a | r | e Fall 2012

2012

top producers serving Asian American communities

AREAA

THE

Meet the 3rd annual AREAA "A" List

IL ST An Historic China U.S. Real Estate Summit Exploring Real Estate opportunities in Thailand Serving Russian Homebuyers

Fall2012

AAPI Political Empowerment // Get off the Vegas Strip // What impacts Credit Scores and How // World Journal // and more...

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3 The Clarity Commitment® loan summary is provided as a convenience, does not serve as a substitute for a borrower’s actual loan documents, and is not a commitment to lend. Borrowers should become fully informed by reviewing all of the loan and disclosure documentation provided. Clarity commitment is not available on all products. THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Bank of America, N.A., Member FDIC. Equal Housing Lender. © 2012 Bank of America Corporation. ARX3T3T6 AD-03-12-1365 03-2012 1 2

To access resources in additional languages, follow the links below:

中文 (Chinese):

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Did You Know?

During the Soviet Era, the Communist government imposed the Russian language upon the republics of the USSR. Here in the U.S., the many different cultures of the former-Soviet states are unified by the Russian language and often live in the same communities.

Read “Beyond Language to Cultural Intelligence- A Spotlight on the Expanding Russian Market” by Kristen Hunt, included in this issue.

First American has cutting edge resources and tools in up to 18 languages that can help you better serve the multicultural homebuyers in your area.

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Chinese Farsi French

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Hindi Hmong Japanese

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Korean Portuguese Punjabi

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Romanian Russian Spanish

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Tagalog Vietnamese English

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Understanding Escrow and It’s Importance to You A bilingual brochure that clearly defines escrow, how it works, and the duties of the escrow holder - Available in Arabic, Chinese, Farsi, French, Hindi, Hmong, Japanese, Korean, Portuguese, Punjabi, Russian, Spanish, Vietnamese, and English

First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates.

©2012 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE:FAF

” e k i L “

n o A

A E AR

facebook.com/areaa.national

Fall 2012 Volume 4, Issue 3 O n t h e C o v e r : The 2012 AREAA "A" List

52

features 52

The 3rd Annual AREAA "A" List We introduce you to this year's AREAA "A" List, which features top producers -by volume and sides -- who serve Asian American homebuyers and communities, and share some of their keys to success

66

China U.S. Real Estate Summit: the Bridge to Somewhere During an historic three-city event, officials from the Chinese and U.S. real estate markets gathered to build relationships and share best practices. Learn some of the key takeaways and how AREAA is connecting the global real estate markets

66

By John Yen Wong

22

Trade Mission Journal: AREAA Goes to Thailand AREAA delegates toured the Kingdom of Thailand to learn about the local economy, political climate, investment opportunities, real estate practices, resorts, and even had time for a stop at the world's largest jewelry store

By Jim Lynch 22

Prudential real estate Committed to serving the Asian community.

Together, we can help restore confidence in the dream of home ownership.

Proud sponsor of AREAA.

Š 2012 BRER Affiliates Inc. Real Estate brokerage services are offered through the independently owned and operated network of broker member franchisees of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, used under license with no other affiliation with Prudential. Equal Housing Opportunity.

40

32

84

Contents 19

The Asian Pacific American Institute for Congressional Studies

Departments 46

A spotlight on the non-profit that's promoting AAPI leadership in elected offices

20

The Changing Demographics of Asian Americans: Political and Community Empowerment

A look at how common creditrelated activities increase or decrease credit scores

By Barrett Burns

62

A call to action to the Asian American community: make a difference on November 6, 2012

By Mee Moua

32

8 “Unknown� Adventures to Explore in Las Vegas

From exploring majestic rock formations to racing exotic sports cars, Vegas has a lot more to offer than what is available on the Strip

By Joseph and Candace Lai

40

Beyond Language to Cultural Intelligence: A Spotlight on the Expanding Russian Market

Understanding the cultural nuances that impact communication and negotiation style to help you better serve the Russian American homebuyer market

By Kristen Hunt

6

What Impacts Credit Scores and How?

16

Past Chair Perspectives

28

In My Neighborhood with Shelly Panzarella

Chinese Investors Should Consider Investing in Chicago Looking for an attractive investment for your international clients? EB-5 incentives should make this midwestern metropolis a frontrunner for consideration

By Ann Trandai

In her final address as National Chair, Kathy Tsao reflects on her year at the helm of the association

As AREAA approaches its ten year anniversary, former leaders share what impresses them most about AREAA's growth and influence in the real estate community

The AREAA Las Vegas president shares some of the local institutions that make living easy in Vegas' family-friendly suburb of Henderson

Century 21 China Looks to the Future

The expansive real estate brand is primed to take advantage of new prospects in China's secondary residential property brokerage market

74

A Message from Chair Tsao

World Journal: the Mission Behind the Media

President Han Sheng Chang gives us a behind-the-scenes look at the history and mission of America's largest Chinese newspaper and media group Interview by Kathy Tsao

72

14

76

AREAA Leader Profile

84

Around the Association

We discuss chapter successes and challenges with AREAA SoCal TriCounty president Shinglian Chu Interview by Lauren Eckels

A chapter is formed in New Jersey, AREAA DC Metro helps homeowners, AREAA Greater Sacramento hits the greens, theEDGE takes iPad training to Chicago and more...

Interested Email us >>in advertising? a- r- e@areaa. org

Adv e r t i s e r s AARP

www.aarpmembership.org/areaa

pg 23

John Lee, Pacific Union International

www.isellsf.com

pg 49

Linda Lee, Keller Williams Realty

www.buy858.com

pg 82

Lorne Lentz, Realty World East Bay

www.eastbayteam.com

pg 81

Kenneth Li, Century 21 Southwest

www.kennethli.com

pg 70

Gina Lin, Coldwell Banker Legend Real Estate Group

www.gina-lin.com

pg 82

pg 64

Kelley Liu, DFW iRealty, LLC

www.DFWiRealty.com

pg 70

www.areaa.org/chicago

pg 25

Loan Modification Scam Alert

www.LoanScamAlert.org

pg 1

www.facebook.com/areaa.national

pg 3

Lone Oak Fund

www.LoneOakFund.com

pgs 36, 39

Shawn Luong, Century 21 Masters

www.shawnluong.com

pg 71

Janette Mah, Wilshire State Bank

www.wilshirebank.com

pg 78

Denise MaNguyen, Michael James Real Estate

www.MyMJRE.com

pg 80

Vinny MaNguyen, Michael James Real Estate

www.MyMJRE.com

pg 80

National Association of REALTORS

www.REALTOR.org/conference

pgs 12-13

Young Ahn, Century 21 Fine Homes & Estates

www.youngahnhomes.com

pg 79

Anchor Loans

www.anchorloans.com

pg 60

AREAA 2013 National Convention

www.areaa.org

Inside Back Cover

AREAA California-Orange County

www.areaa.org/caoc

AREAA Greater Chicago AREAA on Facebook Bank of America Home Loans

www.bankofamerica.com/neighborhoodlending

Inside Front Cover, pg 27

Boston National

www.bostonnationalservices.com

pg 33

Bernice Brubeck-Wong, Brubeck-Wong REALTORS

www.AllAboutProperties.com

Back Cover

Thuan Bui, First American Home Buyers Protection Corporation

www.firstam.com/warranty

pg 81

Central Escrow

www.centralescrow.com

pg 37

Century 21 China

www.century21cn.com

pg 65

Roma Niessen, Coldwell Banker Horizon Realty

www.romaniessen.com

pg 82

Chase

mca.partner@chase.com

pg 11

Keiko Okubo, Okubo Real Estate

www.OkuboRealEstate.com

Back Cover

Alisha Chen, Cornerstone Real Estate International

www.alishachenhomes.com

pg 71

Ellen Osmundson, Better Homes and Gardens Mason-McDuffie

www.EllenOsmundson.com

pg 80

Rita Chen, Presidential Real Estate, Inc.

www.ritachen.com

pg 82

Peter Park, Prime Properties Asset Management

www.a2zreo.com

pg 79

Chinese Real Estate Association of America

www.creaaUSA.org

pg 18

Prudential Real Estate

www.PrudentialRealEstate.com

pg 5

Jenny Cui, Keller Williams Realty Austin

pg 79

pg 70

Paulina Rassavong, RE/MAX Associates of La Jolla

www.rassavong.com

http://jennycui.austinkw.com/

Trang Dang-Le, DFW iRealty, LLC

www.DFWiRealty.com

pg 70

RE/MAX Fine Homes

LeeAnn@CanadayGroup.com / Christina@FindOCHomes.net

pg 88

Daniel Gale Sotheby’s International Realty

www.danielgale.com

pg 51

RE/MAX Mega Group

www.RentTheRitz.com

pg 50

Realty Prodigy

www.linachu.com

pg 71

dotloop

www.dotloop.com/areaa

pg 75

Daniel Eng, ENGVEST

www.engvest.com

pg 83

Andrea Sarmiento, Altera Signature Properties

www.alterasignatureproperties.com/ andreasarmiento

pg 81

First American Title of Nevada

www.fatcolv.com

pg 31

ServiceLink

www.servicelinkfnf.com

pg 26

First American Title Strategic Markets

www.firstam.com

pg 2

Charlie Suh, RE/MAX Tri-City

CharlieSuhRealtor@gmail.com

pg 78

Five Star FORCE

www.TheFiveStar.com/FORCE

pg 38

Nancy Suvarnamani, Century 21 S.G.R., Inc.

www.Century21SGR.com

pg 82

Lynette Fox Rindner, Homes of Enchantment

www.LynnetteFox.com

pg 81

Cherylyn Tamaru, Wells Fargo Home Mortgage

Cherylyn.C.Tamaru@wellsfargo.com

pg 81

Arianna Gallegos, Diamond Bay Realty & Property Management

www.diamondbayrealty.com

pg 80

Ann Trandai, Trandai Realty

www.trandairealty.com

pg 79

Glen Oaks Escrow

www.glenoaksescrow.com

pg 35

Kenny Truong, Michael James Real Estate

http://KENNYTRUONG.com

pg 81

Hanmi Escrow

hanmiescrow@sbcglobal.net

pg 78

ktsao@elliman.com

pgs 45, 83

Eva Hom, Pacific Union International

Kathy Tsao, Prudential Douglas Elliman

www.pacunion.com

pg 49

dtsien@elliman.com

pg 45

Japan Rebuild Fund

www.areaafoundation.org

pg 17

Dawn Tsien, Prudential Douglas Elliman

Benny Kim, Century 21 E-N Achievers

Wells Fargo Home Mortgage

www.wellsfargo.com

pgs 8-9

www.bennykim.net

pg 78

www.bhghome.com/BettySunWong

pg 44

Summer Kim-Davis, Bank of Texas Mortgage

Betty Wong, Better Homes and Gardens Mason-McDuffie

www.bankoftexas.com/summerkimdavis

pg 83

www.facebook.com/AskMeShortSale

pg 80

Amy Kong, Realty World Advance Group

Jessica Yap, Better Homes and Gardens Mason-McDuffie

www.AmyKong.com

pg 44

YoBlendz

www.YoBlendz.com

pg 59

Meiling Kravarik, Nextage Realty

www.NextageM3Realty.com

pg 82

LCG Capital Advisors

mxenick@lcgcapital.com

pg 77

7

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Mandala Jones Central AK, AZ, CO, ID, KS (except Kansas City), MN, MT, ND, NE, NM, OK, SD, TX, UT, WA, WY mandala.c.jones@wellsfargo.com

Carmen Luna California CA, HI, NV, OR, WA (Southern) carmen.e.luna@wellsfargo.com

Olin Chamberlain Northeast CT, IA, IL, IN, MA, ME, MI, NH, NJ, NY, OH, PA, RI, VT, WI, WV olin.c.chamberlain@wellsfargo.com

1. A PriorityBuyer® preapproval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Not available on nonconforming products or for certain FHA transactions.

Information is for real estate professionals only and is not intended for distribution to consumers or other third parties.

Information is accurate as of date of printing and is subject to change without notice.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2012 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS959324 8/12-11/12

Fall 2012

Volume 4, Issue 3

Editor-in-Chief

Creative Director

Editor

Dan T. Shanyfelt

Praveen K. Sharma

Ivan Choi

Associate Editor

Editorial B oard

Joseph Lai

Darren Lennemann

Caron Ling

Meredith Magee

is a publication of the Asian Real Estate Association of America (AREAA), a national nonprofit trade organization dedicated to increasing sustainable homeownership in the Asian American community. For more information visit: http://areaa.org. Š2012 by the Asian Real Estate Association of America.

Reproduction in whole or part without permission is prohibited. Opinions expressed by individual authors are not necessarily the opinions held by AREAA. Direct article submissions and advertising inquiries to: Praveen Sharma | a-r-e@areaa.org Office: Asian Real Estate Association of America 5963 La Place Court, Suite 314 Carlsbad, California 92008 760-918-9162 Phone 760-585-1397 Fax Previous issues available online at: http://areaa.org/a-r-e

10

Make the connection with Chase We can help you reach your goals and better serve your clients Chase can offer you and your clients: • One-on-one service from highly accessible Mortgage Bankers • A commitment to meet closing dates • Access to educational and support services through our My New Home program Email mca.partner@chase.com to learn more.

All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice.

Not all products are available in all states or for all amounts. Other restrictions and limitations apply. ©2012 JPMorgan Chase & Co. 16779-0712

HOMEOWNERSHIP WORkINg WItH yOu, tHE NatIONal aSSOcIatION Of REaltORS® The National Association of REALTORS® congratulates and thanks the Asian Real Estate Association of America for your leadership and partnership in promoting sustainable homeownership.

Thank you Kathy Tsao for your Leadership of AREAA and the real estate industry in 2012.

Congratulations Jim Park upon your installation as AREAA’s 2013 Chair!

MattERS vIgOROuSly PROMOtINg HOMEOWNERSHIP NFERENCE & EX CO PO RS O

2, 20 12

RE AL T

®

1 9OR ER LAN B M DO • NOVE Unlock your power!

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Save these dates: November 9-12, 2012 • Orlando, Florida For details, visit www.REALTOR.org/Conference

Chair Tsao’s Message

O

n a beautiful sunny day in August, I was sitting on a bench right across from the Plaza Hotel and Central Park, looking out onto a crowded Fifth Ave. Horse carriages were moving peacefully on the streets along with rickshaws, taxi cabs and cars; hundreds of tourists and pedestrians were walking up and down the sidewalks. I could not hear a thing. My mind was racing as I was trying to retrace my own foot steps back over the last few years. How did I get here? Where do I begin to recount these events?

My story started in 2006 when I met a very nice lady over the phone for the first time. She gave me a referral for a deal and when the transaction was completed, I thanked her and thought that was it. But it wasn’t the end of the relationship; she had invited me to an event in San Francisco. It is still not clear to this day why I accepted her invitation where I agreed to fly over 4000 miles to attend her installation gala along with more than 400 total strangers. It must have been fate. I came across this great organization and I had the pleasure of meeting a group of founding board members like John Wong, Allen Okamoto, Jim Park, Kenneth Li, and Fred Underwood. The nice lady I met over the phone was Betty Wong, our founder’s lovely wife. When I learned about AREAA’s mission and what they were trying to do, it was “love at first sight”. I felt this was a special organization and I wanted to be part of it.

My journey with AREAA began in 2007 when I joined the organization. I started to follow AREAA leaders’ footsteps and attend all their events with great enthusiasm and I enjoyed it so much. My biggest takeaway about my own experience with AREAA is the tremendous amount of knowledge and connections I was able to accumulate, the friendships, and the love and support I have received over the years. I feel really blessed.

As I have watched our association grow and evolve over the past few years, I feel so proud to be a part of this AREAA family. It never occurred to me that one day I would be the one to lead the organization. Amazingly, it happened last year when I was installed by John and Betty Wong to be the Chair for 2012. With the new role, I understood the time had come for me to contribute to my beloved organization.

I knew from the very beginning that it takes more than just great efforts to build a great organization. It takes extraordinary efforts to build an extraordinary organization. I made a commitment to myself that I would give everything I have to work with our 2012 leadership team to improve and grow this organization by building a bet-

14

ter structure and increasing the transparency and accountability for the entire national leadership team.

Our biggest assets are our members and our Asian culture, which make us so unique. We must invest our resources in our people because there is a vast amount of unrealized potential out there and by tapping into this potential we will help ourselves build a strong talent pipeline.

My job focus can be summed up with a simple tagline: TLC, which stands for teamwork, leadership and connections.

As AREAA has gone through tremendous growth in the past few years, it is important for all chapters to be united and connected by creating a bond through trust and a sense of belonging that we are one big family. We want to build up a strong and cohesive team by developing a culture of sharing and cooperation. To get our members engaged, we must communicate with them more effectively on a regular basis.

Some of our accomplishments have included: commissioning the website redevelopment project, which will be ready to roll out in the coming months. We doubled-up on our chapter support by putting a Member and Chapter Relations Manager in place that will provide on-going support to our members and chapters by providing them with the necessary tools and information to make their jobs easier. Our leadership team has traveled across the country and visited various chapters so we can meet our local leaders face-to face and listen to their success stories, understand their challenges and issues, and brainstorm solutions together. We understand that we need to empower our local chapter leaders and find ways to identify and utilize their talents. We also had a lot of fun working together through this process!

It was during these face-to-face visits that I got to meet many dedicated volunteers from the chapters that are doing all this extraordinary work behind the scenes. They are my heroes; it is because of their collective effort that AREAA is growing by leaps and bounds. During a number of my chapter visits, many of our volunteer leaders drove hundreds of miles to get to our meetings. I was showered with their kindness and hospitality. I am truly grateful!!

vided over 600 attendees with various educational sessions and an unparalleled networking opportunity at the famous New York Stock Exchange.

International attendees from eight countries were present. It is important for us to prepare tomorrow’s leaders with this global experience and the mindset today so they will have the necessary skills and confidence to lead us in the future.

This year we have expanded our political outreach by partnering with many Asian community organizations during our National Policy Day in Washington, D.C. in May.

As John Quincy Adams once said: "If your actions inspire others to dream more, learn more, do more and become more, you are a leader." Our chapters' leaders have Thirty AREAA leaders inspired me to do more. delivered our 2012 FiveAs we all know, development and application Point Plan to 47 congresof technology have fundamentally changed the nature of the way we do business. We can see the sional offices to advocate transformation and acceleration of globalization because time differences and distance have be- for the removal of homecome irrelevant. Technology has made this world smaller and yet global opportunities bigger than ownership barriers facing ever. We as an association must understand this global impact and constantly find ways to adapt our community. and transform ourselves so that we can guide our members to the opportunities in the right place at the right time. With the rising power of Asian communities, we see great opportunities ahead of us because we speak the languages and understand the cultures and have the right connections.

We started our international outreach efforts less than two years ago and yet, we have seen incredible results. As of today, we have completed four trade missions and visited 12 international cities, making lots of connections along the way. In June of this year, we also worked with the China Real Estate Association and co-hosted our historic China U.S. Real Estate Summit, where over 300 people attended our high-level conference. Our other two conferences in Hangzhou and Shenzhen were equally successful where we met over 600 attendees.

In addition to hosting these international events, we also wanted to bring back this international experience to our members, so we successfully hosted a one-of-a kind global conference in New York City in April of this year. We pro-

We also joined with APAICS to sponsor a congressional fellow in Representative Al Green’s office. We make this opportunity available and promote the development of AAPI leaders in the legislative process to expand AAPI leadership in public service. Our Consumer Outreach and Education Committee has worked with HUD, Fannie Mae, and the U.S. Treasury and local AREAA chapters to roll out various homeowner education events throughout the country. We also reached out to other elite organizations like ASCEND, AAJA, NAPABA, and FIABCI to help our members expand their networks so we can learn more and grow faster and better.

Our industry partners and sponsors have provided us with unconditional support throughout this year on all levels: locally, nationally and internationally. Thank you so much for being there with us, with your support AREAA will continue to reinvent itself, expand and grow.

I would like to thank our National Board for working tirelessly and effectively during this

whole year, and with the help of our Governance Task Force, we are in the process of revamping our National Board structure to increase the presence and voice of our local chapters and to make the whole leadership selection process more transparent and fair.

I also want to thank our Executive Director Hope Atuel for her great leadership. She and our staff have worked tirelessly throughout the year, with their flawless execution to make many of my ideas become reality. I am deeply moved by their dedication and personal sacrifices. I owe you a big thank you. Additionally, I want to thank my Vice Chair Jim Park for being a soundboard for me. He has shared his insightful wisdom and has provided me with great advice and support. I am confident that he and his new leadership team will take us to a higher level in the year to come.

My friends and family have given me nothing but love, support, encouragement and help so I could complete this job.

I see endless possibilities for our organization, let’s keep up the momentum. I would like to take this opportunity to invite more members to step up and get involved. Lastly, I want to thank our members for bestowing me with this great honor and this once-in-a-lifetime opportunity to be your Chair for 2012. It is truly a great honor to serve you, this memory will last me forever.

Kathy Tsao 2012 National Chair Asian Real Estate Association of America

15

AREAA is celebrating its 10-year anniversary in 2013 and has seen tremendous growth over the past few years. Which aspect of the association’s growth is most notable to you?

Past chairs share their opinions

Jo hn Wo n g

J oh n Fu ku da

San Francisco, California

Las Vegas, Nevada

2004-2005

ilestones provide us the opportunity to stand at a moment in time to look backward, to vision forward and to look at today squarely in the eyes to answer “Was it worth the effort?” 2013 will be mark the 10th anniversary of the Asian Real Estate Association of America. Eleven years ago, there was no association with a national focus on the Asian real estate segment. We did not have the strong influential voice in Washington D.C. on legislation that impacts the Asian Pacific American real estate consumer. We did not have the organized network of real estate professionals who work with Asian Pacific American markets, supporting each other in business development. Eleven years ago, there did not exist an association whose core purpose was increasing sustainable homeownership in Asian Pacific American communities.

In the 10 years since AREAA's formation, these and other benefits have become a reality. Today, AREAA’s members span the United States and Canada. AREAA Net is a tool that connects a member’s real estate listing with a multilingual buyer’s agent base.

The Default Service Directory is a vehicle for members to highlight their training and experience in working with distressed properties and their training and experience in working with Asian Pacific American markets. What’s next? On the near horizon is global recognition that AREAA is a must-use resource for anyone in Asia interested in North American real estate and for anyone in North America interested in Asian real estate. AREAA is connecting the world. I am one of AREAA’s Founding Chairs and I approve this message. “It has definitely been worth the effort.”

Allen Ok am oto 2006-2007

2010

’m so honored to have participated in a handful of the first 10 years of AREAA’s existence. While the organization’s growth over the past few years is truly exemplary, highlighted by such noteworthy additions as the young practitioner initiative, theEDGE, and aggressive chapter development, I’m not entirely sure that “growth” should be the headline.

It’s what AREAA, as a powerful national voice for the Asian American Pacific Islander community, has done to assist AAPI homeowners and potential homeowners through the challenges of sustainable homeownership in a devastating housing cycle. With initiatives launched and maintained with our well-established institutional sponsors, important agreements executed with U.S. Governmental agencies and meaningful community outreach programs, AREAA has stayed true to the tenants of our original founding Chairmen, Allen Okamoto and John Wong: to promote sustainable homeownership opportunities in Asian American communities and increase business opportunities for those that serve this dynamic market. From where I sit, AREAA’s most significant footprint is represented by each and every AAPI family that an AREAA practitioner has assisted through the rewarding and sometimes challenging homeownership process.

Ke nnet h Li 2011

Houston, Texas

San Francisco, California t is hard to believe that AREAA will celebrate its 10th anniversary. It seems like only yesterday that the founding members sat in a conference room in Houston, Texas to start the wheels in motion for the first national Asian real estate organization. At that time we didn't have any members, we didn't have any money and we didn't have a name but we did have a vision and now 10 years later AREAA is the preeminent source for information about and for the Asian real estate practitioner and those who serve the Asian community.

What impresses me most about our tremendous growth is the enthusiasm and willingness of our young members to join AREAA and be a part of our organization.

With our young members of theEDGE I know that AREAA has a bright future.

16

he most notable growth of the association is international. When I served as the 2011 Chairman, I formed three new committees: Default Services, International and Commercial. Thanks to the support of our members, board members, past chairs, and chapter presidents, those three committees really helped the association to grow -- especially the international committee. I want to thank Kathy Tsao, Jim Park, John Wong, Allen Chiang and all the ambassadors who continue to expand AREAA's reach in the global market. As a founding board member of the association, the international growth is the most notable aspect and has made AREAA "different" from other similar national associations.

DONATE TO HELP REBUILD

JAPAN

BY MAIL:

ONLINE:

INSTANTLY:

MAKE CHECK OUT TO:

AREAA FOUNDATION EARTHQUAKE RELIEF FUND 5963 LA PLACE CT, STE 312 CARLSBAD, CA 92008

www.areaafoundation.org

Through the establishment of the Japan Rebuild Fund, the AREAA Foundation is working to support the long term rebuilding of Japan’s housing stock that has been destroyed by the recent devastation. All donations received* will go towards efforts to rebuild homes in Japan and are tax deductible. *Please note that online donations are subject to a transaction fee imposed by Paypal and the full remaining amount will be added to the fund.

AREAA Foundation Japan Rebuild Fund

WWW.AREAAFOUNDATION.ORG

CHINESE REAL ESTATE ASSOCIATION OF AMERICA

Albert S. Tam, MBA President CREAA 2012

415 937.1650 info@creaausa.org | www.creaaUSA.org

415 937.1650 415.937.1650

info@creaausa.org | www.creaaUSA.org

THE CHINESE REAL ESTATE ASSOCIATION OF AMERICA (CREAA) WELCOMES SAN FRANCISCO THE CHINESEAREAA REAL TO ESTATE ASSOCIATION OF AMERICA (CREAA) WELCOMES AREAA TO SAN FRANCISCO

info@creaausa.org | www.creaaUSA.org

Photo: S. Ciencia

Photo: S. Ciencia

Leadership – Service as past presidents, directors and committee chairs of SFAR, CAR, and AREAA by our members Leadership – Service as past presidents, directors and committee chairs of SFAR, CAR, and AREAA by Education – Use of Chinese language media to educate the local Asian Real Estate Community on issues our members of importance Education – Use of Chinese language media to educate the local Asian Real Estate Community on issues Activism – Ongoing communications with local & State elected officials of importance Participation – Founding sponsors of NAR’s HOPE Awards. Active participants in CAR’s biannual Activism – Ongoing communications with local & State elected officials Ethnic Leadership Summit Participation – Founding sponsors of NAR’s HOPE Awards. Active participants in CAR’s biannual Service – Volunteer and sponsorship work to assist homebuyers and those in distressed properties Ethnic Leadership Summit Service – Volunteer and sponsorship work to assist homebuyers and those in distressed properties

Founded in San Francisco, 1977, CREAA gives a voice to our local Asian American real estate communities through leadership, education, activism, participation & service.

Founded in San Francisco, 1977, CREAA gives a voice to our local Asian American real For a local look at San Francisco's real estate practitioners, find us at www.creaaUSA.org estate communities through leadership, education, activism, participation & service.

For a local look at San Francisco's real estate practitioners, find us at www.creaaUSA.org

Asian Pacific American Institute for Congressional Studies

Twelve Members of the 112th Congress—around 2% of total membership—are Asian American or Pacific Islander (AAPI).

This election cycle, 30 AAPI candidates, a spike from only eight AAPI candidates in 2010, have declared their bid in hopes to represent their congressional district. After the primary season, 16 are headed toward their November general election.

The Asian Pacific American Institute for Congressional Studies (APAICS) is dedicated to support this historic progress in the American political landscape.

Co-founded by former Secretary Norman Y. Mineta in 1994, APAICS is a 501(c)(3) nonprofit, non-partisan, educational organization dedicated to promoting AAPI participation and representation at all levels of the political process, from community service to elected office. APAICS programs focus on leadership development and filling the political pipeline for AAPIs to pursue public office at the local, state, and federal levels.

Strengthening the AAPI Political Pipeline

AAPI Congressional Candidates

2012

2010

8

30 source: APAICS

The APAICS Leadership Academy and APAICS Congressional Mentorship programs bring together a bipartisan group of promising AAPI elected officials where they are provided with skills, training, and political networks needed to excel in their current office as well as prepare them for opportunities to advance into higher office.

In the spring of 2012, APAICS deepened its investment throughout the country by providing these trainings for the first time outside of the Beltway. APAICS piloted these Regional Leadership Academies for elected officials and community leaders to communities of the Gulf Coast and Southern California.

Inspiring Our Next Generation Finally, the APAICS Summer Internship Program and APAICS Fellowship Program place young AAPI leaders in nonprofit organizations, federal agencies, or legislative offices where they are provided opportunities to build leadership skills, encourage political civic engagement, and foster a strong interest in public service careers. This year, our interns and fellows served in the U.S. House of Representatives, our federal agencies, and the White House.

www.apaics.org

The

of Asian Americans: Political and Community When I first ran for office in the Minnesota state legislature, in 2002, it was a crowded race with three other candidates. I won my district with 51 percent of the vote. At the time, Minnesota’s Asian American population was about 3 percent—and played a critical role in my election.

Mee Moua President and Executive Director Asian American Justice Center, a member of the Asian American Center for Advancing Justice

20

64 percent saying the Republican Party had overlooked them.

That’s eye-popping negligence, especially when coupled with the survey’s findings that 27 percent of Asian American voters remain undecided in this presidential election.

What that victory taught me was that the Asian American community, among the most diverse minority group in the country, was interested in the issues, in exercising their vote and, most importantly, in a candidate who listened to them.

Asian American voters visit church every week, attend state colleges, work at our local stores, teach our children, and protect our citizens at home and abroad. They are homeowners, business owners, doctors, lawyers and students. They can be the difference between a victory or loss in an election. And neither Democrats nor the sitting president carry favor—almost half of Asian Americans surveyed rated President Obama’s job performance as “just fair” or “poor”.

If the political parties and the candidates know what is best, they will not let this crucial voting bloc fall to the wayside.

Today, Minnesota’s Asian American population has grown to nearly 5 percent. The latest Census numbers tell us that Asian Americans are in fact the fastest growing racial minority group in the nation, one that grew 46 percent between 2000 and 2010. Asian Americans now make up almost 6 percent of the U.S. population. Our political participation and engagement, however, has not kept up and provides ample opportunities to improve by leaps and bounds.

But as Asian Americans, we are not completely blameless, and we must commit ourselves to engaging in the political process as well. Nationwide, only about half of eligible Asian American voters turn up at the voting booth on Election Day. By contrast, in the 2008 presidential election, over half of eligible Hispanic voters turned out to vote, along with 65 percent of eligible African Americans and 66 percent of eligible Whites.

Our political leaders and political parties continue to overlook us. Indeed, during this presidential election year, a recent survey found that Asian American voters were being largely ignored by both the Democratic and Republican Party. The survey, by Asian American Center for Advancing Justice members Asian American Justice Center (AAJC) and Asian American Institute, as well as APIAVote and Lake Research Partners, revealed that neither party has effectively engaged the Asian American community, with 52 percent of Asian American voters saying they had not been contacted by the Democratic Party; and

We cannot afford to wait much longer. We must empower our communities to speak out, get out the vote and show the way to our friends and families.

In working with civil rights and immigrant groups around the country, I see our community growing more enthusiastic about their civic duties by becoming citizens and exercising their right to vote.

Of those that were registered to vote in the 2008 elections, 86 percent turned out on Election Day. As we look ahead to the 2012 election, four out of five Asian American voters surveyed said they were “almost certain” they would vote in November.

Other system barriers hinder Asian American participation and voting rates.

Approximately 71 percent of our community speaks another language at home, other than English. In some ethnic groups, that number is as high as 92 percent. These language gaps make it harder to understand the voting process, such as not even understanding whether they are eligible to vote or how to register. In our survey, more than a fifth of respondents who speak a different language said they would be more likely to vote if given in-language assistance, with higher rates for some older voters.

AAJC has worked hard to ensure that Sections 203 and 208 of the Voting Rights

Act are properly applied. Section 203 provides language assistance to covered United States voting-age citizens in specific jurisdictions who are not fluent in English.

Section 208 states that any voter who needs assistance due to blindness, disability or inability to read or write, including an individual with limited English proficiency (LEP), is allowed to bring a “helper” with them when voting. Unfortunately, many poll workers are unaware of Section 208 or how to implement it. AAJC has worked in various jurisdictions over the years to educate poll workers about these sections and provide in-language materials for various ethnicities.

The question remains, how do we make sure Asian Americans in our community who are eligible to vote do so?

Here are some recommendations for making a difference. »» Talk to your family and extended family about voting: Engagement is an organic process, one in which a simple conversation can set the rest of the process in motion. Additionally, we all serve as a trusted advocate for our families.

»» Reach out to community and affinity groups:

There are a number of community groups that are conducting Get Out The Vote (GOTV) efforts for minorities. These groups provide training for volunteers and identify what areas may need the most outreach for Asian Americans.

»» AAJC has many in-language materials on voting and voter protection for you to use and share with your networks.

Go to the AAJC website, www.advancingequality.org, to download the materials.

»» Don’t be afraid to be the first:

I was the first Hmong American to be elected to a political office. I did not wait for another Hmong American to set the path for me. If there isn’t an Asian American outreach effort currently in your area, start one. Gather your networks, friends, families and colleagues and start your own GOTV effort for your local Asian American community.

»» Encourage bilingual people to serve as poll workers. »» Offer to go with a LEP relative or friend to the polls. »» Lastly, VOTE.

All these discussions about our growing community are meaningless if we have nothing to show for it on November 6, 2012. The more engaged our community is, the louder our voice will be, thus compelling our leaders, policymakers and political parties to recognize our community and our needs.

Founded in 1991, the Asian American Justice Center, a member of the Asian American Center for Advancing Justice, works to advance the human and civil rights of Asian Americans, and build and promote a fair and equitable society for all.

The Asian American Justice Center is one of the nation's leading experts on issues of importance to the Asian American community including: affirmative action, anti-Asian violence prevention/race relations, census, immigrant rights, immigration, language access, television diversity and voting rights. Our expertise is widely acknowledged: in the media, by the public and lawmakers at the very highest tiers of government.

Since our founding, along with our affiliates – the Asian Pacific American Legal Center in Los Angeles, the Asian Law Caucus in San Francisco and the Asian American Institute in Chicago – we have enacted a sweeping range of programs on critical national issues that enrich, enhance and serve our communities all across the country.

To do this, we promote civic engagement by empowering Asian Americans with the tools and support to best participate in the democratic process, while shaping the policies and programs that most affect their communities at the local, regional and national level.

We work to forge strong and safe communities by building community leadership and combating hate crimes, while promoting social understanding between the diverse racial and ethnic groups we represent, as well as their neighboring communities.

We are committed to creating an inclusive society by helping Asian American and other minority groups to successfully challenge discriminatory barriers to fair and equal access to justice in the courts, jobs in the marketplace as well as government programs, benefits and forms of assistance at every level.

Visit AAJC online at:

www.advancingequality.org

21

Trade Mission Journal AREAA Goes toThailand

By Jim Lynch

REAA’s Trade Mission to Thailand was composed of members from several states: Illinois, New York, California, and Florida.

As a group, the members shared a desire to widen their international contacts and business opportunities, and explore their love of travel and adventure. After a long journey, all members met in Bangkok on Wednesday, May 30, 2012, at the Centara Grand Hotel. By the end of the trip, some members of the delegation had forged friendships and professional alliances that would seemingly survive this business sojourn.

The delegation was led by Kathy Tsao, National Chair of AREAA. The trip’s agenda was jointly constructed by Kathy and Nancy Suvarnamani, president of Century 21 S.G.R., Inc. of Chicago and Founding Chair of AREAA’s Chicago Chapter. Nancy, as a Thai national and scion of a well-known Thai military/medical family, and Kathy, with extensive contacts throughout Asia, knew all the main players in the Southeast Asian real estate market and made sure that the delegation met with many of the most influential during their stay.

When the delegation from Chicago landed in Bangkok shortly be-

The delegates visit the Thailand Board of Investment (BOI)

22

fore midnight on May 29th, Suvarnabhumi International Airport was teeming with people from across the world, transiting through this ultra-modern facility. One team member, Steven Powers, said it reminded him of Union Station in Chicago “during midday”. The energy and commerce that enveloped the airport that night would be emblematic of the intensity of the Bangkok street and the trip itself. No matter what time of day or night, the streets of Bangkok were overflowing with street vendors, music, the aromas of food, every conceivable type of transportation, the ubiquitous motorbike with

The delegates with Century 21 in Bangkok & RESAM

multiple passengers navigating street and sidewalk alike without discrimination, and people, people, and more people. With a population of 9.3 million, Bangkok is not a city that accommodates a contemplative, reflective stroll. In step with the mission, no matter what day or time it was, the delegation found itself awash in meetings and cultural excursions that would forge memories for decades to come.

One member, Armando Chacon, exclaimed that he would forever remember “the order within the chaos of the street and the people: dignified, elegant, and humble.”

On Day 1 of the trip, team mem-

bers met the top executives of Bangkok Commercial Asset Management, charged by the government with disposing of distressed and nonperforming assets of various banks. After a comprehensive presentation by the president about their efforts to date to dispose of these assets, Kathy Tsao presented AREAA’s mission in an in-depth Power­Point presentation that was warmly received here and in subsequent meetings throughout the trip. Other members then followed Kathy in presenting information about their local markets and the opportunities they presented to foreign investors.

This format, first Kathy, then other members, would serve as the paradigm for most subsequent meetings throughout the trip.

The first day of the mission concluded with a dinner reception hosted by the Real Estate Sales and Marketing Association (RESAM) and the real estate faculty of Thammasat University, one of Thailand’s premier institutions of higher learning. After a presentation by a faculty member about the state of Thailand’s real estate market, political climate, and investment opportunities open to Americans, trade mission members networked with executives of some of the leading Southeast Asian real estate firms with strong investment portfolios in the United States, especially in the hotel and hospitality sectors. Connections were made and budding friendships formed. A possible Thai investment in a Chicago commercial venture seemed to hold much promise.

On Day 2, mission members were hosted by Century 21 Bangkok, whose representatives proudly showed us one of their high-rise residential developments in midtown Bangkok. Many mission members marveled at the efficient use of space: how 31 meters (approximately 334 ft2) could accommodate all the requisite needs and luxuries of modern living. Others were fascinated by the hectic pace of work and the safety rules that seemed casual by American standards, such as sandals instead of steel-toed construction boots. In this one footwear vignette stood a raw, young, dynamic capitalist way of getting things done, juxtaposed against a more static, mature, safety-first system of thought. At this moment in time, one could dream he was in New York circa 1930, watching the Empire State Building being constructed and completed in only one year and 45 days. As nothing was going to stop America from pushing ahead in this era, the same sense of relentless energy pervaded Bangkok, 2012.

In subsequent days, mission members would meet with top government officials from the Department of International Trade Promotion and the Thailand Board of Investment (BOI). From these meetings, mission members would learn that Thailand is a nation on the move. With a population of 67 million and a labor force of 39 million, it boasts the 19th largest manufacturing economy in the world with a per capita GDP considered uppermiddle class by the World Bank.

Live life to the fullest!

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When you purchase AARP membership through the Asian Real Estate Association of America you’ll enjoy access to a wealth of benefits designed to help everyone age 50+ live life to the fullest. Plus purchasing your membership through this program helps support AREAA. Membership Term

2012 Community Membership Rate

Contribution to AREAA

Lifetime Term:

$200

$50

Five-Year Term: (25% Savings!)

$47

$25

One-Year Term: (6% Savings!)

$15

Three -Year Term: (20% Savings!) $34

$15 $5

Under age 50? Use this offer to give the gift of AARP membership to a loved one at the same discounted rates. To gift a membership, please enter your loved one’s information on the registration page (website listed below).

The delegates with faculty members and guests of Thammasat University

This offer is good until December 31st, 2012. Please visit: www.aarpmembership.org/areaa

Mission members with representatives of the Phuket Real Estate Association on a veranda overlooking the Red Mountain Golf Course

From 2000 to 2007, Thailand’s GDP grew at more than 4% per year.

Despite devastating floods in Oct­ ober and November of 2011 that crippled the manufacturing sector and lead to a growth rate of only 0.1% for the year, the government projects growth of 5.5% to 6.5% for 2012. Thailand’s consistent, robust growth is strongly dependent on its exports, which consist heavily of machinery and electronic components.

Additional meetings were also held with various real estate developers. Unlike our real estate associations, the ones in Thailand and most of Southeast Asia are heavily populated by developers who market their own developments. Much like our associations, they join forces to lobby the government to adapt rules and legislation favorable to their industry. There were repeated exchanges at these meetings about the structure, membership make-

up, and standards of practices employed by our associations. With only an embryonic shell in place, the leaders of these associations seemed to be looking for a design that would work in their cultural context.

In two separate meetings, one in Bangkok, the other in Phuket, mission members met some of the top industrial, residential, and resort developers in Southeast Asia.

Their present ventures ranged from developing disparate industrial sites in Burma, Vietnam, Thailand, Indonesia, Malaysia, and the Philippines for major international manufacturing concerns, to highrise residential developments in Bangkok and other major Southeast Asian cities, to luxurious golf course communities in Phuket and other resort meccas.

The late afternoon post-lunch, pre-dinner meeting held at the Red Mountain Golf Club in Phuket was

Thailand Trade Mission members at the Grand Palace and the Temple of the Emerald Buddha (L to R): Jim Lynch, Paul Xumsai, Dawn Tsien, Nancy Suvarnamani, Kathy Tsao, Luminita Ispas, Hope Abbott, Arthur Rublacaba, Steven Powers, and Armando Chacon

24

The delegates enjoy a dinner cruise on the Chao Phraya River

especially memorable because of the extraordinary generosity displayed by the hosts and the idyllic setting of the golf club. Set in a tropical, heavily-forested region with mountains framing the boundaries of the course, hosting extraordinary villas, and holes undulating through forest growths, featuring radical vertical descents from tee to green, Red Mountain is among the finest golf clubs in all of Southeast Asia.

While the purpose of the trip – to explain AREAA’s mission to various real estate audiences and establish business connections and opportunities for its members – remained central throughout the mission, time was set aside for entertainment and cultural excursions that were truly memorable. The dinner at the extraordinarily beautiful Mandarin Oriental Hotel, with Thai classical dancers enacting the universal struggle between good and evil,

Nancy Suvarnamani, delegation member, addressing members of the Phuket Real Estate Association at the Red Mountain Golf Club

transported one beyond the worry of the day to a more palpable reality, if only for a moment. The visit to the Grand Palace, with its geometric shapes, colors, and statues so foreign to the Occidental eye, confronted one with the philosophical and physical divide between the East and West. The excursion to Phang-Nga Bay, with its sheer limestone cliffs and James Bond Island as a backdrop, was simply a portrait of nature at its finest. The dinner cruise on the Chao Phraya River, the visit to “Gems Jewelry” (the world’s largest jewelry store), plus stops at brilliant rock and jazz clubs, all shaped what for most members was the trip of their lives. Still, at the end of the day, beyond all the exotic places visited and delicacies sampled, will forever stand the grace and the generosity of the Thai people who hosted our mission and who populate this most remarkable land.

Our newly enhanced Agent Resource Center helps you manage and grow your business.

The Agent Resource Center, your one-stop shop for all information related to Bank of America® home loans, has been enhanced through the consolidation of several standalone sites — Strategic Alliances, Neighborhood Lending, REO, and Short Sales — into one. It’s a great place to learn about Bank of America’s home loan resources and processes so that you can educate your buyers and increase your sales.

At the new Agent Resource Center, you can: • Explore industry resources and tools that you can offer your homebuyers to help them become successful homeowners.

• Gain key insights into housing market trends and mindsets of today’s homebuyers.

• Learn about Bank of America’s loan products and the affordable housing assistance programs that Bank of America participates in to help drive successful home ownership.

• Access information to help you market and sell REO (real estate owned) properties and find loan solutions to help more homebuyers.

• Get the education and program information that you and your clients need to successfully navigate the short sale process.

• Find out about the variety of strategic alliances offered by Bank of America to help you generate business opportunities.

• Access the Home Loan Planner, an online resource to help guide your clients through each step of Bank of America’s home loan process, with easy-to-follow checklists, to-do lists, and tips to help them stay on track.

Now, at the Agent Resource Center, you can get current mortgage rates, read the latest real estate news, and watch helpful videos on current loan products and programs as well as discussions by lending and housing experts.

You can also access many helpful newsletters, such as the Weekly Economic Summary, Agent Newsletter, Market and Homebuyer Insights, and more. There is even a search field where you can help your buyers locate a Bank of America loan officer in their town.

The Agent Resource Center is constantly being updated to provide you with the latest Bank of America home loan news, information, events, and resources to help you manage and grow your real estate business.

To learn more, visit bankofamerica.com/neighborhoodlending

©2012 Bank of America Corporation. Credit and collateral are subject to approval. This is not a commitment to lend. Bank of America, N.A., Member FDIC. Equal Housing Lender. ARB301S2 08-2012

In my Neighborhood with

Shelly Panzarella Photos by Desire Stevens

Neighborhood

Henderson / Green Valley Ranch What attracted you to this part of town?

Shelly Panzarella President AREAA Las Vegas

28

Henderson, or as some locals call it “Hendertucky”, “Hendo”, or “H-Town”, was the up-andcoming suburbia for Las Vegas and has grown to become the second largest city in Nevada. The main characteristics that attracted me to the Green Valley Ranch area were the beautiful master planned communities, parks, walking and bike riding lanes and hiking trails. Even with the Las Vegas heat, there are many things to enjoy outdoors in Henderson.

Additionally, it was far enough away from the bright lights of Las Vegas, yet close enough to be in the heart of Vegas in 15 minutes.

City

Las Vegas, Nevada

Resident Since

2002

What’s the number one selling point that residents and buyers rave about?

What is your favorite way to spend an afternoon with the family here?

Henderson’s slogan is “a place to call home”, which is the main selling feature. There is a great sense of community scattered throughout several of the master planned neighborhoods located in Henderson, such as: Anthem Hills, Seven Hills, Lake Las Vegas and Green Valley Ranch. With a population estimated at over 270,000 people, extending now over 105 square miles, it has a small town feel with big city amenities!

My family and I enjoy the Henderson Multigenerational Center, which is in the heart of Green Valley. There is a beautiful library for the days we want to lounge around and read. The outdoor pool with a water slide and huge play area for the kids is a great place to cool down from the Las Vegas heat. The expansive complex also includes a performing arts center that hosts several plays and concerts throughout the year.

Family-friendly activities are always easy to find in Henderson, including: parks, playgrounds, a skate park, library and water park

What is the predominant What is your favorite restauarchitectural style? rant in the neighborhood?

There are many styles of homes in Henderson, based primarily on the master planned community you choose to live in; from a community of single story, ranch style homes to custom golf course homes with contemporary architecture in Anthem and MacDonald Highlands Country Clubs. You can also find condominium homes and mixed-used lofts in the District at Green Valley Ranch.

My favorite restaurant is Ventano’s, a locallyowned and operated Italian restaurant. The food is exquisite and the people there treat you like family. It has a breathtaking view of the Las Vegas strip and is one of my favorite places to watch the sun set over Las Vegas. It also seems to be the only place in Las Vegas that sells my favorite Malbec wine.

Where else do you like to What types of outdoor spend time in Henderson? activities does your neigh- You can knock out a few of the things to do at the District at Green Valley Ranch, from borhood offer?

There are so many parks with different aspects to them; if you like playing baseball, basketball, skateboarding, tennis or just playing on the monkey bars there is a park for you somewhere in Henderson. Also, if you have dogs, many parks host dog parks so your little critters can socialize and enjoy the outdoors too! Outside of the parks, there are several bike lanes throughout the communities and trails tucked into the hills of Henderson, most of which having breathtaking views of Las Vegas.

grabbing a cup of joe at the Coffee Bean or breakfast at Panera Bread, then spending the day strolling down Main Street to shop at one of the many stores. You can also catch a live band during Music on Main Street, which features a local band every Friday and Saturday night in the courtyard. With the large assortment of restaurants it’s also a great place to have date night. If family night is more up your alley, they also host Outdoor Picture Show, where screenings take place every Friday and Saturday night underneath the stars at no charge. Just bring your blanket and chairs, they provide the popcorn and the movie.

Enjoy the Vegas sunset with Italian cuisine and a glass of wine at Ventano Italian Grill and Seafood

Is there a community or cultural center that you often visit?

We are at the Henderson Multigenerational Center at least once a week. Whether to check out a book, to exercise, to swim or to take a class. There are many things to do and many people to meet; it’s another great place where the community gets together.

Henderson: A place to call home

The Henderson Pavillion, Nevada's largest outdoor theatre, is a world-class performing arts and entertainment facility in Green Valley

The view from Amargosa Trail

Shopping and dining at the District

29

J oi n AREAA

AREAA is now offering dotloop, the efficient alternative to paperwork, as a member benefit. dotloop is the industry’s first 100% online, offer-toclose solution. Create, negotiate and sign deals from one living document, eliminating the need for multiple service providers that only provide part of the process. Bring everyone involved in the transaction – from agents and brokers to buyers and sellers – to one location to get the deal done.

Sign up for your FREE dotloop account today and start closing deals in less time.

LIVE LIFE TO THE FULLEST! JOIN AARP AND SUPPORT OUR GOOD WORKS… When you purchase a discounted AARP membership through AREAA you’ll enjoy access to a wealth of benefits designed to help everyone age 50+ live life to the fullest. AARP members can access a world of information and benefits including the nation’s largest circulation magazine, trusted information, everyday discounts, travel deals, tools for finance and healthy living, volunteer opportunities and more.

There are 1/3/5 year and Lifetime membership terms available, all at a special discounted rate.

AREAA is now offering AREAA Net, powered by Proxio, for all active AREAA members.

AREAA Net allows you to translate listings into 19 languages, market your properties globally, and network with over 400,000 real estate professionals from over 100 countries » www.areaa.org/net

AREAA's membership represents a broad array of real estate, mortgage and housing-related professionals that serve the diverse Asian American market. With members that serve nearly all segments of the Asian American population, AREAA is the only professional trade association dedicated to representing the interests of the Asian real estate market nationwide. Currently, the association serves 12,000 members in 38 states with 22 affiliate chapters throughout North America.

Annual Membership is $99, Join Online :

www.areaa.org

The Mi ss ion

Expand Your Business Horizons »» Networking opportunities at local and national events »» Exclusive discounts for seminars and events » » a | r | e magazine and e-news updates »» Education courses designed to help you better serve Asian American homebuyers »» Referral opportunities from the areaa.org member and default service directories »» Asian community focused homebuyer and foreclosure prevention events »» The largest national real estate convention focused primarily on real estate practitioners who serve the Asian American community »» Advocacy efforts to bring awareness and solutions to the unique homeownership challenges that the AAPI community faces »» International trade missions

Membership Term

2012 Community Membership Rate

Contribution to AREAA

Five-Year Term: (Best Value! A 25% savings!)

$47

$25

Three-Year Term: (a 20% savings!)

$34

$15

One-Year Term:(a 6% savings!)

$15

$5

$200

$50

Lifetime Term:

Under age 50? Use this offer to give the gift of AARP membership to a loved one at the same discounted rates.

AREAA members, accelerate your business instantly with this COMPLETELY FREE member benefit. MongoFAX empowers you to instantly fax paper-based documents (disclosure packages, signed contracts, etc.) directly to any email addresses in the world. All you need is an ordinary fax machine and AREAA's designated MongoFAX Cover Page.

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by MongoFAX's secure, automated systems. No sign ups, registrations or passwords required.

Dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for the housing and real estate professionals that serve this dynamic market.

THINK FORWARD

First American Title of Nevada would like to welcome the AREAA board and it’s members to Las Vegas for the 2012 AREAA National Convention.

FirST AmEriCAN TiTlE - mAiN oFFiCE 2490 Paseo Verde Pkwy., Suite 100 Henderson, NV 89074 t e l 702.731.4131 | fa x 702.855.0885 www.fatcolv.com

First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates.

702.731.4131 | www.firstam.com ©2012 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE:FAF

“unknown” adventures to explore in Las Vegas L

by Joseph & Candice Lai

8 7

For the thrill-seeker, try the Exotic Car Driving Experience at the Las Vegas Motor Speedway. With more than 30 cars ranging from Ferraris to Lamborghinis, Aston Martins to Porsches, you are sure to have your breath taken away by speeds up to 140 miles per hour. After a quick instructional video, you’re ready to hit the track and drive any car of your choice. This destination is 45 minutes from the Strip and can stimulate any eager driver to gear up and speed out.

Hungry? Well you should be. Las Vegas is known for its remarkable cuisine. Here are two hidden gems that are sure to test your taste buds. As seen on "Man vs. Food", Hot and Juicy Crawfish, located in the heart of Chinatown is assuredly something to talk about. With their own unique and delightful flavor, you can pick and choose your boils and the spice level to your preference. Succulent shrimp, crab and crawfish are brought to you in a plastic bag. While you fish for your treat, there is work to be done before the flavor hits your mouth, but this heavenly spice is worth the pulling and tugging. If crawfish isn’t your forte, head to I Love Sushi off Eastern Avenue on the southeast side of Las Vegas. This charming environment has an abundant sushi selection that is unlike anything you have ever experienced. The main attractions on the menu are the special rolls, one in particular -- the “I Love Sushi” roll -- is smothered in garlic sauce and topped with ahi tuna. For thrill-seekers, belly up to the “Burn in Your Stomach” roll which is full of flavor and topped with fresh jalapeno. Don’t forget to get your Sake in and toast with the staff!

32

Stefan Schulze / iStockPhoto

as Vegas is known to be the home of the best of the best for night clubs, restaurants, and entertainment. There are so many charming aspects of the Las Vegas Strip, like the fountains at the Bellagio, the gondola ride inside the Venetian, and even the Forum Shops at Caesar’s Palace are astonishing and highly visited. However, like in any city in America, there are “non-strip” attractions that are must-do activities to ensure you get the full Vegas experience when you are out here for the 2012 National Convention. Here are eight activities, brought to you by two former locals, that are sure to enhance your Las Vegas visit during the conference.

ReassuRance and undeRstanding

spoken heRe. When Boston National recently opened our two California offices, we enlisted closing agents fluent in Chinese, Japanese and Vietnamese. It’s just one example of how we continue to improve the buyer experience by doing everything we can to reduce stress and ensure a smooth, trouble free transaction.

Charlotte, NC

|

800.940.7005 | bostonnationalservices.com New York, NY | Port St. Lucie, FL | Richmond, VA Dallas, TX | Rancho Cordova, CA | Viejo, CA

BN

BOSTON NATIONAL

Dean Pennala / iStockPhoto

Valley of Fire State Park

6 5 4 3 2 1

The Valley of Fire, which is the oldest Nevada State Park, was dedicated in 1935. It was named for the glorious red sandstone formations that were derived from solidification of sand dunes that existed over 150 million years ago. This complex landscape is full of magnificence and is a quick trip, just 58 miles northeast of the Strip.

Fall in love with Nevada's history at the Hoover Dam, which straddles the Colorado River and forms a border between Nevada and Arizona. The world’s largest dam was first constructed in 1930 and now newly renovated in 2010 with a spectacular four-lane highway bridge arching across the river. A quick 30 minute jaunt from the Strip, this construction is a must-see.

The Hoover Dam

Soar through the lights downtown at the Fremont Street Experience. The overhead show is on a canopy like screen equipped with two-million light bulbs that display images set to music. Opened in 1995, this show stopper is on every night on the hour starting at 6 p.m. While you’re down there exploring the mix of bars, restaurants and old school gambling halls, hitch a ride on the zip line through the entire light show. Fremont Street Flightlinez offers an entire view while cruising at 30 miles per hour.

Looking to let go of some stress? Las Vegas Gun Store and Firing Range is a six-thousand foot indoor shooting range. It's hard to match the adrenaline rush of the only place where you can shoot a real machine gun. Each customer is provided with an individual range and an instructor.

Curious where the locals hang out? Then head for local hangout, Town Square. The European village-like design venue is an open air shopping, dining and entertainment center. Just a quick five minutes from the airport, this local gem features marvelous night life and happy hours. Yard House, which houses over 100 different beers on tap, and Blue Martini, with its South Beach vibe, are just two of the main bars where locals go to cool off and have a great time.

While the Las Vegas Strip offers the lights and glamour, the local entertainment and attractions show you another side of Vegas. Whether you are coming to the AREAA National Convention early or staying afterwards, you will definitely want to try a couple of these suggestions to expand your Vegas trip. Enjoy!

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Enjoying an evening at the Blue Martini in Town Square

Image: vichie81 / FreeDigitalPhotos.net

Outdoor adventure awaits in Red Rock Canyon, located 15 miles west of the Las Vegas Strip. Red Rock Canyon is a spectacular sight with towering cliffs that reach up to three-thousand feet. This peaceful space was formed by fractured faults where the earth’s crust collided millions of years ago and fossilized sand dunes.

Let’s Talk.

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We’re fluent in escrow and Cantonese, not to mention

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For over 20 years — through several real estate cycles — top real estate agents, financial institutions and discerning investors have chosen us.

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BANKERS • BROKERS • ATTORNEYS • CPAs

serving their clients, choose LONE OAK FUND Lone Oak Fund, LLC is a private mortgage lender supported by the financial strength of over 500 Members, including high-net-worth individuals, institutions, and pension funds. The Fund makes bridge loans typically ranging from $500,000 to $12,500,000 on commercial and residential properties located throughout California.

Founded and managed by experienced real estate developers in 2003, Lone Oak Fund has become one of the largest and fastest growing private bridge lenders in California. It was the first private lender to offer revolving credit lines for REO purchases by investors.

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Lone Oak Fund, LLC, 11611 San Vicente Blvd., Ste. 640, Los Angeles, CA 90049 Lone Oak Fund, LLC is licensed as a California Finance Lender under Department of Corporations license number 603B623. ©2012 Lone Oak Fund, LLC All rights reserved.

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 RESIDENTIAL SALES  SHORT SALES  REO  NOTE SALES  SUBDIVISIONS  1031 EXCHANGES  BULK TRANSFERS  REFINANCES  COMMERCIAL SALES  EB-5 HOLDING ESCROWS

Central Escrow, Inc. is one of the largest minority owned escrow companies in California with six locations to serve you. Our offices include multilingual teams who are fluent in Chinese, Korean, Spanish, Tagalog, Vietnamese, Farsi and more.

Please contact us to learn more.

Jeff Bailey General Counsel & EB-5 Division jeff.bailey@centralescrow.com 310-414-7605

Alice Tsang CEO alice@centralescrow.com 626-407-0239

Lan Tran COO lan.tran@centralescrow.com 909-860-5140

Aaron Yu VP, Default Services aaron.yu@centralescrow.com 714-608-6448

BECOME PART OF THE FORCE

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When man gives focus to the forces of nature, they become powerful, dynamic partners. In the world of REO, the Five Star FORCE is that agent of change: an elite group of REO certified experts focused on uniting the agent/broker and servicer/lender communities, on energizing and revolutionizing the industry, and on providing you the resources to help grow and sustain your business.

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Through our partnerships with DS News, the Five Star Institute, and the Five Star Conference, we have the exposure and resources to put you in front of the top servicers and lenders in the industry. Through our comprehensive and continual educational offerings, including bi-weekly webinars, roundtable discussions, and regional summits, we can help you strengthen your business and your plan of action. Through our monthly newsletters, email alerts, and text messages, we can quickly and conveniently keep you up-to-date on the latest news in the field.

LET US BE THE CATALYST FOR YOUR SUCCESS

JOIN THE FORCE Call today.

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FORCE@TheFiveStar.com www.TheFiveStar.com/FORCE

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www.LoneOakFund.com

Over $1 Billion Funded

BANKERS • BROKERS • ATTORNEYS • CPAs

serving their clients, choose LONE OAK FUND Lone Oak Fund, LLC is a private mortgage lender supported by the financial strength of over 500 Members, including high-net-worth individuals, institutions, and pension funds. The Fund makes bridge loans typically ranging from $500,000 to $12,500,000 on commercial and residential properties located throughout California.

Founded and managed by experienced real estate developers in 2003, Lone Oak Fund has become one of the largest and fastest growing private bridge lenders in California. It was the first private lender to offer revolving credit lines for REO purchases by investors.

• 7.9% - 9.9% Interest • Loan Amounts $500K-$12.5M • First Trust Deeds Only • Resolve Problem Loans

• REO Purchases • No Prepayment Penalty • Broker Cooperation • Minimal Paperwork

TO GET YOUR LOAN STARTED, CALL STEPHAN KACHANI 310.826.2888 ext. 28 310.488.2819 (MOBILE) stephan@loneoakfund.com

Ask about our Line of Credit Program

Lone Oak’s bridge is a necessary and fair opportunity cost... essential to moving deals forward!

Lone Oak Fund, LLC, 11611 San Vicente Blvd., Ste. 640, Los Angeles, CA 90049 Lone Oak Fund, LLC is licensed as a California Finance Lender under Department of Corporations license number 603B623. ©2012 Lone Oak Fund, LLC All rights reserved.

BudaKedrova/Thinkstock

Beyond Language to Cultural Intelligence:

A Spotlight on the Expanding

Russian Market

By Kristen Hunt First American Title Strategic Markets Marketing Research & Development Specialist

In March of 2011, a Los Altos Hills, California mansion was reportedly sold for $100 million. The property, which consists of over 17 acres, never appeared on the Multiple Listing Service, but was sold based on word-of-mouth marketing through a web of potential buyers with enough wealth to make such an extravagant purchase.

The buyer? Russian billionaire Yuri Milner, a Silicon Valley investor who holds stake in companies such as Zynga, Groupon, and Facebook1.

Yuri Milner is one of the many Russian magnates investing in businesses and purchasing real estate here in the United States. Russian Americans, however, are not a recently emergent market. Beginning in the late 1800’s, we have seen four major waves of Russian immigration to the U.S. The two most recent waves, which both occurred within the past 50 years, brought a highly educated group who were bound to impact the science and technology fields. Sergey Brin is one such example. You may not know his name, but I bet you know his company. He is one of the co-founders of the global search engine giant – Google. So why is this history lesson important? What bearing does it have on you and the U.S. real estate market?

The Russian population in the United States is almost 3 million and is on the rise. (This does not include an extra 1 million who emigrated from other former-Soviet states). Also on the rise is their purchasing potential.

Close to 30% of the adult Russian American population falls within the prime home-buying age range of 25 to 44 years old. Additionally, their median household income of $68,3902 makes them an incredibly viable market. Similar to many Asian Americans, Russians tend to live in close-knit communities. The difference is that these communities tend to not only be comprised 1 2

of Russian Americans but also families from other former-Soviet states. Though Russians may resemble Caucasian Americans, they tend to have a difficult time adapting to the American culture. It is important to educate your Russian homebuyers on the U.S. real estate process because there are significant differences in how real estate is practiced here. For example, there is no title insurance in Russia; therefore, your Russian homebuyer may not have a frame of reference as to what title insurance covers and how it protects their investment.

It is equally important to educate yourself on some of the unique aspects of the Russian culture, which will help you better serve this expanding market. Let's take a look at some of these nuances.

The Russian Family Unit Russian families do not only consist of the parents and children, known as the nuclear family, but may also include grandparents, brothers, sisters, aunts, uncles, and cousins. Many Russian families tend to be dependent upon all of their members with several generations living in one home together. It is also common for single adult children to continue living at home with family until they get married and start their own household.

Even then, some married couples will remain living at home. Because of this, more than just the homebuyers may be involved in the real estate transaction and decision process, from viewing homes through the closing.

San Francisco Chronicle via sfgate.com, March 31, 2011 2010 U.S. Census

41

The Role of Religion While the freedom to hold religious services was constitutionally guaranteed during the Soviet era, the Communist government considered religion to be incompatible with its beliefs. Many who fled the Soviet Union did so in fear of religious persecution. Russian immigrants came to the United States to practice their right to religious freedom and the Russian Orthodox Church quickly became the center of many Russian communities. Russian Americans tend to look to the church not just for a sense of community but also for education. The Russian Orthodox Church is an excellent way to reach out to the Russian community in your area.

Become a resource to the church, build a relationship with the congregation, and offer to educate the congregation on the real estate, title, and settlement process.

The Cultural Characteristics Spectrum All cultures have distinct characteristics that lie on a spectrum based on that culture’s preferences and behaviors. Neither side of the spectrum is better than the other, they are just different. We will look at where the Russian culture lies on this spectrum based on four cultural characteristics: focus on equality versus hierarchy, direct versus indirect communication, individualistic versus collectivistic tendencies, and negotiation style.

Equality vs. Hierarchy For almost 70 years, the country we know today as Russia was ruled by the Communist party who put decision-making powers in the hands of the government and imposed numerous laws and regulations on the Russian people. This history has had an immense effect on the Russian culture. The focus on government control created a hierarchical society who tends to be more willing to follow direction from and respect the opinion of someone of a higher rank or standing. When you meet with a Russian customer who has a professional title, be sure to use it to show the utmost respect. For example, if your potential homebuyer, Anja Nabokov, is the President of a company, address her as President Nabokov. If your customer does not have a professional title, be sure to address them with the respectful Mister, Misses, or Miss.

Communication Style All cultures are either direct or indirect in their communication style. Both direct and indirect communicators may attempt to say the same thing, but how they get to their end point is what makes the two styles different.

Americans tend to be direct communicators who say what they mean and mean what they say. On the other hand, Russians tend to be closer to the indirect side of the communication style spectrum. Indirect communicators are more cautious in what they say and how they say it, will often use non-verbal cues, and may count on the listener to interpret what they are really trying to say. If you are working with an indirect communicator from any culture, they may attempt to make a difficult point or statement by telling a story that seems to be off subject or by using qualifying words such as “maybe” or “probably”. Be sure to pay attention not just to what your customer says but also how they say it, including eye contact and body language, which both play an important role.

Individualistic vs. Collectivistic An individualistic culture puts the needs of the individual above the needs of the group, whereas in a collectivistic culture the needs of the group are placed above those of the individual—all for one and one for all. Until the 1930s, life in Russia centered on agricultural villages where the heads of household would make decisions as a group on behalf of their community. To this day, that collectivistic spirit remains. It is said that most Russians will join a table full of strangers rather

than eat alone at a restaurant. You can expect similar collectivistic behavior during the real estate transaction where the entire family may be involved in the search for a home, the negotiations, and the closing appointment. Most Russian homebuyers will also wait until a consensus is made by the entire family before making a final decision on their purchase.

Negotiation Style Americans tend to shy away from negotiating because the process can be uncomfortable. We are fairly content with paying the sticker price. In most other countries, negotiating is not only common, but even expected. Russians are no exception and are considered to be “sitters” during the negotiating process. If your Russian customer is negotiating the price of a property, they may aim to out-sit the seller in order to gain additional concessions. Unlike other indirect cultures, you may expect to hear “no” quite often during negotiations. This stems from the Soviet era when approval to move forward with business projects required consensus from the entire team, while the decision to cancel a project could be made by an individual. The power to say “no” was an individual right that was valued and used often. Russians may be aggressive negotiators but this is nothing to be intimidated by; it is simply the way that their culture does

business. Patience is considered a virtue in the Russian culture, so be sure to exercise patience during any negotiations.

In an era where the American populous is becoming more and more diverse, the best way to reach our multicultural communities is to consistently increase our cultural intelligence which is the ability to read people and anticipate their motivations and desires based on understanding basic cultural characteristics.

Becoming culturally competent spans far It is said that most Russians will join a table beyond speaking a second language— it full of strangers rather than eat alone at a requires you to check restaurant. You can expect similar collectivistic your assumptions at the door and keep behavior during the real estate transaction an open mind. It is where the entire family may be involved in the not all about do’s and don’ts but developing search for a home, the negotiations, and the skills to best serve closing appointment. your customer based on their cultural nuances. Because the diversity in the U.S. is always changing, expanding your own cultural intelligence will require continued education and training. First American Title’s Strategic Markets Department offers educational tools and resources in 18 languages to address the needs of the ever-changing U.S. market. For additional information, please contact us at strategicmarkets@firstam.com.

Kristen Hunt is the Strategic Markets Research & Development Specialist for First American Title. Kristen uses her 7 years of marketing experience and diverse background to facilitate the development of multicultural marketing programs from research through execution. She is responsible for building training courses explaining nuances of different multicultural communities that are aimed at teaching First American Title staff how to better serve customers of all cultures.

43

Amy Kong, CRB,CRS,GRI,CDPE Amy@AmyKong.com 650.740.9928 DRE# 01177178

Betty Sun Wong, CRS, PMN, CDPE BettySunWong@Gmail.com 415.298.7373 DRE# 00932814

Amy Kong and Betty Sun Wong are two of the Top Producing Realtors across the nation. Fluent in Mandarin, Cantonese, Toisan, and English, this multilingual team has a combined experience of over 40 years and specializes in working with their Buyers and Sellers all across the Bay Area and overseas.

From New York to the World

Kathy Tsao 曹凱西 ktsao@elliman.com 212.891.7788

Dawn Tsien 錢美清 dtsien@elliman.com 212.891.7661

For Expertise In The New York Metropolitan Area Dawn Tsien and Kathy Tsao are leaders in delivering superior service to their clientele.

With over 40 years of combined experience, working with buyers and sellers from around the world, they have specialized in the sales, marketing, and property management services of luxury condos, single and multiple family homes.

From advising developers and investors, to individual buyers, this bi-lingual team has the managerial and leadership experience to deliver.

Prudential Douglas Elliman 575 Madison Avenue, New York, NY 10022

C red it Score s and 12 3 4 5 678 9 012 3 4 5 6

Mr. Credit A. Buser

Barrett Burns President & CEO VantageScore solutions

In my previous article for a | r | e , I described why credit scores often change and to what extent. I also covered how certain credit-related activities impact scores.

As a follow-up to that article, I illustrate changes to four hypothetical consumers’ credit scores from typical credit activities. But first a reminder: the information in one’s credit files is unique to that individual. How a missed payment might impact my credit scores will be different than how it will impact yours.

Having said that, it’s understandable that consumers want more granular information that they can relate to their own situations. To aid in this understanding, VantageScore Solutions built a number of different profiles and crunched the numbers so that consumers can have a better idea about how their own credit scores might be impacted by some common activities.

We first created the profiles of Janet and James and tested how their scores were impacted by such things as missed payments, charge-offs, and even bankruptcies.

Then we built four more profiles of individuals that had high and low credit scores – and those in-between – to demonstrate how each could improve their scores.

Let’s first look at Janet and James.

Janet has high credit quality with a VantageScore credit score of 9001, and she manages her credit in a prudent and consistent manner.

She probably never has made a late payment and keeps her credit card balances low.

On the other hand, James has average credit quality with a VantageScore credit score of 760. James might have missed a few payments, and his credit card balances are high. He would benefit financially if he managed his credit differently.

Next, let’s see how some credit-related activities might impact their credit scores.

Figure 1 shows the impact that some common actions or occurrences might have on Janet’s and James’ credit scores. Again, it’s important to understand that the precise impact on a consumer’s score depends on the specific information in his or her credit files. In fact, you will see that some credit actions have a greater negative impact on Janet’s credit score than James’. That’s because the impact of negative items,

46

This is the second article such as a missed payment, of a two-part series. are greater on their first occurrence. The credit score Read part one: for a person like James who already missed a number of http://j.mp/s12-credit payments will have already experienced the “first-time” impact.

With that in mind, let’s look at a range of possible score changes for each credit management activity, rather than an exact level of score improvement or drop.

Figure 1 Impact of Actions on Two Credit Score Scenarios Starting Score

Scenario

High Score

Medium Score

900

760

Missed Payments

Score Drop Range

Bankcard

30 days

70 - 90

60 - 80

60 days

85 - 105

70 - 90

30 days

80 - 100

60 - 80

60 days

100 - 120

70 - 90

30 days

80 - 100

60 - 80

60 days

100 - 120

70 - 90

Charge-off or Foreclosure

130 - 170

80 - 110

Charge-off, placed at collections agency

165 - 185

105 - 125

350+

200+

Auto

Mortgage

Filing bankruptcy

For Janet, being 30 days late on a credit card payment can lower her credit score by 70 to 90 points because it’s her first delinquency. Being an additional 30 days late lowers her credit score by an additional 15

points to make the total impact of being 60 days late between 85 and 105 points. Because James’ credit score is already substantially low, his original score of 760 is reduced by 60 to 80 points if he is 60 days late, which puts him among consumers who are considered very high risk.

Tips

»»

»»

The first missed payment has the largest impact on a credit score. Nevertheless, additional missed payments will continue to drive your score down and make it more difficult to become current. So if you’ve missed a payment, try to become current again before your next payment is due.

For most credit score models, missing a credit card payment has less impact than missing a mortgage or auto payment. This is because credit score models consider late payments on your larger, secured debts as higher risk than being late on smaller, unsecured debts such as credit cards.

Starting Score

Scenario

Scenario

Medium Score

900

760

Obtaining Credit

Score Drop Range

Making an inquiry

10 - 20

10 - 20

Opening a new credit card (additional)

0-5

0-5

Opening a new mortgage (additional)

0 - 15

0 - 15

Opening a new auto loan (additional)

0 - 15

0 - 15

If a lender runs a credit check and obtains a credit score for either Janet or James to determine their credit risk, an inquiry is reported to the Credit Reporting Companies (CRCs), which could reduce their credit scores by 10 to 20 points.

Medium Score

900

760

Using Credit Cards

Score Drop Range

Using all available credit on one credit card

90 - 110

55 - 75

Spreading credit usage over multiple credit cards

60 - 80

30 - 50

Closing an old credit card account

10 - 25

15 - 30

If Janet uses up the entire balance of her credit card, it causes her score to drop by 90 to 110 points. Because James’ credit score is lower, the impact is less severe, but his score still drops.

Starting Score High Score

High Score

Tips

»»

If you must keep a balance on your credit cards, it’s best to spread the total credit card balance across multiple credit cards rather than maxing out a single card. Several small balances have less impact on your credit score than a single high balance.

»»

Reducing your credit card balance from 50% to 30% of the total credit available on that card can improve your score by as much as 50 points.

Starting Score

Scenario

Score Improvements

High Score

Medium Score

900

760

Score Increase Range

Tips

»»

»»

You should apply for credit only when you need it. If you are approved for credit, the impact from making an inquiry will disappear within a short time and the score will quickly improve if you make on-time payments.

When you do shop for credit, do so within a short period of time. Credit score models take rate shopping , e.g., for a mortgage or car loan within a 14-day window into consideration, so if you’re seeking credit and if multiple lenders obtain your credit score, their inquiries typically are interpreted only as a single inquiry.2

Paying down the mortgage by $25,000

10 - 20

15 - 25

Accounts age by one year

1-3

1-3

Reducing credit card usage to 50% - 30% of limit

30 - 50

20 - 40

For Janet and James, reducing credit card balances and paying down mortgages can improve their scores by as much as 50 points.

Continued 1 2

The VantageScore model’s range is 501 – 990.

The window of time that credit score models use to account for rate shopping varies. The VantageScore model interprets all inquiries within a 14-day window as a single inquiry.

47

Tips

Brenda may be on the cusp of getting a loan or qualifying for the best interest rate and terms for a loan. She could benefit from a short-term increase of 10 to 15 points in her credit score and from the longer-term credit score increases that would result from maintaining good credit management for an extended period of time.

»»

The easiest way to quickly improve your credit score by 10 to 20 points may be to reduce credit card balances substantially and to maintain the behavior for a couple of months.

»»

Paying down the mortgage by $25,000, for example, may improve a credit score by as much as 25 points.

Jennifer

»»

Rather than closing older, unused credit cards or other credit accounts, allowing them to remain on a credit file can help improve your score by several points each year.

»» »»

Source: VantageScore Solutions

How Can You Improve Your Credit Scores?

An infrequent credit user (score between 600 and 650) Jennifer’s profile: She has two or fewer active accounts.

She has very few missed payments, and her credit accounts are the same type of credit.

Ways to improve her credit score: Keep all accounts current for at least 12 months, preferably 18 months. »» If the balance amount on one or more credit cards is greater than 70% of the full credit line for the card, reduce balances to less than 30% and maintain that level for at least six months. »» Do not make inquiries for new credit or open any new accounts. »» Maintain these steps for at least 12 months.

»»

Remember, specific credit-related activities impact your credit score differently than they impact another consumer’s credit score because your credit file is different from everyone else’s. Generally speaking, there are proven ways to improve scores.

Consider the cases of four hypothetical consumers. Based on each credit profile, there are things that each person can do to which may (or Jennifer needs to demonstrate good credit management for a has been shown to) improve his or her credit score. prolonged time period. She should not seek credit until her credit files have more positive information. By concentrating on the information Bill in her files and ensuring that only positive information is reported to A high credit quality consumer (score greater than 850) the CRCs, she will see that her score has improved when she is ready to seek credit again.

Bill's Profile: »» He makes payments on time.

Mike »» He has many types of credit (e.g., credit card, mortgage, Previous bankruptcy (score between 575 and 625) auto loans). »» He has managed credit wisely for many years.

Mike’s profile: »» Declared bankruptcy three years ago.

Ways to further improve his already high score: »» Public record remains on credit file for at least seven years. »» Substantially reduce the total percentage used on each credit card by reducing the balances on the cards.

Ways to improve his credit score: »» Make additional mortgage payments to reduce the »» Keep all accounts current. remaining loan amount. »» If payments are missed, keep the size of missed payments »» Maintain these two strategies for at least three months. as small as possible. »» Maintain low balances on all accounts (less than 30% of With a credit score as high as Bill’s, he probably already has been the full credit line), especially credit card balances and given the best rates and terms, so improving his score probably won’t installment loans. improve the terms and offers from lenders. »» Do not make inquiries for new credit or open a new account.

Brenda »» Maintain these steps for at least 18 months.

An average credit quality consumer (score between 650 and 700) Brenda’s profile: »» She missed some payments, possibly on major loans such as mortgage or auto. »» She uses many types of credit (e.g., credit card, mortgage, auto loans).

Ways to improve her credit score: Ensure payments are made on-time for at least six months, preferably a year. »» Ensure that all existing missed payments do not become more than 30 days late. »» If the balance amount on one or more credit cards is greater than 70% of the full credit line for that card, reduce balances to less than 30% and maintain that level for at least six months. »» Maintain these steps for at least six months.

»»

48

Mike obviously needs to spend time recovering his credit score because declaring bankruptcy is a significant, negative credit event.

Before providing him with new credit, lenders will want to see that Mike will not become over-extended again.

By contrast, Bill’s credit score is high enough that he is likely to receive the best offers from lenders. Brenda, Jennifer and Mike are able to improve their credit scores using a variety of good credit management practices ranging from reducing the balances on their credit cards to not missing payments or needlessly seeking credit.

A version of both this article and the one preceding it is available on VantageScore Solutions’ website. The article’s title is, “Assume the Role of Managing Your Credit Prudently and Watch Your Credit Score Improve.”

The full article can be found in the Learning Center of our website, which is located at: www.vantagescore.com/consumers/learningcenter/

Lois Kirschenbaum

Licensed Associate Broker Gold Circle of Excellence Roslyn and Old Westbury Offices 1400 Old Northern Blvd., Roslyn, NY 516.484.1800 ext.229, c.516.526.7425 loiskirschenbaum@danielgale.com

Margaret Trautmann

Licensed Associate Broker Gold Circle of Excellence Locust Valley Office 1 Buckram Road, Locust Valley, NY 516.759.4800 ext.110, c.516.361.4646 margarettrautmann@danielgale.com

2012

AREAA

THE

IL ST E

ach year, the AREAA "A" List recognizes top producers serving Asian American homeowners and communities. The program is open to all active AREAA members and the top 50 in each of two categories: previous year's sales volume and transaction sides, make the list. We asked the individuals on this, the 3rd annual, list to share some of their secrets to success and why they joined and support AREAA. Read on to see who made the list, in addition to some of our favorite responses.

Top Sales Professionals by 2011 Volume Rank

Name

Company

Location

Website

2011 Volume

Stephanie Vitacco

Coldwell Banker

Woodland Hills, CA

www.teamvitacco.com

$111,899,731

1 My Keys to Success?

"Hard work, dedication and a continual honing of my skills. Customer service and strong communication is essential as well as perseverance."

2

Kendra Todd

The Kendra Todd Group with Keller Williams Greater Seattle

Seattle, WA

www.kendratoddgroup.com

$104,376,223

3

Marie Chung

Modern Realty Co.

Cerritos, CA

www.modernrealtyco.com

$100,928,988

4

William Pfeif

Pfeif Residential Group

Fresno, CA

www.Billpfeif.com

$65,000,000

5

John M. Lee

Pacific Union International

San Francisco, CA

www.isellsf.com

$55,267,461

AREAA National Director

What attracted me most to AREAA is the fact that it is a non-profit organization that encourages all real estate professionals to better understand and support the growing and influential Asian American market. I believe that encouraging homeownership is not only my duty as a real estate professional, but also as a member of the Asian American community as well. Homeownership has always been the American Dream, and I am an advocate for transforming those dreams into reality.

I dedicate my time to volunteer for AREAA because I support AREAA’s mission to encourage the Asian American community of homeownership. With the short amount of time they have been established, not only have they changed so many lives in the Asian American community already, but have helped me personally in my career to network, meet exemplary real estate professionals and find mentors to help me grow.

I am honored to participate in such a wonderful organization. - Marie Chung

Top Sales Professionals by 2011 Sides Rank

Name

Company

Location

Website

2011 Sides

Trish Nash

EXIT Realty Unlimited

Henderson, NV

www.TrishNash.com

496

1 What Attracted Me to AREAA?

"I have seen the value in the content that AREAA offers in the Las Vegas chapter meetings and I was attracted to that.

This is a viable organization I can back because I believe in it and what it offers the REALTOR community."

2

Teresa Ryan

Ryan Hill Realty

Naperville, IL

www.ryanhillrealty.com

440

3

Kendra Todd

The Kendra Todd Group with Keller Williams Greater Seattle

Seattle, WA

www.kendratoddgroup.com

404

Zoritha Thompson

Goree & Thompson Real Estate, Inc.

Sacramento, CA

www.goreeandthompsonre.com

395

4

My Keys to "Networking through various groups...stay abreast of real estate trends and educate myself by going to various meetings and conferences.

On a day-to-day level I make a daily list of tasks and I am very goal-oriented, I have written short term goals and long term goals!"

Success?

Dan Shanyfelt 5 AREAA National Director

Why Do I Volunteer for AREAA?

Miramar International - Bakersfield

Bakersfield, CA

www.MiramarBakersfield.com

386

"AREAA has been instrumental in the success and prosperity of my business. From education and technology to networking and government access, AREAA has been a main pillar of our business foundation and a key element of our growth plan moving forward. I dedicate time to volunteer for AREAA as a means to give back to the community as well as those leaders who came before and blazed a trail for us. I hope I can pay it forward by blazing a trail for the next generations of business leaders."

53

2 01 2

AR E AA

THE

LIST

Rank

Name

Company

Location

6

Raul Villacis

ARG Advisors

Stamford, CT

www.argct.com

$53,917,313

7

Zoritha Thompson

Goree & Thompson Real Estate, Inc.

Sacramento, CA

www.goreeandthompsonre.com

$52,468,617

Trish Nash

EXIT Realty Unlimited

Henderson, NV

www.TrishNash.com

$51,350,038

9

Christophe Choo

Christophe Choo Real Estate Group Coldwell Banker Previews

Beverly Hills, CA

www.ChristopheChoo.com

$48,000,000

10

Sabriya Scott

Century 21 Fox Properties

Savannah, GA

www.sabriyasellshomes.com

$43,545,892

11

Teresa Ryan

Ryan Hill Realty

Naperville, IL

www.ryanhillrealty.com

$42,426,966

12

Dan Shanyfelt

Miramar International - Bakersfield

Bakersfield, CA

www.MiramarBakersfield.com

$41,257,517

13

Bruce McAlpin

The McAlpin Team - Edina Realty

Monticello, MN

www.edinarealty.com/the-mcalpin-team

$40,742,000

Jamie Yang

REO 2020 Realty & Investments

Fullerton, CA

www.jamieyangteam.com

$31,628,600

8

14

#1 in Sides

What Attracted Me to AREAA?

Website

2011 Volume

"I was attracted to the support and education that it provides to all its members. I like how AREAA's continuous education and seminars help brokers and agents stay motivated and up to date with the current market."

15

Nancy Braun

Showcase Realty, LLC

Charlotte, NC

www.showcaserealty.net

$31,182,921

16

Dorothy Buse

Coldwell Banker Ackley Realty

Kissimmee, FL

www.floridaforeclosures.com

$31,174,474

Long Doan

Realty Group Inc.

Champlin, MN

www.mnreoinc.com

$29,000,000

17

18

19

Why Do I Volunteer for AREAA?

"To help train and bring awareness to other professionals serving Asian communities and in turn help the Asian community grow and thrive."

Arthur Hung

the Corcoran Group

New York, NY

www.corcoran.com/ahung

$27,500,000

Becca Atterberry

Atterberry Real Estate Group

Lynnwood, WA

www.beccaatterberry.com

$26,989,207

What Attracted Me to AREAA?

"I believe in the power of a strong community and building bridges between professionals and those who may take the plunge into homeownership. I believe AREAA is a chance for me to grow and learn about culture, to make me a better leader and to have resources for our Asian clients and community."

20

Raquel Quinet

Keller Williams Realty Professional Partners Goodyear, AZ

www.CountOnResults.com

$26,906,550

21

Michael Olsen

Keller Williams Premier Realty

Woodbury, MN

www.MikeOlsen.com

$26,847,217

22

David Tran

Century 21 Landmark Network

Sacramento, CA

www.c21ln.com

$26,701,899

23

Diana Buonincontro

Elite Real Estate, LLC

Glendale, AZ

www.elitearizona.com

$26,162,557

Peter Park

Prime Properties

Los Angeles, CA

www.a2zreo.com

$25,000,000

AREAA Chapter President

24

My Keys to "I subscribe to the 'more you give, more you will receive' theory and when you come together with like-minded people, it creates a Success? beautiful synergy. It’s about giving and then giving some more. Consistency and Passion. The fact that I love what I do really helps."

Tom Moon

25

54

Top Sales Pr o f e ss i o n a ls b y 2 0 1 1 V o l u m e (#6-25)

Pacific Moon Real Estate, Inc.

Huntington Beach, CA

www.Tommoon.com

$24,211,698

My Keys to "Genuinely caring for the success of your clients. They won’t care, until they know you care. Treating your office staff like family, Success? to let them know how valuable they are. Realizing our company’s success starts from the top, with our example and work ethic."

2 01 2

THE

AR E AA

Top Sales Pr o f e ss i o n a ls b y 2 0 1 1 S i d e s (#6-21) Rank

Name

Company

Location

Website

2011 Sides

6

Marie Chung

Modern Realty Co.

Cerritos, CA

www.modernrealtyco.com

382

Sabriya Scott

Century 21 Fox Properties

Savannah, GA

www.sabriyasellshomes.com

377

7

My Keys to "I would definitely say that one of my keys to success is my background in education and my listening skills...I chose to work in 'at risk' schools my entire teaching career. Because my Master’s Degree was in Special Education, I had the privilege to work with special education Success? students. This was a GREAT experience because I quickly learned that I had to listen to them and learn how to communicate with each of my students in order to help them. Because of this, I am a better listener, communicator and I know how to understand people’s needs..."

Nancy Braun

8

Showcase Realty, LLC

Charlotte, NC

www.showcaserealty.net

371

My Keys to "...diversification and a great team. In addition to general brokerage business, we bring expertise in other areas like short sales, luxury and distressed property sales and relocations. If we identify a need in our market, we take steps to fill it. We run Showcase as a business, not Success? simply a real estate office, and we have a team of specialists – marketing, business development, accounting, premarket, closing, training and client care – that evolves to bring services and attention to the needs of our customers at every single touch point in our relationship."

9

William Pfeif

Pfeif Residential Group

Fresno, CA

www.Billpfeif.com

360

10

Bruce McAlpin

The McAlpin Team - Edina Realty

Monticello, MN

www.edinarealty.com/the-mcalpin-team

340

11 12

13

#1 in Volume Stephanie Vitacco

Coldwell Banker

Woodland Hills, CA

www.teamvitacco.com

337

Dorothy Buse

Coldwell Banker Ackley Realty

Kissimmee, FL

www.floridaforeclosures.com

327

Nancy Hadam

RE/MAX Realty Unlimited

Brandon, FL

www.tamparealestatesolution.com

309

My Keys to "Creating a good team has been crucial to attaining success in my career. Having over 20 years’ experience in real estate has certainly Success? given me a step up but choosing to work with like-minded people has made my career grow."

14

Long Doan

Realty Group Inc.

Champlin, MN

www.mnreoinc.com

266

15

Raul Villacis

ARG Advisors

Stamford, CT

www.argct.com

262

Raquel Quinet

Keller Williams Realty Professional Partners Goodyear, AZ

www.CountOnResults.com

253

16

16

18

AREAA Convention Co-Chair

Why Do I Volunteer "I dedicate my time to AREAA because I truly believe in their mission and understand helping your community has a bigger for AREAA? purpose. I believe in order to make a difference it is important to be passionate, get involved and not sit on the sidelines."

Michael Olsen

Keller Williams Premier Realty

Woodbury, MN

www.MikeOlsen.com

253

Diana Buonincontro

Elite Real Estate, LLC

Glendale, AZ

www.elitearizona.com

251

My Keys to "...my wonderful husband and children who give me the motivation, strength, and passion daily. Also, my incredible parents who sacrificed their upper class life in South Korea to move a family of seven to the U.S. in 1977...not speaking any English. My father sold his Success? jewelry manufacturing company and all his land to move to a country that promised a new life for his four children...My parents' sacrifice gave me and my three siblings a wonderful life and the opportunity to create generations of leaders."

David Tran

19

AREAA National Director

Century 21 Landmark Network

Sacramento, CA

www.c21ln.com

214

Why Do I Volunteer "AREAA has not only brought more business to my company, but the networking opportunities are tremendous. It makes for AREAA? me feel good that I am contributing to the mission of sustainable homeownership in the Asian community."

20

Richard Wolnik

Riklin Realty

Niles, IL

www.riklinrealty.com

194

21

Victoria Erfle

Select Service Realty

Palmdale, CA

www.PriorityMLSaccess.com

182

Alpha One Group

Riverside, CA

www.aogre.com

182

Jonathan Viegas 21

LIST

Why Do I Volunteer for AREAA?

"...because of what the organization stands for and because of the opportunities it gives real estate practitioners. The accessibility to tools to better their business with the reciprocal benefits to the community is bar none spectacular. Without organizations like AREAA the real estate community would have limited exposure and resources to improve their businesses."

55

2 01 2

LIST

Rank

Name

Company

Location

Website

2011 Volume

26

Nancy Hadam

RE/MAX Realty Unlimited

Brandon, FL

www.tamparealestatesolution.com

$24,207,957

Dale Machen

Trend Equity Group

Murrieta, CA

www.tegrp.com

$22,563,000

27

28

29

30

31

32

33

What Attracted me to AREAA?

"I work in Southern California and we have a very diverse culture and clientele. I learned about AREAA through many of the REO groups that I belong to and the conventions I attended. AREAA has been one of the more active and professional Real Estate groups that I worked with and their convention was very affordable and educational."

Victoria Erfle

Select Service Realty

Palmdale, CA

www.PriorityMLSaccess.com

$22,448,299

Marc Cormier

Keller Williams Realty

Vienna, VA

www.Help2ownaHome.com

$21,006,542

"This organization embodies one of my life mantras, which is giving back to the community and giving people a voice that may not have Why Do I Volunteer one. In this world, no one should be bullied or lack any opportunity based on race, ethnicity, color, etc. We are all a part of the human for AREAA? race, and we need to help and encourage each other in order to thrive in this world and in this American economy...I want to make a difference in this world, even if it is only one sale at a time. People should not be taken advantage of, regardless of race or ethnicity."

Jonathan Viegas

Alpha One Group

Riverside, CA

www.aogre.com

$20,699,385

Jessica Ye

Keller Williams Realty

Cambridge, MA

www.jessicaye.com

$20,610,852

What Attracted me to AREAA?

"I first joined AREAA because of their networking opportunities and after joining, I learned that they offer so much more than what I expected -- such as their trade missions to Asian countries, their passion to provide business opportunities and training to their members and finally the amazing leadership and all the wonderful people in AREAA."

Ryan Edwards

Safe Realty

Santa Ana, CA

Winnie Chow-Davis

Coldwell Banker Quality Properties

Porter Ranch Northridge, CA Winnie@WinnieDavis.com

Why Do I Volunteer for AREAA?

www.saferealty.com

$20,353,800

$20,000,000

"Being a foreign-born Asian, I support the mission of AREAA in helping those in our community to achieve homeownership and opening the doors of opportunity for minority families...I joined early on and was proud to have sat on the National Board for four years. The experience was priceless and unmatched."

34

Andrew Lee

Affiniti Real Estate

Citrus Heights, CA

www.affinitirealestate.com

$17,866,256

35

Katherine Castillo

First Team SnS

Diamond Bar, CA

www.firstteam.com/katherinecastillo

$14,630,800

36

Michael Moretti

Coldwell Banker Premier Realty

Las Vegas, NV

www.michaelm.cbvegas.com

$14,530,666

37

Richard Wolnik

Riklin Realty

Niles, IL

www.riklinrealty.com

$14,254,000

38

Marisa Barragan

Compass REO Inc.

Aurora, IL

www.Compassreoinc.com

$13,884,553

Keiko Okubo

RE/MAX Accord / Okubo Corp.

San Francisco, CA

www.okuborealestate.com

$13,618,150

39

40

56

Top Sales Pr o f e ss i o n a ls b y 2 0 1 1 V o l u m e (#26-42)

AR E AA

THE

My Keys to "I have always believed that continued education in the form of attending conferences and seminars has helped SuccesS? me expand and develop my real estate business. I also believe that my passion for real estate and tireless work ethic has contributed to the success that I have enjoyed over my 30 plus years as a REALTOR速."

Divina Buehlman

Windermere Real Estate

Laguna Niguel, CA

divina.windermeresocal.com

$13,033,050

41

Skip Benton

Coldwell Banker Select Real Estate

Reno, NV

www.SilverStateREO.com

$13,000,000

42

Jonathan Zuckerman

MGR Services, Inc

Upland, CA

www.zcorpenterprises.com

$12,954,262

2 01 2

THE

AR E AA

Top Sales Pr o f e ss i o n a ls b y 2 0 1 1 S i d e s (#23-43) Rank

Name

Company

Location

Website

2011 Sides

23

Tom Moon

Pacific Moon Real Estate, Inc.

Huntington Beach, CA

www.Tommoon.com

170

Vandana Chima

EXIT Realty Platinum Group

Las Vegas, NV

www.RealtorVandana.com

148

24

25

25

Why Do I Volunteer "I truly believe in AREAA's mission statement for AREAA? and want to help spread that message."

Becca Atterberry

Atterberry Real Estate Group

Lynnwood, WA

www.beccaatterberry.com

142

Marisa Barragan

Compass REO Inc.

Aurora, IL

www.Compassreoinc.com

142

What Attracted me to AREAA?

"I was attracted by the quality of experienced brokers that are members of the organization."

27

Skip Benton

Coldwell Banker Select Real Estate

Reno, NV

www.SilverStateREO.com

133

28

Dale Machen

Trend Equity Group

Murrieta, CA

www.tegrp.com

124

AREAA National Director and 2011 National Chair

Century 21 Southwest Real Estate

Houston, TX

www.kennethli.com

120

29

Mital Amin

RE/MAX Gateway

Dresher, PA

www.remax.com

120

31

Michael Moretti

Coldwell Banker Premier Realty

Las Vegas, NV

www.michaelm.cbvegas.com

115

Andrew Lee

Affiniti Real Estate

Citrus Heights, CA

www.affinitirealestate.com

105

29

32

Kenneth Li

AREAA National Director

33

John M. Lee

Pacific Union International

San Francisco, CA

www.isellsf.com

88

34

Jamie Yang

REO 2020 Realty & Investments

Fullerton, CA

www.jamieyangteam.com

84

Jonathan Zuckerman

MGR Services, Inc

Upland, CA

www.zcorpenterprises.com

81

35

My Keys to Success?

"Focus and community involvement. In an industry where change is the only constant, being able to adapt and stay on the cutting edge of this change will make all the difference."

35

Shelly Irizarry

REONY

Ozone Park, NY

www.reony.com

81

37

Peter Park

Prime Properties

Los Angeles, CA

www.a2zreo.com

76

38

Thomas Lichtenberg

Keller Williams Realty Elk Grove

Elk Grove, CA

www.TomSells.net

74

Mark Chu

Big Realty

Fresno, CA

www.bigreogroup.com

72

39

LIST

AREAA Chapter President

My Keys to Success?

"The key to my success is being prepared for opportunities and surrounding myself with successful people, and it was the people involved that first attracted me to join AREAA."

40

Winnie Chow-Davis

Coldwell Banker Quality Properties

Porter Ranch Northridge, CA

Winnie@WinnieDavis.com

71

41

Stephany Oliveros

CHI Properties

Chicago, IL

www.CHIProperties.com

69

42

Jared Erfle

Select Service Realty

Palmdale, CA

www.SelectServiceRealty.com

67

43

Marc Cormier

Keller Williams Realty

Vienna, VA

www.Help2ownaHome.com

64 57

Top Sales Professionals by 2011 Volume (#43-50) Rank

Name

Company

Location

Website

2011 Volume

43

Lina Chu

Gainspot Incorporated dba Realty Prodigy

Upland, CA

www.LinaChu.com

$12,687,000

Rita Chen

Presidential Real Estate

Irvine, CA

www.ritachen.com

$12,508,416

44

My Keys to "Hardwork, perseverance, diligence. This is not an easy industry and you learn quickly whether you have the backbone to handle it. It is, however, extremely gratifying to help families find their dream homes!"

SuccesS? Betty Wong

45

Better Homes & Gardens Mason McDuffie San Francisco, CA

www.bhghome.com/BettySunWong

$12,240,495

Why Do I volunteer "I dedicate my time because I want to help fellow and prospective members see the value of involvement with AREAA. It’s one of the only Asian organizations nationwide that offers a voice and presence in our local communities and politically." for AREAA?

46

Vandana Chima

EXIT Realty Platinum Group

Las Vegas, NV

www.RealtorVandana.com

$12,189,002

47

Shelly Irizarry

REONY

Ozone Park, NY

www.reony.com

$11,840,424

48

Roma Niesson

Coldwell Banker Horizon Realty

Kelowna, BC

www.kelownarealestate.com

$11,247,400

49

Kenneth Li

Century 21 Southwest Real Estate

Houston, TX

www.kennethli.com

$11,082,700

50

Thomas Lichtenberg

Keller Williams Realty Elk Grove

Elk Grove, CA

www.TomSells.net

$11,003,771

Top Sales Professionals by 2011 Sides (#44-50) Rank

Name

Company

Location

Website

2011 Sides

44

Katherine Castillo

First Team SnS

Diamond Bar, CA

www.firstteam.com/katherinecastillo

60

45

Jessica Ye

Keller Williams Realty

Cambridge, MA

www.jessicaye.com

58

46

Ryan Edwards

Safe Realty

Santa Ana, CA

www.saferealty.com

57

46

Lina Chu

Gainspot Incorporated dba Realty Prodigy

Upland, CA

www.LinaChu.com

57

48

Caroline Gim

Expert Real Estate & Investment

Downey, CA

www.ExpertREI.com

51

Wally Coudron

Edina Realty

Monticello, MN

coudronteam.edinarealty.com

46

My Keys to "Being able to network, and interact with other REO professionals through conferences such as AREAA's, have been keys to the successes at this point in my career."

SuccesS? Jill Rand

50

What Attracted me to AREAA?

JLM Properties Inc

www.JLMPropertiesInc.com

44

"I joined AREAA to have a 'family'. I always know that there are experienced members willing to share and mentor. AREAA members are by far the most open and knowledgeable professionals in the industry."

Are you ""A"" List Material? Be sure to keep up on AREAA news updates and 'like' us on Facebook to find out how you can be recognized as a top producer serving the Asian American community on next year's list.

and concerns about policies that affect the housing market and Asian Americans in general. I went to Washington, D.C. for the first time in May and it was really exciting to go to Capitol Hill to present AREAA’s Five-Point Plan. I really felt like I could make a difference, and I still keep in touch with the representatives’ local district offices to discuss new real estate laws and share my thoughts on how we can help struggling homeowners. I just wish I had gotten involved sooner. - Caroline Gim

www.areaa.org /areaa.national

THE

AREAA

Why Do I volunteer for AREAA? I blame Jim Park…just kidding. Jim had been telling me for a while that he wanted to get me more involved with AREAA. Finally, he got me to commit to working on the National Public Policy Committee and I really enjoy it. I had always been interested in reaching out to policymakers to discuss things I see around me but I was never sure how to go about it. With the Public Policy Committee, I am able to voice my opinions

58

Valencia, CA

2012

49

LIST

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The Mission Behind the Media // merica is a nation of immigrants coming from all walks of life and all corners of the world who have fueled America's success.

Their rich cultures and traditions have also enriched our lives. The City of New York consists of five boroughs, with the Census estimating the 2011 population at over 8 million people. As many as 800 languages are spoken in New York City, making it one of the most linguistically diverse cities in the world.

In this big “melting pot”, approximately 35% of the city’s population is foreign-born. Between 2000 and 2010, the Asian community in New York City was the fastest growing major race and ethnic group, growing by 30% according to the latest Executive Summary Report by the Asian American Federation.

The borough of Queens is home to over 2 million people. The Asian community makes up 22.9% of Queens’ population, and Chinese is the largest ethnic group with 9%, followed by Korean (2.9%), Filipino (1.7%), Japanese (0.3%), Thai (0.2%), Vietnamese (0.2%) and Indonesian and Burmese both make up 0.1% of the population. Among counties of 100,000+ population, Queens is one of the most diverse in the United States.

Need more proof of the diversity we experience in the Big Apple? Visit New York City and you can have anything from Dim Sum to bagels for breakfast, Le Hamburger con tapas or a burrito for lunch, and even salmon teriyaki or beef stroganoff for dinner. At the newsstand on the corner of Main and Roosevelt in Flushing, attendees Ali and Taj stock over a dozen in-language newspapers every day. In various locations throughout Queens, you can see the New York Times and the New York Post stacked up side-by-side with the Korean Times, El Dario, Akhon Samoy, the Jewish Press, World Journal, India Abroad, Filipino Reporter, Russhaya Reklama, Thailand News, Vietnam Daily and others. For millions of new immigrants who do not speak English well -- or at all -- ethnic newspapers, magazines and TV are their main communication lines to the outside world. For many, the newspaper is a way to connect with their home country and feel more at home in the U.S. With the large Asian population in NYC, I wanted to focus on the largest Chinese newspaper and media group in the USA and North America: the World Journal (pronounced: “Shijie Ribao”). I had an opportunity to sit down and talk with World Journal President Mr. Han Sheng Chang in the Whitestone, New York headquarters to discuss the history and direction of the World Journal. Here is my conversation.

62

Interview with World Journal President Mr. Han Sheng Chang

by Kathy Tsao

World Journal headquarters in Whitestone, New York

Atuel and Pooka the pug

Kathy Tsao: Can you share with us the history of WJ and the paper’s establishment?

Mr. Chang: The newspaper began in February 1976 and its headquarters were in Chinatown. WJ is owned by the same media conglomerate that runs the United Daily News in Taiwan. Over the past 36 years, WJ has grown from 20 employees to close to 600 employees. The headquarters were moved to Whitestone in the 1980’s. The newspaper is published seven days a week with the daily circulation rate of over 330,000 in North America. WJ publishes its Chinese-language newspaper in major cities containing large Chinese-speaking populations daily; the newspaper is widely sold in many Chinatowns in various cities and other major Chinese suburbs. You can see our paper in locations like: Atlanta, Georgia; Boston; Chicago; Hawaii; Houston, Texas; Jacksonville; Los Angeles; Las Vegas; Miami; Michigan; New Jersey; New York; San Francisco; Seattle; Toronto; Vancouver; and Washington, D.C. KT: This is impressive growth; can you also share with us your mission and struggles?

Mr. Chang: The number one reason is to serve the overseas Chinese in America; the number two reason is to preserve our culture and tradition as our target readers were immigrants from Taiwan, Hong Kong and China. Looking back 36 years ago, in the era without computers, the entire production was created in Taiwan then the plates were transported daily via airfreight to New York for printing. Since the development of computer technology, the majority of the production is now done in the U.S. except the entertainment section. In 1999, WJ launched a home delivery subscription service and created www.worldjournal.com.

In 2002, WJ reformed its production technique from its vertical text layout to horizontal

layout, which is widely used by other Chinese media. WJ ePaper was created in 2007.

World Journal Founded:

KT: This leads me to the next question, what is your growth strategy?

Mr. Chang: Technology has revolutionized our industry just like everyone else. The information is being delivered to people in a much faster pace and more efficient way via a variety of platforms. For example, our news can also be read via iPad now. We will continue to find more creative ways to penetrate the market and deliver our news to our readers.

1976

Headquarters:

Whitestone, New York Daily Circulation:

330,000

World Journal has partnered with community associations for many years to celebrate the annual Chinese new year parade.

KT: Can you describe how WJ has supported our Asian communities?

Mr. Chang: Our biggest emphasis is education, educating our community is our key mission. We want them to have the knowledge and resources to help them assimilate back into society. On average almost every week, we have hosted some type of event and focused on different age groups. There are events focused on our youth such as workshops to prepare and educate them on the college admission process and school information; sports tournaments; workshop on subjects like health and beauty, investment and retirement, real estate and EB-5 seminars, talent competitions in dance, singing and debates. We also sponsor many fun events for the family like cooking demonstrations–the list goes on and on. We also create events in senior centers to support our seniors.

During the recession back in 2010, WJ worked with 20 enterprises and sponsored a job fair that attracted close to 400 attendees to help our community. WJ also collaborated with mainstream corporations such as McDonalds, State Farm Insurance, Wells Fargo, and MetLife many times for community outreach events. In the past, WJ also partnered with the Korean Daily on community events.

Serving America's Chinese population and preserving the cultures and traditions of Taiwan, Hong Kong and China

On the presence of meeting with Overseas Chinese media summit, Premier Wen Jiabao declared that he is a reader of World Journal, and was impressed by World Journal’s rich content.

United States President Barack Obama expressed greetings on the congratulations letter below, commemorating World Journal’s 35th anniversary.

KT: This is terrific! Thank you for what you have done for our community and I know WJ will continue to do so. I hope you will also continue to support non-profit associations like AREAA and help us share important messages with our community, like our Five-Point Policy Plan and consumer education events throughout the country. Is there any message you want to leave with a | r | e readers?

Mr. Chang: Yes, we are looking forward to working with your association. As you know the real estate industry is becoming more aware of the purchasing power from overseas Chinese buyers in the U.S.A. Our newspapers and its classified section provide the perfect medium for you to reach out to these potential Chinese buyers and get the exposure that you normally will not get from elsewhere. WJ wants to support your business and growth. Thank you.

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Alisha Chen

Cornerstone Real Estate

Ryan Edwards Safe Realty

Justin Potier

Boardwalk Properties

Angeline Wu

Mary Jane Cambria

Central Escrow

Aaron Yu

Pacific Coast Title

Cambria Real Estate

Wells Fargo Home Mortgage

Chapter President

Chapter President

Executive Director

Executive Director

Executive Director

Executive Director

Executive Director

Elect

Vice President

Vice President

Secretary

Devine Real Estate

Select Realty Services

Ed Pedalino

James Lee

Executive Director

Executive Director

General Director

Kendrick Kim

Philip Greenberg

Jeremy Devine

Dennelle Taylor Essex Mortgage

Evergreen Real Estate Group

General Director

General Director

THANK YOU

Mario Vargas

James Stinnett

Right Move Real Estate

General Director

James Park

Park Real Estate Group

General Director

General Director

BOARD OF DIRECTORS AND ADVISORS FOR YOUR CONTINUED DEDICATION AND SERVICE TO AREAA ORANGE COUNTY

Allen Chiang

Presidential Real Estate

Presidential Real Estate

Thank You

Alice Tsang

Lilia Villasenor

Board of Advisors

Board of Advisors

Aaron Yu, Chapter President

Advisory Chair

Board of Advisors

Rita Chen

Kyle Kasperick

Central Escrow

Chase

Fidelity Title

Jeff Lu

Garrett Mays USRES

Pacific Moon Realty

Tom Moon

Tina Norder Skyhill Financial

Wells Fargo Home Mortgage

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Sandra Speed

Roger Beane

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LISTED

My name is Alice. I am 25. I am a Century 21 China Real Estate Agent in Chengdu, China.

I am part of a team of more than 13,000 Century 21 China Real Estate agents in over 1000 oďŹƒces across 29 cities in China.

o t e g d i r B the e r e h w e Som ong

By John Yen W

I

live in San Francisco, so let’s begin with San Francisco, a city universally acknowledged as beautiful, exciting and important.

It is invariably included on almost anyone’s top 10 cities to visit. People like to live in San Francisco, and many global financial, communications and technology companies have chosen to house their headquarters here. San Francisco is an icon, but how did it achieve this status?

The answers lie in the “bridges” that connect this city to the rest of the United States. 2011 marked the 75th Anniversary of the San Francisco Oakland Bay Bridge and 2012 is the 75th Anniversary year for the Golden Gate Bridge. Celebrations have marked these milestones and revisiting their histories has reminded us of how important these “connectors” are to the heath and vibrancy of San Francisco.

San Francisco sits at the tip of a peninsula surrounded on three sides by large bodies of water. This geographic circumstance makes for a moderate climate and beautiful views, but it also challenges access to areas north and east of the city. Before the bridges, San Francisco was isolated.

The building of the Golden Gate Bridge and the San Francisco Oakland Bay Bridge connected San Francisco to resources, people and business opportunities that have been the

66

foundation for building the city into 800 participants attended the summit Real Estate Association and the China in the cities of Beijing, Hangzhou, and Real Estate Research Association, who what it is today. presented an overview of the history The Asian Real Estate Association Shenzhen. of the real estate industry in China; AREAA’s presenters included Mr. of America (AREAA) is building Mr. Ba Shusong, the Deputy Director Brian Montgomery, a past Assistant such a bridge for its members to the of China’s State Council Development resources, people and business oppor- Secretary of HUD and FHA ComResearch Center of Financial Research tunities available in Asia. The inaugu- missioner; Mr. Armando Falcon, a past Director of OHFEO, the agency and the Chief Economist of the China ral “China U.S. Real Estate Summit” held in June of this year has laid deep that regulated Fannie Mae and Fred- Banking Association, who presented a paper on the relationship of China’s into bedrock a pylon that will support die Mac; Mr. John Ritterpusch, the President of the National Association real estate industry to the country’s the roadbed connecting the United States and Asian real estate industries of Home Builders; and Mr. LeFrances economic growth; and Mr. Zhu Arnold, the President of the Califor- Zhong Yi, the Vice President of CREA and markets. This understanding who spoke on the impact of governwill lead to an infusion of capital and nia Association of REALTORS. CREA’s presenters included Mr. Liu ment regulations on China’s real estate credit that is critical to AREAA’s core market. mission of empowering healthy stable Zhifeng, the President of the China communities where sustainable homeownership among Asian Americans can prosper.

The summit was jointly organized by the China Real Estate Association (CREA) and AREAA, and titled “Real Estate Industries and Markets: Post Global Economic Fluctuation – Opportunities, Challenges and Cooperation”. It brought together real estate thought leaders from the U.S. and China to report on current conditions for each country’s respective markets, to promote understanding of each country’s markets and to lay a framework from which President Liu Zhifeng modeling his Stetson friendship gift from AREAA. Smiles all around. solutions and business opportunities will develop. Over

The purpose of the Summit was to bridge understanding of China’s and the United States’ real estate markets and a review of recent history related to real estate ownership in China. In his remarks, President Liu states that “In 1980, Mr. Deng Xiaoping, the chief designer of China’s reform and opening policy started the reform of (the) urban housing system.” Deng Xiaoping was a leader of the Chinese Communist Party who stimulated the synthesis of various economic theories into what is known as the “socialist market economy”.

This process resulted in the enactment of the 1982 Constitution, which provided for “socialist public ownership” of the means of production, which takes two forms: state ownership and collective ownership. Ownership of property by Chinese citizens was not yet formalized. In 2004, the 4th amendment to the constitution was ratified, and Article 13 provided that “The lawful private property of citizens shall be inviolate. The country shall protect in accordance with law, citizens’ private property rights and inheritance rights. The country may, as necessitated by public interest, expropriate or requisition citizen’s private property and pay compensation therefor” (similar to the U.S. Eminent Domain process). In 2007, current President Hu Jintao signed “Order of the President of the People’s Republic of China (No. 62)” which elevated the rights of private ownership closer to national ownership. The evolution of real estate ownership in China is ongoing.

Within this context, the real estate market is a major component of China’s economy. In 2011, the total investment in China real estate exceeded 6.1 trillion Yuan ($964 billion U.S.). This is an increase of 9.7 times that of the investment in 2001. The residential portion of this investment was 4.4 trillion Yuan ($695 billion

U.S.) and has increased by 10.5 times since 2001. Residential construction is a major portion of China’s development.

Since 2001, investment in real estate development has accounted for 18% of all urban fixed assets. In 2010, the real estate industry added 2.23 trillion Yuan ($353 billion U.S.) to the economy and accounted for 5.56% of China’s GDP (Gross Domestic Product). The industry contributed 2,116,000 jobs in 2010.

What China calls “Urbanization”, the evolution of rural areas into urban areas, is critical to its continued economic growth.

The coastal areas are fully developed. China’s plan is to drive the urbanization inland into what are called second tier, third tier, and fourth tier concentric circles moving in from the coast. The urban design is to build fully integrated urban areas in each of these tiers with residential, employment, retail, and recreational services.

Currently, the urban residential ownership rate is 79% and apartments (condominiums) make up 81% of the market.

China’s government is placing great emphasis on renovating old urban residential districts and incorporating green technology to reduce operation costs and preserve the environment. In Shenzhen, the U.S. delegation visited an auto parts manufacturing plant that had been converted to a mixed use residential / office / retail complex that incorporated green technology.

Challenges to China’s real estate industry include the increasing percentage of older Chinese citizens. China’s one child policy, implemented to moderate the country’s population growth, has also resulted in an upward skewing of the number of older citizens in the population mix.

There is now a growing need for homes in buildings with elevators

Yin Zhong Li, Institute of Finance and Banking, Chinese Academy of Social Sciences Deputy Director

Gu YunChang, China Real Estate Research Association Vice President, Expert Committee on Housing Policy of MOHURD Vice Director

LeFrancis Arnold, President of the California Association of REALTORS

Li LiPing, Ministry of Housing and Urban-Rural Development SFP and Foreign Affairs Vice Ministry

Brian Montgomery, past Assistant Secretary of HUD and FHA Commissioner

CREA President Liu Zhifeng and AREAA International Committee Chairman Allen Chiang signing the Agreement for Establishment of Long-Term Cooperative Relationship

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Miao LeRu, China Real Estate Association and China Real Estate Research Association Secretary General

Xiu Long, China Architecture Design & Research Institute Principal, China Real Estate Research Association Vice President

designed to house an older population.

Other challenges include the disproportionate number of very large homes designed for the affluent and significant speculation in the market, which have pushed prices beyond what many Chinese can afford. The concentration of China’s economic growth has been concentrated in the coastal cities and has resulted in migration from the rural areas of China to these urban metropolises of Beijing, Shanghai, and Guangzhou. This is similar to the United States experience during the Industrialization when many from the rural South migrated to the industrial cities like Chicago, Detroit and New York.

China’s response has been to institute regulations to slow growth to avoid a real estate bubble. These include limiting the number of properties a person can purchase to two, rezoning to decrease the size of new condominiums built, and limiting purchases of properties by speculators who do not live in the cities where the properties are located.

The knowledge of China’s real estate industry and market shared at the China U.S. Real Estate Summit points to opportunities to connect the two markets and business opportunities for forward thinking real estate practitioners. These range from longterm industry opportunities to immediate transactions.

»» »»

Kathy Tsao, AREAA National Chair

»»

»» »» »» »»

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Su Ming, Ministry of Finance, Deputy Director of Finance Division

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»»

There are many Chinese nationals seeking opportunities for real estate investments in the United States. Many are all-cash buyers.

U.S. universities are actively reaching out to international students to diversify their student’s experience of a global economy and for the higher non-residential tuitions they pay. It is very common that the parents of these students purchase a home for their child to live in while they attend university. Reach out to admissions departments and offer your services.

High net worth investors are seeking large volume acquisition of REOs for long-term holds as investment properties. They will need skilled property managers who relate to the tenant base in communities.

High net worth investors are seeking commercial investments.

Investors and developers from China are seeking joint venture opportunities in the U.S. with developers that have land and entitlements tied up.

China’s continued urbanization will reach a tipping point where a mortgage system with higher loan-to-values than currently exists will emerge.

China’s focus on broadening homeownership opportunities to broader segments of its population will also open opportunities for a mortgage system with higher loan-to-values.

Underwriting of higher loan-to-value mortgages will require more precision in property valuation methodology.

Companies in this space can participate in the development of this industry.

As volume of mortgage grows with continued urbanization, a secondary market for mortgages may emerge.

These bullet points list opportunities that span immediate transactions for individual real estate practitioners to long-term business opportunities for companies. All were subjects that came up during the Summit.

This inaugural China U.S. Real Estate Summit is the first of ongoing annual summits that will alternate between China and the United States.

A framework for mutual in-depth understanding of how each other’s market functions has been built. It is AREAA’s “Bridge to Somewhere”.

Lidia Yun, AREAA National Director and CAR Director

John Yen Wong, AREAA Founding Chair

He Yin Yu, Sina House General Manager

Michael R. Good, CEO of Sotheby’s International Realty Affiliates LLC

Allen Chiang, AREAA Past Chair and International Committee Chair

Andrew Lee, AREAA National Director

Front Row (L to R): Anne Corey, Elizabeth Sorgen, Shenzhen Summit Attendees (3), Herbert Lao, Lina Chu, Grace Huang, Kenneth Li, Ellen Osmundson, Shenzhen Summit Attendee, Amy Kong, Jessica Ye, Li Zhan Jun Back Row: Meiling Kravarik, Ann Trandai, Percy Cheung, Fanny Chu, Scott Keller, Allen Okamoto, Kathy Tsao, Allen Chiang, John Yen Wong, Betty Sun Wong, Bernice Wong, Lidia Yun, Andrew Lee, Cindy Wu

69

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“Since March this year, we’re encouraged to see that buying activity has increased significantly.

It seems that buyers feel that prices have bottomed out and see this as a good time to re-enter the market.” said Mr. Donald Zhang, chairman and chief executive officer of NYSE-listed Century 21 China Real Estate (“CTC”). “Almost 50% of our transactions are paid fully in cash, while the other 50% are paid with down-payments of around 40%. That shows that there are plenty of people with the ability and desire to purchase homes.”

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Witnessing the boom years of the real estate market in the U.S. – where they lived for more than ten years – in the 1990s, Mr. Zhang and co-founder Harry Lu, now CTC’s president and vice chairman, knew what they were seeing in the U.S. would one day be eclipsed in China.

With this in mind, in 2000 they took the Century 21 brand back to China, where they introduced what was initially a franchise service business to an embryonic market. “In 2000, the market was chaotic. There

were very few regulations,” Mr. Lu recalls.

“Consumers rarely came to brokers; they didn’t trust them and couldn’t see the value in what they did. We were really one of the pioneers in establishing and cultivating the secondary residential property brokerage market in China.”

Rapid Growth of China’s Real Estate Market The rapid growth of the Chinese economy between 2000 and 2010 brought with it a

Century 21 China (NYSE:CTC) celebrated its 10th Annual Meeting with more than 20,000 agents in the Water Cube

rise in disposable incomes, providing the catalyst for higher sales volumes and rising prices in China’s real estate market.

After 2007, secondary residential property transaction volumes in Beijing and Shanghai increased consistently, reaching a peak in 2009 when transaction volumes hit 250,000 and 300,000 in Beijing and Shanghai, respectively.

First-tier cities such as Beijing, Shanghai and Shenzhen, where CTC does the majority of its business, have the most developed secondary residential markets, but the secondary segment is still a long way from reaching its full potential.

To illustrate, back in 2009, the heyday of the property boom, the ratio of primary-tosecondary transactions in Beijing and Shanghai was just around 1.7 and 2.0, respectively.

Compare this to developed markets like the U.S., where the ratio in that same period was some 13.89, and you get a sense of just how much potential the market in China has.

CTC Lists on the New York Stock Exchange During the same period, focused primarily on China's fast-growing and highly fragmented secondary real estate market, CTC grew rapidly to become a leading comprehensive real estate services provider. In January 2010, the company (also known as IFM Investments Limited) was listed on the NYSE under the

ticker “CTC”, becoming the first Chinese secondary real estate brokerage company to do so. From the opening of its first franchise to a successful listing, CTC has built a team of leading industry experts who leverage four decades of experience with the Century 21 brand to construct a powerful China-wide network.

The Future

our business, have the most developed secondary residential markets in China, but the secondary segment is still a long way from reaching its full potential.”

“As a common Chinese saying goes: While prospects are bright, the road will have twists and turns,” Mr. Zhang adds. “This is a perfect description of the road we’ve traveled in China up to now. I suspect it is also the road to the future.”

In 2009, a government faced with inflating prices brought in a series of restrictions, including adjustments to rules governing tax, financing and transaction commissions, as well as restrictions on the number of properties families were allowed First-tier cities such as Beijing, to purchase. The end Shanghai and Shenzhen, where we result was that full-year transaction volumes in do the majority of our business, have 2011 fell to just half the the most developed secondary resi2009 figure.

After two years of dential markets in China, but the depressed transaction secondary segment is still a long way volumes caused by restrictive government from reaching its full potential. policies, the Chinese market has been showing signs of sustainable recovery since March this year.

“China is geographically vast,” Mr. Lu says.“First-tier cities such as Beijing, Shanghai and Shenzhen, where we do the majority of

CTC's Network As of March 31 this year, CTC’s store network comprised 1,082 sales offices, including 340 directly-owned brokerage stores, in 29 major cities across China.

It employs over 13,000 sales professionals.

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Chinese investors s h o u l d consider investing in

C h i c ag o

By Ann Trandai hen Chinese investors think of investing in the U.S.A., they often think of New York, Washington, D.C., San Francisco or Los Angeles.

However, Chicago is a hidden treasure that many Chinese have not discovered. Last January, Chinese President Hu came to the U.S.A. Chicago was the only city outside of Washington, D.C. that he visited, to highlight the importance of cooperation between Chicago and China. Following him on the trip were over 400 Chinese business delegates. In the end, over 30 Chinese companies signed partnership agreements to collaborate with American companies.

Earlier this year, the Beijing Language and Culture University Press Group (BLCUG) contacted me. They wanted to buy property to distribute Chinese BLCUG textbooks, Chinese cultural products, and Chinese language training.

I spent a weekend to find locations for them; they offered and closed within six weeks - it was a cash deal. Their new office is called Phoenix Tree Publishing and is located at 5660 North Jersey in Chicago.

Over the years, I've learned that this is a typical real estate transaction with many Chinese investors. They come as tourists, look at properties over the weekend, make a cash offer, and close within two months. For the past few months, I have been working with a Chinese lawyer in Chicago on several EB-5 deals to offer green cards in exchange for making a $500,000 investment in the U.S. The EB-5 Visa program is a direct route to permanent residency for investors and their families. The beauty of this program is that it allows Chinese investors 74

to bring their children to the U.S. to go to school, receive all the benefits of permanent residency, and develop and run their own business. They can also travel back and forth from China every three months to operate their business within the first five years. The program allows my client to stay two and a half years in the U.S.A. out of the first five years. Many Chinese people would like to visit their children or vacation in America, but many have failed the tourist visa interview. Therefore, this EB-5 program attracts many Chinese investors. In the last fiscal year, about 3,000 Chinese applied for investor green cards in the U.S. – up at an 83% compound annual rate from 2007's 270 applications.

This is a very clever way to make both parties better off -- the U.S. gets capital to boost the economy and wealthy Asian investors get a safe place to park their money. Additionally, Chinese members of the extended family can enjoy much greater political freedom. Above all, they value real estate as the best investment.

Some Chinese investors are frustrated by a legal system that does not allow them to own land. Instead, the Chinese government leases the land to its citizens and lets them purchase the property. And the threat of losing the lease on the land jeopardizes the investment. For the wealthy Chinese, it’s all about the children, getting them better educated and providing them a place to live without worrying about the government taking it away.

One interesting thing to notice is that their government is urging them to invest overseas to diversify foreign-exchange holdings and develop business partnerships to improve the country’s leverage in international affairs. In the U.S., investors can own the land and the home and can pass them onto their children.

For the 12 months ending in March of 2012, the National Association of REALTORS estimates that international sales accounted for $82.5 billion, or 9% of the total U.S. residential real estate market. Canada led the way with 24% of this international business, followed by China (11%), Mexico (8%), and the U.K. and India rounding off the top five (6% each). Many foreigners invest in the U.S.A. for solid returns, investment security, citizenship and residency, diversification, owner's rights, and for the quality of education. With the financial crisis and high rate of distressed sales, foreigners have more incentive to buy, given the value these homes present. The housing market continues to see ups and downs, but the median price remains relatively flat.

U.S. commercial real estate continues to see more challenges due to strict lending practices, vacancy increases, and declining property rents and sale prices. Thus, buyers who pay in cash are favored.

According to the 20th annual survey of the Association of Foreign Investors in Real Estate (AFIRE), members said that this year they would most likely invest in apartment buildings. This is the fourth consecutive year multi-family real estate has topped the list. Of all the types of U.S. commercial real estate, the multi-family sector has not only recovered from the 2007 real estate slump, but rents and occupancy rates are even stronger than before. Respondents said they would invest more in U.S. commercial property if the fundamentals of rent and occupancy growth were stronger.

A survey conducted by the Bank of China and the Hurun Report found that 46% of Chinese with assets worth more than 10 million yuan ($1.6 million) were considering moving abroad. Another 14 percent had already begun the process. Many said they were seeking a better education for their children and cited concerns about the security of their assets in China. Many of the country's wealthiest citizens have made their money in China's construction and property sectors, as well as a growing domestic retail market. But the rigid education system, rising living costs and widespread corruption have led many to look for homes abroad.

Why Chicago? Education, Business and Cultural Diversity Chicago is home to U.S. President Barack Obama; the international talk show host Oprah Winfrey; 30 Fortune 500 companies, including Boeing; and great boarding high schools. Among the 40 Chinese businesses in the Chicago area, there are: Wanxiang America Corp, an auto-part warehouse and solar panel plant headquarters in Elgin; Goldwind, a wind-energy generator company; Yuanda, a maker of glass products; and Huawei, a telecommunications business.

Many Chinese companies decided to build facilities in Chicago because it is centrally located among a number of markets.

Furthermore, real estate in the Midwest, especially in Chicago, has been very stable.

Chicago is a free trade zone, a major convention designation, and home of four major financial exchanges. There's also easily accessible public transportation, railroads, and airports with direct flights to any major city worldwide. Additionally, it has private sectors of over 4.5 million people, over

Chicago: Accessible by Air

Within a 4 hour flight of all major North American business destinations Less than 10 hours from major European business centers

12 daily non-stops to Japan, Korea and China

149 domestic destinations 65 international destinations

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132 language groups, 70+ consul generals, and numerous universities.

Chicago is at the center of one of the largest trading areas in the world: the east-west nexus joining the markets of Europe and Asia and the northsouth nexus of NAFTA. Also, the combination of its location in the central time zone and non-stop passenger air services means that you can fly to nearly any U.S. city and return on the same business day.

Chicago is within a four-hour flight of all major North American business destinations and less than ten hours from major European business centers. On top of that, its international airports have twelve daily non-stops to Japan, Korea and China. The airports are a non-stop global gateway to 65 international and 149 domestic business centers.

Chicago is the leading intermodal container handler in the Western Hemisphere, with more than twice the volume of Los Angeles and more than five times that of New York.

Therefore, Chicago should be considered as a top prospect for real estate investment in the U.S.A. Ann Trandai, ccim, cips is the Vice Chair of the AREAA National Commercial Committee and President of Trandai Realty, the only women-owned, Asian Commercial Real Estate firm specializing in helping Asian investors in the Midwest region. Ann can be reached at trandairealty@gmail.com.

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Shinglian Chu AREAA Southern

California Tri-County Interview by Lauren Eckels four break-out rooms for sessions. The honorable guest speaker was California State Controller, Mr. John Chiang. The Shinglian Chu: I was touched by the AREAA mission statement and lunch keynote speaker was the Regional wanted to found a local chapter further fulfilling the AREAA mission.

Very often I help Asian Americans purchase their properties. Every time Manager of Wells Fargo, Tom Swanson.

Nearly ten different lenders, such as Wells I make a sale, I feel that our AREAA mission is fulfilled. At our chapter Fargo, Chase, Bank of America, Bank of events when I help answer real estate questions from attendees, I also the West, Mega Bank, East West Bank feel that our AREAA mission is achieved. and more, all sponsored and participated in this event. We also had a ballroom full Do you have any personal stories of helping a family buy a home? of exhibit booths. Two local REALTOR boards also participated and sponsored Chu: I recently helped an Asian family purchase their dream home in Chino Hills and referred them to Wells Fargo Home Mortgage to obtain the event. It was the largest scale event that our chapter had ever planned. their mortgage loan. The escrow will close around mid-August and my client is very happy they have found their dream home.

What do you love most about being an AREAA chapter president?

What has been your favorite chapter event so far?

Chu: Having the opportunity to organize events, and networking with chapter members. I have had the opportunity to represent the chapter Chu: Our "Master the REO/Short Sale" event in February 2011 and and work with many large lenders, such as Wells Fargo, Chase, Bank of the July 2012 "Home Buying and Real Estate Investment" event. The America, and Freddie Mac, to organize different educational events and February 2011 event was our very first chapter event and was held bring value to our chapter members and to our community. Personally, on the Chinese New Year day. We had more than 250 attendees at I also treasure the opportunity of representing our chapter in national the event. We learned a lot about Wells Fargo short sales and served events and international trade missions. These opportunities have attendees breakfast as well as an outdoor buffet lunch. The lunch was certainly broadened my business contacts and the opportunities for my served on a large second floor balcony at the gorgeous Pacific Palms own real estate business as well. hotel. It seemed that all of the attendees were not only very happy to listen to the sessions but also enjoyed the lunch very much. Wells Fargo was happy too. We gave out Chinese lucky red envelopes for a drawing What is the hardest part about being an AREAA chapter president? and to the speakers as well. It was a great event, many will never forget this special AREAA Chinese New Year day event.

Chu: Fundraising and finding skilled REALTORS to contribute their Our recent "Home Buying and Real Estate Investment" event on July time and resources to the chapter.

21st was good and a memorable one as well. This was our chapter's first event geared towards the general public in our community. We had Why did you join AREAA? about 400 people attend. Our chapter had formed a working team to plan this event for many months. A lot of good sessions were planned Chu: I was touched by AREAA's mission statement and wanted to pay with more than 20 speakers in attendance. Three ball rooms held back to Asian American communities and the real estate industry.

Why did you form an AREAA Chapter?

76

What benefits have you received by being an AREAA member and chapter president?

Chu: Updated information and networking opportunities.

How do you balance your AREAA responsibilities with work and your personal life?

Chu: It’s a hard task. I spend most of my time on chapter stuff. To

balance my AREAA responsibility and personal life, I play golf and take yoga class weekly.

AREAA. Kathy came from New York to our Tri-County chapter two times to attend our events and meet with our team leaders. We are touched by her passion and hard work for AREAA. I have also met Jim on many occasions. He accepted our chapter invitation to be the keynote speaker at our Chase event last summer. His charisma and good skill in speaking have gained popularity for himself and AREAA. I am certainly a fan of these two great AREAA leaders.

What session are you most looking forward to at the national convention?

Chu: The U.S. and International Economic Outlook and Buying

Where do you see your AREAA chapter in five years?

Property at Trustee Sales.

Chu: Growing more members, and the chapter name as well-known in

What do you enjoy most about the AREAA National Conventions?

our local Asian community.

Chu: The networking with people and learning updated information

Who has been your favorite real estate “celebrity” or person that you have met so far due to AREAA?

Chu: Kathy Tsao and Jim Park are role models for AREAA. Both

from sessions. So far, I enjoyed the 2012 AREAA Global Summit in New York the most. There were high-caliber speakers and the New York Stock Exchange visit and reception were most enjoyable.

of them represent the AREAA organization well and work hard for

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  我们在中国寻找合作伙伴／ 们在中国寻找合作伙伴／投资者 投资移民 投资移民美国地产投 投资移民 美国地产投资 美国地产投资

Residential and Resort Coastal Properties

30% Referrals!

Paulina Rassavong GRI, CIPS, TRC, CDPE DRE # 01372399

858-761-8600

   

 商业地产出售， 商业地产出售，租赁， 租赁，地产投资 地产投资 以及外资投资             

*** Vice Chair of AREAA National

Commercial Committee

陳珍珠  





www.Rassavong.com

RE/MAX Associates of La Jolla 1010 Prospect St. Ste 300, La Jolla CA



Young Ahn Sales Associate DRE: 01098098 Cell: 626-688-7844 Reoyoungahn@gmail.com www.youngahnhomes.com C21 Ludecke Inc.

20 E. Foothill Blvd. #105 Arcadia, Ca 91006

Luxury Estates & SFR Specialized Greater Los Angeles, Ca Serving Bank of America REO & Short Sales.

Fannie Mae Approved Vendor Chase Preferred Partner Agent

G r e at e r E a s t Ellen Osmundson, DRE#: 01075397 Director of Diversity Better Homes and Gardens Mason-McDuffie Real Estate Serving Areas with Good Schools: Walnut Creek, Orinda, Lafayette, Orinda, Alamo, Danville, San Ramon Phone: 925-890-4276 Email: Ellen.Osmundson@bhghome.com Website: www.EllenOsmundson.com

Proudly Serving the Northern California Greater East Bay Asian Community Arianna Gallegos, DRE#: 01342933 Broker, Managing Partner Diamond Bay Realty and Property Management

Jessica Yap, DRE#: R01332158 Real Estate Broker, Designer Better Homes and Gardens Mason-McDuffie Real Estate

Serving the following Bay Area Counties: Alameda, Contra Costa, Napa, Marin, Solano and San Francisco

Serving the San Francisco Bay Area

Phone: 510-685-1102 Email: Arianna@DiamondBayRealty.com Website: www.DiamondBayRealty.com

Vinny MaNguyen DRE#: 01373355 Managing Broker Michael James Real Estate Serving Oakland and San Francisco Phone: 510-684-5654

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Phone: 510-717-2188 Email: JessicaYap66@yahoo.com Website: www.facebook.com/AskMeShortSale

Denise MaNguyen DRE#: 01372328 Broker Michael James Real Estate Email: Vinny@MyMJRE.com Website: www.MyMJRE.com

Serving Oakland and San Francisco Phone: 510-593-7367

Email: Denise@MyMJRE.com Website: www.MyMJRE.com

B ay C h a p t e r Thuan Bui Area Manager First American Home Buyers Protection Serving Alameda County Phone: 510-816-8660 Email: tbui@firstam.com Website: www.firstam.com/warranty Kenny Truong DRE#: 01861788 REALTOR, e-PRO | CDPE Michael James Real Estate Serving Alameda, Oakland, Piedmont Phone: 510-545-6932

Cherylyn Tamaru NMLSR ID 453553 Assistant Vice President Branch Sales Manager (Safe) Wells Fargo Home Mortgage

Lorne Lentz DRE#: 01206144 Broker Realty World East Bay Serving the East Bay, Alameda and Contra Costa Counties Phone 510-625-8900

Email: Kenny.MJRE@Gmail.com Website: http://KENNYTRUONG.com

Email: lorne@eastbayteam.com Website: www.eastbayteam.com

Phone: 925-362-6710 Email: Cherylyn.C.Tamaru@wellsfargo.com

Serving the San Francisco Bay Area

Andrea M. Sarmiento DRE#: 01771229 Realtor - CDPE, ASD ALTERA SIGNATURE PROPERTIES Serving referral clients in the San Francisco Bay Area Phone: 415-424-3864 Email: andreamyrealtor@gmail.com Website: www.alterasignatureproperties.com/andreasarmiento

Lynnette Fox Rindner DRE#: 01889206 President & CEO Homes Of Enchantment Email: HomesOfEnchantment@gmail.com Servicing San Francisco Bay Area Website: www.LynnetteFox.com Phone: 925.200.0723, 415.617.9955

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AREAA Business Network British Columbia Gina Lin

Roma Niessen

Coldwell Banker Legend Real EstateGroup

Coldwell Banker Horizon Realty #14 – 1470 Harvey Ave Kelowna, BC, V1Y 9K8 250-860-7500 Business rniessen@coldwellbanker.ca www.romaniessen.com

CEO

Licenced REALTOR®

768 Kingsway Vancouver, B.C. Canada V5V 3C1 (604) 780-9678 Cell (604) 879-8989 Bus (604) 608-3467 Fax ginalin96@gmail.com www.gina-lin.com

Ultimate Service® and Luxury Coldwell Banker Previews® Property International Specialist

Each Office is Independently Owned and Operated

California Rita Chen

Linda Lee DRE #01333651

Broker Associate, DRE #01260676

Broker, CPA, CIPS, CRS, GRI, ePRO, PMN, RMS

Presidential Real Estate, Inc. 5404 Walnut Ave., #E, Irvine, CA 92604 (949) 933-6123 Phone (949) 654-2622 Fax rita.chen@presidentialinc.com www.ritachen.com Top Producer in Southern California Successfully Closed over 500 Transactions Specializes in Multi-Million Dollar Estates Specializes in Relocation Properties Provides Real Estate Investment Consulting

President-Elect San Diego Association of REALTORS® Treasurer Women’s Council of REALTORS® California State chapter

Keller Williams Realty 3830 Valley Centre Dr #705-855 San Diego, CA 92130 (858) 720-9699 Phone (858) 720-6699 Fax Linda@buy858.com www.buy858.com Your San Diego connections.

Promptly Pay 25% referral fees.

Love Your Referrals.

We speak your language.

Illinois

New Jersey

Nancy Suvarnamani MA, ABR, CIPS, CRB, CRS, RSPS, CDPE

Meiling Kravarik / President

Century21 S.G.R., Inc. 1823 S. Michigan Ave., Chicago, IL 60616 1(773)908-9908 Cell | 1(312)326-7911 Fax Nancy@Century21SGR.com www.Century21SGR.com Specializing in the: - Acquisition and disposition of distress properties - The representation of international investors - Residential/commercial property consulting Representatives fluent in over 20 languages.

Broker/Owner AREAA New Jersey Chapter President Nextage M3 Realty 1910 Oak Tree Road Edison, NJ 08820 (732) 603-0700 Office (732) 877-8009 Cell Meiling@NextageRealty.com www.NextageM3Realty.com Servicing Central NJ Including: Middlesex County – Edison; Mercer County – Princeton; Hudson County – Jersey City/Hoboken

A d v er t i s e i n t h i s d i re c t o r y $750/4 issues

or $200/Issue

a-r-e@areaa.org // www.areaa.org/a-r-e

AREAA Business Network New York Get access to exclusive Asset Manager interviews Start a discussion and get advice from other members Learn about special promos and discounts

Kathy Tsao 曹凱西

Broker Associate, CBR®, EcoBroker Certified®, GREEN Prudential Douglas Elliman 575 Madison Ave #402 New York, NY 10022 (212) 891-7788 Phone (646) 497-5418 Fax ktsao@elliman.com www.elliman.com

Join the AREAA Members-Only Forum on

Servicing Manhattan, Queens and Long Island since 1995

http://j.mp/areaaforum Texas

Daniel C. Eng, CCIM | CPM©

吳家盛

President/Broker ENGVEST | Commercial Division DFW iRealty, LLC | Residential Division 7005 Chase Oaks Blvd, Suite 200 Plano, Texas 75025 469.916.8888 Office 214.926.3666 Mobile daniel@engvest.com www.engvest.com Specializing in Commercial Real Estate Investments and Property Management

Summer Kim-Davis

Mortgage Banker NMLS #404751 Bank of Texas 6207 Hillcrest Ave., Dallas, TX 75205 214.843.5837 Phone / 972.581.8926 Direct Fax skim-davis@bankoftexas.com www.bankoftexas.com/summerkimdavis Mortgage professional looks out for the best interest in her customers searching for the finest financing options to fit their needs. Efficient & Smooth Closing.

Around The A RE AA New Jersey Kic k- off

AAPI Homeownershi p Emp owermen t Event

On July 18, 2012 the AREAA New Jersey Chapter KickOff Event at the Crowne Plaza Hotel in Edison, New Jersey was a great start in introducing AREAA to the state of New Jersey. With over 65 participants, the crowd was a mixture of supporters from the AREAA Metro New York Chapter, the Asian-Pacific Lawyers Association of New Jersey (APALANJ), as well as various local real-estate related business individuals.

The crowd had the honor of hearing AREAA Chair Kathy Tsao speak as well as the president of the Metro New York Chapter, Dawn Tsien. In addition to having wonderful speakers, there was a presentation about AREAA and the New Jersey Chapter.

Meiling Kravarik, president of the new AREAA New Jersey Chapter also shared pictures and information about her recent trip to China on the AREAA China Summit Trade Mission.

AREAA New Jersey would like to thank their sponsor CHASE and Edward Patane.

Asian ­American Homeownership Counseling lnc. (AAHC) hosted a successful workshop, "Homeownership Matters in AAPI Communities," on Saturday July 14 at John F. Kennedy High School in Silver Spring, Maryland in partnership with the AREAA DC Metro Chapter and Voice of Vietnamese Americans (VVA). The workshop was intended to educate the Asian American Pacific Islander (AAPI) community on a wide variety of housing-related issues, including mortgage debt forgiveness, Making Home Affordable programs, fair housing laws and loan modification scams. The event also featured translators of seven different languages to facilitate better understanding of the content. The early morning rain did not deter more than 60 members of the Asian American community and 30 volunteers from attending this informative workshop.

Ike Leggett, the Montgomery County Executive, gave the opening remarks. Mr. Leggett highlighted the Asian minority myth, that is, that all Asian Americans are "well-off " and do not need assistance in homeownership education, and that they do not experience problems including misinformation and fraud due to language barriers and discrimination. That point was later echoed by HUD Assistant Secretary of Fair Housing and Equal Opportunity, John Trasviña. Mr. Trasviña stated that one in five AAPI families experience housing discrimination, yet only 1% of HUD's Fair Housing complaints are from the AAPI community.

County Executive Leggett and Assistant Secretary of FHEO Trasviña confirmed the need for this unique workshop to educate AAPI communities about housing-related issues.

Presenters included Maryland Department of Housing and Community Development's Acting Director of Lender Relations Donna Mitchel and Bill Milko, Wells Fargo Mortgage Consultant Grace Choi, Tax-Masters Inc. President, Linda De Marlor, AREAA DC Metro Chapter Chair Genie Nguyen, and AAHC President, Song Hutchins.

The event closed with Maryland Attorney General Douglas Gansler, who provided information on Maryland’s $957 million settlement with the nation’s five largest mortgage servicers. Funds from the settlement will go to relieve distressed Maryland homeowners.

For more information, visit www.oag.state.md.us or contact AAHC by phone at 301760-7636, or email at counseling@aa-hc.org.

AREAA NJ President Meiling Kravarik with William Lau of Wells Fargo

Arizon a Meet ing with A REAA Chi nese Invest ment Offici als and Governor Ja n Brewer AREAA-Arizona hosted a meeting with Arizona Governor Jan Brewer for Shuai Ting Wang Chairman and CEO, seven Chief Executives from China National Travel Service Holding Group Corp (who owns over 70% market share nationwide in tourism, hotels and vacation homes), with Kim Sabow, Arizona State Director of Community Affairs; Sherry Henry, Arizona State Director of Tourism; and Sandra Watson, Arizona State Executive Vice President of Commerce. The meeting allowed all parties to discuss and explore opportunities for various real estate investments in vacation properties, resorts, retirement communities and others.

AAHC staff with Maryland Attorney General Douglas Gansler AAHC and AREAA DC Metro leaders with Montgomery County Executive Ike Leggett

AAHC staff with Assistant Secretary John Trasviña

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A s s oci a t io n Golfing with AREAA Greater Sacramento The Greater Sacramento AREAA Chapter held its Third Annual Golf Tournament at Lincoln Hills Golf Club on June 29, 2011. The crisp cool morning started out with a field of 122 golfers checking in, warming up, playing in a putting contest, and just chatting amongst friends. Ken Avelino, legal council for AREAA Greater Sacramento, arranged a surprise visit from California State Controller John Chiang, which made this a truly special day. Mr. Chiang addressed the field of golfers and volunteers before everyone excitedly took off to enjoy a full day of golf and networking. This year, Century 21 Landmark Network sponsored 4 holein-one prizes which included one for a grand prize of $5,000 cash! There were 14 other sponsored holes at which affiliates and members of AREAA manned tables and gave out many gifts to the players. AREAA also gave away a 51� Samsung plasma TV and iPad as drawing grand prizes. Many thanks go out to our wonderful friends and sponsors at Nationwide Insurance – Howard I. Minister Agency, Vitek Mortgage Group, Renew Lending Mortgage Banker, Bank of America Home Loans, JCP-LGS NHD and First America Home Warranty, Property ID, Farmers Insurance Group-Steve Larson Agency, Citi Bank, Cache Creek Casino Resort, Connect Realty-Steve Hillier, RE/Max Gold, Affiniti Property Management, Smooth Sailing Realty and Property Management, Casino Royale, Chase, Wells Fargo Home Mortgage, Homeguard Inc, KB Homes, Metrolist, SAR, the draw prizes sponsors, and Lincoln Hills Golf Club. Without their constant support and input, we would not be able to achieve all that we do. As the day heated up, the golfers began to trickle in and network before the fabulous buffet dinner for approximately 210 guests in the grand ballroom. Herman Chan from San Francisco was again our gracious and entertaining emcee, along with the beautiful and talented Laura Skirde from CBS Channel 13. There was recognition of sponsors and winners of the tournament, followed by the drawing for many varied and desirable door prizes after dinner. The funds raised from the golf tournament will be used for the community rebuild day in September. Once again, many thanks go to Event Director- Linn Chinnapongse, Daniel Takata, and our volunteers for their countless hours of dedication and hard work in coordinating all that goes into putting on such a large and successful annual event we have the last consecutive years.

e Us

Writ

To have your news, awards, good work and accomplishments considered for publication in future editions of a|r|e magazine, contact us at:

a-r-e@areaa.org

85

Around The A RE AA SCTC E du cat e s H omebuyer s a nd Inve stors at Large st even t to date On July 21, 2012 the AREAA Southern California TriCounty chapter hosted the "2012 Home Buyer and Real Estate Investment Fair" at the Pacific Palms Hotel in City of Industry.

The event, which was open to the public, featured a lineup of over 20 speakers from across the real estate and finance sectors, such as California State Controller John Chiang and Wells Fargo Senior Economist Dr. Eugenio Aleman. The event covered a range of topics including: economic outlook, market timing for investors, solutions for distressed property owners, EB-5, wealth management, estate planning, first time homebuyers, legal issues and real estate financing.

With roughly 400 in attendance, the event was a tremendous success and the largest ever hosted by the AREAA SCTC chapter. Photos by John Photography

California State Controller John Chiang and AREAA SCTC President Shinglian Chu

Wells Fargo Regional Manager Tom Swanson

Geremy Yamamoto, Chair of theEDGE, AREAA Young Professionals

David Spencer, Regional REO Manager, JPMorgan Chase

Wells Fargo Senior Economist Dr. Eugenio Aleman

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Dr. Matthew Lin, Co-Founder of AHMC Health Foundation

A s s oci a t io n

Agnes Donnadieu

Agnes Donnadieu

Agnes Donnadieu

Agnes Donnadieu

Agnes Donnadieu

Agnes Donnadieu

The AREAA Greater Chicago chapter hosted an amazing iPad event in front of a packed room at the Chicago Association of REALTORS in the heart of downtown Chicago on June 12, 2012. The event was sponsored by Bank of America and was a huge hit with all of the attendees. Tamara Suminski kicked it off by teaching how to maximize the functions of an iPad and real estate apps. She taught the audience how to explore a multitude of different capabilities, featuring apps like Dropbox, Open Home Pro, iAnnotate and other available tools to help run a real estate business efficiently. Tamara’s presentation was followed by a hands-on breakout session where members of theEDGE offered their own assistance on a one-toone level. During this session, attendees learned how to create offers, store files in Dropbox and obtain signatures on contracts directly on their iPad. The event was capped off with a word from the President of the Chicago Association of REALTORS, who voiced his ongoing support of AREAA and applauded the local chapter’s track record of success.

The workshop was followed by a cocktail mixer with great networking and more discussion on implementing technology into one's practice. The success of the iPad event, as well as the great networking reception, would not have been possible without the hard work and dedication of AREAA Greater Chicago Chapter President, Vicky Silvano and Vice Chair Stephany Oliveros.

Shout outs to theEDGE Chair Geremy Yamamoto, Co-Chair Raquel Quinet, committee members Jon Gineo and Stephany Oliveros for helping make this event possible!

A special thank you to Bank of America for their sponsorship of the entire event - MJ Watkins and Joe Velazquez for coming out to Chicago as well as Tenny Ahn for their support of another successful education event hosted by AREAA Greater Chicago and theEDGE.

Agnes Donnadieu

theEDGE and AREAA Greater Chicago Teach members to Rock Their iPads

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RE/MAX FINE HOMES, Canaday Group specializes in beach properties, luxury homes and custom estates throughout Orange County, CA. Multilingual team with over 35 years experience working with buyers, sellers, and investors from around the world. Three office locations along the Coast supported by Marketing, Short Sale and REO teams.

RE/MAX FINE HOMES,肯尼迪集团专精南加州沿岸的新港海滩,亨廷顿海滩,拉古纳海滩,尔湾物业. 拥有 超过35年的房地產经验, 有通多国语言的經紀, 银行屋买卖,短售屋买卖. 超级强大的团队,欢迎与我们联系.

Lee Ann Canaday 莉安肯尼迪 949.793.4060 LeeAnn@CanadayGroup.com CA DRE#00560041

Newport Beach

Christina Shaw

蕭琪

949.648.0011 Christina@FindOCHomes.net CA DRE#01808984

Huntington Beach

Laguna Beach

Sav e t h e Dat e

September 18-21, 2013 hyatt Regency centuRy Plaza

LoS AngeLeS, CALiforniA

Brubeck-Wong REALTORS速 & Okubo Real Estate

Congratulates Jim Park & Ivan Choi

Areaa National Chair

Broker/Owner DRE# 00624161 Phone: (831) 459-9664 Cell: (831 818-2300 wongrealtor@gmail.com Providing service, performance and reliability Serving Santa Cruz, Monterey & San Benito Counties in California since 1977 www.AllAboutProperties.com

Chair Elect

REALTOR速 DRE# 00759704 Phone: (415) 975-1123 Cell: (510) 396-0682 keiko@OkuboReal Estate.com Providing service, performance and reliability Serving San Francisco, East Bay, South Bay and Peninsula in California since 1979 www.OkuboRealEstate.com