a | r | e Fall 2014 by Asian Real Estate Association of America (AREAA)

THE BEST of the BEST

FALL2014 FALL

Meet the real estate industry’s top producers who serve the Asian American and Pacific islander communities

LAS VEGAS on the RISE ONCE AGAIN // TOM TRUONG’S JOURNEY from VIETNAM to BOSTON // PROMISE in the PHILIPPINES REAL ESTATE MARKET

2014

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Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, or repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest, and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply. 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. ©2014 Bank of America Corporation. ARVRYNWR 07-2014 AD-07-14-0033 THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION.

o . 4 6 9 . 9 1 6 . 8 8 11 | f . 4 6 9 . 9 1 6 . 8 8 8 9 | w w w. d f w i r e a l t y. c o m “ Bridging Buyers and Sellers in Today’s Market ”

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Judith Kim Realtor® 469.235.7236 judithckim@gmail.com

Tracy Sung Realtor® 469.867.9933 tracys@tjtreasure.com

Trang Dang-Le | GRI , ABR® Managing Partner 214.563.2438 ☎ Trang@dfwirealty.com

Melissa Trang Realtor® , GRI 469.766.3888 melissatrang@gmail.com

Minh Nguyen Realtor® 972.567.6207 minh5212@gmail.com

Kelley Liu | ABR®, ALHS® Managing Partner 469.569.3631 ☎ KelleyLiu@dfwirealty.com

Elaine Chou Realtor® , GRI 214.734.5976 aihwachou@gmail.com

Elisa Lo Realtor® 972.978.7106 ElisaRealty@gmail.com

吳家盛 Daniel C. Eng | CCIM,CPM®,GRI Broker #514529 469.916.8828 ☎ Daniel@dfwirealty.com

Angela Bao Realtor® 469.879.3137 myrealestate.dfw@gmail.com

Amanda Chin Realtor® 469.226.5460 AmandaChin07@gmail.com

FALL 2014 Vo l u m e 6 , I s s u e 3 ON THE COVER: THE 2014 AREAA “A” LIST

F E AT U R E S 40

The 2014 “A” List Presented by Bank of America The 5th annual “A” List recognizes over 50 up-and-coming real estate professionals who serve the Asian American community

From Hanoi to Boston: The Immigration Story of the Truong Family AREAA’s 2014 Policy Committee Chair Tom Truong recounts his family’s story of fleeing war-torn South Vietnam and establishing a life in the city of Boston

By Michael Kelly

Randy Char and the Rise of Las Vegas AREAA Board Member and Las Vegas TopProducer Randy Char explains why the city is already experiencing an impressive bounce back after being one of the hardest hit places during the 2008 recession

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Let’s work together to help more buyers achieve their goals Wells Fargo provides a variety of home financing options that may fit your homebuyers’ needs and help them feel more confident in today’s real estate market. • The Union Plus® Mortgage program, with financing provided by Wells Fargo Home Mortgage, provides special benefits to approximately 14 million labor union members and their families • For jumbo buyers Wells Fargo now has a 10.01% down payment financing opportunity (89.99% LTV), with no mortgage insurance requirement • Competitive financing options available for primary, second, vacation, and investment properties — with financing up to $6 million • Our Builder Best® programs provide new construction buyers with the ultimate benefit – protection against rising interest rates • We have a dedicated Project Review Department that provides a free condo pre-review process for conventional and HUD condominium projects • Our Purchase & RenovateSM loans can be used to purchase and improve a property in most any condition, from basic repairs and upgrades to additions or rebuilding • Our PriorityBuyer® preapproval letter lets you know you’re working with serious buyers by stating in writing that they are preapproved for a certain loan amount1

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. Preapprovals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preapprovals are not available on all products. See a home mortgage consultant for details. Union Plus® is a registered trademark of Union Privilege. This information is for real estate professionals only and is not intended for distribution to consumers. 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. © 2014 Wells Fargo Bank, N.A. All rights reserved. NMSLR ID 399801. AS1033514 Expires 9/2014

We have the products, programs and services you need. Count on me to be: • Accessible and responsive in today’s fast moving real estate market • Proactive in keeping you and your buyers updated on loan status • Committed to instilling confidence by facilitating on-time loan closings • Collaborative in providing industry information and homebuyer education

Our network of professionals is dedicated to helping homebuyers in every market across the nation. Contact your divisional diverse segments manager today. Brigitte Killings, Southeast AL, AR, DC, DE, FL, GA, KS (Kansas City), KY, LA, MD, MO, MS, NC, SC, TN, VA, WV (Northeast) brigitte.killings@wellsfargo.com Carmen Luna, Pacific CA, HI, NV, OR, WA (Southern) carmen.e.luna@wellsfargo.com Mandala Jones, West AK, AZ, CO, ID, KS (except Kansas City), MN, MT, ND, NE, NM, OK, SD, TX, UT, WA, WY mandala.c.jones@wellsfargo.com Olin Chamberlain, Northeast CT, IA, IL, IN, MA, ME, MI, NH, NJ, NY, OH, PA, RI, VT, WI, WV (Southeast) olin.c.chamberlain@wellsfargo.com

CONTENTS 12

The Grand Prix of Real Estate Celebrates the Best Projects by Architects and Developers

FIABCI’s Bill Endsley details the impressive real estate projects and developments that were celebrated at the Grand Prix of Real Estate

Crowd Funding and the Emerging Trend in Real Estate The use of crowd funding has become popular in commercial and residential real estate developments and presents unique opportunities to fund such projects By Elizabeth Braman

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By Selma Hepp

Even months after the super-typhoon Haiyan devastated the countryside, the Philippines stand out among Asian real estate markets as a growing and dynamic force

My Multi-Million Dollar Development Project Grace Chan of Offsite Real Estate explains her experiences in selling a brand new apartment complex in Upper Manhattan during the early stages of the recession

It’s More Fun (And Promising) in the Philippines: A Market Update

‘Kids on the Block’ Willing to Work Hard to Make Home as Unique as They Are Findings indicate the next generation of homeowners reinterpret traditions and prefer customized ‘smart’ homes distinct from the previous generations Contributed by Better Homes and Gardens

Making Diversity a Priority in the Housing Market Ty Cabalsi recounts his trip to the MBA’s Strategic Markets and Diversity Conference and how real estate firms must address the country’s demographic shifts to remain competitive

By Cynthia Fauth

The Recent Boom in Urban Living from Millenials and the Challenges it presents to Urban Planning and Arrangement Is the massive influx of younger buyers moving to the country’s urban areas merely a trend or a permanent fixture of this unique generation?

By Darryl Freeman

By Jane Pan

Once thought of as a passing trend in a post-bubble real estate market, foreign buyers continue to account for a growing number of real estate transactions

Don’t Keep Your Clients in the Dark About Credit Credit is often an overlooked aspect of one’s financial life and its importance must be explained to your clients when purchasing a home

Foreign Nationals Buyers’ Market: So it wasn’t a Fad After All?

AREAA and the Philippines Relief Concert On June 8th, 2014, AREAA Foundation partnered with the apl.de.ap Foundation to host a night of healing and music for those who were victimized by last November’s Typhoon Haiyan By Michael Kelly

ADVERTISERS

CONTACT PRAVEEN SHARMA to find out about ADVERTISING OPPORTUNITIES: psharma@areaa.org | 951-514-1053

AREAA Directory

mmauricio@areaa.org

page 50

AREAA Global Summit

www.areaa.org/summit

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AREAA National Convention

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AREAA San Francisco Peninsula

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Bahia Principe Residences & Golf

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Bank of America

www.bankofamerica.com/neighborhoodlending Inside Front Cover

Chinese Real Estate Association of America

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C&M Communiqué

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DFW iRealty

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First American Title

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Gina Duncan, Maui Real Estate Advisors, LLC

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Go Global Realty

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Evan Huynh, iSmart Realty

evan@ismartre.com

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Victor Jin, KW Commercial

victor@ISellRE.com

page 49

Juwai.com

www.Juwai.com

page 50

Linda Lee, Keller Williams Realty

Linda@buy858.com

page 55

Lone Oak Fund

www.LoneOakFund.com

NAREIG

www.NAREIG.us

National Association of REALTORS® Global

www.realtor.org/cipscourses

Clara Paik, New Star Realty of Boston

www.ClaraPaik.com

page 54

Peter Park, Prime Properties

www.peterparkre.com

page 54

PNC Mortgage

www.pncmortgage.com/agentalliance

page 27

Michael Ring, Go Global Realty

mhring@grelv.com

page 55

Shawn Elliott Luxury Homes & Estates

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Sotheby’s International Realty

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Charlie Suh, RE/MAX Tri-City Realty

CharlieSuhRealtor@Gmail.com

page 54

John Sullivan, Allison James Estates & Homes

John@SanDiegoHomesNow.com

page 55

By Jacki Ueng

Billee Spodek, Coldwell Banker Residential Brokerage

Billee.Spodek@cbmoves.com

page 55

Making Headlines

Kathy Tsao, Douglas Elliman Real Estate

ktsao@elliman.com

Around the Association

Toll Brothers

www.TollBrothers.com

page 26

United Escrow Co.

(213) 386-1830

page 54

Wells Fargo Home Mortgage

www.wellsfargo.com

page 3

Betty Sun Wong, Pacific Union

BettySunWong@Gmail.com

page 7

Cindy Wu, Keller Williams Luxury Homes International

www.CindyEstates.com

D E PA RT M E N T S 8

A Message from Chair Choi

Letter from the Editor

Non-Profit Spotlight Of the country’s AAPI organizations, The Asian Pacific Institute for Congressional Studies (APAICS) is at the forefront of producing leadership for the Asian American community and has even assisted in the personal development of Congressional leaders such as Grace Meng

AREAA’s Noodle Town Goes to Chinatown San Francisco AREAA’s hit Food, Culture and Neighborhood show highlights authentic Chinese cuisine in San Francisco’s iconic Chinatown for a special episode with the organization’s founding members

pages 14-15 page 33 Back Cover

Inside Back Cover page 11

page 7

page 55

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FALL 2014 Vo l u m e 6 , I s s u e 3

EDITOR-IN-CHIEF Caroline Gim EDITOR Michael Kelly C R E AT I V E D I R E C TO R Praveen Sharma

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. ÂŠ2014 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. Interested in advertising or contributing? Contact us: Praveen Sharma ADVERTISING | psharma@areaa.org Michael Kelly EDITORIAL | mkelly@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

For additional web-based content, please make sure to download the application.

FALL 2014

BETTY SUN

WONG CIPS, CRS, PMN, CDPE

LUXURY PROPERTY SPECIALIST

BettySunWong@Gmail.com 415.298.7373 Betty Sun Wong is one of the Top Producing Realtors across the nation. Fluent in Mandarin, Cantonese, Toisan, and English, she has 20+ years of industry experience and specializes in working with Buyers and Sellers all across the Bay Area and overseas.

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From New York to the World

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With over 17 years of experience, working with buyers and sellers from around the world, Kathy Tsao has 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, she has the managerial and leadership experience to deliver. 曹凱西專精紐約大都會地區的房地產，從對開發商和投資者提供諮詢，到對個人購房者提供豪華公寓，單/多戶住宅的購買，銷售，和物業管理，有超過17年專業經驗，服務來自世界各地的買家和賣家。

Kathy Tsao 曹凱西

575 Madison Avenue, New York, NY 10022

2012 AREAA National Chairwoman ktsao@elliman.com 212.891.7788

MESSAGE FROM THE CHAIR

want to start off this message by saying this: What a year! Despite how unbelievable this sounds, I am reaching the end of my first tenure as AREAA’s National Chair. Throughout this year, I have visited chapters around the United States and Canada, met some amazing individuals, and have witnessed firsthand the truly impressive initiatives that all of you have been working on so hard throughout the course of my chairmanship.

I have to admit that I do possess some sort of uncontrollable envy for my 2014 Vice Chair and soon-to-be 2015 National Chair, Carmen Chong. She is ascending to the position at a very exciting time for the not only our organization, but the real estate market as a whole.

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I was fortunate enough to be inducted into my role as chairman during a very special time in our organization when hundreds of us came together at the 2013 AREAA National Convention to celebrate AREAA’s 10-year anniversary. A few months later, I was able to meet with both old and new AREAA leaders in sunny San Diego to discuss my plans for the organization during the 2014 AREAA Leadership Summit. In April, I was able to witness AREAA expand its luxury and international prowess during the 2014 Global and Luxury Summit in New York City. AREAA’s 2014 Policy Day was also a great experience where I saw first-time and veteran attendees alike really engage with lawmakers to talk about issues that hit close to home for the organization. I even got to meet with leading Chinese entrepreneurs and government officials for the first time in the United States with the 2014 U.S. China Real Estate Summit in Los Angeles. Although I do anticipate some downtime after travelling so far and meeting so many of you, I have to admit that I do possess some sort of uncontrollable envy for my 2014 Vice Chair and soon-to-be 2015 National Chair, Carmen Chong. She is ascending to the position at a very exciting time for the not only our organization, but the real estate market as a whole. After years of sluggish recovery, the market is finally picking up some real steam and surging into new and exciting levels of growth. Cities once decimated by foreclosures and other economic roadblocks are now on the rise. A perfect example of such a place is Las Vegas, the city in which we are having our 2014 National Convention. If you have visited the city recently, you can almost taste the excitement around the city. New and exciting building projects are popping up all

over the city and those involved in housing projects around the city can’t help but feel that their luck is finally on the rise. From an AREAA perspective, things are equally as thrilling. By the end of my tenure, the organization has seen the creation of new chapters, inductions of new members, and healthy and ever-expanding connections between our members. I have the utmost faith that Carmen will use this excitement to continue to take our organization to the next level. The sky is truly the limit for AREAA and my only real regret that comes with this title is the fact that I won’t be able to constantly witness the great things that all of you are pursuing in the name of homeownership for AAPIs everywhere.

IVAN CHOI 2014 AREAA NATIONAL CHAIR

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LETTER FROM THE EDITOR

hen reviewing content for this edition of a / r / e Magazine, the editorial team and I noticed a subtle yet prevalent theme hiding in many of the stories and articles. The theme that we kept on noticing in our readings focused on overcoming diversity. Demonstrating this concept rather strongly was the story of AREAA’s Policy Committee Chair Tom Truong. Under the threat of an impending onslaught from unfriendly forces in the North, Tom and his family gathered everything they owned and fled to an unknown country. Realizing that opportunity lied elsewhere, his mother packed up her family once again and moved from the rural farmlands of Ohio to the bustling city of Boston. From a small two-bedroom apartment, the family continued to defy the odds and dig themselves out of poverty, thus cementing their place in their new home. In a similar tone, the publication’s feature on Las Vegas, the city where the organization is holding its 2014 National Convention, touches on the subject of overcoming adversity. For decades, people looked to the city as an example of an urban oasis amongst a seemingly endless stretch of desert. However in 2008, the country’s worst economic downturn since the Great Depression left the once energetic city to struggle severely with one of the highest rates of foreclosures in the country. Luckily enough, the story did not end there. After a few years of solid and sustained growth, it finally looks like the city is on the rise again. Millions of Americans once helpless with debt now have the ability to visit the city once again. New developments are rising up to give the city a renewed sense of progress. It is in this city once overpowered with so much helplessness that AREAA is having its biggest and most exciting event. The idea of overcoming diversity ties in with the slogan of this year’s National Convention: ‘Reaching New Heights’. Like many things in life, adversity is something that you simply cannot escape. Markets will balloon and subsequently crash and innocents are always those hurt most in times of war. However, it is only when we overcome the difficult times that we

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truly grow and appreciate the things that do not come easy in this world. With that being said, when attending AREAA’s events like the National Convention, I not only encourage you to take advantage of the event’s numerous educational sessions and networking events; but to also set aside a little bit of time to reflect on how far our organization has come in its 11 years and the struggles many of our members have faced in the personal and professional lives to get where they are today and truly set the standards for today’s real estate industry. Sincerely,

CAROLINE GIM EDITOR-IN-CHIEF

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THE GRAND PRIX of REAL ESTATE CELEBRATES the BEST PROJECTS by U.S. ARCHITECTS and DEVELOPERS

BY BILL ENDSLEY On May 21st at the International Real Estate Federation’s (FIABCI) World Congress in Luxembourg, the Atlanta Beltline was awarded the Prix d’ Excellence for Environmental Rehabilitation. This was the culmination of a year-long process where the Beltline entered the FIABCI-USA Grand Prix in 2013 and went on to be recognized as the best urban redevelopment project in the world. “It was such an honor to win the national award in San Francisco last November, and winning the Prix d ‘Excellence in Luxembourg is one of the greatest honors the Atlanta Beltline has ever received – and its first international award.” noted Paul F. Morris, the Beltline’s President and CEO. The Beltline is among the largest, most wide-ranging urban redevelopment projects currently underway in the United States and provides a network of public parks, multi-use trails and transit by re-using 22-miles of historic railroad corridors circling downtown. The Beltline was recognized for the completion of the Historic Fourth Ward Park which has transformed 17 acres of contaminated brownfields into flood protection disguised as a public park that features an amphitheatre, fountains and a skatepark. A team of FIABCI-USA members has been working together for the past three years to use the Grand Prix program to raise the standard of real estate development in the US to world class. The program particularly focuses on environmental sustainability and international design. Grand Prix winners are selected by an international panel of real estate experts and evaluated on concept, architecture, engineering, profitability, marketing, environmental 12

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impact and benefit to society. “I am excited to be involved with the FIABCI-USA Grand Prix Program,” added Grand Prix Organizing Committee Chair Lance Fulford. “We are determined to bring the program to every U.S. city. I was very proud to shine the spotlight on 188 King Street one of my San Francisco developer client’s residential projects last year. I am sure AREAA members have clients who deserve national and international recognition.” The Residential Category awards are sponsored by Unique Homes magazine and last year included Strivers Gardens, one of the first affordable luxury condo developments in Harlem, New York. The 2013 Grand Prix program recognized a great variety of projects including the US Athens Embassy Master Plan developed by the US Department of State’s Bureau of Overseas Building Operation (OBO). OBO was presented with a challenge. The Athens Embassy needed to be completely renovated. The Chancery building was inspired by the Parthenon and designed by famous architect Walter Gropius of the Bauhaus School. A unique Master Planning Process was developed to determine whether to retain the historic landmark or construct a new Embassy in a new location. Ultimately the decision was made to retain and preserve the historic site. The Master Plan category award was sponsored by CORFAC International a FIABACI Principal Member. Another inspiring project recognized was the Doerr-Hosier Center at the Aspen Institute designed by Jeffrey Berkus Architects. This project is a noteworthy departure from the typical dark and fatiguing ballroom and breakout rooms conference center. The design focuses on a strong connection to the environment where all spaces are open to nature. A serpentine stone wall was inspired by

The International Real Estate Federation – US Chapter (FIABCI-USA) is a multidiscipline, networking organization for all professionals associated with real estate transactions. The group provides information, connections and concierge services to help individuals, companies and associations expand their global networks. With members in more than 50 countries and World, Regional and National Congresses throughout the year, FIABCI can provide access to the highest caliber real estate professional anywhere in the world. FIABCI also enjoys Special Consultative Status with the Economic and Social Council of the United Nations.

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Introducing our enhanced series of innovative marketing services, serving the real estate community in: the adjacent river and flows through the entire site – including the building – and lends tranquility and peace to conference attendees. Citibank took home the retail award for its 200th LEED Certified branch in New York and the Philips Arena in Atlanta won in the public category for its environmental retrofit of the famous sports and concert arena. This year is especially important as the Grand Prix will be announced before an international audience of real estate professionals from around the world at the FIABCI International meetings in Washington, DC on December 3rd. The overall awards continue to be sponsored by The Wall Street Journal, Past FIABCI World President Owen Gwyn, the National Association of Realtors, Douglas Elliman Real Estate and Foxworth Realty. AREAA is also a FIABCI Principal Member and AREAA members have the opportunity to submit entries and bring recognition to their cities and best clients. The entry deadline is September 15. Entry forms and more information can be found on the web at www.fiabciusaprix.com. Winners in the U.S. will have the opportunity to move on to the International Prix d’ Excellence Competition with awards to be announced at the 66th FIABCI World Congress in May 2015 in Kuala Lumpur, Malaysia.

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Market opportunities begin by educating first-time homebuyers

By Glenda Gabriel, Neighborhood Lending Executive, Bank of America

First-time homebuyers are the foundation of the home-purchase market, yet many first-time buyers have difficulty finding homes they can comfortably afford. Because these homebuyers often have unique needs, Bank of America offers a variety of tools and resources that can help first-time buyers achieve their goal of buying a home.

For example, weâ&#x20AC;&#x2122;ve found that Asian American first-time homebuyers are typically younger than average, have higher education levels which may lead to higher earning potential, and fall into the millennial generation, a dynamic, diverse group with a broad range of income levels. Your Bank of America mortgage specialist can work with these homebuyers to explain how they may be able to buy a home with a down payment of less than 20%, and how down payment and closing cost assistance programs can help make buying a home more affordable.1 Your specialist can also talk through other options like monetary gifts, grants and employer-assisted housing programs.

Once buyers have an idea of how much they will be able to save for a down payment, your mortgage specialist can help them review the many loan products that may meet their needs. In addition to conventional loans, many of your clients may qualify for Federal Housing Administration (FHA) loans,2 which typically require only a 3.5% down payment. Another option is the FHA 203(k) Renovation Loan,3 which combines in one loan the funds needed to both buy and renovate the property. It’s ideal for qualified buyers because it allows them to consider properties that may require repairs or updating.

This is just one of the ways Bank of America helps communities thrive by building relationships, sharing information and providing programs that educate consumers about homeownership. We are committed to helping you grow and enhance your business. We want to connect, share information, and make a meaningful impact in neighborhoods across the country.

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While first-time buyers have several options to consider on the path to homeownership, it’s more important than ever for you to ensure your clients understand the resources and tools that are available to help them navigate the mortgage process. This includes letting them know about informative websites such as bankofamerica.com/webinars. This site can help your clients increase their financial know-how through a series of free financial education webinars that are available 24/7. Webinar topics include preparing a budget, understanding and managing credit, helping to make buying a home more affordable, and more.

To learn more, visit bankofamerica.com/neighborhoodlending

1 Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, or repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest, and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply. 2 FHA mortgage insurance protects the lender if a borrower defaults on the FHA loan. Each FHA borrower pays a mortgage insurance premium. The premiums are collected and used by the FHA to reimburse the lender (not the borrower) should the borrower default and the lender must foreclose upon the loan/sustain a loss. This insurance enables a lender to provide loan options and benefits often not available through conventional financing. Minimum credit scores apply. Not all applicants will qualify. Maximum loan amount varies by county. 3 Available on a 30-year fixed-rate product only. $5,000 min. loan amount (does not apply to FHA Streamline 203(k)). The maximum loan-to-value for single family residences is 96.5% of (1) the sum of the purchase price and cost of improvements, or (2) the as-improved appraised value, whichever is less. FHA Up Front Mortgage Insurance Premium (UFMIP) and Monthly Insurance Premiums (MIP) apply. Ask for details. Note: UFMIP can be 100% financed into the mortgage or paid entirely in cash at closing. All renovation construction and/or additions financed with Section 203(k) mortgage proceeds must comply with HUD; ask for details. Where required, work must be performed by a licensed contractor. Timing of resale of property subject to restrictions. Renovation construction must begin within 30 days of closing and all work must be completed within 6 months of closing. Subject to satisfactory appraisal report(s). Not available for investment properties. Restrictions on secondary financing may apply. State restrictions may apply. Minimum credit scores apply. Not all applicants will qualify. FHA 203(k) refinances available on fixed-rate product only; qualified borrowers must be current holders of Bank of America Home Loans® mortgages. (Please note: Bank of America offers FHA refinance loans to existing Bank of America home loan customers only.) 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. ©2014 Bank of America Corporation. ARQS3YJ7 07-2014 AD-07-14-0046

FROM HANOI TO BOSTON

THE IMMIGRATION STORY OF THE TRUONG FAMILY In world history, the date April 30th, 1975 will always be significant as it coincides with the Fall of Saigon, which fully closed a tragic and tumultuous chapter in America’s 14-year involvement in Vietnam. On that day, North Vietnamese and Viet Cong forces captured the South Vietnamese capital of Saigon, which formally ended the Vietnam War. In the wake of the fall of the South’s largest city, thousands of refugees began to flee from the area in hopes of safety. 18

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For AREAA’s 2014 Policy Committee Chair Tom Truong, that day marked the beginning of a long journey that brought him from the war-torn region to the United States. “The day my family left was the actual day that the U.S. embassy was evacuated” recalls Tom, “My father was a civil engineer working for the South Vietnamese government at the time. Because he had friends in the military, he received word two days prior that the [U.S.] embassy would be evacuating. So the family began packing everything we had in preparation for leaving the country”. In those three days, his mother packed up the family’s eight children and everything they could carry in anticipation for boarding one of the military ships that were evacuating both South Vietnamese and American personnel while his father decided to stay behind to fight the North Vietnamese. While boarding the boat in what is now Ho Chi Minh Harbor, his mother had an ominous feeling about the ship that they were supposed to board. “When we got on the ship, my mother had an intuition that it was no good”, he explains, “Even though we barely made it to the ship, we got off and boarded the next one.” Astonishingly enough, his mother’s choice saved the family because a few hours after departure, the vessel was fired upon by North Vietnamese aircraft and sunk.

Once on the second military transport vessel, the family found out that they were headed to Manila, the capital of the Philippines. While on the ship, Tom recalls the conditions the passengers had to live with while on the vessel, “I remember the quarters were very cramped. Not only where there a large number of South Vietnamese and American military officials, families of refugees, and orphans, but there was also a lot of military equipment and vehicles. Conditions got so bad that the crew made the decision to push one of the military helicopters overboard to free up some room. It was very reminiscent of the photographs that you see documenting the last days of the Vietnam War.” When the ship reached Manila, Tom’s family was told that those aboard were not able to exit the vessel. He states, “We were told that the ship was only there in Manila to refuel and restock on supplies, we would not be able to get off of the ship until much later.” When the ship did finally drop anchor, Tom and his family found themselves in Guam, a small U.S. territorial island in the Pacific Ocean that serves as a military outpost. Tom recalls, “From May to July, my family and I stayed at a refugee camp that was run by the U.S. military. For three months, we slept in tents and waited

IMMIGRANT ARRIVALS from VIETNAM 280,728 to the UNITED STATES Source: Southeast Asia Resource Action Center

172,820

4,340 1961-1970

1971-1980

1981-1990

in line three times a day for our meal rations. Being 8 years old, I was having a great time running around the camp all day and playing with the other children.” At this camp, the refugees were given medical treatment and filled out paperwork detailing which country they would like to reside in. “During this process, my mother listed the United States as her preference. Of course, everyone in the camp wanted to go to the United States but they were offering quicker departures to places like France, Germany, and Italy.” He continues, “Some extended family members who accompanied us on the boat opted for some

of these other countries that had shorter waiting times. They remained in these countries for decades so consequently I have relatives all over Europe.” After waiting and waiting, a local church sponsored the family to make their way to the United States. From the refugee camp on the remote island, Tom, his mother, and his brothers and sisters found themselves in the small rural town of Brookfield, Ohio. The family soon moved into a small single family home and began to establish a life in their new country of residence. Tom and his siblings began school in the fall and the family remained in the town until his older sister graduated high school. He states, “When my mother asked around the community as to where my sister would go to college, people in the town told her that a high school was the highest level of education in the town and that most children grew up to be farmers. My mom was not going to allow my sister to grow up to tend to a life of farming after all of the sacrifices that she made for her children.”

ABOVE LEFT: Tom (bottom left) with his siblings and Grandmother in Vietnam / Photo courtesy of the Truong Family ABOVE: Tom (bottom right) with his siblings / Photo courtesy of the Truong Family

Continued FALL 2014

FALL OF SAIGON, 1975

On April 30, 1975, Communist North Vietnamese and Viet Cong forces captured Saigon, forcing the South to surrender and bringing about an end to the Vietnam War. The fall of Saigon came two years after the United States, ally of South Vietnam, pulled out of the Vietnam War with the signing of the Paris Peace Accords. The agreement created a cease-fire between North and South Vietnam, but it did not end the conflict. Fighting resumed by the end of 1973 as the Viet Cong renewed offensives. In the weeks leading up to the fall of Saigon, the United States organized the evacuation of Americans and South Vietnamese orphans and refugees from the city. On April 29 and 30, the United States frantically rescued all remaining Americans and some Vietnamese via helicopter. Source: New York Times

However, this time the family was headed to Boston, Massachusetts. “We got in contact with a young doctor in Boston just finishing up medical school that had a small 2-bedroom apartment and was kind enough to take us in.” Tom recalls, “that summer we all boarded a Greyhound bus and made our way to Boston.” For the next year, the entire family lived in a single bedroom as well as parts of the living room while the doctor’s family shared the other room. This continued until the young doctor took a new job and moved his family out of the apartment, doubling the amount of living space for Tom’s family. They remained in that small apartment for the next five years. Although the family began to establish themTruong Family in Saigon, 1975 / Photo courtesy of the Truong Family selves in the city, there were some difficulties along the way. He explains, “When I was about 9 years old my mother told me to go to the grocery store and buy something that we needed at the time. I remember having to get in a separate line to pay for food with food stamps. This bothered my family because we had to be treated separately from the people I knew growing up.” However, Tom was able to get a paper route while his other siblings all got jobs of their own. Soon enough, the children were able to help their mother with expenses and were able to get off of food stamps after only a few months. From there, Tom attended middle school and high school and eventually got in to the University of Massachusetts. Ever since then, he has remained in Boston and currently works as a realtor/broker associate at the Boston-based firm RealtyDirect. When asked about his childhood in Vietnam, he looks back to the memories of his father. He explains, “It was hard for all of us when my dad stayed behind, but we had our mother for us to rely on. Because of everything she did for the family, she has always been a role model of mine.” It is this hard-working and vigorous work ethic that he obThe Truong Family in the United States in 2002; Tom’s mother and 8 served in his mother and continues to emulate in both his personal siblings turned into a family of 25+ and growing and professional life. 20

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Photo courtesy of the Truong Family

Once again, the family packed their things and left their home.

I remember having to get in a separate line to pay for food with food stamps. This bothered my family because we had to be treated separately from the people I knew growing up.

ven though this phrase has been uttered by financial professionals for years, it still holds the same weight: Your credit is worth a lot of money. When a loan officer says to your client that there is an extra point charged on your loan, or their loan becomes illegible because of their credit score, it is time to review what happened to their credit. Let’s quantify this: a credit score of 780 or better can fly through the loan process. A credit score of 680 will drastically

FALL 2014

affect your client’s ability to get the house they want at the price they want, and this opportunity cost can be worth thousands of dollars. I’ve seen this happen to people at every income level. When a problem occurs, it may or may not even be your client’s fault. It doesn’t matter how the damage happens; it only matters that they are the one holding the bag at the end. Having served over 10,000 clients over 24 years, I have seen credit problems many times. As a loan officer, here is something I must convey, as clearly as possible: Protect Your Credit.

Here is my advice to prevent problems from happening: 1

Keep your balance as low as you can. Pay it all off if you can, or at least keep your balance below 30% of your maximum credit limit. One way to easily manage this is to use more cards, rather than less: this lets you spread your balance over more cards, which in turn decreases your risk of running a very high balance on one card.

Never be late on a card payment. Spend thirty minutes at the end of each month, to check each statement. This is extremely worthwhile.

Use a spreadsheet to track all of your cards. You can download your transactions from the credit card company’s website.

In case you miss something, call your creditor immediately. Pay it over the phone, and document the conversation. Do not bother with saving a few dollars on surcharges.

Any payment made 30 days after the due date won’t be reported. This is your window of opportunity. You still have a chance. Also, call them to waive the late fees. Do this as soon as possible.

Are you moving? Make sure that all of your creditors, including hospitals, doctors, utilities, and others, get your forwarding address. Even after you put in an automatic forward notice, mail stops being automatically forwarded after two months.

12 3 4 5 678 9 012 3 4 5 6

Mr. Credit A. Buser

E ALL LOVE SCARY W STORIES AND THIS ONE IS ENTIRELY TRUE:

A young woman purchased a house, then moved out of the country and asked a friend to take care of her home for her. Every month, she wired funds to her US bank account, to meet the automatic withdrawal requirements to pay the mortgage. One month, for whatever reason, her wire came in late. Her bank did not receive the funds, and per their system, they stopped withdrawing the payments entirely. Instead, the bank sent a letter to her property. Because the friend never looked at any mail, this letter was stored in a big bag and went unnoticed. It wasn’t until the new owner, who bought the house in an auction, came and knocked on the door, that anyone realized anything had gone wrong. The friend, who was living there, was kicked out. The woman could not recover the home, which was an investment property. This happened in 1996, to a single family residential home in Sunnyvale, which now may be worth $1.5MM. When the woman called me, I could not help at all. In order to avoid problems like this, real estate professionals must take on the responsibility of instilling a healthy understanding of how credit works in their clients. Unfortunately, stories like this one are shockingly common in the country.

Written by Jane Pan, Co-Founder and President at:

Never, ever, be late on a mortgage payment. Ever.

JanePan@MasterPlanFinancial.com

FALL 2014

Photo: Grace Chan

My MultiMillion Dollar Development Project BY GRACE CHAN

FALL 2014

As almost everyone who works in the real estate business knows, real estate agents and brokers took a hard hit during the most recent recession. All over the country, the market slowed as the federal government and banks were scrambling to find ways to alleviate the market crash. As a result, many of those involved in real estate at the time saw their business drop off substantially. Naturally, a period like this is a very interesting time to be involved with selling a large real estate development project. It was at this time where I led a small team to sell units in a new building in Upper Manhattan. The property, Pascal Condominiums, is located between the Upper East Side and Harlem. It is a 35-unit space that offers residences amenities such as a private gym, a spacious lounge, a roof deck, and outdoor balconies for select units. The property was designed by Jalbert Architects, which is a Montreal-based firm that utilized a modernist design for the complex. Originally, the building was supposed to feature only studio and one-bedroom apartments. However, one of the challenges my team and I faced with this arrangement was caused by the recession. Because of the state of the economy, we were finding that people wanted apartments with more than just one bedroom and were looking for units with 1-2 rooms. What my team and I had to do was re-configure a lot of units in the building into 1-2 bedroom apartments. This was an interesting challenge re-designing fixtures and modifying plumbing but it was great that we did this because the newly-designed 2-bedroom units began to sell fairly quickly. In addition to the rearrangement, our team also went to considerable lengths to make sure that the building was as cost-effective as possible. We came up with a lot of ideas for the building to save on costs to attract young homebuyers who were focused on value rather than abundance of amenities. For example, instead of de-

Photo: Grace Chan

Photo: Pascal Condominiums Photo: Grace Chan

signing a pool in the building, we opted for a hot-tub and a rooftop deck to cut down on maintenance costs. Additionally, we included a ‘virtual doorman’ system instead of hiring an actual one to make the place more affordable as well. Even with these adjustments being made, the bigger problem was found in interested buyers securing a mortgage from the bank. Since we were involved in this project right around the time of the mortgage crisis, banks in New York City were simply not lending out any money for mortgages. Because of this, financing was a big problem. I remember a lot of first-time homebuyers looking to get their first home in the building had to walk away frustrated because they could not secure the loan they needed due to extremely strict lending requirements put forward by the banks at that time. For me, this was hardest part of the process because many of these people had almost perfect credit and could not do anything to help their

situation. Naturally, this involved a lot of emotions. Understandably, people grew frustrated because they wanted to move in and the banks repeatedly put up roadblocks during the process. This took a toll not only on those trying to secure the unit but also my team as a whole. Despite this setback, what surprised my team and I most about this property was how quickly we were able to sell the units. Even with an unfavorable lending environment, we were able to sell of all the units in the building within a year. Around this time, those in charge of selling units in the buildings built around this property were taking anywhere from 2-5 years. In addition to the quick selling time, we were able to sell the building for $100 more per square foot than surrounding buildings. This is because we went to great lengths to make sure that we provided the right amount of amenities for the price. We also put a lot of effort in making sure that all of the units where the right size and used Feng Shui to really create a sense of accessibility that attracted buyers. For real estate professionals looking to sell a particular house or apartment unit, it’s really important to consider something I like to call ‘pre-launch’ work. This entails that before I put on my real estate “hat”, I try to look at the layout of the apartment and what might and might not work for prospective buyers. Once I do start using the real estate frame of mind, then I can interact with those at the showing to make sure that the building has the right look and feel as well as the right price point. For developers and agents, this type of flexibility will be increasingly important for future real estate projects. This not only applies for the design of a particular building but also for things like furniture layout and even financing options. Things beyond the scope of your control can change in a heartbeat so you must always be willing to adapt. For example, my team and I would not have been successful if we were acting like we were trying to sell under a pre-recession market. Even though this was a brand new phenomenon, we had to embrace this new market and prepare accordingly. Once real estate professionals realize this, the better off they will be in the long-run and the more successful their sales will become. FALL 2014

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PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). PNC Mortgage is a division of PNC Bank, National Association, a subsidiary of PNC. All loans are provided by PNC Bank, National Association. This information is provided for business and professional uses only and is not to be provided to a consumer or the public. This information is provided to assist real estate professionals and is not an advertisement to extend consumer credit as defined by Section 226.2 of Regulation Z. Programs, interest rates, and fees are subject to change without notice. ©2014 The PNC Financial Services Group, Inc. All rights reserved. Member FDIC

Crowdfunding, a phenomenon associated with the ever-evolving internet age, is becoming an increasingly attractive way to raise money for a myriad of projects. Once thought of as a way to find funding for projects such as movies, music, and other artistic endeavors, crowdfunding is being used by real estate developers to get the capital needed for new residential and commercial projects, and the implications couldn't be more telling for where real estate projects will secure funding in the future.

eal estate crowdfunding has generated significant buzz in 2014, with several online platforms offering accredited investors the opportunity to back projects through the purchase of fractionalized shares of debt and equity, it is no wonder why this trend is catching on in the real estate industry. So far, more than $100 million has been raised by these platforms for real estate deals and the industry has outpaced all other fields in crowdfunding capital commitments since the enactment of the JOBS Act, which is a piece of legislation that is designed to assist small business entrepreneurs, as well as the SECâ&#x20AC;&#x2122;s lifting of the ban on general solicitation. Participants report being motivated 28

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by tangible collateral, cash flow, and projected timeline for reversion. While crowdfunding is similar in concept to old-school real estate syndications, it is evolving into a transformative marketplace for real estate investment projects. The democratization of access to capital and deal flow is one of the most exciting features of real estate crowdfunding because it provides sponsors with a broader population of potential investors. This feature also presents opportunities to investors that they may not have known about previously. For example, a sponsor in Kentucky who owns multiple apartment buildings can now expand his or her financing requests from friends and family to investors looking for projects from all around the globe.

crowdfunding in 2014

lationships for their borrowers and sponsors with institutional players can now use real estate crowdfunding platforms with built-in communities of interested capital and use these sources to meet their client’s debt and equity needs. These crowdfunding platforms offer sponsors speed and access to new capital with different levels of risk tolerance. For example, an intermediary that places a $5 million dollar agency loan on a property, only to come up $300,000 short on the equity, can now use a crowdfunding site to ensure that the capital for the property is secured and the transaction is successful. This access to crowdfunded capital increases the ability of intermediaries to get deals done.

Not only do investors with an interest in real estate crowdfunding appreciate this opportunity to have access to previously un-thought of sources of investment, they also enjoy engaging in the crowdfunding process via highly interjobs created active tools and technology that provides a level of transparency that previously did not exist. With real estate crowdfunding, investors receive real-time access to pro formas, borrower diligence, quarterly statements, and collateral documents. Crowdfunding as an injected in world industry is at the crossroads of technology economy and real estate investing, offering investors the ability to make more informed le dab credit decisions in a timely fashion. Fun : e c r Technology has further transformed how Sou growth in syndications work, which in turn has created a industry reinvigorated sense of diversification in the market. Prior to online crowdfunding, sponsors were Real estate crowdfunding also has a positive required to manually process each investor. This labobusiness impact for real estate agents and brokers. rious (and costly) method caused most sponsors, who usuSelling agents working on behalf of buyers can find benally preferred to focus their efforts on operating properties inefits in the crowdfunding model to act as a limited partner in a stead of soliciting money, to limit fundraising to only larger dollar transaction. This model can help to close equity gaps and may infigures in an effort to avoid costly processing overhead. As a recrease the likelihood of closing a sale with more qualified buyers. sult, real estate investments often required individual investments Listing agents representing property sellers can find the modof $100,000 or more. Today, many crowdfunding sites will allow el beneficial in that crowdfunding creates greater liquidity for investments as low as $5,000 to count towards a particular projsmaller cap deals and those outside major markets, as well as deect. These modest minimum investment amounts allow investors velopment projects, major rehabs, and special use property types. to allocate budgets across multiple projects, thereby spreading Because the “crowd” is not subject to the large numbers of regrisk across asset classes and markets, which is enticing for these ulations of a bank or other institutional lenders, crowdfunding investors. With the old model of real estate funding, this type of sites can also close on debt deals much quicker than conventional diversification was not previously available at comparative investchannels. ment levels in real estate.

270,000 $65

BILLION

92%

BENEFITS TO MORTGAGE PROFESSIONALS Commercial mortgage brokers and bankers benefit from real estate crowdfunding as an additional source of capital. Intermediaries who may have struggled in developing re-

Billions of Dollars

GROWTH IN CROWDFUNDING OVER 5 YEARS 10 8 6 4 2 0

2009 2010

2011

2012 2013 2014

Year

CROWDFUNDING AND TRADITIONAL AGENTS/BROKERS

MARKET PLAYERS There are a number of new players in the crowdfunding real estate space offering a variety of options to investors, sponsors and borrowers. A few of the top players have raised operating capital through venture sources, which will allow them to grow quickly. For example, real estate crowdfunding firms such as Realty Mogul are raising millions in Series A and raising capital on their platforms for commercial debt and equity opportunities as well as residential rehab loans. Firms such as Realty Mogul provide pre-vetted opportunities using full credit underwriting on cash flowing opportunities and provide sponsors with only one distribution point instead of working with many different investors.

AND THE EMERGING TREND IN REAL ESTATE

BENEFITS OF REAL ESTATE CROWDFUNDING

LOOKING FORWARD Even with the numerous opportunities associated with this business model, real estate crowdfunding is still in its infancy as a viable capital source and today represents only a very small share of the trillion-dollar real estate industry in the U.S. Activity in 2014, however, is a strong signal that adoption of this model will continue to increase among passive investors seeking yields and real estate sponsors looking to expand their capital sources. Using a crowdfunding platform enables diversification, transparency, speed, and accessibility and it is on its way to significantly changing the real estate industry.

Source: Fundable FALL 2014

FOREIGN NATIONAL BUYERS’ MARKET:

SO IT WASN’T A FAD AFTER ALL? BY DARRYL FREEMAN

“The United States is having a sale, and it’s called real estate!”

Ryan McGuire

The very first time I heard this humorous statement was back in 2011 at a real estate event in Northern California. While this quote made a lot of us in the audience chuckle at the time, the circumstances behind its truth were not very funny at all. The U.S. housing bubble of the mid-2000’s spawned a catastrophic collapse of the housing market that plummeted property values and sent our economy reeling. This event created unprecedented op-

Source: National Association of Realtors

portunities for foreign national buyers from all over the world to purchase properties here at bargain prices. The prevailing thought by many about this influx of foreign buyer transactions was that it was just another real estate fad. Many practitioners and economists believed that once the market corrected itself, this new niche market of international buyers would go away as quickly as it appeared. The past four years have given

FALL 2014

us a clearer picture of whether or not this market truly is viable and here to stay for the foreseeable future. So let’s take a brief look back at how international sales gained their foothold here in the U.S. From April 2010 through March 2011, international buyers accounted for $66.4 billion of U.S. real estate purchases1. Foreign buyers came to the U.S. from over 53 different countries with the primary four being Canada, China, Mexico, and India. These buyers were attracted to the U.S. because of desirable vacation locales, advantageous rental opportunities, proximity to transportation and schools, and low property prices, amongst other reasons. The top four states that garnered the most purchases by foreign nationals were Arizona, California, Florida, and Texas. One year later, from April 2011 through March 2012, total international sales accounted for $82.5 billion. The next two consecutive years showed sales of $68.2 billion and $92.2 billion, respectively. So what trend do we see? Despite a one-year dip in sales from April 2012 through March 2013 ($68.2 billion), each year has shown a steady increase in international sales revenue and activity, concluding with an all-time high last year (April 2013 through March 2014) of $92.2 billion. Last year’s sales reflected a whopping 35% increase from the previous year2. The foreign buyer market here in the U.S. is alive and well. Despite stiffening credit stipulations, increasing property prices, low inventory, and high buyer competition, foreign nationals are still very, very excited about purchasing real estate here in the United States. Four years ago, buyers were coming here from 53 countries; now this number has increased to over 70 different countries. Four years ago, foreign investors were heavily purchasing bank-owned and distressed properties with all-cash transactions in some of our most distressed markets such as Florida, California, Arizona, Nevada, and Texas. Today, we’re seeing some of these very same buyers purchasing luxury estates in Seattle, Miami, San Francisco, New York City, and Washington D.C. Coincidentally, many of these high-priced ticket items are all-

1. 2010 Profile of International Home Buying Activity, National Association of Realtors 2. 2010 Profile of International Home Buying Activity, National Association of Realtors 32

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U.S. EXISTING HOME SALES TO INTER NATIONAL BUYERS 2011

cash transactions well into the millions of dollars. The most recent study of international buyer activity by N.A.R. (2014 Profile of International Home Buying Activity) revealed some compelling data on the robustness of this dynamic market. While 70+ different countries have accounted for $92.2 billion dollars of international sales here in the U.S. over the past year, 54% of these sales come from 5 countries alone – Canada, China, Mexico, India, and the United Kingdom. Most would probably assume that China had the largest number of transactions, but the reality is that this distinction belongs to Canada. Canadians generated more transactions because they tended to purchase in lower-priced markets such as Florida and Arizona. Chinese foreign nationals, on the other hand, tended to purchase more properties in higher-priced markets such as California, Washington, and New York. The purchase of these luxury properties propelled the Chinese into the #1 position with respect to total sales volume of all foreign buyers. Mexican foreign nationals tended to favor geographic proximities close to Mexico such as California, Texas, and Arizona. These Mexican buyers are business savvy and very specific with precisely what they’re looking for. Of particular concern for them are luxury properties in secure, gated communities. Vacation homes in tourist destinations are also highly regarded. Asian Indians greatly desire purchasing in areas with strong technology companies such as the Silicon Valley/San Francisco Bay Area, Houston, Raleigh, North Carolina, and New York City. Asian Indian foreign nationals also tend to purchase in markets that have outstanding schools and universities. Homes are purchased for their children to live in while attending school and then these Source: National Association of Realtors properties are converted into rental units once the kids move out. This same trend can be seen with other Asian and Hispanic foreign buyers as well. Many European, Canadian, and South American foreign nationals desire to purchase in Florida. For South Americans, Florida is relatively close, while Canadians and Europeans desire the warm climate and beaches.

$66.4 BILLION

2012

$82.5 BILLION

2013

$68.2 BILLION

2014

$92.2 BILLION

Given the ever-growing international buyer market here in the U.S., a solid examination of the above trends, desires, and cultural preferences would only help us all to better serve this diverse clientele. Firms like First American Title have had the opportunity to reach out to these types of clientele over the past 4 years. To prepare for this market, the firm has developed a comprehensive educational program to address the needs of multicultural and multigenerational communities. They have made considerable efforts to train sales, escrow, and management teams on the topics of cultural intelligence for the express purpose of teaching staff valuable skills to enable them to better relate to and understand their client. When asked about how her firm prepares for these clients, First American’s Kristen Galaudet explains, “In addition to these training sessions, we offer over 250 educational marketing materials in 20 languages to help our clients better understand the title, escrow, and home-buying process in their language. While a large number of foreign nationals speak English, language nevertheless can be a challenging obstacle to anyone engaging in a U.S. real estate transaction, especially given that U.S. real estate practices are vastly different than practices in most other countries in the world. This is why it is imperative to make the process as easy as possible for these clients.” The foreign buyer market here in the U.S. is vibrant, dynamic, and lucrative. Let’s all embrace the many opportunities within this market and educate ourselves in the process.

For more information on First American’s multi-cultural initiatives, please visit www.FirstAmMulticultural.com. The website offers valuable information for multicultural and foreign national clients and is translated into 6 languages: Chinese, Spanish, Korean, Vietnamese, Japanese, and English.

RANDY CHAR

and the RISE of

LAS VEGAS

pon speaking with acting Las Vegas Chapter of the Asian Real Estate Association of America (AREAA) President, Randy Char, about the current state of the luxury community in Las Vegas, his passion and dedication for his city of residence is instantly recognizable. But it wasn’t during these times of resurgence that Char was able to orchestrate his greatest achievements. His will and determination to succeed in a market that saw many others fail is what makes his story stand out. Perhaps it is also his continued hard work and commitment during those down times that also makes his appreciation for the future of the luxury market in Las Vegas so grand. In addition to his current role as President of AREAA’s Las Vegas chapter, Char is also the acting Broker and SVP of Operations for One Queensridge Place - an elite high-rise residential community that was at the forefront of a wave of luxury projects in Las Vegas at the time of its inception. When the community of One Queensridge Place was completed in 2005, it signaled promise for a new level of luxury for a city about to enter the next phase of its growth. Fast forward nearly nine years later, and the city is slowly climbing out of one of the most difficult economic downturns of its relatively young existence. Of the regions of the country affected by the Great Recession, the region was among the ones hit hardest. After decades of impressive populaPhoto: Ray Alamo

tion growth, countless new hotel and condominium projects, and an endless stream of investment and tourism, the city was faced with an identity crisis. The once crowded strip and packed hotels began to thin as millions of Americans began to worry about their financial well-being. In the months following the collapse of the housing market, Las Vegas led the country in foreclosures. In 2009, 70% of homeowners owed more money on their mortgages than their houses were worth. At that point, the average price of a home diminished by half of what it was in 20061. Despite the shadow left by the recession, the economy in Las Vegas has been making impressive progress in restoring the city’s once booming market. According to a report by the UNLV Center for Business and Economic Research Center detailing the mid-year economic outlook of the area, the Las Vegas economy will continue its steady resurgence that began four years ago. In the first few months of 2014, Las Vegas and its surrounding areas saw the addition of 11,000 jobs. Additionally, tourism has begun to pick up in the region and inject much-needed cash in the economy. With these factors taken into account, many experts are projecting the region to return to its pre-recession levels as early as 2016. With exuberance, Char cites all of the great opportunities available for those considering residence in Las Vegas. FALL 2014

RANDY CHAR AND THE RISE OF LAS VEGAS

Inside the 550-foot-tall High Roller, the world’s largest observation wheel and the LINQ’s crown jewel Denise Truscello

“The tide is changing,” said Char, “You just have to look at some of the major developments that are in the works to see that.” He continues by pointing out the luxury shops at Tivoli Village, adjacent to One Queensridge Place, which is entering phase two of construction. Tivoli Village is a recently constructed shopping enclave that is situated on Rampart Boulevard right above Boca Park. A primary component of the phase that is currently under construction will consist of over 200,000 square feet of retail and restaurant space as well as 70,000 square feet for office building space. Ultimately, the second phase will account for more than 650,000 square feet that will have space dedicated to a number of national retailers. With the beginning of the second phase, more than $700 million has been put into this project2. Char also cites The LINQ, a Caesar’s Entertainment project, as another exciting project that marks the city’s growing market. Situated on the Vegas Strip, The LINQ is an impressive outdoor retail, dining, and entertainment plaza that offers yet another focal point the city’s most popular destination. With construction beginning in 2011, the development consists of over 40 restaurants, retailers, and a night club that spans 200,000 square feet. The LINQ also contains the Brooklyn Bowl, which is a music venue that holds up to 2,000 concert-goers and offers both a restaurant and a 32-lane bowling alley3. At the centerpiece of this new development is the High-Roller, which is a 550-foot high observation wheel that will feature 28 cabins that hold up to 40 people each. “This development will bring an impressive new experience to the Strip”, remarks Char, “The LINQ, especially with the observation wheel, has essentially reinvented the Vegas skyline.” A resurging economy in Las Vegas also means that projects once delayed by the recession can finally be finished. For example, work on Downtown Summerlin, which is a mixedused development project on Festival Drive has resumed after being sidelined for years. The planned urban center will offer the Las Vegas Valley over 125 shops and restaurants in an open-air shopping environment. The completion of the Downtown Summerlin project will be 36

FALL 2014

the first stage in a much larger project that will include entertainment venues, office buildings, and multi-family residences that will create a walkable downtown area in the middle of a massive 22,500-acre planned community4. In addition to bustling activity in real estate development projects, other trends across the valley also point to the sign of better times for Las Vegas. According to a recent AREAA networking event in June titled “Real Estate in Las Vegas – It’s a New Game,” Unemployment rates are currently half of their highest point of 14%. At the same time, home price indices are increasing along with annual existing home sales. A recent report from the Las Vegas Association of Realtors stated that the median sales price for previously-owned single-family housing units has increased by 14% over one year5. Additionally, Las Vegas was also recently ranked by Zillow as the top city for expected home price increases with nearly 11% predicted in the coming year. Taken as a whole, home prices have not been at this level since September, 2008, which was the same month that the housing market collapsed, ushering the Great Recession6. A healthy economy in Las Vegas allows the city to shift its focus not just to recovery, but also to return to its roots of the luxury experience. For experts like Randy Char, solidifying luxury real estate with Las Vegas is something that is being rigorously pursued. One of the keys to understanding luxury as described by Char is that it is fueled by a desire for a certain lifestyle, and not a necessity. It is this un-

Las Vegas Median Sales Price

2006 2007 2008 2009 2010 2011 2012 2013 2014 $100k

$200k

$300k

Source: Trulia 1. http://abcnews.go.com/Travel/recession-strikes-las-vegas/story?id=8974152 2. http://www.reviewjournal.com/business/construction-under-way-tivoli-villages-second-phase 3. http://www.vegas.com/attractions/on-the-strip/linq 4. http://downtownsummerlin.com 5. http://vegasinc.com/business/real-estate/2014/jul/08/investor-impact-wanes-las-vegashome-prices-climb-/?_ga=1.175545314.1776476303.1405442877 6. http://vegasinc.com/business/real-estate/2014/jul/08/investor-impact-wanes-las-vegashome-prices-climb-/?_ga=1.175545314.1776476303.1405442877

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2014 LEADERSHIP BOARD ALLEN CHING D AV I D T. C H A N MERRY YEN DEBBIE WONG MICHELLE LIN JEAN LU TY CABALSI E U G E N E PA K ANH PHAM LOUIS WOO

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areaa.org/sfpeninsula

derstanding that helps Char to constantly find unique ways to bring influential people together through avenues such as charity events, new venue and restaurant launches, and luxury product releases. While Char’s passion and expertise are luxury-focused, he finds many other benefits to residency in Las Vegas. “There is something for everyone here,” said Char, “You don’t have to go to the Strip anymore to experience world-class dining, shopping, or entertainment.” Char also highlights the ease of access and lower congestion levels of the city, surrounding national parks, beautiful weather and the above average cost of living as added perks of the modern Las Vegas lifestyle. “There is a lot of energy here,” said Char. “Las Vegas is the most exciting city to live in.” When Char was brought in to boost sales at One Queensridge Place nearly two years ago, he assembled and led a team that did just that - and set records in the process. Now with AREAA, his mission is to remain as a thought leader in his field by continuing to make valued connections and relationships while helping others. His goals, he mentions, are about more than just real estate, but also about raising awareness for organizations like AREAA while continuing to educate others on luxury branding and what it takes to be successful in that space in general. “When I joined AREAA, I really wanted to give back while connecting my roots with something I’m passionate about,” said Char. Since being appointed President of the Las Vegas chapter of AREAA, Char has kept good on his mission by hosting events that offer insight for professionals in the industry while also giving back to the community. The most recent example of that was ELEVATION, a luxury panel hosted inside of a private jet hanger that also raised $10,000 for a local charity, Three Square Food Bank of Las Vegas. As for what is next for Char, he says he is very excited for the upcoming annual national AREAA convention to be held at the Bellagio Hotel in Las Vegas from September 5th to September 7th, 2014. To Char, the event’s theme, Reaching New Heights, perfectly ties in to his conception of Las Vegas: A city that is on the rise once again and is destined for great things.

FALL 2014

Ray Alamo

Number of Tourists that visited Vegas in 2013

Gaming Revenue of the Las Vegas Strip in 2013

39,668,221

$6.5 Billion

Source: Las Vegas Convention and Visitors Authority

The LINQ’s High Roller Photo: Denise Truscello

Denise Truscello

RANDY CHAR AND THE RISE OF LAS VEGAS 38

There is a lot of energy here, Las Vegas is the most exciting city to live in.

IT’S MORE M

uch is made of growing Asian economies, particularly China. But there is a quietly emerging market on the horizon, one that isn’t making the headlines quite like China but still offers substantial opportunity for real estate agents. The bubbly marketing slogan for the Philippine Department of Tourism, “It’s More Fun in the Philippines,” suggests the promise of a solid, safe and positive experience. Does the same hold true for the inbound and outbound real estate market? Nearly all signs point to yes. The Philippine economy is one of the fastest growing in Asia (only China can boast higher growth numbers), an impressive feat considering the devastating typhoon that ravaged the country less than two years ago. With a growing middle class and stronger foreign investment than ever before, things do appear to be quite fun in the Philippines housing market.

Quick Facts About

The PHILIPPINES

(and PROMISING)

WHAT’S HOT: Inbound Investment to the Philippines

global financial crisis. Some fear there are symptoms of a housing bubble in the air, but the overall projection shows no sign of a slowdown.

FOREIGN INVESTMENT – Hong Kong and Singapore

THE BOOMER GENERATION – As they enter retire-

ment, members of the Baby Boomer generation (particularly those who moved abroad in their used to be the hot markets for Asian investors, younger years) may look to take advantage of the but now many are turning their attention (and low cost of living in the Philippines. their capital) to the Philippines with increas“Filipino emigrants still feel a tie to their ing fervor. Several factors are contributing to country of origin,” says Jennifer Tasto of Properthe influx of foreign investment: prices are risty Services, Inc., who also serves as the National ing but still desirable, there is a strong return Association of REALTORS® (NAR) President’s on investment in the condominium market, Liaison to the Philippines. “Their family is still loan interest rates are lower than ever, and efthere – and there is such a strong tie to family in forts to cool real estate prices in other parts of Asia (including China, Japan, Korea, and Malaysia) have encouraged The Philippine economy is one of the fastest growing in Asia, buyers to look for new investment an impressive feat considering the devastating typhoon that destinations. Manila is ranked as the fourth best in Asia-Pacific for ravaged the country less than two years ago. property investments this year (after Tokyo, Shanghai, and Jakarta), according the Philippines that “family” is loosely defined.” to a report by the Urban Land Institute and Low cost of living, ability to use Medicare PricewaterhouseCoopers. benefits, improving infrastructure, and tropical climate also contribute to the country’s desirability, according to Tasto. – Foreigners cannot own land in The appeal of the Philippines is not excluthe Philippines, but they can hold titles on consive to Boomers returning home: multi-national dominiums (up to 40% of a condo development companies are also attracted to the Philippines – 60% of the development’s total floor area must for expansion opportunities. While it has been be owned by Filipinos), making this an attractive long known for its call center operations, these investment option. Inventory is not an issue, as corporations are now finding they can get quality Manila is currently experiencing a condo boom employees at far lower labor costs. and supply is safely meeting demand. According “There is a quality education system producto JLL (formerly Jones Lang Lasalle), however, it ing tech-savvy, English-speaking graduates, so should only result in a “little oversupply.” they can hire really good people at a much lower Prices are also rising, but they are still becost,” says Tasto. low the peak prices that were reached before the

CONDO MARKET

Size 115,831 square miles of land, 1,013,380 square miles of territorial waters Capital

MANILA

Language

BY Cynthia Fauth

FUN

Filipino is the official language with English spoken widely

Geographical Features

The Philippine archipelago is composed of 7,107 islands. It is divided into three (3) main island groups, namely: Luzon, Visayas and Mindanao.

PHILIPPINES A MARKET UPDATE

TOP U.S. CITIES SEARCHED by the PHILIPPINES on REALTOR.COM in 2013

Index = 12: Of major interest; Index = 0: Of no interest

OUTBOUND INVESTMENT

WHAT THIS MEANS for AGENTS

A booming economy and rapidly growing middle class offers new possibilities to Filipinos with more wealth. As they acquire more capital and seek investment opportunities, many are turning to the United States for a safe, secure investment. “When purchasing a property overseas, Filipinos are looking for a safe investment. They want to be assured that what they are buying, is what they think they are buying,” said Tasto. “The United States offers safety and stability – both physical safety as well as transaction safety.” Recent data from realtor.com® International (www.realtor.com/international), as published in NAR’s 2014 Profile of International Home Buying Activity, reflects a strong interest of Filipinos searching for homes in the United States. According to the data, prospective home buyers from the Philippines ranked #12 of countries searching U.S. properties in 2013. This is impressive considering that it’s one of the only “developing” countries on the list of the top 15 countries searching properties in the United States.

The influx of Filipinos in the United States might surprise American agents, but those who are prepared to work with these buyers will find this to be a lucrative and loyal source of business. “Many people think Filipino buyers will only work with other Filipinos,” says Tasto. “This is not the case. Show that you are a good agent, and you will attract their business. It is not all DNA.” Tasto also points out that the referral system is a new concept in the Philippines. As NAR President’s Liaison to the country, she has worked hard to educate agents there on the merits of the system. “We tend to take the U.S. referral system for granted,” she says. “It’s a new concept in the Philippines, but they are eager to work with American agents. There is a lot of opportunity to work together.” Agents in the Philippines also value the Certified International Property Specialist (CIPS) designation, offered by NAR. “There is a strong CIPS group in the Philippines that wants to be the source for luxury business,” says Tasto. When it comes to international business, Tasto points out that if you’re not paying attention – you’re missing out. Preparation and education are the most important tools to have in your arsenal as real estate agents hoping to capture the business of foreign investors, so Tasto recommends earning the CIPS designation from NAR to really make the most of this opportunity. “Our world is different now,” she says. “So pay attention, and use what we are offered in this new world.” From the booming economy and inbound foreign investment, to the exciting opportunities offered to residents for achieving their dreams of buying abroad – things do seem to be more fun in the Philippines.

AREAS of INTEREST Many of the top U.S. cities of interest in the United States are not surprises – Las Vegas, Los Angeles, Houston, San Diego, and San Francisco comprised the top five U.S. markets searched by Filipino buyers. This supports data from the Migration Policy Institute, which shows that 45% of Filipino immigrants reside in California. Filipino interest is spread to more than just coastal cities, however. Several smaller, suburban areas also popped up on the list of destinations searched, including Westchester Center, Conn., Ashland Ala., St. Paul, Minn., and Southgate, Mich.

To learn more about foreign investment in real estate, becoming a Certified International Property Specialist, or to view the full Profile of International Home Buying Activity, visit realtor.org/global.

Government Democratic Republic Population

92.34 million (#12 in the world) Currency

UNIT OF CURRENCY: PESO (1) = 100 CENTAVOS = .023 US DOLLAR

Visa You may enter without a formal visa and stay for 21 days if you are coming from America, Asia or Europe and hold a valid passport and either a return ticket or a ticket to a destination outside of the Philippines. If you wish to stay longer, you must obtain a visa extension before your trip from a Philippine consulate or embassy or, once inside the country from the Bureau of Immigration. Source: National Commission for Culture and the Arts (NCCA)

Las Vegas NV

0 2 4 6 8 10 12

Los Angeles CA Houston TX San Diego CA San Francisco CA Miami FL Winchester Center CT Ashland AL Sacramento CA Saint Paul MN Indianapolis IN Phoenix AZ Southgate MI Beverly Hills CA Chicago IL Henderson NV Raleigh NC Source of data: realtor.com®

FALL 2014

The Asian Real Estate Association of Amer-

active AREAA members and the top 50 real es-

ica’s Annual A-List is a reflection of the organi-

tate professionals in each of the two categories:

zation’s dynamic and talented membership. The

total sales volume and real estate sides, make the

A-List recognizes those who not only are the in-

year’s list. The individuals on this 5th annual list

dustry’s top producers, but also those who serve

were among the top agents in the country and

the Asian American and Pacific Islander (AAPI)

will continue to be at the top of their respective

population. This award program is open to all

markets for years to come.

TOP SALES PROFESSIONALS BY 2013 VOLUME (#1 - 6) Rank

Name

Company

Location

2013 Volume

Randy Char

One Queensridge Place

Las Vegas, Nevada

$101,000,000

Stephanie Vitacco

Keller Williams

Encino, California

$73,180,711

Bruce McAlpin

Edina Realty Inc.

Monticello, Minnesota

$71,765,236

Long Doan

Realty Group, Inc.

Coon Rapids , Minnesota

$48,655,318

Teresa Ryan

Ryan Hill Realty LLC

Naperville, Illinois

$44,247,133

Marcus Lee

Climb Real Estate Group

San Francisco, California

$42,290,500

2013 Sides

TOP SALES PROFESSIONALS BY 2013 SIDES (#1 - 5) Rank

Name

Company

Location

Teresa Ryan

Ryan Hill Realty LLC

Naperville, Illinois

439

Bruce McAlpin

Edina Realty Inc.

Monticello, Minnesota

426

Long Doan

Realty Group, Inc.

Coon Rapids, Minnesota

334

David Cohen

GSIG LLC

Boca Raton, Florida

297

Cliff Roe

Roe Realty

Seminole, Florida

283

FALL 2014

TOP SALES PROFESSIONALS BY 2013 VOLUME (#7 - 24) Rank

Name

Company

Location

Scott Kato

Kato Group of Keller Williams Pacific Estates

Long Beach, California

$42,000,000

Dano Sayles

RE/MAX Lifestyle

Maui, Hawaii

$42,000,000

David DeSantis

TTR Sotheby's International Realty

Chevy Chase, Maryland

$39,293,000

Patricia Marquis

Aspen Snowmass Sothebys International Realty Aspen, Colorado

$38,325,000

John Lee

Pacific Union International

San Francisco, California

$37,976,088

David Tran

Century 21 Select

Sacramento, California

$35,695,325

David Cohen

GSIG LLC

Boca Raton, Florida

$33,650,300

Ron Cedillo

Home Buyers Realty

Tracy, California

$32,697,527

Vandana Chima-Bhalla EXIT Realty Platinum Group

Las Vegas, Nevada

$31,442,337

John Messina

Shawn Elliott Luxury Homes & Estates

Woodbury, New York

$29,715,600

Jessica Ye

Keller Williams Realty

Boston, Massachusetts

$29,635,457

William Pfeif

Pfeif Residential Group

Fresno, California

$29,000,000

David Legaz

Keller Williams Realty Landmark

Flushing, New York

$28,541,000

Sandi Bauman

Chico Homes Real Estate Sales Inc

Chico, California

$27,723,664

Janice Lee

Coldwell Banker Residential Real Estate

San Francisco, California

$27,548,249

Cliff Roe

Roe Realty

Seminole, Florida

$25,273,624

Phil Chen

Sybarite Investments

Burlingame, California

$23,722,750

Zoritha Thompson

Goree and Thompson Real Estate, Inc

Sacramento, California

$23,467,869

FALL 2014

2013 Volume

TOP SALES PROFESSIONALS BY 2013 SIDES (#6 - 21) Rank

Name

Company

Location

2013 Sides

Vandana Chima-Bhalla

EXIT Realty Platinum Group

Las Vegas, Nevada

208

Stephanie Vitacco

Keller Williams

Encino, California

184

Sabriya Scott

Scott Realty Professionals

Savannah, Georgia

183

Sandi Bauman

Chico Homes Real Estate Sales Inc

Chico, California

174

Stephany Oliveros

CHI Properties

Chicago, Illinois

158

Ron Cedillo

Home Buyers Realty

Tracy, California

156

Rich Wolnik

Riklin realty

Niles, Illinois

151

William Pfeif

Pfeif Residential Group

Fresno, California

149

Dan Shanyfelt

Miramar International

Bakersfield, California

126

Zoritha Thompson

Goree and Thompson Real Estate, Inc

Sacramento, California

116

Michael Moretti

Coldwell Banker Premier Realty

Las Vegas, Nevada

116

Vicky Silvano

Century21 SGR

Chicago, Illinois

115

Brandy Nelson

Keller Williams Realty

La Quinta, California

109

Amy Kite

Keller Williams

Lincolnshire, Illinois

108

Mark Chu

Big Realty

Fresno, California

106

Scott Kato

Kato Group of Keller Williams Pacific Estates

Long Beach, California

100

FALL 2014

TOP SALES PROFESSIONALS BY 2013 VOLUME (#25 - 42) Rank

Name

Company

Location

Jack Tyrrell

Jack Tyrrell & Company

Honlulu, Hawaii

$22,314,649

Amy Kite

Keller Williams

Lincolnshire, Illinois

$22,152,565

Nicole Caballero

Bay 2 Pacific Living/Keller Williams

Discovery Bay, California

$21,635,688

Dan Shanyfelt

Miramar International

Bakersfield, California

$21,371,959

Stephen Haw

RE/MAX Estate Properties

Rolling Hills Estates, California

$21,199,000

Calvin Gong

RE/MAX Advanced Realty

Temple City, California

$20,000,000

Michael Moretti

Coldwell Banker Premier Realty

Las Vegas, Nevada

$19,631,701

Rich Wolnik

Riklin realty

Niles, Illinois

$18,759,000

Sabriya Scott

Scott Realty Professionals

Savannah, Georgia

$18,469,411

Angelica Suarez

RE/MAX Estate Properties

Carson, California

$18,366,060

Kenny Truong

Michael James Real Estate

Oakland, California

$18,217,449

Frank Aguilar

Coldwell Banker Premier Realty

Las Vegas, Nevada

$18,116,264

Alexander Phan

Keller Williams Realty Professionals

Portland, Oregon

$17,976,470

Caroline Gim

Expert Real Estate & Investment

Downey, California

$17,640,000

Charlie Suh

RE/MAX Tri-City Realty

La Crescenta, California

$17,427,540

Deborah Larson

Long and Foster Realtors

McLean, Virginia

$16,668,490

Rita Chen

Presidential Real Estate

Irvine, California

$15,491,295

Von Truong

RE/MAX Premier Properties

Plano, Texas

$15,393,731

FALL 2014

2013 Volume

TOP SALES PROFESSIONALS BY 2013 SIDES (#22 - 41) Rank

Name

Company

Location

2013 Sides

Frank Aguilar

Coldwell Banker Premier Realty

Las Vegas, Nevada

Walter Coudron

Edina Realty

Monticello, Minnesota

David Legaz

Keller Williams Realty Landmark

Flushing, New York

Caroline Gim

Expert Real Estate & Investment

Downey, California

Alexander Phan

Keller Williams Realty Professionals

Portland, Oregon

Jessica Ye

Keller Williams Realty

Boston, Massachusetts

Andrew Lee

Affiniti Real Estate

Citrus Heights, California

Angelica Suarez

RE/MAX Estate Properties

Carson, California

Nicole Caballero

Bay 2 Pacific Living/Keller Williams

Discovery Bay, California

Von Truong

RE/MAX Premier Properties

Plano, Texas

Marcus Lee

Climb Real Estate Group

San Francisco, California

Kenny Truong

Michael James Real Estate

Oakland, California

Katherine Castillo

First Team SnS

Diamond Bar, California

Janice Lee

Coldwell Banker Residential Real Estate

San Francisco, California

John Lee

Pacific Union International

San Francisco, California

CaronÂ Ling

Hawaii Life Real Estate Brokers

Honolulu, Hawaii

Dano Sayles

RE/MAX Lifestyle

Maui, Hawaii

Charlie Suh

RE/MAX Tri-City Realty

La Crescenta, California

Tom Truong

Realty Direct

Boston, Massachusetts

Calvin Gong

RE/MAX Advanced Realty

Temple City, California

30 FALL 2014

TOP SALES PROFESSIONALS BY 2013 VOLUME (#43 - 50) Rank

Name

Company

Location

2013 Volume

Linda Lee

Keller Williams San Diego Metro

San Diego, California

$15,326,978

Mark Chu

Big Realty

Fresno, California

$14,587,897

Brandy Nelson

Keller Williams Realty

La Quinta, California

$13,198,712

Haruko Hata

Paragon Real Estate Group

San Francisco, California

$13,045,000

Walter Coudron

Edina Realty

Monticello, Minnesota

$12,994,239

Caron Ling

Hawaii Life Real Estate Brokers

Honolulu, Hawaii

$12,509,900

Stephany Oliveros

CHI Properties

Chicago, Illinois

$12,443,277

Lauren Yoon

Re/Max Estate Properties

Rolling Hills Estates, California

$12,439,500

TOP SALES PROFESSIONALS BY 2013 SIDES (#42 - 50) Rank

Name

Company

Location

Joseph Carvalho

J.C. Realty

New Bedford, Massachusetts

Phil Chen

Sybarite Investments

Burlingame, California

Deborah Larson

Long and Foster Realtors

McLean, Virginia

Jin Ro

Evergreen Realty, Home Smart

Irvine, California

Rita Chen

Presidential Real Estate

Irvine, California

David DeSantis

TTR Sotheby's International Realty

Chevy Chase, Maryland

Jack Tyrrell

Jack Tyrrell & Company

Honolulu, Hawaii

John Messina

Shawn Elliott Luxury Homes & Estates

Woodbury, New York

Stephen Haw

RE/MAX Estate Properties

Rolling Hills Estates, California

ARE YOU "A" LIST MATERIAL? 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. 48

FALL 2014

www.areaa.org

2013 Sides

/areaa.national

egin at $200/issue @areaa.org for details

Victor Jin, CRB

Investment Property Broker (702) 308-4838 victor@ISellRE.com

Welcome to Las Vegas for the AREAA National Convention and Congratulations to the 2015 AREAA National Chair CARMEN CHONG rates begin at $200/issue email a-r-e@areaa.org for details

Remember what happens in Vegas stays in Vegas, we are talking about Real Estate. Have fun. KW Commercial 10000 W. Charleston Bl., Suite 130 Las Vegas, NV 89135

GO TO AREAA.ORG AND UPDATE YOUR PROFILE TODAY Get qualified for the 2014-2015 luxury, international, and commercial directory For more information, contact Michelle Mauricio at mmauricio@areaa.org

With over 11 years of experience, working with buyers and sellers from around the world, Evan Huynh has specialized in the sales, marketing and With over years of experience,inworking real11estate investments single and with buyers and sellers from around theadvising multiple family homes. From world, Evan Huynh has specialized in developers and investors, tothe individual sales, marketing and real estate investments buyers, Evan has the managerial and in single and multiple family homes. From leadership experience to deliver. advising developers and investors, to individual buyers, Evan hastothe managerial Evan is dedicated delivering and leadership experience to deliver. impeccable, first-class service with

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T I F O R P NON- IGHT SPOBy MTicLhael Kelly

The Asian Pacific Institute for Congressional Studies (APAICS) The Asian Pacific American Institute for Congressional Studies (APAICS) is a national non-partisan, nonprofit 501(c)(3) organization dedicated to promoting Asian Pacific American participation and representation at all levels of the political process, from community service to elected office. APAICS programs focus on developing leadership, building public policy knowledge, and filling the political pipeline for Asian Pacific Americans to pursue public office at the local, state, and federal levels. PHOTOS BY RAMON TALUSAN

hen it comes to the Asian American and Pacific Islander (AAPI) segment and politics, not many organizations are taking steps to encourage involvement in the political process. Of the organizations that are actively involved, The Asian Pacific Institute for Congressional Studies (APAICS) stands out as one of the leading organizations in the nation. APAICS is a nation-wide, non-partisan, and non-profit organization that is dedicated to promoting Asian Pacific American participation and representation at the local, state, and federal levels. The origins of the organization date back 20 years to when a handful of people looked to the makeup of the legislative branch and wondered why there was a lack of AAPI representation in Congress. “At that time there was not a strong AAPI voice in Congress”, recalls Floyd Mori, who is the President and CEO of the organization, “To some members of Congress like Norman Mineta, this was very concerning. They were looking to other multi-ethnic groups like the Black Caucus [CBCF] being able to get substantial influence in the White House while the AAPI community did have any organizational structure in Congress.” With that in mind, Former Congressman Mineta, along with other Congressional leaders, 52

FALL 2014

formed the Congressional Asian Pacific American Caucus (CAPAC) on May 16th, 1994. This initial foundation of leadership in Washington soon prompted the creation of similar entities whose mission hinged on development of AAPI leadership in the government. Of these was the Congressional Asian Pacific American Caucus Institute (CAPACI), which soon morphed into APAICS. Since then, the organization has worked closely with the CAPAC as well as the CBCF on a number of initiatives targeting not only developing leadership in Asian Americans but also multi-cultural groups as a whole. Of these leadership development programs, President Mori looks to the organization’s internship and fellowship programs as one of the most prominent. Mori states, “Our internship program, which usually takes place during the summer months, brings college students to various offices of Congressmen associated with the organization in order to give them experience as to what our government is all about. It’s a very competitive process. Out of the over 150 applicants that sign up for the position, we only select around 10 to work in these offices.” In contrast to the 8-week long internship program that is primarily designed for college students during summer break, the organization

For more information about the Asian Pacific American Institute for Congressional Studies, please visit their website at www.apaics.org plishments over the past two decades, Mori analso participates in a fellowship program that swers that developing these interns and fellows spans 9-10 months and is designed for recent into future leaders is the most important. “The college graduates. During this time, participants way I see it, the most important thing that we can actually serve on a Congressional staff. Not only do as an organization is to does this program give young make sure that the people professionals valuable long-term who come to our organiexperience, but it also contribABOVE (Clockwise from Left): zation take the next step utes to many participants staying APAICS 20th Anniversary Awards and become elected offiindefinitely in Washington D.C. Gala, President Mori at APAICS VIP cials. For example, Coleen as members of Congressional Appreciation Dinner, George Takei Hanabusa went through staffs, campaign officers, or ofth at APAICS 20 Anniversary Dinner our program and soon afficials of the Administration and ter she was elected to the other agencies. OPPOSITE: Hawaii State Legislature. In companionship with APAICS 2014 Alumni Breakfast and She worked her way up to these programs is what the or2014 AREAA Chair Ivan Choi at the House of Representaganization refers to as the LeadAPAIC’s 20th Anniversary Gala tives and is currently runership Academy. Mori remarks, ning for a seat in the Sen“During this intense program, ate. Another success story we bring in newly elected state for or organization is Grace Meng. She was also a and local elected officials as well as those lookgraduate of one of our programs and now serves ing to run for public office together to help them as the first Asian American elected to Congress develop the leadership skills and tactics needed from New York.” to not only get into office but also to thrive in a Although he lists the successes of such propolitical environment.” grams, he also states that developing leadership When asked about the organization’s accom-

is not an easy process and takes considerable effort. He explains, “One of the challenges that I see among those first entering our program is the tendency to stay away from the limelight. This can be attributed to not only personal factors but also cultural aversion to drawing attention to oneself. When you do find people who have the skills to be a leader, you have to take time to nurture a sense of confidence that comes along with being an influential figure.” Despite some of these challenges, the organization has seen a shift in the programs. Mori states, “It seems like every year, our programs are getting larger. We are constantly seeing more young and bright people expressing interest in the programs and making efforts to participate in them. They want to learn how to run for office and how to be an effective role model in their communities.” It is this interest in being at the forefront of decision-making that leaves President Mori and the rest of APAIC’s staff optimistic. With programs like these, the organization hopes to ensure that the AAPI voice is well represented in U.S. politics for many years to come. FALL 2014

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FINDINGS INDICATE NEXT GENERATION OF HOMEOWNERS REINTERPRET TRADITIONS, PREFER CUSTOMIZED ‘SMART’ HOMES DISTINCT FROM PREVIOUS GENERATIONS

here’s a new type of homebuyer on the market. They know what they want and are ready to get their hands dirty to transform a house to meet their unique needs. Stereotypical luxury and prototypical homes do not entice them; rather these consumers strive to own homes that stand apart and suit their personal lifestyle… Enter the next generation of homebuyers. In early 2013, Better Homes and Gardens® Real Estate released findings of a national survey that included 18-35 year-old Americans and revealed that the next generation of homeowners are rewriting the rules to homeownership and reinterpreting traditional norms to fit their values. Results of the survey indicate that the 77 percent of respondents seek essential, purposeful homes equipped with the technological capabilities they have grown accustomed to, as opposed to stereotypical luxury homes preferred by many in previous generations. The findings also demonstrate

FALL 2014

that 82 percent of “Millennials” surveyed embrace their independence with gusto and prefer to handle home improvements on their own instead of turning to their parents for money; a stark contrast to the general misconception that paints young Americans as coddled or entitled. “It’s critical that real estate professionals understand what embodies a quintessential home for the Millennial generation, which vastly differs from the traditional norms of generations before them,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “These survey findings allow real estate professionals to continue to best serve the next generation of homebuyers and find homes that can or do appeal to their lifestyles and unique spirit. Understanding technologies to communicate with this generation is now only one piece of the puzzle for agents; ‘smart’ technological capabilities must now be ingrained into the home itself.”

BIGGER ISN’T ALWAYS BETTER

THE FIX-IT GENERATION

NEARLY

While homeownership presents new responsibilities and surprises for first-time homeowners, Millennials are prepared for home maintenance tasks. Nearly 1 in 3 of those surveyed would actually prefer a “fixer-upper” to a house with minimal repairs needed. These findings indicate that this generation is not afraid of rolling up its sleeves either. Nearly half (47 percent) of survey respondents would be more likely to tackle a home maintenance problem themselves, rather than calling a professional to handle the job. Furthermore, 72 percent of Millennials consider themselves just as handy—if not more so—than their parents.

Unlike the Baby Boom Generation, 77 percent of Millennials surveyed would prefer an “essential” home compared to a grand stereotypical luxury home. This generation wants their living quarters to be as unique as they are; more customized and less “cookie cutter”. To that end, Millennials seek for each room of their home to serve a specific purpose that is a fit for their lifestyle. For instance, 1 in 5 of survey respondents agree that “home office” is a more appropriate name for their dining room based on what they typically use it for, and 43 percent would like to transform their living room into a home theater.

PREFER a

“FIXER-UPPER”

47%

Consider themselves just as handy–if not more so–than their parents

More likely to tackle a home maintenance problem themselves

Rather than calling a professional to handle the job

agree that

“

”

is a more appropriate name for their dining room based on what they typically use it for

THEIR HOME, THEIR WAY of the younger Americans surveyed believe that technology is an absolute essential to have in their homes

HOME, SWEET (SMART) HOME

When it comes to the next generation of homeowners, more than half (56 percent) of Millennials believe home technology capabilities are more important than “curb appeal.” If a home is not up-to-date with the latest tech capabilities, 64 percent of Millennials surveyed would simply not consider living there. In addition, 84 percent of the younger Americans surveyed believe that technology is an absolute essential to have in their homes. The most sought-after tech being an energy efficient washer and dryer (57 percent), security system (48 percent), and smart thermostat (44 percent).

Millennials have a fresh perspective on furnishing a home. 59 percent of those surveyed would rather have extra space in their kitchen for a TV, as opposed to a second oven, and they seek to be entertained in every room of their home. While kitchen renovations are likely to remain a top improvement priority, tech updates are highly desirable, as well. In fact, 41 percent of Millennials would be more likely to brag to a friend about a home automation system over a newly renovated kitchen. These findings are an extension of a 2012 Better Homes and Gardens Real Estate homeownership survey, which revealed that in spite of the recent housing crisis, Millennials are undeterred from buying a home and believe owning a home is a key indicator of success.

ABOUT THE SURVEY

The Better Homes and Gardens Real Estate survey was conducted by Wakefield Research among 1,000 nationally representative adults, ages 18-35, between December 7, 2012 and December 26, 2012, using an email invitation and an online survey. Quotas have been set to ensure reliable and accurate representation of the adult population, ages 18-35. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens Real Estate Franchise is independently owned and operated. For more information, please visit www.BHGRealEstate.com. FALL 2014

THE LIVI CHA

REC NG

LLE

ENT from

and

BOO

M i n U RBA MIL N LEN NIA LS the

ES to U IT P RBA RES N P ENT and LAN S NIN ARR AN G GEM ENT By

SEL

HEP

iven the sheer size of the Millennial generation, analysts in many disciplines are mesmerized with understanding this generation and are feverishly engaged in predicting trends surrounding the generation’s habits . Generally speaking, Millennials are classified as the children of Baby Boomers or Generation Xers and are in the 18 to 36 year old range or those born from 1977–1995. This generation represents about 24 percent of the population, which accounts for 77 million Americans and is a group that rivals the Baby Boomers in numbers. Similarly to boldness with which Baby Boomers defined their generation, Millennials have shown differing attitudes and preferences than their predecessors. Their trends have been largely shaped by continual access to technology and a sense of connectedness. If defined by one term, Millennials would be defined as CONNECTED.

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When analyzing their housing choices, Millennials are more likely to demonstrate desire for urban living. In a Nielsen report titled Millennials – Breaking the Myths 1,the authors indicate that 62 percent of Millennials prefer to live in the type of mixed-use communities found in urban centers where they live in close proximity to a mix of shopping, restaurants and offices. They currently live in urban areas at a higher rate than any other generation. In fact, Millennials are credited with being essential to America’s urban revival which began in early 2000s. Consequently, many downtown areas in the largest cities grew by double digit rates between 2000 and today, following a long period of urban decline starting in the mid-1970s.

IF DEFINED BY ONE TERM, MILLENNIALS WOULD BE DEFINED AS

CONNECTED 1. http://www.nielsen.com/us/en/insights/reports/2014/ millennials-breaking-the-myths.html 2. http://www.forbes.com/sites/richardgreen/2014/06/14/young-people-are-lesslikely-to-be-homeowners-and-it-is-not-just-because-they-are-not-getting-married/

TI ER A

THE

EN G T IAL EAS L N T O A RANT LEN L N T I R O MIG M B E IM

1977

ON NT E PA R

BORN BETWEEN

3% 1995 Other

19%

Hispanic

14%

Black

Asian

60%

NonHispanic White

million A M ERI CANS

Source: Pew Research

As this large generation continues to age and increasingly influence the economy and the housing market, it is critical to understand if their trends are fads or a new norm. Current statistics show that Millennials are less likely to be homeowners, even after accounting for race, nativity status, income, education and marital status2. While the heated debate over the reasons why homeownership among Millennials has dropped, the fact is that the residential real estate community has adapted to new preferences and has shifted their focus to multi-family dwellings, generally rentals, in transit oriented neighborhoods. In fact, transformation of previously dead downtown areas into 24-hour bustling Millennial-centric repurposed environments is evident across many urban areas of the country.

Annual Homeownership Rates for Americans under the Age of 35 %

1985 1990 1995 2000 2005 2010

4 1. 0 % 38.5 %

39.0 % 4 2 .0 % 4 5 .0 %

38.0

Washington, D.C., named the most popular city for Millennials by Atlantic magazine, has been an interesting case study where entire new neighborhoods were built to accommodate the tastes of this emerging age group. The urban transformation is not without concerns. While cities have been able to adapt and attract the Millennials, their needs as single, young adults are far simpler than those of young families. As Millennials start coupling and settling down, cities need to ensure that appropriate services are provided to keep young families living in downtown areas. Historically, a significant factor determining the residence location of young families has been quality of schools. In some metropolitan areas with large concentration of Millennials, schools are being forced to adapt to new demands or otherwise lose this significant tax base to more desirable and better performing suburban schools. Education reform called IMPACT in Washington, D.C., for example, has been an exemplary experiment in improving urban schools. Public preschool became available to all children; new academic standards were adopted, teacher tenure was removed, and evaluations were instituted that tie job security and compensation to student test scores. Lastly, demographic shifts in the district further aided the efforts. While the school reform in the district began before the influx of Millennials, it has been critical in ensuring Millennials stay put. Other cities will have to follow if they want to cater to this generation. Another concern is potential imbalance between Baby Boomersâ&#x20AC;&#x2122; current residences and the locations of where Millennials desire to live. Nielsen Report points out that the top markets for Millennials, except Washington, DC, are in the western portion of the country. In contrast, Baby Boomers are concentrated on the East Coast. In addition to the geographical challenge, there is also a concern that the current housing stock may be obsolete. Baby Boomers own relatively larger homes in suburbs. They have however indicated that they would like to move into smaller homes when they move next. Forty

percent of Millennials have indicated that they would like to live in an urban area in the future. Also, according to California Association of Realtors 2013 Renter Survey, younger renters are more likely to plan on purchasing a townhouse than their older counterparts. Consequently, preferences of Millennials, if unchanged, could have a significant impact on demand for housing in the future. Some pressures are brewing already. The highly regulated real estate market in San Francisco has been home to conflicts between growing tech employees, generally Millennials, and existing residents, generally lower income groups. Demand for urban living has pushed prices up significantly in many metropolitan areas in California. San Francisco and Los Angeles, both highly desirable by Millennials, top the lists of least affordable markets in the country. Resulting gentrification of incumbent residents creates concerns among many. Pushing the incumbents out to areas where housing prices are more affordable may also mean cutting their access to public services and employment opportunities. Lastly, Millennials value availability and quality of transportation options. Pew Research suggests 55 percent of Millennials have a preference to live close to transit. They are also less likely to own cars, and more amenable to the concept of sharing-economy. Whether we are talking about sharing cars, sharing bicycles, or ridesharing services such as Uber, Millennials have generated powerful waves of change that will shape urban living in ways probably not imaginable to previous generations. The conundrum that urban analysts are left with is whether Millennials will continue on the path they are carving out or follow the paths their parents and grandparents already set out. Are they going to stay in downtowns and ride public transit, or improving economy and good paying jobs will bring back the era of McMansions? Arguments are strong on both sides, but I believe that technology and a sense of connectedness is bringing avant-garde turnaround to how we perceive urban living.

Source: U.S. Census Bureau FALL 2014

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goes to

CHINATOWN SAN FRANCISCO

oodle Town, AREAA’s hit “Food, Culture & Neighborhood” show, is launching a special 2-part series starring the organization’s founders John Wong, Betty Wong, Allen Okamoto, upcoming 2015 Chair Carmen Chong, and of course the 2 Co-Stars Jacki Ueng and Jim Park. Filming for the episode was done by AREAA’s Silicon Valley Chapter President Evan Huynh. On June 6, we filmed the first part of the series, which is titled Chinatown San Francisco during the first half of the day, and ambitiously the second part, Japantown San Francisco during the afternoon (which will be written about in the Winter Issue of a / r / e Magazine, so stay tuned). Because there’s no better way to travel and learn a community’s culture than to taste the cuisine with the locals, which in this case were AREAA’s long-time dedicated leaders, we set off for filming. We all met at the Hilton San Francisco first thing in the morning for brainstorming. With many passionate suggestions thrown out, we started the list off with about a dozen ideas for restaurants, parks, monumental landmarks, bars, and coffee shops to visit. Although we would have loved to pay our visits to all (and believe us, one day we will), our bellies could only fit so much and our legs could only take us so far in one day. We agreed on the first restaurant stop to be The House of Nanking. The owner, Peter Fang, and the lovely restaurant hosts had been expecting us as Betty Wong had phoned in earlier to her long-time friend for a table. We trusted the owner to bring us his favorite noodles and dishes (and also, because he

FALL 2014

encouraged that we trust him on dishes we’d like). After a short wait, the signature staple of Noodle Town cuisine arrived. Yes, a bowl of the Chef’s special, Seafood Noodle Soup in the Chef’s ‘secret sauce’ along with a plate of the Crispy Noodle Tower (visually a resemblance of a birds nest), a fried pork dish, and some stir fry greens. We concluded the meal traditionally with each person sipping quietly with a special green tea infused in organic tea leaves. House of Nanking, located on 919 Kearny St, is a fusion of all Chinese cuisine that opened its doors in 1988. A beautiful Chinese-style décor with a mix of ancient China meets high-end

modern Asian fusion look, this famous restaurant has won numerous awards and has been featured on many TV shows. Many travel/food writers have also raved about it. You can always bet on an hour or more wait but no doubt, come hungry, as the food is so rich in flavor and texture! Today, the restaurant has doubled in size since it’s opening, and quite frankly, even if they doubled again, there would still be a long wait from dedicated fans and tourists. As authentic as this restaurant is, it is quite hip with many of the diners being non-Asians, hipsters, and SF white-collar professionals. With the 6 of us at the dining table, sharing bowls of noodles “family style”, John Wong began to tell us stories of his childhood in Chinatown, the struggles and discrimination his family went through as a Chinese-Americans, and the determination and hard work that brought him to where he and his family are today. On our next stop in Chinatown was the classic Cantonese neighborhood gem Yuet Lee Restaurant, which is located on 1300 Stockton St and strongly suggested and mutually agreed upon by John, Betty, and Carmen. The ambiance of this restaurant is quite a contrast to that of House of Nanking. It’s casual, homey, unassuming, and also has a long-standing presence in the community.

The owner of the place was relaxed and friendly, cooking up our dishes in his open kitchen. He delivered us a plate of clams infused with pepper and black bean sauce, fried duck, rice, salt and pepper squid, watercress, and stir-fry noodles. Besides being a local hangout for the old-school Chinese community, it’s also open late night. The restaurant is a quick walk away from San Franciscan’s watering hole and is an ideal location for savory late-night food. They even serve beer in case one chooses to continue the night. The last stop was the Fortune Cookie Factory, which has been passing out fortunes and readings to customers since 1962. Upon turning the street

to the store, one can already smell the fresh aroma of the freshly baked cookies. Once entering, you can see the process of a fortune cookie being made. Many come to buy bags of these cookies as souvenirs; other’s bring them home to their families. With this last stop, we concluded our visit to Chinatown.

To find out more about San Francisco’s Chinatown, visit www.sanfranciscochinatown.com.

OPPOSITE PAGE: (L to R) John Wong, Carmen Chong, Allen Okamoto, House of Nanking Owner/Head Chef Peter Fang, Betty Wong, Jacki Ueng and Jim Park. Seafood Noodle Soup at The House of Nanking. TOP: Inside the kitchen of Yuet Lee Restaurant. ABOVE: The group outside House of Nanking. PHOTOS: EVAN HUNYH

hinatown San Francisco was not always as picture-perfect, peaceful, and flourishing as it is today. Chinatown was established in 1848 with the first recorded Chinese immigrants stepping foot in northern California. This area was the port of entry, via Angel Island, for early Chinese immigrants, mainly from Guangdong region of China, and this place was the only area they were allowed to dwell. The population was a mainly men at the time, who were used as hard-laborers known work on the transcontinental railroads at the time. The Chinese were treated as second-class citizens with many unfair and ridiculous restrictions. In 1882, the U.S. government passed the Chinese Exclusion Act, the first immigration law targeted against a single ethnic group. This law restricted immigration to the United States from China, which also included the wives and children of those workers who had already arrived in the county. In 1906, Chinatown was completely destroyed in the 1906 earthquake. The next few decades consisted of even more struggles for Chinese Americans with discrimination and immigration laws separating families for many years. During these decades of struggle, history has brought Chinatown to what it is today. As we all know, there is no better way to bring people together than through a meal, and Asians of course, love to eat! Chinese cuisines such as chop suey and dim sum were introduced to the West through Chinatown. Today, Chinatown is located on main roads Grant Ave and Stockton ave,

AREAA’s Noodle Town, Chinatown San Francisco YouTube.com/AREAAnewsNetwork with small streets intersecting with even more secret gems of restaurants, cafes, markets and stores. For a visually appealing first visit to Chinatown, find the “Gateway Arch” also known as the “Dragon Gate” on Grant Ave as the main entrance, although you may access through any way, with no definitive border. Although not an official city, Chinatown runs sufficiently as its own, with a post office, parks, two hospitals, markets, clothing stores, herbal shops, places of worship, and many other businesses. There’s always something going on, especially around the Chinese holidays – Chinese New Year, Autumn Moon Festival. During these holidays, one can witness such things as Dragon parades, celebrations, and elderly playing Chinese chess and Tai Chi at the park. Chinatown has now become a major tourist attraction to millions visiting San Francisco; it even has more annual visitors than the Golden Gate Bridge! Chinatown is also an area for the best Chinese food for those living in Northern California and have a serious craving for authentic Chine cuisine, as we all did on our visit. With over 100,000 people living in the area, Chinatown is becoming a more exciting area to live in. However, being located in the heart of San Francisco near North Beach and Telegraph Hill, it still costs a pretty penny to rent or buy here, with the median price of $950,000. Resident or not, it is no wonder why Chinatown remains one of the best places to visit while in San Francisco. Our filming of Noodle Town only solidified that for me and our hosts.

Jacki Ueng is AREAA’s Media Correspondent, on-screen Host of Noodle Town and the VP at Ticor Title Company. When she’s not slurping noodles loudly, she’s Travel Blogging on JackiUeng.com - having visited almost 30 countries, a Yogi, and maintains AREAA’s media outlet: YouTube.com/AREAAnewsNetwork where you can find this next episode of Noodletown. Jim Park and Jacki Ueng explore Asian districts across the country to learn about the Food, Culture & Neighborhood. As we taste noodles of various Asian cultures, we are also committed to learning about the history of the neighborhoods: How it came to be, what it means to the local Asian community, and the sense of “Coming Home” when visiting these restaurants, community centers and stores. Our goal is to reach every major city where AREAA has a presence in and learn about your town! FALL 2014

Making Diversity a Priority in the Housing Market

BY TY CABALSI

For more information:

www.mba.org/diversity 64

FALL 2014

Last June, I visited Washington DC to participate in the evolution of the real estate industry. The Mortgage Bankers Association (MBA), the largest mortgage trade association in the nation, hosted its very first Strategic Markets & Diversity Conference. Industry and diversity leaders gathered to engage in think tanks, network, and become educated on homeownership concepts amidst the country’s changing demographic. Topics during the conference ranged from building a diverse workforce, fostering community partnerships, and service strategies for diverse communities. Since MBA’s core diversity initiatives conceptually mirror those of AREAA’s, I wanted to take part in this mortgage conference not only to represent AREAA, but also because I’m passionate about these issues. Here are the top takeaways that resonated with me most:

Diversity is not an interesting side topic, it is a business issue.

Those were the words of the opening keynote speaker, Henry Cisneros, who was the former HUD Secretary appointed by President Clinton. He continued to say, “Diversity is a basic element of homeownership; it is core to the business, core to the country. The majority of home purchases transactions are now from minority buyers.” President and CEO of MBA, David H. Stephens, explains in his own words as to why the MBA held the event. He states, “Because not only is it the right thing to do; it is also a smart business move.” At the conference, his opening remarks set the tone for what was to come in the following days: “This is not just a ‘check the box’ issue,” he explained, “This is building wealth across diverse segments.” When thinking about this idea, Jim Park, who is AREAA’s Immediate Past Chair, remembers precisely what home ownership meant for his family when he was growing up: “The equity that accumulated in our home sent me and my sister to college, and helped to start the family business, which gave me and my family opportunities that otherwise would have been impossible.” Pursuing diversity in your business can pay dividends in many ways. According to the U.S. Census Bureau, minorities are projected to represent approximately 57% of the nation’s population by 2060, making the United States, for the first time in its history, a nation whose minority will be the majority. This means that, unless we change, the real estate finance industry will decreasingly reflect the demographics of our nation’s homebuyers and renters. If we neglect to accommodate and adapt to this evolving market, we are bound to fail in a very fundamental way. Hence it is vital to make a diligent effort to embrace inclusive hiring practices so that our workforce may be better suited to address the needs of our evolving customer base. The bottom line is that diversity is a pragmatic solution to a very real problem. If we want to continue to remain competitive and achieve growth as an industry, we should stand at the forefront of change. We need to take the initiative to diversify our workforce by recruiting a new generation of employees in schools with large minority communities, and to create and support mortgage banking education programs in areas of high diversity. It is imperative that we also take steps to ensure that more women have the opportunity to advance to leadership and management positions. Diversity drives economic growth, provides a competitive advantage, and can help a company leverage its full potential. By opening our doors to a diverse and inclusive workforce, we will beckon in the creativity and innovation that will pave the way to new opportunities and successes. This diversity within the mortgage workforce was a primary topic at the conference. Point blank, as a business issue, professionals should demographically mirror the community they serve. As a front line mortgage loan originator, I had the honor of being invit-

According to the U.S. Census Bureau, MINORITIES ARE

PROJECTED TO REPRESENT APPROXIMATELY 57% OF THE NATION’S POPULATION BY 2060, making the United States, for the first time in its history, a nation whose minority will be the majority. “How to Recruit and Retain a Diverse Workforce” Panel Session Ty with Michael Innis, Managing Director and Head of Community Lending at Union Bank Photos courtesy of Ty Cabalsi

The majority of home purchases transactions are now from minority buyers ed as a guest panel speaker to elaborate further on the topic. The session was titled How to Recruit and Retain a Diverse Workforce. I introduced myself demographically, explaining that I was a 2nd generation immigrant - a Filipino-American - with a “tech-infused” millennial perspective. I had a chance to share my experiences working with AREAA, and suggested how recruiters should support their employees who aspire to volunteer with diverse trade groups like AREAA. I let the audience know that the millennial generation has a different perspective on the accessibility of information, and that my vision as a mortgage professional was to bring CRA (Community Reinvestment Act) mortgages to public conscious. I wanted the audience to have a genuine account of how the next generation of mortgage professionals will want to be a part of something greater than themselves. I also had the chance to talk about the importance of training, mentorship, and vision development to retain a diverse staff. We’re growing, We have great marketing programs, or We have great processors are the tired and old recruiter clichés that will neither attract nor retain the brightest and best. I shared my experiences of having production support early in my career as a Jr. Sales Rep, and discussed the pride I built through an obsession with operations and process. Meeting the housing needs of a diverse community is an objective shared by both AREAA and MBA. There is much that real estate professionals in this country could gain from embracing changing demographics and actively pursuing ways to reach multi-cultural groups. In the next few years, agents that make these efforts will see their businesses thrive. The real question is: will that be you?

TY CABALSI is currently a board volunteer with AREAA’s San Francisco Peninsula Chapter, and manages the chapter’s social media outreach. He works as a Diverse Markets Specialist at California Mortgage Advisors, Inc., a privately held mortgage banking and brokerage firm. Ty know what you think of this piece, and if you have any questions: tcabalsi@gmail.com. FALL 2014

PHOTOGRAPHY BY JOHN SALANGSANG 1 (L to R) apl.de.ap, Taboo, and will.i.am 2 Dance Group Jabbawockeez 3 Allen Okamoto and Hope Atuel 4 Vicky Silvano

PHILIPPINES

RELIEF CONCERT

n November 8, Super Typhoon Haiyan struck the Philippines with high winds and storm surges that destroyed entire villages in its path, resulting in an estimated 10,000 deaths, and thousands more who are missing. The suffering of the survivors is truly horrific, as basic human services are unavailable in many coastal areas even months after the storm passed. The devastation caused billions of dollars in damage across two thirds of the Philippines’ island chains, and it will be a decade or more before the hardest hit areas will be rebuilt. In the aftermath of such a devastating storm, the Asian Real Estate Association of America, working in conjunction with apl. de.ap Foundation, arranged a relief concert to help assist those affected by the disaster. The apl.de.ap Foundation was created by Allan Pineda Lindo, who is musician and member of the hip-hop group The Black Eyed Peas. Lindo, who came to the United States from the Philippines when he was only 14 years old, visited the country shortly after the storm and made a commitment to do his part to help the community. With that in mind, he got in contact with the organization in hopes of organizing an event. With a venue and line-up secured, the event was set for the beginning of June. Early on June 8th, volunteers associated with both organizations began to arrive in order to help set up for the event. “We had a lot of members show up hours before the concert to help the staff set up for the event”, explains Allen Okamoto, AREAA Foundation’s Chair, “it’s really a testament to our member’s compassion.” Before the concert began, the AREAA Education Foundation held a silent auction in order to raise additional funds for the relief effort. Concert goers were able to bid on items such as a water-proof tv, stays at high-end hotels such as the Four Seasons and L’Auberge Del Mar, and even a diamond ring that was valued at over $10,000,000. Okamoto states, “Because of the Silent Auction, we were able to raise an additional $30,000 for the concert, which is a huge success for us.” Headlining the event was Lindo, whose stage moniker is apl.de.ap, and his fellow band-mates will.i.am and Taboo, who performed various Black Eyed Peas songs. Accompanying them were supporting acts such as Talib Kweli, Q-Bert, and America’s Best Dance Crew contestants the Jabbawockeez. Angie Lee, who is an active member of the AREAA Foundation, recalls the performances. “From start to finish, each performance was really incredible.” She explains, “You could really tell that every performer was really giving it 110% and providing concert goers with a really unique set.” In all, the event raised more than $30,000 that went directly to rebuilding homes for families who lost theirs in the typhoon. AREAA Foundation will continue to work with organizations in the future to provide funding and other support to those affected by natural disasters in the future as well as provide educational resources to those looking for guidance in purchasing a home.

To learn more about the AREAA Foundation, please visit areaafoundation.org 66

FALL 2014

AROUND

the

City of San Jose

A S S O C I AT I O N

VICKY SILVANO CHICAGO, ILLINOIS

Elected AREAA's 2015 Vice Chair, the position that precedes 2016 National Chair

I am very excited to be named the 2015 Vice Chair. I see that AREAA is headed in the right direction and I anticipate being a part of its successes in 2015.

NICK PHAM

It is an honor and privilege to be serving the community and the City. Thank you to the City Directors, Managers, Staffs and my fellow Planning Commissioners for your supports and guidance.

SAN JOSE, CALIFORNIA

Georgia Times

AREAA Silicon Valley’s Past Chair Nick Pham was recently named the Planning Commissioner for the city of San Jose.

IVAN CHOI & ANGIE LEE

AREAA’s 2014 National Chair Ivan Choi and AREAA Board Member Angie Lee were both named two of the top 25 Most Connected Mortgage Bankers by National Professional Mortgage Magazine. When asked about the list, Choi responded,

I’m in great company with Angie Lee and am glad to see AREAA being represented on this list of successful mortgage lenders.

Tim Hur, who is a Past Chair for AREAA’s Greater Atlanta Chapter, was recently named one of the 25 MOST INFLUENTIAL ASIAN ATLANTA, GEORGIA AMERICANS IN GEORGIA. The list, which is arranged by the Georgia Asian Times, contains Asian Americans making an impact in business, government, politics, education, and social work. Over the years, the publication has documented the shifting power and increased importance of Asian American individuals in the state. Tim received this honor due to his successes in real estate as well as his dedication to the Greater Atlanta Chapter.

TIM HUR

FALL 2014

AREAA GREATER SEATTLE -ASIAN PACIFIC ISLANDER HERITAGE FESTIVAL

AROUND

the

A S S O C I AT I O N

The AREAA Greater Seattle Chapter was involved in the annual Asian Pacific Islander Heritage Festival at the Seattle Center under the space needle on May 4th, 2014. About 500 people stopped by the booth to participate in the raffle as both Realtors and Mortgage lenders discussed financing, and credit options with borrowers. Future home buyer seminars were setup involving the Asian Counseling & Referral Service. On May 19th, 2014 East West Bank in conjunction with AREAA held an Offshore Collateral event on How to Fund Chinese Transactions that we very well received and attended. Photos: Eric Campbell

AREAA SILICON VALLEY MEGA LUXURY REAL ESTATE SUMMIT AREAA Silicon Valley Chapter held its Mega Luxury Real Estate Summit on July 23 at the Sheraton Palo Alto. Guests mingled over champagne and lunch, and enjoyed photo opportunities and interviews with realtor, writer, media correspondent, and television personality Herman Chan. Several exhibitors showcased products and services in the expo hall prior to the Real Estate Summit’s speaker sessions. Speakers included the nation’s #1 Realtor, Ken DeLeon of DeLeon Realty, Top Producer Debbie Sharp of Keller Williams Luxury, Wells Fargo’s Wealth Manager Mary Joseph, and the award-winning top-producer and frequent cast member of the TV hit “Selling LA” Christophe Choo from Beverly Hills. The Program was moderated by Jim Park, AREAA’s Global President. Following the program, several of the 200 attendees continued on to a luxury real estate home tour and receptions. Guests were transported in luxury coaches. On this tour, three stunning homes currently on the market were showcased:

»» »» »»

Listing #1: 437 Woodside Hill Road, Woodside, CA 94062 (Asking Price of $15,900,000). Courtesy of Art Sharif-Sothebys International Realty Listing #2: 1870 University Ave, Palo Alto, CA 94301 (Asking Price of $9,800,000). Courtesy of Nancy Macleod - Home2Buy.com Listing#3: 536 West Crescent Drive, Palo Alto, CA 94301 (Asking Price of $8,988,000). Courtesy of Ken DeLeon - DeLeon Realty

AREAA Silicon Valley President Evan Huynh was ecstatic about the turnout and enthusiastic feedback that quickly ensued. “I thought our event was highly effective because of the avid participation of our highend exhibitors, the distinguished speaker panel, and the beautiful luxury listings tour. At the end of the day, agents learned that entering and succeeding in the luxury market is not much different than any other and with execution of the same fundamental business principles, can be an attainable reality.” Event sponsor: Wells Fargo Home Mortgage Media sponsor: Lifestyle Resources Magazine Additional sponsors and exhibitors: Union Bank, Citizens Equity First Credit Union, Bank of America Home Loans, California Association of Mortgage Professionals, HSBC Premier Banking, RE/MAX By The Bay, Keller Williams Luxury Homes International, CHASE, Santa Clara County Association of Realtors, Silicon Valley Association of REALTORS®, Moria Kang, Staged By 3, The Loan Story, Ethan Allen, Martell Cognac, Michael Kang, Dan Powers, and Audi Stevens Creek. Event volunteers: Lan Rupf, Atsuko Yube, Herman Chan, Lana Nguyen, Jimmy Kang, Conrad Solarez, Michael Quihuiz, Lisa Lyons, Richard Wang, Trisha La, and Joe Han. For additional information on AREAA, visit www.areaa.org/siliconvalley. Photo: Evan Huynh

GLA SUPER SUMMIT The Greater LA Chapter of AREAA took over the lovely Doubletree Hotel in Little Tokyo on Tuesday, July 15th for its 2nd Annual Super Summit. President Esther Lee reported, “We had a fantastic turnout and received very positive feedback from the attendees, the speakers and the sponsors. 429 guests registered online and the chapter collected 309 business cards. The morning session focused on commercial real estate, organized by James Huang, who is the Chairman of the AREAA National Commercial Division. AREAA leaders, including GLA Past President Peter Park, have been encouraging members to broaden their business strategies beyond residential real estate, particularly because so many foreign national clients want to buy both homes and businesses in the United States. So the “Introduction to Commercial Real Estate” program, featuring Javier Jimenez and Dennis Huang, drew a standing room-only crowd. The Summit grew with a 2nd wave of attendance for the afternoon sessions framed around residential business strategies. AREAA GLA President Esther Lee kicked off the afternoon by introducing Vice Presidents Sonny Pham (Citi), Young Ahn (Re/Max), Sarah Lin (Castle Realty), and the other 15 Board members. She celebrated their extraordinary volunteer efforts, which made the Summit a smoothrunning success. Selma Hepp, an economist with California Association of Realtors, and an AREAA favorite, discussed, with compelling graphics, the causes for the inventory shortage that is contorting the Los Angeles market. Kevin Arrabaca, from Asset Avenue, explained how his company uses crowd funding to invest in property. Additionally, Zachary Streit and George Lintz discussed how agents can find ways to work with hedge funds. These presentations led seamlessly into the final presentation by the always dynamic Dr. Michael Krein, Founder & CEO of Rio Genesis Software and President of the National REO Brokers Association. Krein created Rio Genesis, as a service to NRBA members and an enticement for hedge funds to use them. Krein has successfully recruited many hedge funds to use the platform to post their inventory for sale and to find properties to purchase. AREAA GLA Summit attendees were offered a free on-line membership with Rio Genesis. The Corporate Sponsors were given tables encircling a small foyer outside the presentation rooms. At the registration desk, each attendee was given a bag, provided by Wells Fargo, with contents from Provident Title, East West Bank, and – most importantly – a Vendor Passport. Members were encouraged to visit each sponsor’s table to get their ‘Passport’ stamped. Those with successfully completed Passports were entitled to participate in the raffle at the end of the day. The day concluded from 5:30–8:00pm with another GLA’s renown “mixers,” serving cocktails, refreshments and music in the lovely, terraced Japanese garden outdoors on the Hotel rooftop.

Shawn Elliott Luxury Homes & Estates NEW YORK REFERRALS 美国纽约房地产介绍人推荐佣金计划 25%

FIRST

第一买方或卖方推介，佣金给予25％

Buyer or Seller Referral

Long Island Luxury 第二买方或卖方推介，佣金给予30％ 30% Second Buyer or Seller Referral

35%

Third

第三或以上买方或卖方推介，佣金给予35％

Buyer or Seller Referrals

Agents, if you know of anyone looking for a Luxury Home in New York City, Long Island and Florida, Please give us a call

房地产经纪人，如果你知道任何人找纽约市，长岛和佛罗里达州的豪宅房产，请给我们电话

516-364-4663

Shawn Elliott Luxury Homes & Estates 175 Froehlich Farm Blvd Woodbury, NY 11797 Shawn@ShawnElliott.com

www,ShawnElliott.com www.ShawnElliottLuxury.com Referral payout is based on the selling agent’s commission side In USA, referrals must be paid to a licensed broker or attorney.

推荐介绍费支付是从卖方经纪的佣金箅。在美国，介绍费必须支付给持牌经纪或律师

In an increasingly diverse marketplace,

what you don’t know could hurt your bottom line. From cultural faux pas to financing, tax, and visa laws – working with today’s diverse pool of homebuyers requires awareness and education.

NAR’s Global Education can help. At Home With Diversity (one day course) Assess and understand attributes of diversity in your local market to earn the confidence of all buyers and sellers. It is the required course for the At Home With Diversity certification, and counts as an elective toward the CIPS designation. The online AHWD course counts as continuing education credit in most U.S. states.

Certified International Property Specialist Designation (CIPS) The CIPS designation includes five full days of study focusing on international real estate transactions. By earning the designation, you become part of an elite referral network of over 2,300 professionals worldwide.

Visit realtor.org/ahwd to learn more about the At Home With Diversity certification course.

Visit realtor.org/cipscourses to learn more about the CIPS designation.