construction. “There are limits to how fast the industry can grow, given the industry has to rebuild its workforce, rebuild the building lots supply, and also have an increased access to lending for builder loans,” Dietz says. Glimmers of hope But first-time buyers shouldn’t necessarily despair. There is hope!
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Given the raw numbers of younger home buyers entering the market, it’s likely that builders will wake up to the opportunities they represent and start addressing it head-on. Eventually. Home designers can look at cheaper
materials or construction to put up a quality home for less, says residential building consultant Tony Callahan, president of Kennesaw, GA-based Callahan Consulting Group. For example, instead of installing a wooden banister along a staircase, a half-wall could go up instead, he says. Formica countertops in kitchens can be used instead of granite just as linoleum, instead of tile, can be laid down in the bathrooms. And not every room needs several windows. “It’s really looking at all parts of the home,” Callahan says. Smoke has also begun to see some of the bigger builders such as D.R. Horton put up more attractively priced dwellings. “But it’s just not enough,” he says. The country is losing more affordable homes each year and very few similarly low-priced residences are going up to replace them, Smoke warns. Some are lost through simple wear and tear over time, others succumb to environmental disasters (such as storms) or are torn down so that bigger ones can go up in their stead, Smoke says. Investors have also swooped in in recent years and turned many of these less expensive abodes into rentals. “You can’t have an increase in first-time buyers if the firsttime buyers don’t have homes to purchase,” he says.
ARCADIA REALTOR® · JANUARY/FEBRUARY 2015 MARCH/APRIL 2016 · ARCADIA REALTOR®
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Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006 Presents
“DRESS FOR SUCCESS”
A Professional Clothing Drive for Men and Women in support of Elizabeth House & Journey House MEN
WOMEN
Full Suits (Jacket & Pants) Jackets/Blazers or Sport Coats Dress Slacks & Pants Ties/Belts Briefcases/Portfolios (lightly used) Handbags/Computer Bags (lightly used) Closed-toe Dress Shoes
Full Suits (Jacket & Pants &/or Skirts) Dresses/Blouses Scarves, Make-Up & Jewelry Leggings, Socks & Hosieries Briefcases/Portfolios (lightly used) Handbags/Computer Bags (lightly used) Closed/Open-toe Dress Shoes
Donate May 2-13 Mon-Fri
*All items should be gently used and clean
*All items should be gently used and clean
For the Elizabeth House & Journey House DRESS FOR SUCCESS clothing drive, we would greatly appreciate professional clothing and accessories to help the men and women we serve look their best and feel confident for an interview or a new job. We gladly accept donations of new and gently worn items. Items that are damaged cannot be accepted.
Where to Drop-Off: Bring your items into the Arcadia Association of REALTORS® Building. 601 S. First Ave., Arcadia CA, 91006. You may drop-off your items anytime from 8:30am - 5:00pm, Monday - Friday. If you have any questions, please contact AAR at 626-446-2115.
100% of Your Donations will go to these Organizations www.TheAAR.com ~ 601 S. First Ave. Arcadia, CA 91006 ~ 626-446-2115 ~ Fx. 626-446-4072
• Estate Planning • Trust Administration • Probate • Business Law • Commercial Transactions • Corporation, LLC & Partnership Formations • Business Contracts
Call today for a free consultation
Romy S. Rahmanian, Attorney
(626) 869-8787 33 East Huntington Drive • Arcadia, CA 91006 romy@rahmanianlaw.com • www.RahmanianLaw.com
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