a|r|e Fall 2017

Skyrocketing home prices are making it almost impossible for most to purchase a home in San Diego.

SO WHAT IS THE CITY DOING ABOUT IT, AND HOW CAN OTHER CITIES AVOID THIS SAME DILEMMA? a

Annual "A" List: Top Producers in Real Estate and Mortgage / Where to Eat in Tokyo / Exploring La Jolla Fall 2017 FA L The L 2017

Proud supporter of AREAA

Let’s work together. Here’s how we help make home buying better: Experienced lending specialists who understand your local market and will help your clients every step of the way

Easy ways to build financial know-how through engaging, self-paced videos at BetterMoneyHabits.com

Competitive rates and a broad range of loan options that can meet the needs of many different buyers

Connections to local down payment and cost savings programs for your clients at bankofamerica.com/downpaymentcenter1

The Home Loan Navigator™, which helps homebuyers track the status of their home loan application, upload and sign documents electronically, and more

The Affordable Loan Solution® mortgage, which offers a down payment as low as 3% with no mortgage insurance required (income limits apply)2

Contact a Bank of America lending specialist, or visit bankofamerica.com/neighborhoodlending today.

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

Available for fixed-rate purchase loans with terms of 25 or 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at time of closing. Maximum purchase loan-to-value is 97% and maximum combined purchase loan-to-value is 103%. For loan-to-values > 95%, any secondary financing must be from an approved Community Second Program; ask for details. Homebuyer education may be required. Restrictions apply regarding co-borrowers. Maximum income and loan amount limits 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. ©2016 Bank of America Corporation. | AR5FRX45 | AD-08-17-0234.C | 08-2017 THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION.

FA LL 2 0 1 7 Vo l u m e 9, I s s u e 3 ON THE COVER: San Diego, photograph: Shutterstock.com / Dancestrokes

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F E AT U R E S 34

America’s Finest City?

Metropolitan areas across the country are experiencing skyrocketing housing prices, and San Diego is among the most affected. Aside from simple supply and demand economics, what are some of the factors creating this crisis in the making, and what is the city doing to address the underlying factors?

By Scott Berman 38

38

The 2017 A-List

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In My Neighborhood: La Jolla

Every year, AREAA honors the top producers in our organization in the categories of Top Volume and Sides for Individual and Team Practitioners, and Top Volume and Sides for Mortgage Originators. Here are the finalists for this year’s prestigious A-List.

Luxury expert Brett Dickinson takes you on a tour of the crown jewel of San Diego’s Pacific coastline, La Jolla.

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Dedicated to advancing homeownership

Homeownership is an important step in creating financial stability for individuals and communities. We’re committed to enabling and advancing sustainable homeownership through financing more homes, supporting and providing financial education, and ensuring our team reflects the communities we serve.

To connect with your local team, contact: diversesegments@wellsfargo.com

Count on us to provide: Extensive home financing options

to meet the needs of more homebuyers

Homebuyer education resources both online or in-person

Career opportunities

to expand skills and advance careers

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. Š 2017 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801.

AS3703279 Expires 07/2018

PARK AND SHORE is Jersey City’s premier condominium community featuring unparalleled finishes and one of the most comprehensive suites of amenities in the greater New York City market. The community consists of two distinctive buildings, each with its own character. neighborhood with the Hudson River just beyond, Park and Shore offers an exceptional level of design and lifestyle that is unmatched in Jersey City.

Equal housing opportunity. Sponsors 75 park lane south llc and 2 shore drive north llc affiliates of Strategic Capital. The units or interests in the development are offered to the public and are sold without regard to marital status, sex, race, color, creed, religious principles, national origin, ancestry, affectional or sexual orientation, or any other basis prohibited by the law against discrimination (n.j.s.a.10:5-1 et seq.)The artist representation of the building and any description or depiction of interior decorations, finishes, appliances and furnishings contained herein are provided for illustrative purposes only and may be modified, altered or changed. The complete offering terms are in the Public Offering Statement available from Sponsor. Sponsor makes no representation or warranties except as may be set forth in the Public Offering Statement and Purchaser acknowledges and agrees that it has relied only on the terms of the Public Offering Statement.

ARTIST RENDERING

Located on a beautifully landscaped park in the Newport

A MODERN MASTERPIECE IN JERSEY CITY Lorem ipsum

LIMITED TIME PRECONSTRUCTION PRICING 1 Bedrooms from $680,000 2 Bedrooms from $1,150,000

ARTIST RENDERING

3 Bedrooms from $2,220,000

For more information or to make an appointment, please call (201) 798-0008 or visit us at PARKANDSHORE.COM

As more further described in the public offering statement for each condominium, certain amenities located within 75 Park Lane Condominium shall be for the exclusive use of the residential condominium unit owners of 75 park lane condominium and the residential condominium unit owners of shore house condominium. The residential condominium unit owners of shore house condominium shall have access to 75 park lane condominium amenities as set forth in the public offering statement for each condominium. Residential condominium unit owners of 2 shore lane condominium shall not have access to the amenities located within shore house condominiums.

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CONTENTS 16

Building Your Referral Network

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By understanding the many programs available for first time homebuyers, you can position yourself to be the ultimate expert in the field, and build a solid business pipeline.

By Dottie Sheppick

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Is cash really always king? Angela Bao gives you 6 ways for you to win a bid against the almighty dollar.

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Ask Mehta Resident real estate guru and prognosticator Rob Mehta on multi-generational housing in the new American economy.

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By Jacki Ueng

56

THE COMMERCIAL BRIEF

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Immigrant Profile Series: Eric Chen Eric Chen immigrated to the United States when he was 14 years old.

He didn’t speak any English when he first arrived. Now? He’s one of the top producing commercial agents in Southern California.

AREAA Global Spotlight: New World Grand Bali Resort Peter Park goes in-depth about one of AREAA Global’s latest projects.

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6 Ways to Win a LoanBacked Bid in a Sea of Cash Buyers

Tokyo Dining Guide Tatiana Bautista takes us to Tokyo, Japan, to explore the food and culture of this amazing city.

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Satisfaction Guaranteed

Phoenix architect and AREAA Commercial Network member Navin Pathingay recalls his first adaptive reuse project and explains why, even after all these years, they are still his favorite, and most gratifying, projects to work on.

The Parking Revolution

Have you ever driven around and around looking for a parking spot? It’s not just you, there are simply too many cars, and not enough parking. But it doesn’t have to be that way.

It’s time for a new way to think about how we park.

By Michael Hanschen

ADVERTISERS AREAA Austin

areaa.org/austin

53

AREAA Global

areaaglobal.com

20

AREAA Global & Luxury Summit

areaa.org/summit

64

AREAA Greater Tampa Bay

AREAAgtb.org

25

AREAA Las Vegas

areaa.org/lasvegas

37

AREAA National Policy Summit

areaa.org/policysummit

53

AREAA Orange County

areaa.org/caoc

45

AREAA San Diego

areaa.org/sandiego

49

AREAA San Fernando Valley / Santa Clarita

areaa.org/sfvsc

48

Bank of America

bankofamerica.com/neighborhoodlending

BOSA Development

thinkbosa.com

19

Caimeiju

caimeiju.com

51

ERA iRealty

ERAiRealty.com

Gina Duncan, Fine Island Properties

FineIslandProperties.com

55

Greater Las Vegas Association of REALTORS®

702.784.5000

21

Homes.com

http://bit.ly/areaadothomes

HSBC

800.622.7759

Catherine McInnis, Keller Williams Alabama Gulf Coast

CatherineMcInnis.com

National Association of REALTORS® Global

realtor.org/global

Park & Shore

parkandshore.com

Around the Association

Phan Hall Property Group

PhanHall.com

41

It’s that time again! What have all of our chapters been up to since the last time you saw them?

Check in here for pictures from around the country showing how AREAA continues to accomplish our mission of increasing AAPI homeownership and empower those who serve our market.

PNC Bank

PNC.com/agentalliance

17

Prudential

Prudential.com

12

RCN Capital

RCNCapital.com

RE/MAX

theremaxcollection.com

51

RISMedia

ace.rismedia.com

23

Ten-X

Ten-X.com

6

Kenny Truong, #FASTAGENT

climbsf.com

11

U.S. Bank Home Mortgage

usbank.com/mortgage

24

Warmington Homes

HomesByWarmington.com/realtors

13

Wells Fargo Home Mortgage

diversesegments@wellsfargo.com

3

Betty Wong, Pacific Union

BettySunWong@gmail.com

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D E PA RT M E N T S 14

32

Letter from the Director Executive Director Hope Atuel touches on topics from housing affordability to our Finest Convention ever.

a / r / eats!

Kat Levkoff takes you back home for this amazingly delicious and amazingly simple pork dumpling recipe.

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Contact SCOTT BERMAN to find out about ADVERTISING OPPORTUNITIES:

ads@areaa.org | 619-794-2016

Inside Front Cover, 27

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22-23 7 33 Back Cover 4-5

Inside Back Cover

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FALL 2017 Vo l u m e 9, I s s u e 3

ED ITOR Scott Berman

CREATIVE D IRECTOR Praveen Sharma

D ESIG NER Jazz Miranda

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. Š2017 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: Scott Berman | sberman@areaa.org Office: Asian Real Estate Association of America 3990 Old Town Avenue #C304 San Diego, California 92110 619.795.7873 Phone contact@areaa.org Previous issues available online at: http://areaa.org/a-r-e

For additional web-based content, please visit: www.areaa.org.

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DIRECTOR OF INSIDE SALES

KENNY TRUONG

CAN THE MONEY IN YOUR POCKET MAKE A DIFFERENCE FOR YOUR RETIREMENT? You might be surprised. Small amounts invested regularly over time can have quite an impact, even on something as big as saving for retirement. A point we demonstrated by toppling the world’s largest domino with one small enough to fit, well, in your pocket.

Make time work for you. We can show you how small steps now can make a difference for your future – by knocking some pretty big retirement goals down to size.

Contact Prudential Today To Get Started.

To locate a financial professional in your area go to www.prudential.com and click on “Find a Financial Professional.”

“Prudential Advisors®” is a brand name of The Prudential Insurance Company of America and its subsidiaries.

Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ and its affiliates. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.

0306613-00001-00

CANOPY AT ESENCIA

DRIFTSONG AT WALLIS RANCH

VISTAVIEW IN LAS VEGAS

Warmington has long been a broker-friendly builder and we rely upon and appreciate the partnerships we have forged with a network of real estate professionals. At all of our new home neighborhoods we welcome brokers and their agents and pay referral fees. We strive to offer new homes and neighborhoods that you will be proud to present to your clients.

And we make it easy! When you sign up and become a Preferred Real Estate Professional at HomesByWarmington.com/realtors, you can register your clients online before they visit.

MESQUITE, NEVADA

LAS VEGAS, NEVADA

Desert Ridge Single Family Homes Mesquite From the low $200’s

Westbury Single Family Homes Southwest Las Vegas From the upper $200’s

Ridgehaven Single Family Homes Southwest Las Vegas From the upper $200’s

Rockpointe Single Family Homes Southwest Las Vegas From the upper $200’s

Vistaview Single Family Homes Southwest Las Vegas From the mid $300’s

Canopy at Esencia Single Family Homes Rancho Mission Viejo From the low $700’s

the E.R.B. Mixed-Use + Single Family Homes - Los Angeles From the upper $700’s

the Glen LA Single Family Homes Los Angeles From the upper $600’s

Tablelands* Single Family Homes Costa Mesa From the upper $900’s

SOUTHERN CALIFORNIA

Opus at Beacon Park Luxury Flats Irvine From the $700’s NORTHERN CALIFORNIA

Driftsong at Wallis Ranch Single Family Homes Dublin From the low $900’s

Trestle at Wallis Ranch Courtyard-Style Attached Homes - Dublin From the $800’s

Realtors welcome. HomesByWarmington.com is the registered domain for Warmington Residential and represents its new home communities throughout California and Nevada. *In partnership with MWCH. Models depicted do not reflect racial preference. Prices effective date of publication and subject to change without notice. 09.06.17

FROM THE

Director

The reason why we focused on San Diego’s affordability is because it’s an issue faced by many metropolitan areas, and Asian Americans and Pacific Islanders (AAPI) tend to live in these cities. Therefore affordability must be a critical piece of AAPI housing policy.

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If you’re reading this issue at this year’s AREAA National Convention, welcome to San Diego, America's Finest City.

European explorer Juan Rodriguez Cabrillo discovered San Diego in 1542.

Originally named San Miguel, the city was later renamed to San Diego in 1602. The original San Diego was located at the foot of Presidio Hill, in the area now known as Old Town San Diego State Historic Park (if you’re taking the downtown tour or visiting the AREAA headquarters, you can plan a side trip to Presidio Park). In 1848, as a result of the Treaty of Guadalupe Hidalgo, San Diego County became part of the United States, paving the way for the creation of California’s statehood in 1850. Not only is San Diego the birthplace of California, it is home to yours truly, my pug Pooka, and AREAA headquarters.

While at the National Convention this year, I hope that you will take the opportunity to explore the sights and sounds of San Diego and the rich history this city has to offer. From our scenic beaches and coastline (Pro-tip: try to catch a “green flash” at Sunset Cliffs – at the exact moment the sun dips below the horizon, sometimes atmospheric conditions lead to a spectacular burst of green light into the sky), to our bustling downtown waterfront, San Diego has something to offer everyone.

As you’ll flip through this issue, you will uncover that despite the attractive beaches, year-round amazing weather

and fish tacos, America's Finest City is becoming one of America's least affordable cities to live in. Economists and reports continue to show San Diego’s low housing affordability index because fewer of our residents can afford to buy homes in many neighborhoods. The reasons are simple, yet immensely complex. Wages have stagnated while home values have skyrocketed; there is a near all-time low in inventory (especially at the moderate to low income levels) at the same time as there is near all-time high in demand. The city has taken solid steps toward addressing this oncoming crisis, but it’s going to take many years to fully resolve, if that’s even truly possible.

The reason why we focused on San Diego’s affordability is because it’s an issue faced by many metropolitan areas, and Asian Americans and Pacific Islanders (AAPI) tend to live in these cities. Therefore affordability must be a critical piece of AAPI housing policy.

But, in the meantime, welcome to America’s Finest City and I hope you enjoy AREAA’s Finest Convention!

HOPE ATUEL

AREAA Executive Director

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Sheppick,

By Dottie rtg age Specialty Mo LLC Produc t Solutions,

How can we change the predicament noted in this statement from NAR Chief Economist Lawrence Yun? “It’s shaping up to be another year of below average sales to first-time buyers despite a healthy economy that continues to create jobs,” Working with first-time homebuyers may take some extra hand-holding, but it is rewarding business in terms of doing admirable work and building a valuable, loyal pipeline of referrals. When you talk with a potential home buyer who isn’t sure if they can afford a home, there are lots of sources of information you can provide for them. And checking in with them on a regular basis no matter how long the process, shows you care and will provide the support they need.

First, make sure they know their credit score and if they don’t, show them how to obtain it through their own bank or a free web site, such as Credit Karma. Encourage them to understand how their bill paying habits impact their credit score, including a potential impact on the interest rate of their mortgage loan which can cost a great deal of money over time.

If they think they need more money for a down payment, work with them and a loan officer who is experienced working with first time homebuyers to find out what first mortgage loan products offer lower down payment, FHA, Freddie Mac’s Home Possible and Fannie Mae’s HomeReady.

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Also, search for down payment assistance on http://downpaymentresource.com/are-you-eligible/ This website will help you find programs in your area and you can work with your first-time home buyer to see if they qualify.

Most programs offer a second mortgage with flexible payback terms or a grant that does not have to be paid back. Others offer monthly payment assistance and some even reduce the sales price of the home. All have eligibility criteria, such as income limits or a first-time homebuyer requirement. However, don’t make the mistake of thinking they are all low-income programs, some are offered to employees of certain companies and allow significant income for qualifying.

If you don’t understand the program or how it works, call the offering agency and ask if they have brochure or perhaps a training class. Even if the home buyer does not qualify, they will be impressed by your knowledge and willingness to help them in ways no one else has even mentioned.

You may also want to encourage them to attend a home buyer education course offered by a local nonprofit or direct them to Freddie Mac’s Credit Smart curriculum http://www.freddiemac.com/creditsmart/ The courses teach financial literacy for buying a home and just as important, they will impress upon the home buyer that they have options if they get in trouble making the mortgage payment. To find out what their options are, they must call the loan servicer.

In summary, don’t give up on anyone who says they want to buy their first home, but they just aren’t ready. Help them get ready, provide strong and unexpected support through the process and watch your referrals grow!

“PRE-APPROVED” SHOULD MEAN PRE-APPROVED.

An in-depth pre-approval process.

A more predictable outcome.

The PNC pre-approval is underwritten by a PNC Bank mortgage professional.

We walk your client through the entire application process. We perform a full credit review and, if approved, the result is a true commitment to lend. From the start.

Visit pnc.com/agentalliance to learn more or connect with a PNC Mortgage Loan Officer today.

Pre-approvals are subject to property underwriting and appraisal. Borrower must satisfy pre-approval conditions outlined in commitment letter. Loan amount subject to property appraisal.

PNC is a registered service mark of The PNC Financial Services Group, Inc (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal. 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. ©2017 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC

AREAA Global Spotlight:

New World Grand Bali Resort

Own your piece of paradise and make money at the same time! AREAA Global with the Global Luxury Living team of Prime Properties Asset Management makes it possible.

New World Grand Bali Resort The resort is designed by world-class consultants, internationally wellknown architects and interior designers that have blended the new-age modern era and the traditional Balinese culture perfectly into the design concept. This creates the perfect relaxing and comfortable ambience for the buyer and guests of the resort.

#1 destination in the world! The Last Paradise, Island of Peace, Island of Love, Island of Thousand Temples, Island of Gods. Many names of BALI.

It’s the most integrated resort to be a one-stop destination. Designed to cater to honeymooners, families, weddings, and a golf destination (a golf course nearby, five minutes by buggy car). All types of units within the premises have astounding beach views, with their own signature amenities, depending on the type of unit. They will also be able to experience the high-class entertainment atmosphere that they cannot find in any other place in Bali. Some of the many experiences include: dancing water show, lazy river, wave pool, pool stage for world-class shows, and MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities.

A complete Holiday Homes concept in Bali, the Island of Gods, for buyers.

In the New World Grand Bali Resort, the developer will operate and maintain the units as a five-star luxury hotel and villa resort and at the same time generate the ROI of 8% (gross) to the buyers.

The New World Grand Bali Resort comprises of 412 units ranging from suites to 3 bedroom villas. The selling price for this early bird promo is ranging from $300,000 to $2,300,000, depending on the unit type.

Maxima is the developer that owns resort type development projects mainly located in Bali, Indonesia. Rosewood Hotel Group is the world famous ultra-luxury hotelier managing the resort.

The group always focuses on the luxury only projects, the next one being the “Waldorf Astoria Ubud Bali”.

Come to Bali, Join us for the site tour.

GlobalLuxuryLiving@gmail.com Linda Lim / Young Ahn / Peter Park

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Think Different.

Think Big. Think BOSA. We build communities that change the way you live.

We are recognized internationally for our success pioneering new markets and creating developments that are catalysts for change. We combine functionality and aesthetic excellence to develop dynamic, mixed-used environments that energize neighborhoods and inspire their citizens.

BY HELPING YOUR BUSINESS DO WELL, YOU HELP US DO GOOD When you do business with AREAA Global, you are supporting AREAA’s mission of increasing homeownership in the AAPI community. AREAA Global is 100% owned by AREAA, and 100% of any profits made are reinvested into AREAA. Because of this, you can be assured that our only goal for your business is to help it succeed as much as possible.

Visit www.areaagloball.com today to learn more about how we can help make your business dreams become reality.

Wholly Owned by the Asian Real Estate Association of America (AREAA) 100% of Profits are Reinvested in AREAA National CA BRE 01938588

Join our growing list of partners

A DVE R T O R I A L

Do Domain Extensions Matter?

BY ROB PURDY Director of Domain Sales at Homes.com

In a technology-driven world, it’s more important than ever for professionals in the luxury housing industry to stand out in every way possible. Find out how acquiring a real estate-related domain extension can solidify your brand and help you get ahead of your competition.

Why does the extension matter? ››

BRANDING – A specific extension, especially one tied to the real estate industry, can help solidify your message and branding. A .homes domain lets you register your personal name, business name, or a combination of your niche market or local geographic area, so you can keep your branding consistent.

You’ll also have more flexibility and a better chance to create a domain more closely related to real estate and your brand. For example, if you own Sally Smith Realty, registering SallySmith.homes or SmithRealty. homes clearly shows viewers that you’re in real estate, while also keeping your name in the domain.

››

CREDIBILITY – The .org, .edu, and .gov extensions lend credibility to sites, since users already assume they are reliable. Certain extensions, such as .homes, have the same effect, since online searchers already know what the site should contain. Also, since a .homes domain is only available to those in the housing industry who meet certain criteria, owning this domain instantly conveys trust and builds credibility with consumers.

››

COMMITMENT – By purchasing a domain extension, it shows viewers that you’re committed to your craft and your brand. Specifically, a .homes domain offers you the chance to secure a memorable domain that aligns with your marketing efforts, while at the same time helping consumers easily identify you as a real estate professional.

What is a domain extension?

Your website domain extension is everything after the dot in your website address. The .com extension represents “commercial” and is the most popular one today. However, this means it’s also the most limited, with many of the best names taken years ago. Since companies started realizing they hadn’t fully tapped the domain extension potential, there are many extensions available from .finance to .pizza.

While these may not help you in the real estate world, the .Homes.com extension does and it’s only available to specific groups in the housing industry.

What can I do with a .homes extension?

Simple, build your real estate empire. Domains like SouthBeach.homes or SoFLRealty.homes clearly establish a strong connection to the real estate industry. A .homes extension allows you to secure a clear, concise domain that aligns with your marketing efforts, while at the same time letting consumers find you more easily online. Finally, a memorable domain name can easily help you connect with past clients, since they’re more likely to remember your site.

One other unique way to build your brand with a .homes domain is to secure your geographic area or target market, making it easier than ever for consumers to know you’re the real estate leader in that specific area. With new areas opening up monthly, you maybe able to secure CityName.Homes, BuyCity.Homes or Neighborhood.Homes.

If you’re looking for a more unique way to brand yourself or your business, acquiring a .homes extension can set you apart from your competition. Learn more by visiting http://www.homespro.homes/dothomes-areaa917/ But act fast – the best names are going quickly on a first come, first serve basis.

usbank.com/mortgage

Improving homeownership in our community.

Q&A with Lenny McNeill

Lenny McNeill SVP Managing Director, Strategic Markets and Community Lending U.S. Bank Home Mortgage

Question: What is your view on the State of Housing in America, specifically in the Asian community?

Lenny’s answer: The State of Housing in America for minorities has a tremendous upside even while the homeownership gap still exists throughout the United States.

White homeownership is about 72%, while Asian, Hispanic and African Americans are at 55%, 47% and 41%, respectively. The good news is that we’ve seen an increase over the past few years, therefore, it is important that we continue our outreach and focus to help all customers with sustainable homeownership opportunities. Our commitment to our community is bound to impact the state of homeownership, not only in the Asian community but in other minority communities as well.

Question: Homeownership continues to be the reliable source for building personal wealth amongst minorities. What mainstream gaps are you seeing in terms of wealth income growth in communities of color, and what are you currently doing about it?

Lenny’s answer: The Asian community, in comparison to the Hispanic and African American populations, has shown stronger signs of using equity in their homes to create savings, invest in small business and in real estate. Our message has been consistent: education and communication will help fill the gaps regarding potential wealth development and opportunity. Our goal is to provide sustainable homeownership to not only help customers with a loan, but also help revitalize and provide growth for neighborhoods and communities for years to come.

Question: We are seeing a noticeable youth movement in the industry with more millennials being inquisitive about homeownership, but most only have what their parents went through as their foundation of knowledge. How do we get our youth excited about financial literacy?

Lenny’s Answer: While millennials are showing more interest in homeownership, their approach is different with all the forms of technology and social media. Education plays an integral role if delivered in an electronic format that they can relate to. Being able to share data, statistics and success stories is imperative. We will continue to hire talent that can understand the needs of a younger buyer and get them excited about homeownership.

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Visit usbank.com to learn more about U.S. Bank products and services. Mortgage and Home Equity products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC. 171274C 8/17 “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.

ROO K IE O F T HE Y E A R 2 017

MICA BUTTERWOOD Secretary Lic. Title Agent @ Paramount Title

TYLER NGUYEN

JIAYIN LIAO

Treasurer

Vice President

Mortgage Loan Originator @ BlueGrey Mortgage

Attorney @ Bailey & Glasser, LLP

AKA #2 “The Money Guy”

AKA #45 “The Binder”

AKA #26.2 “The Title Guru”

MARIA GRULICH Board Member Dir. Global Business @ Florida Realtors®

MARC WEINTRAUB

VICTORIA VO

Legal Counsel

President & Founding Member

Managing Partner, Florida Office @ Bailey & Glasser, LLP.

Realtor @ Premier | Sotheby’s International Realty AKA #7 “The Closer”

AKA #12.1 “The Mastermind”

AKA #195 “The Connector”

#AREAAGTBfamily

AREAAgtb.org

Rob Mehta is the owner of Rob Mehta+Partners, and specializes in education and consulting with a focus on business development, brokerage operations, marketing, agent recruiting and retention, and international development.

He has served as President of the Minnesota Association of REALTORS, Director for both AREAA and NAR's Young Professionals Network and a member of AREAA's inaugural "A-List." www.robmehtapartners.com

By Rob Mehta

With baby boomers getting older, and millennials living at home far longer than previous generations, what are your opinions/what is your outlook on the future of multi-generational housing?

Pew Research Center defines Multigenerational as: “a household that includes two or more adult generations, or one that includes grandparents and grandchildren” Well by dear readers, the fact of the matter is that Multigenerational housing is very much here, and it is here to stay. The concept is not new - it was common during the Depression, the Recession, and it continues to grow today. In fact, there are over 60.6 million Americans, approximately 20 percent of the U.S. population, now living with two or more generations under one roof.

Who is living in in Multigenerational households?

Everyone! Multi-generational households make up 28 percent of Asian homes, 25 percent Hispanic, 25 percent of AfricanAmerican, and 15 percent of caucasian households overall. Economic factors were a driving factor a decade ago, and not much has changed since - because let’s face it - adult care and child care are still expensive and those costs are still rising, multigeneraltional households have become a cost-effective solution. And, there isn’t one particular demographic which feels this more than another, it that affects EVERYONE. Other factors we see in pushing this trend is 26

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of course, the Recession - adult child children are returning to their parents homes. Another factor, people are just plain living longer.

And of course, options for home based health care are growing, enabling elderly family members to remain with the family rather than in nursing communities. In fact, there are many reasons multigenerational households continue to grow in numbers, despite the uptick in the economy. Statistics show that immigrants are more likely to live in multigenerational households, particularly Latin American and Asians. Today there are more Millenials than ever before living at home, either due to personal choices or financial hardship, and let’s face it, the simple economics of the situation provide that consolidating into one household is one step that can help ease the financial burden.

How do we comfortably accommodate everyone?

Reinforcing that this trend is here to stay with ever increasing numbers, homebuilders are also responding to demand with housing solutions for multigenerational households.

Many national builders have jumped on the challenging task of offering floor plans with additional kitchens, semi-private first floor suites, or separate attached apartments

so that there are specific living spaces for various family members, with separate entrances and garages, not only for reasons of privacy, but also for other household situations. For instance, a family home with an attached apartment could at some point in the future, conceivably be turned into a rental unit, thereby supplementing the family income.

What about resale?

In light of this growing nationwide trend, any REALTOR can tell you that multigenerational housing is likely a quick sell, and that its popularity is rising in today’s housing market - 60.6 million Americans are already involved. The US Census Bureau’s projections estimate that by 2035, there will be 79 million Americans age 65 or older, an increase of more than 30 million people in just two decades. The projected increase and demographic shift in the older population make it very likely that the number of multigenerational households in the United States, and the share of people living in those households will only increase, making this very much a trend to be paying attention to.

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More details about this affordable program: • Non-traditional credit (CLTV and DTI limits apply) • Boarder income from a one-unit primary residence may be considered as stable monthly income provided it meets requirements

More help for homebuyers

• Allows co-ops as an acceptable property type • Allows non-permanent resident aliens under the same terms and conditions as U.S. citizens • Homebuyer education may be required for first-time homebuyers through a HUD-approved counseling provider or Connect to Own®, Bank of America’s nationwide network of counselors • Maximum income and loan amount limits apply (varies by location) Get personal guidance from a dedicated lending specialist Buying a home is an important financial decision. A Bank of America lending specialist can help guide your clients through the process so they’ll feel confident every step of the way.

Down payment or cost savings programs can help make buying a home even more affordable.² To search for programs, visit bankofamerica.com/ downpaymentcenter.

Get started today Visit bankofamerica.com/neighborhoodlending

Bank of America is a proud supporter of AREAA and we look forward to connecting you to resources that can help you grow your business.

1

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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.

THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend.

Programs, rates, terms and conditions are subject to change without notice.

Bank of America, N.A., Member FDIC.

Equal Housing Lender. ©2017 Bank of America Corporation. | AR5FRX45 | AD-08-17-0234. E | 08-2017

Here Are 6 Ways for You to Win a LoanBacked Bid in a Sea of Cash Buyers By: Angela Bao

It was love at first sight.

Scott and his wife had found the perfect home. It was within their $250K budget, in a great neighborhood close to a good school, and only a short drive away from work. They decided to make an offer immediately after the first viewing, and, because they were pre-qualified for a loan, directed their agent to prepare their bid.

A few hours later they got the call they’d been waiting for – only it was bad news.

“The seller has accepted a cash offer, I’m sorry,” their agent said.

And just like that, the couple went from love at first sight to heartbreak.

As a Realtor for ERA iRealty in Plano, Texas, I see this loan-versus-cashbid scenario play out every day. And it’s not just Plano. It’s happening across Texas, where the real estate market is hot and inventory only stands for 35 days, but you can still snatch beautiful homes in up and coming communities for as low as $200,000. For many prospective homeowners in Texas, the bidding war is no joke – properties sell within hours and it’s not uncommon to have 15-20 bids on one home.

Over the last five years, cash buyers – most of whom are out-of-state investors looking to convert homes into rental properties – have begun to disrupt the loan-dominated financing model and give families looking to buy homes a real run for their money. Most of the race is happening with homes that offer the most for the least – good home, good neighborhood, good price – usually $250,000 or less. In that price range, on average, for every 10 homes sold, four are sold to cash bidders and six are sold to loan bidders – almost an equal split.

In Collin County, one of the state’s most in-demand markets thanks to an influx of new residents chasing jobs at Toyota, JPMorgan Chase, Liberty Mutual, FedEx or one of the other firms fueling the economy, this bidding war is both familiar and disheartening.

But money doesn’t always talk louder in the form of a bill.

Here are six ways I’ve helped homeowners win a loan-backed bid against a cash offer:

Editor’s Note: This article first ran on www.housingwire.com on August 17, 2017

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6 Ways for You to Win a Loan-Backed Bid in a Sea of Cash Buyers

1.

Work closely with your lender

2.

Being pre-qualified is not enough in a competitive market, where waiting several days – or even hours, in some cases – to get fully approved for a loan can cost you the home of your dreams.

So before you bid, get your loan approved contingent on appraisal of the home value. Taking this one extra step will put you on the same footing as cash bidders in the eyes of the seller’s agent, who will see your approval ‘as good as cash.’

I mean very closely – to the point of having their cell phone number memorized. Your lender is a vital piece of this puzzle – make sure you know exactly what you need to have to make a complete bid.

4.

Write a personalized letter to the seller expressing your interest in the home When you have a seller who is attached to their property and interested in seeing it go to the right buyer, a personalized letter could be the strategic advantage that gets you a winning bid. In many cases, cash offers are made by investors looking to either flip the home or convert it to a rental property. If you are a couple looking to raise a family in that home, stating that intention in the letter could appeal to the seller’s emotional side and close the deal in your favor.

3.

Get fully approved for a loan

5.

Submit a complete, clean contract

Have your lender call the seller’s agent to give them peace of mind about your bid A phone call immediately after bid submission from your lender can go a long way in reassuring the seller that your loan-backed bid really is as good as cash, especially if it is coming from a trusted, certified third party.

6.

The less work you make for the seller’s agent, the better, so please, send a contract with legible writing, complete responses and all the necessary information. If you can resist, don’t ask for closing costs or home warranties, and don’t leave anything unanswered – if an agent is confused or delayed by your contract, they’ll simply move on to the next in the pile.

Give a higher offer than the listing price – and cash bid Give a higher offer than the listing price – and cash bid.

If you can afford it, offering between $5,000 to $20,000 on top of the asking price may be the most surefire way to close the deal against a cash bidder. In the end, money talks – no matter what form it’s coming in.

ANGELA BAO is a REALTOR®at ERA iRealty in Plano, TX

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In My Neighborhood

with Brett Dickinson

kan_khampanya/Shutterstock

What attracts buyers to La Jolla?

The main attraction is the location to the amazing beaches and proximity to the ocean/ ocean views. It is the combination of beaches, restaurants, lifestyle, UCSD (major university), 2 major state of the art health care organizations- UCSD medical and Scripps (Sharp as well), and cultural icons such as the Museum of Contemporary Art (tripling in size over the next 3 years), La Jolla Playhouse- multiple tony award winning plays, and the new 50 million $ performing arts center as well as proximity to Torrey Pines Golf Course home of the US OPEN, Also, la jolla has excellent public schools – 3 great elementary schools, one middle school and La Jolla High School – recently voted one of the top 100 high schools in the USA. LJ has 2 of the best private schools in Southern California- Bishops School and La Country Day.

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

The weather- 72 degree average per year, no humidity, no bugs

It is hard to go in and out due to traffic, however, if you know the short cuts and back roads it’s not so bad.

Can you share one of the area’s best kept secrets?

Workout Scene- every morning from 6 to 9 am La Jolla’s workout scene lights up as spinners, yogis and fitness fanatics engage in multiple workouts and the juices shops light up. All types of workouts and health enthusiasts attain a head start on the day.

Windensea Beach – it’s a local beach where every evening neighbors grab a glass of wine and walk to the beach to watch the best surfers in the world surf one world renowned breaks and look for the famous green flash when the sun sets.

http://thedivinedish.com 30

What’s a common misconception about the La Jolla you would like to clear up?

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What types of activities/events does La Jolla offer?

La Jolla has on going events such as concourse d’elegance, the Oscar party at the The Lot, dedications of new Art pieces throughout the city done by world famous artists from all over the world (on the walls of La Jolla), as well as events at the iconic La Valencia Hotel.

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

Lunch at Georges by the Cove and a walk to see the seals at the famous Children’s Cove.

What is your favorite restaurant?

Tell us a little about it.

Best place for a date night?

The LOT is a great nigh out with an excellent restaurant and VIP movie theater experience. Where one can recline, eat and drink (alocohol) during the film. Full food service is available.

Best place to have a beer/cocktail?

Herringbone. Very trendy and always easy on the eyes.

Any good shopping areas or stores?

UTC mall is in the process of becoming (construction is almost completed) the most doted mall in SoCal. With the largest Nordstrom in SoCal and all the major designers being featured.

Best brunch/coffee spot?

The Coffee Cup or the Cottage known to locals as the best breakfast spots in La Jolla.

My favorite right now is Catania- the owners travelled to Italy to find the authentic wood burning Pizza Oven and feature farm to table cuisine.

Describe the composition of the LJ: Who lives there? What do they do?

LJ has a very international group of people. With a combination of long term residents raising their families as well as retires walking distance to the village. Additionally, there are many second home owners who either come to visit periodically or use their home as vacation rental. www.lajolla.com

Sqft

Median: $1,050,000, up 12% from 2016

Median age: 48

Price per Sqft: $699

Median Rent: $5000

63% homeowners

80% college education rate

$$

Median Household income: $100,000

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a/r/eats! with

KAT C. LEVKOFF

S U O M A F S ' M O M S G N I L P DUM Now that I don't live at home, she'll occasionally make large batches, freeze them and have me take them home in large ziplock bags.

Several months ago I brought them to work and shared with a few people and they were a hit! Since then, my co-workers have nonstop asked me to bring more in and begged me for the recipe. These dumplings take a little work but the payoff is worth it.

INGREDIENTS: ++ 3 lbs ground pork butt or shoulder (preferably ground twice) ++ 2 stalks of green onions, chopped ++ 1 napa cabbage ++ 2 tbsp finely minced ginger ++ 1.5 tbsp salt

1. Finely chop Napa cabbage, add salt to draw out the water and drain with a cheesecloth.

2. Add chopped napa cabbage, green onions, minced ginger, salt, bouillon, soy sauce and 1/2 of the sesame oil to the ground pork and mix well. I use a KitchenaAid mixer with the flat beater attachment and divide the ingredients into 2 batches to fit but you can always mix by hand if mixer is not available.

3. You know mixture is done when it has a nice gleam to it. It is possible to under mix because the stuffing will separate when cooking, so it's better over mix than under.

4. Take gyoza/dumpling wrappers and place on a plate with a paper towel drenched in water. Take one wrapper and add about a tbsp of mixture in the middle, then use pleated fold technique.*

++ 1 cup sesame oil

5. Add dumplings into a pot of boiling water. Stir occasionally so the dumplings do not stick to the bottom of the pan. Once dumplings are floating, add a cup of water and wait until water boils again.

(Takes about 7 mins if dumplings are fresh and 15 mins if dumplings are frozen).

++ Gyoza/Dumpling Wrappers

6. Serve with soy sauce.

Makes about 150 dumplings and can serve 10-12 people.

*Instructions for this technique can be found using a simple Google search. While there are other ways to fold a dumpling, this is our recommended technique.

++ 1 tbsp chicken or fish bouillon ++ 3/4 cup light soy sauce

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INSTRUCTIONS:

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shutterstock.com/Tlapy007

Growing up, my mom used to make these dumplings all the time. They were and still are one of my favorite things to eat.

Di scove r

A L A B A M A’ S G U L F C O A S T

iles of sugar white sand and pristine turquoise waters frame the natural beauty of Alabama’s Gulf Coast. Enjoy some of the South’s best golfing with over 30 PGA-rated courses, including two world renowned Robert Trent Jones’ courses, within an hours drive of the beach. Or spend the day fighting the “big one” as you reel in your trophy catch on a world class sport fishing excursion. At the end of a long day, treat yourself to one of the area’s many fine dining restaurants featuring local fish and game, such as famous Gulf oysters or fresh caught Red Snapper.

Alabama’s Gulf Coast is home to many luxurious gated communities, and with our low property tax rates and relatively lower home prices, your investment dollars can go much further than other, more developed areas along the coast. As the region continues its rapid economic growth and attracts more and more tourism, now is the time to invest in the South’s Best Kept Secret.

Ruth Christian Photography

M

The pearl of Orange Beach, Turquoise Place is the ultimate in luxury living. Extra-large units, lavish amenities, and superb return on investment set this property apart from and above the rest.

Located right on the sandy white beaches of the Alabama’s Gulf Coast, the shimmering towers of Turquoise Place are the most desired vacation rentals in the area.

2015 Annual Rental Revenue from Turquoise Place in Orange Beach, AL 3/3.5 $101,650

4/4.5 $110,500+

See How Far Your Investment Dollars Can Go – Call Me Today Catherine McInnis

Associate Broker 251.233.9273 CatherineMcinnis@yahoo.com CatherineMcInnis.com

MULTIPLE LISTING SERVICE

REALTOR ®

Certified Real Estate Specialist Accredited Buyers Representative Resort and Second Home Specialist Asian Real Estate Association of America

How Housing Affordability Threatens San Diego’s Future, and How it Plans to Combat the Issue.

B Y: S C OT T B E R M A N

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Shutterstock.com / Dancestrokes

San Diego is affectionately known as America’s Finest City, and for good reason. With near perfect year-round temperatures – not to mention over 3,000 hours of sunshine per year, a booming economy, some of the best educational facilities in the world (UC San Diego is ranked #3 in the U.S., and #17 in the world), and miles and miles of iconic Southern California coastline, who wouldn’t want to live here?

The population is young, smart, and diverse.

According the US Census Bureau, the median age in San Diego is just 35.5 years old (5th lowest among top 25 major metro areas in the US), 27.2% of the population is between 18-34 (1st), 24.2% were born outside of the US (5th), 37.2% have a bachelor’s degree or higher (10th), and 42.6% of those graduates have a Science or Engineering degree (4th).

San Diego’s economy has been steadily growing in recent years, though that growth slowed down slightly in 2016. International trade, manufacturing, military, and tourism form the foundation of the city’s economy. The city has a GDP of $220.6B USD (15th), with a per capita GDP of $66,858 USD. In 2016, a record breaking 34.9 million people visited San Diego, spending an all-time high $10.4B USD. San Diego is ranked #1 in concentration of military and defense assets in the world (San Diego Military Advisory Council); ranked #2 for ‘Most Inventive Cities’ (Forbes Magazine); #4 for Top Life Sciences and Biosciences locations ( Jones Lang LaSalle); and was the only city in North America to be ranked in National Geographic’s “World’s Smart Cities”.

And I haven’t even mentioned the fish tacos.

But San Diego, as well as a growing numbers of major metropolitan areas, does have a serious problem – housing affordability. A severe lack of housing inventory coupled with high demand to live in San Diego has led to what any Econ 101 student could tell you – a spike in housing prices. According to data from Ten-X, the nation’s leading online real estate transaction marketplace, median home price in the first quarter of 2017 was $541,171, almost three times the national average. Inventory of homes for sale fell by 25.4 from 2016, to a seasonally adjusted rate of just 5,222. The San Diego metro area is home to an estimated 3,299,521 million people, and adds roughly 30,000 more residents each year. It’s not hard to see why home prices continue to skyrocket.

San Diego’s affordability crisis is due to more than just free market economics, and highlights the crucial role government must play in making sure that the invisible hand doesn’t wipe out any chance the average person has in being able to achieve the American Dream of homeownership. While home prices and the economy in San Diego have soared in recent years, wages have not. According to the San Diego Business Journal, a homebuyer in San Diego would need to make $113,530.43 to afford a median

priced home. The median household income is just $67,300 (US Census Bureau).

Higher home prices have led to a dramatic increase in renters in San Diego. "Home prices in the San Diego area have finally eclipsed pre-recession levels, but for most residents, renting has become much more affordable than buying a home," said Ten-X Executive Vice President Rick Sharga. "While home sales dropped slightly in the first quarter, they have steadily increased since 2012 in the metro region and have led the U.S. in year-over-year gains. Meanwhile, San Diego's economic expansion is softening, although the unemployment rate remains well below the national average."

Regulatory hurdles have also played a large part in San Diego’s lack of new or affordable housing. According to a 2015 study

by Point Loma Nazarene University, 47% of the cost of housing projects in San Diego is due to regulations – the highest of any metro area studied by the university.

Land restrictions, both through zoning and actual physical barriers (San Diego has the Pacific Ocean to its West, and mountains and desert to its East), have also played a significant role in the stagnation of housing inventory. There simply isn’t enough space to build enough new housing to meet growing demand. According to a recent report by the San Diego Regional Chamber of Commerce and the San Diego Association of REALTORS®, the San Diego region will only produce half of the units needed by 2020 to accommodate current population growth trends, and many cities in the region have not built any units in the very low, low, and moderate income categories.

So what steps is the city taking to address this issue? Lots of them, it turns out.

The San Diego Union Tribune reported that Mayor Kevin Faulconer recently approved legislation making it easier for homeowners to construct “granny flats”, expedite housing projects for approval, and streamline approvals by revamping the appeals process. The moves are the first in a series of initiatives the mayor and city leaders have on the

...a homebuyer in San Diego would need to make $113,530.43 to afford a median priced home.

The median household income is just $67,300 San Diego Business Journal

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Granny flats, also called “companion flats”, are smaller, independent units on the same lot as a single-family home.

SAN DIEGO HOUSING MARKET SNAPSHOT DETACHED PROPERTIES

Avg Sales Price $775,545 › +9.2% YoY Median Price $610,000 › +8.3% YoY Days on Market 29 › (-)9.4% YoY Affordability Index (100 being Ideal) 58 › (-)10.8% YoY ATTACHED PROPERTIES

Avg Sales Price $473,533 › +7.3% Median Price $400,000 › +6.7% Days on Market 22 › (-)22.1% Affordability Index (100 being Ideal) 89 › (-)8.2% San Diego Association of REALTORS® Monthly Housing Report - August

Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability

Photo: Gage Skidmore

The city council and the Mayor have both stated docket this year to address the inventory crisis in that these three measures are just the beginning of the city. The initiatives are aimed at lowering costs, a multi-year concerted effort to pass more reform boosting inventory, and promoting “smart growth” initiatives aimed at boosting inventory growth in designated areas. and lowering the cost of housing. Mayor FaulconIn order to address the concerns that the granny er applauded the bipartisan effort of the council, flats may lead to more short-term vacation rentsaying “It's all of us working together — Republicans, als, therefore not help with housing inventory, the Democrats, business groups, environmental entities, city council voted to require that tenants stay a community advocates and home builders — to take minimum of 30 days. And while some argued these on what is absolutely one of the biggest issues that granny flats should be limited to just densely faces San Diego. We need a broad coalition.” populated urban areas, so as not to damCouncilman Scott Sherman was equally age the character of the lesser populatoptimistic, “While these measures will help ed suburban areas, others pointed out streamline the housing approval process, that it is precisely because the subthere is still much more work to be done. We urbs are less populated and less traffic must continue the momentum and bipartisan that they are a more desirable area for efforts to lower the cost of housing for this type of development.

San Diego families.”

The city council approved “The challenge in housing affordmeasures that will allow for It's all of us ability is not just the increasing cost granny flats to be built within of homes but the loan accessibility to an existing structure, overturnworking together majority,” says local REALTOR® and ing previous restrictions that — Republicans, former AREAA San Diego President required a detached building Tina Balch. “I would love to see be constructed. The rules say Democrats, the City of San Diego continue and that the “junior granny flat” can expand programs like silent seconds, be up to 500 sqft and must be business groups, down payment grants and assistance. equipped with a kitchenette, Together with government backed though a separate bathroom environmental loan programs like VA expanding its was not required. entities, loan limit in high cost areas like San The granny flats are surely Diego and/or Fannie Mae's Homeready a quick and easy fix, but some community program, which allows borrowers to call it a “band-aid” solution that include boarder or roommate’s income fails to address the other major advocates and to qualify. We need more of these underlying causes of San Diego’s adaptable financing options so we housing woes – namely heavy home builders — can move the needle from renters to regulations and an appeals to take on what is homeowners in San Diego.” process that can often delay America’s Finest City has shown a projects for months. absolutely one of determined spirit to combat rising But the city council also housing prices, and has taken solid approved measures to address the biggest issues steps toward remedying the situation. these issues. By expanding the No one believes it will be easy, or that “expedited program”, projects that faces San it will be quick. But the city council where at least 10 percent of Diego. We need a and the Mayor have proven that with units are reserved for low bipartisan coalition, it is able to tackle or very low income families, broad coalition. arguably the biggest problem the projects that are near transit city faces in the near future. Reallines or where transit lines – Mayor Kevin Faulconer tors, developers, and other housing are planned in the future, and professionals will be keeping a close projects located in federally eye on further actions and initiatives designated “promise zone” to increase housing opportunity in the city, but for areas can bypass certain city development standards now we will have to wait. The next slate of housing and avoid a lot of the red tape typically associated initiatives isn’t scheduled to go before the council with new housing developments. The other measure until 2019, after environmental impact studies have approved by the city council sought to streamline been completed. and improve the city’s appeals process, which can Until then, all we can do is sit back and eat some cost upwards of $1000 to file and can have a wait of those world famous fish tacos. time of over 100 days.

Congratulations to Las Vegas' own

Randy Char on his installment as 2018 National President!

We can't wait to see all of the great things he accomplishes in the coming year! Thank you Randy for your commitment, passion and vision

2017 The Asian Real Estate Association of America's annual “A” List is a reflection of the organization’s diverse and talented membership. The list recognizes top producers serving Asian American homeowners and communities.

The award program is open to all active AREAA members. Based on 2016 production, the 2017 "A" List is comprised of the top 50 applicants in each of the two categories: SALES VOLUME and TRANSACTION SIDES. This year, for the very first time, we are also including a separate Team category.

TOP SALES PROFESSIONALS

TOP SALES PROFESSIONALS

BY 2016 INDIVIDUAL VOLUME

BY 2016 INDIVIDUAL SIDES

TERE FOSTER

1

AV EN U E PRO PERT I ES T E A M FOS T ER

$174,498,000

LEE

2

C L I M B R E A L ES TAT E G RO U P

$88,010,657

R E/M A X L I FES T Y L E

$65,272,250

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Wailea, Hawaii

PU B L I X R E A LT Y

367 sides

Bloomindale, Illinois

M I TA L A M IN

2

San Francisco, California

DANO SAYLES

3

1

Bellevue, Washington

MARCUS

SUNNY L A M BA

S I LV ER A N D OA K RE A LT Y

257 sides

Jersey City, New Jersey

DANIELLE MOY

3

CO L DW EL L BA N K ER R ES I D EN T I A L

247.75 sides

Orland Park, Illinois

2017 TOP SALES PROFESSIONALS

TOP SALES PROFESSIONALS

BY 2016 INDIVIDUAL VOLUME

BY 2016 INDIVIDUAL SIDES

ZA R Z AN GAN EH

4

LUX E ES TAT ES & L I FES T Y L ES

Las Vegas, Nevada

4

$62,402,423

T H E G O L D S TA N DA R D G RO U P O F R E/M A X R E A LT Y C EN T R E

$62,000,000

T T R S OT H E BY ’S I N T E R N AT I O N A L R E A LT Y

$54,473,500

S I LV E R A N D OA K R E A LT Y

Jersey City, New Jersey

8

Bloomindale, Illinois

G O L D EN GAT E S OT H E BY ’S I N T ER N AT I O N A L R E A LT Y

B E T T E R H O M ES A N D GA R D EN S R E A L ES TAT E P RO S P ER I T Y

N E X T C EN T U RY R E A LT Y

Los Angeles, California

Rochester, New York

RALPH BARON E

7

N J R EO A S S E T M A N AG E M EN T & R E A LT Y, I N C .

Bloomfield, New Jersey

CLI FFOR D PONTE

8

C EN T U RY 21 A S S O C I AT ES R E A LT Y, I N C .

Fall River, Massachusetts

KATRI NA WASH I N GTON

9

Berkeley, California

M A RY A NN OSBO RN

$48,125,000

DANI ELLE RI LEY

159 sides

H E R M A N CHAN

10

Naperville, Illinois

174 sides

$52,834,827

$49,000,000

RYA N H I L L R E A LT Y, L LC

172 sides

P U B L I X R E A LT Y

9

TERESA RYAN

6

$54,379,835

SUNNY L A M BA

Davie, Florida

175 sides

Chevy Chase, Maryland

M ITA L A M I N

7

5I M I A M I R E A LT Y L LC

5

Olney, Maryland

DAVID D ESANTIS

6

I S G A S I A L LC, O C E A N I N S I D ERS L LC,

198 sides

T INA CH EU N G

5

DONNI E PI N GARO

S T R ATO S R E A LT Y G RO U P L LC

Oklahoma City, Oklahoma 150 sides

SABRI YA SCOT T

10

S COT T R E A LT Y P RO FES S I O N A L S

Savannah, Georgia 123 sides

c o n t i n u e d

2017 RANK

NAME

COMPANY

LOCATION

11

ChienShen (Steven) Huang

Compass

San Francisco, California

$45,077,303

12

Cindy Cheung

BHGRE Safari

Staten Island, New York

$42,870,800

13

Herman Chan

Golden Gate Sotheby's International Realty

Berkeley, California

$42,659,150

14

Danielle Moy

Coldwell Banker Residential

Orland Park, Illinois

$42,467,866

15

Margo Bohlin

BHGRE Rand Realty

New City, New York

$41,498,620

16

Michael Hern

Prominent Properties Sotheby's International Realty

New Jersey, New Jersey

$38,204,990

17

Jessica Ye

Keller Williams Realty

Wellesley Hills, Massachusetts

$36,665,115

18

Christina Chung

Coldwell Banker

San Francisco, California

$36,393,000

19

Janice Lee

Coldwell Banker

San Francisco, California

$35,889,500

20

Lisa Whittaker

Coldwell Banker Bain

Bellevue, Washington

$34,088,000

21

Carol Reen

Coldwell Banker Residential Brokerage

San Francisco, California

$30,938,000

22

Johnny Rojas

CENTURY 21 JR Gold Team Realty

Garfield, New Jersey

$30,207,880

23

Linda Lee

Keller Williams San Diego Metro

San Diego, California

$29,379,876

24

Clifford Ponte

CENTURY 21 Associates Realty, Inc.

Fall River, Massachusetts

$28,826,447

25

Teresa Ryan

Ryan Hill Realty, LLC

Naperville, Illinois

$27,851,336

26

Noemi Morales Barile

Coldwell Banker Residential Brokerage

New City, New York

$27,847,499

27

Ralph Barone

NJ REO Asset Management & Realty, Inc

Bloomfield, New Jersey

$27,302,637

28

Tony Yeh

United Realty, Inc.

Vienna, Virgina

$26,275,570

29

Randy Char

Char Luxury Real Estate

Las Vegas, Nevada

$25,672,000

30

Dana Hall-Bradley

Better Homes and Gardens Real Estate Fine Living

Celebration, Florida

$25,000,000

2017 RANK 11

40

TOP SALES PROFESSIONALS BY 2016 INDIVIDUAL VOLUME 2015 VOLUME

TOP SALES PROFESSIONALS BY 2016 INDIVIDUAL SIDES

NAME

COMPANY

LOCATION

Johnny Rojas

CENTURY 21 JR Gold Team Realty

Garfield, New Jersey

106 102.1

12

Margo Bohlin

BHGRE Rand Realty

New City, New York

13

Cindy Cheung

BHGRE Safari

Staten Island, New York

2015 SIDES

100

14

Dana Hall-Bradley

Better Homes and Gardens Real Estate Fine Living

Celebration, Florida

97

15

Nancy Yang

Re/Max Results

Redondo Beach, California

90

16t

Michael Hern

Prominent Properties Sotheby's International Realty

New Jersey, New Jersey

85

16t

Jessica Ye

Keller Williams Realty

Wellesley Hills, Massachusetts

85

18

Susan Kliesen

RE/MAX Center

Grayson, Georgia

83 81

19

John O'Reilly

BHGRE Base Camp

Washington, D.C

20

Tere Foster

Team Foster at Avenue Properties

Bellevue, Washington

21

Jim Starwalt

BHGRE Star Homes

Grayslake, Illinois

22

Sarah Han

CENTURY 21 S.G.R., Inc.

Chicago, Illinois

23

Danielle Wise

BHGRE Capital Area

Harrisburg, Pennsilvania

79 76.5 70 69.6

24

Les Twarog

RE/MAX Crest Realty Westside

Vancouver, British Columbia

64

25

LuAnn Shikasho

LuAnn's Homes Inc

Elk Grove, California

63

26t

Brandy Nelson

Windermere Homes & Estates

Palm Desert, California

62

26t

Vicki Gessler

BHGRE Gary Greene

Cinco Ranch, Texas

62

28

Tuan Nguyen

AMX Realty

Plano, Texas

61

29t

Marcus Lee

Climb Real Estate Group

San Francisco, California

60

29t

David DeSantis

TTR Sotheby's International Realty

Chevy Chase, Maryland

60

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c o n t i n u e d

Portland, OR is one of the most popular places to move to in the country Odds are, you know someone who is coming to the area! When you send a client to us, you can rest assured they will be in good hands. We honor a 25% referral fee for all clients in OR and WA. 

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Our buyer specialists are top–notch negotiators and will represent your client’s best interests.



We have over 40 years of cumulative experience in the real estate industry working with various specialties.



We’ve done over $134.5 million in sales!



As members of the Keller Williams network, and thanks to Alexander Phan’s participation on the board of PMAR, we have resources for Vietnamese, Mandarin, Korean, Japanese, and Hindi clients to best suit their needs.

Phan Hall Property Group

Office: (503) 546-9955

9755 SW Barnes Rd. Ste 560

Alex Phan & Scott Hall

Direct: (503) 985-6670

Portland, OR 97225

Principal Brokers in OR, WA

info@phanhall.com www.phanhall.com

2017 RANK

NAME

COMPANY

LOCATION

2014 VOLUME

31

Cindy Hanson

Keller Williams Realty

Mission Viejo, California

$24,515,197

32

Sarah Han

CENTURY 21 S.G.R., Inc.

Chicago, Illinois

$23,924,755

33

Bob Hansen

Maui Luxury Real Estate LLC

Wailea, Hawaii

$23,695,750

34

Zarine Batliwalla

BHGRE JF Finnegan

San Francisco, California

$23,623,200

35

Jeremy Hu

Compass

New City, New York

$23,500,000

36

Paul Siu

CENTURY 21 Masters

Walnut, California

$23,301,949

37

Jamie Tian

Rodeo Realty

Los Angeles, California

$23,186,040

38

Moira Holden

BHGRE Gary Greene

Spring, Texas

$23,066,864

39

John Eric

Compass

Arligton, Virginia

$22,833,395

40

Judy Brose

CENTURY 21 M&M and Associates

Capitola, California

$21,867,750 $21,714,908

41

Georgie Pitron

BHGRE 43* North

Boise, Idaho

42

Michael Bui

EQ1 Real Estate

San Jose, California

$21,000,000

43

LuAnn Shikasho

LuAnn's Homes Inc

Elk Grove, California

$20,952,792

44

Tina Mak

Coldwell Banker Westburn Realty

Burnaby, British Columbia

$19,126,000

45

Maria Hsu

Coldwell Banker Pacific Properties

Honolulu, Hawaii

$19,000,000

46

Jeffrey DeJesus

BHGRE JF Finnegan

Daly City, California

$18,674,235

47

John O'Reilly

BHGRE Base Camp

Washington, D.C

$18,444,007

48

Armando Chacon

CENTURY 21 S.G.R., Inc.

Chicago, Illinois

$17,717,731

49

Will Freeman

BHGRE The Beach Company

Mount Pleasant, South Carolina

$17,707,125

50

Vicki Gessler

BHGRE Gary Greene

Cinco Ranch, Texas

$16,806,821

2017 RANK

42

TOP SALES PROFESSIONALS BY 2016 INDIVIDUAL VOLUME

TOP SALES PROFESSIONALS BY 2016 INDIVIDUAL SIDES NAME

COMPANY

LOCATION

31

Georgie Pitron

BHGRE 43* North

Boise, Idaho

32

Kendall Caputo

BHGRE SYNERGY

Flagler Beach, Florida

2014 SIDES 58 55.6

33

Dano Sayles

RE/MAX Lifestyle

Wailea, Hawaii

54

34t

Zar Zanganeh

Luxe Estates & Lifestyles

Las Vegas, Nevada

53

34t

Trudi Iglesias

Coldwell Banker

White Palins, New York

53

34t

Danny Leung

Century 21 Redwood Realty

Washington, DC

53

37

Linda Lee

Keller Williams San Diego Metro

San Diego, California

51

38

Jamie Hering

BHGRE Star Homes

Grayslake, Illinois

39

Tony Yeh

United Realty, Inc.

Vienna, Washington

47

40t

Herman Chan

Golden Gate Sotheby's International Realty

Berkeley, California

46

40t

Monika Wilson

CENTURY 21 Sunbelt Realty

Cape Coral, Florida

46

42

Taurino Morales

CENTURY 21 S.G.R., Inc.

New City, New York

45

43

Will Freeman

BHGRE The Beach Company

Atlanta, Georgia

44t

Tony Ngo

Real Estate Performance Group

Clackamas, Oregon

42

44t

Bill Raine

Coldwell Banker Horizon Realty

Kelowna, British Columbia

42

44t

Michelle Deering

CENTURY 21 Fort Bragg Realty

San Francisco, California

42

44t

Lina Shah

Coldwell Banker

Oak Brook, Illinois

42

48

Billy Pena

Century 21 Semiao & Associates

Lyndhurst, New Jersey

41.5

49

Luminita Ispas

CENTURY 21 S.G.R., INC.

Chicago, Illinois

41.4

50

Joe Sauter

Joe Sauter Realty

Miami, Florida

41

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47.5

44.5

2017 The Asian Real Estate Association of America's annual “A” List is a reflection of the organization’s diverse and talented membership. The list recognizes top producers serving Asian American homeowners and communities.

The award program is open to all active AREAA members. Based on 2016 production, the 2017 "A" List is comprised of the top 50 applicants in each of the two categories: SALES VOLUME and TRANSACTION SIDES. This year, for the very first time, we are also including a separate Team category.

TOP SALES PROFESSIONALS

TOP SALES PROFESSIONALS

BY 2016 TEAM VOLUME

BY 2016 TEAM SIDES

RAQUEL QUINET

1

K EL L ER W I L L I A M S R E A LT Y T H E FI V E D O O RS T E A M

$222,564,505

2

R E A LT Y G RO U P, I N C.

$171,507,679

Minneapolis, Minnesota

C A LV I N GON G

3

R E/M A X A DVA N C ED R E A LT Y

$164,668,859

1

Goodyear, Arizona

LONG DOAN

Temple City, California

RAQUEL QU INET K EL L ER W I L L I A M S R E A LT Y T H E FI V E D O O RS T E A M

932 sides

Goodyear, Arizona

LONG DOAN

2

R E A LT Y G RO U P, I N C.

829 sides

Minneapolis, Minnesota

BLAIR MYERS

3

BH GRE SU CCESS BL AI R MYERS TE A M

386 sides

Atlanta, Georgia

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43

2017 TOP SALES PROFESSIONALS

TOP SALES PROFESSIONALS

BY 2016 TEAM VOLUME

BY 2016 TEAM SIDES

J U LIANA LEE

4

K EL L ER W I L L I A M S R E A LT Y

Palo Alto, California

4

$150,989,136

B H G R E A DVA N TAG E - MY RO N N KIRIU TEA M

$117,269,790

S OT H E BY'S I N T E R N AT I O N A L R E A LT Y C A N A DA

$82,592,434

R E/M A X C A M O S U N OA K BAY

Victoria, British Columbia

SA NTA N A PRO PERT I ES T E A M / K EL L ER WI L L I A MS RE A LT Y CA M B RI D G E

9

R E/M A X G O L D

Elk Grove, California

44

C H R IS T INA CH U N G COLDWELL BANKER

San Francisco, California

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SANTANA PROPERTIES TEA M / KELLER WILLIA MS REALT Y CA MBRID GE

Cambridge, Massachusetts

TONY J O E

7

R E/M A X C A M O S U N OA K BAY

Victoria, British Columbia

JI LL SM ITH

8

BETTER HOMES AND GARDENS REAL ESTATE | GARY GREENE - JILL SMITH TEAM

133 sides

Cypress, Texas

TOMMY CH O I

9

K E L L E R W I L L I A M S C H I C AG O L I N CO L N PA R K

115 sides

$71,686,142

$61,403,000

HUDSON SANTANA

144 sides

Kihei, Hawaii

SAM A NT H A TOV

10

Elk Grove, California

134 sides

H UDSON SANTANA

$80,415,743

R E/M A X G O L D

6

$81,571,125

8

SAMAN T H A TOV

219 sides

Toronto, Ontario

T ONY J O E

7

Temple City, California

5

Honolulu, Hawaii

R IC H A RD SI LVER

6

R E/M A X A DVA N C ED R E A LT Y

322 sides

M YR ON KI RI U

5

CALVI N GON G

Chicago, Illinois

MYRON KI RI U

10

B H G R E A DVA N TAG E MY RO N N K I R I U T E A M

114.5 sides

Honolulu, Hawaii

2017

The Asian Real Estate Association of America's annual “A” List is a reflection of the organization’s diverse and talented membership. The list recognizes top producers serving Asian American homeowners and communities.

The award program is open to all active AREAA members. Based on 2016 production, the 2017 "A" List is comprised of the top 20 applicants in each of the two categories: VOLUME and UNITS FUNDED.

TOP MORTGAGE LOAN ORIGINATORS

TOP MORTGAGE LOAN ORIGINATORS

BY 2016 VOLUME

BY 2016 UNITS FUNDED

M IC H E LLE KI M

1

H S B C BA N K U SA , N . A .

Los Angeles, California

1

$135,831,011

S T E R L I N G BA N K

Irving, California

S T E R L I N G BA N K

Albequerque, New Mexico

U N I O N BA N K

Palo Alto, California

S T E R L I N G BA N K

Irving, California

FRANK H U S T E R L I N G BA N K

Albequerque, New Mexico 188 Unit

J A M E S CH EN C I T I Z EN S BA N K

New York City, New York

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YI HOU HAN

4

$108,533,233

46

New York City, New York

210 Units

LILLIAN WON G

$106,027,532

C I T I Z EN S BA N K

3

$111,000,000

5

JAMES CH EN

221 Units

F R ANK H U N

4

Dallas, Texas

42

$114,000,000

3

A B S O LU T E M O RTGAG E & L EN D I N G

333 Units

Y IH OU HAN

42

KHAI N GUYEN

MI KE PARK

5

W E L L S FA RG O H O M E M O RTGAG E

Blaine, Minnesota 176 Unit

2017 RANK

TOP MORTGAGE LOAN ORIGINATORS

BY 2016 VOLUME

NAME

COMPANY

LOCATION

2014 VOLUME

6

Coco Hassan

Wells Fargo Home Mortgage

San Mateo, California

$103,817,000

7

Simon Yu

Union Bank

Bellevue, Washington

$76,600,000

8

Khue Dang

Union Bank

Bellevue, Washington

$75,600,000

9

James Ni

Sterling Bank

San Mateo, CA

$60,000,000

10

Khai Nguyen

Absolute Mortgage & Lending

Dallas, Texas

$58,138,187

11

Samantha Baig

Chase

Redondo Beach, California

$55,221,000

12

Kitty Lee

Loan Depot

San Bruno, California

$54,948,550

13

Nikitas Kouimanis

Jet Direct Mortgage

Bay Shore, New York

$53,204,773

14

Phyllis Lau

Sterling Bank

Cupertino, California

$52,000,000

15

Loann Le

Bank of America

Bellevue, Washington

$48,898,855

16

Mark Shiraiwa

Chase

Rolling Hills Estates, California

$48,723,000

17

Qian Hun

Sterling Bank

Fremont, California

$46,000,000

18

Karen Chiu

New American Funding

Pasadena, California

$44,323,393

19

Ricky Lam

Sterling Bank

Sunset, Califronia

$44,000,000

20

Kathleen Dinh

Chase

Huntington Beach, California

$43,235,000

2017 RANK

TOP MORTGAGE LOAN ORIGINATORS

BY 2016 UNITS FUNDED

NAME

COMPANY

LOCATION

2014 VOLUME

6

Nikitas Kouimanis

Jet Direct Mortgage

Bay Shore, New York

151

7

Simon Yu

Union Bank

Bellevue, Washington

143

8

Michelle Kim

HSBC Bank USA, N.A.

Los Angeles, California

141

9

Coco Hassan

Wells Fargo Home Mortgage

San Mateo, California

130

10

Kendra Haverkamp

Wells Fargo Home Mortgage

Las Vegas, Nevada

127

11

Loann Le

Bank of America

Bellevue, Washington

122

12

Trishul Vaghani

Bluestar Mortgage, Inc

Schaumburg, Illinois

120

13

Khue Dang

Union Bank

Bellevue, Washington

118

14

Lillian Wong

Union Bank

Palo Alto, California

112

15

Phyllis Lau

Sterling Bank

Cupertino, California

104

16

Karen Chiu

New American Funding

Pasadena, California

100

17

Saloni Merchant

Wells Fargo Home Mortgage

Austin, Texas

99

18

James Ni

Sterling Bank

San Mateo, California

97

19

Kitty Lee

Loan Depot

San Bruno, California

95

20

Marc Bui

Loan Depot

Newport Beach, California

94

FA L L 2 0 1 7

47

San Fernando Valley / Santa Clarita Chapter AREAA has experienced unparalleled growth to become the Preeminent Real Estate force in the Asian American Community in the United States and beyond.

___________________________________________ AREAA SFVSC Chapter Board of Directors ~ Connect with us!

Winnie Davis President

Em Roberts President Elect

Imelda Leano Treasurer

Judy Ann Von Arb Secretary

Liliana Alfonso Vice President

Buddie Krugh Membership Chair

Mario U Velarde Event Chair

Wendy Furth Director

Scott Akerley Director

Thank you to our Generous Annual Sponsors

Special Feature

IMMIGRANT SUCCESS STORIES near Irvine, CA, where he attended junior high and high school. While the aunt was the only relative in the US, they were not close so by the time he finished high school, he went off on his own to find his calling. Why did his parents decide to send their only son to America? Like most other immigrant parents who take the leap of faith, or an even bigger risk of sending their children abroad alone, they saw the vision for a better opportunity, school and education system.

In 1995, at just 14 years old, Eric’s parents put him on a plane to live with an aunt he had never met

ERIC

CHEN Parachute Child to Top Commercial Real Estate Broker

Eric did not know English when he arrived to America at the age of 14. He attended ESL for a year, but felt the subject a bore. Instead, he dropped out of ESL and learned/practiced English in standard classes and within 1 year, was able to speak fluently with his peers. He quickly made good friends on campus, especially through playing for the Basketball team.

With an International student visa status, the tuition was too high so he couldn’t afford to finish college. Around 2002, he searched for a job in the classified section of a Chinese newspaper, and by coincidence, found a job as an assistant at Marcus & Millichap in Ontario. It truly was fate that there was even an ad in the Chinese newspaper back then, as the Senior broker was looking for a Mandarin speaking broker to help them in the San Gabriel valley. Eric began as an assistant for 4 years while learning and mastering the trade of Commercial Real Estate, while going back to college to finish courses at Cal State Fullerton in ‘International Business’.

“I knew I wanted to get into Sales, but without a degree, maybe Real Estate would give me the most opportunity. Residential Real Estate didn’t appeal to me as much, I really wanted a challenge, something more complex with more edge.

That’s why I decided to try out Commercial Real Estate.”

The Asian community is severely underserved in terms of Commercial Real

Estate Knowledge, Data, Market Intel, which would allow one to make the most informed decision when making an investments. They often stick to investing in single family homes as the safer route.

With Eric being bilingual in Mandarin and English, and having that knowledge that would serve the Asian community, it has been an advantage to opening many doors to service the first generation, immigrant investors, as well as the investors that just came to America from overseas.

Over a decade later, Eric Chen has now risen to becoming a top broker at CBRE in the San Gabriel Region and head of CBRE’s “Asia Pacific Network”.

Eric believes that America appreciates immigration. Perhaps it appreciates certain immigrant groups when they are investing heavily into our economy. Asian influence has brought huge economic benefits in the US and especially California. “We see the trend continue to grow for many years to come. But it is certainly harder to immigrate today than before,” he says.

His advice for young Asian professionals interested in Commercial Real Estate? “Don’t rush into it, it’s not about how quick you start practicing in Commercial real estate, it’s about how ready you are,” Eric says. “It’s about picking the right company that has a lot of presence and reputation, which will provide the right training to prepare you to become successful in the industry.”

Editor’s Note: In light of today’s political climate around the complicated subject of immigration, a | r | e is beginning a new feature each issue highlighting the amazing work and contributions of Asian immigrants to this country. If you know someone you think should be profiled for this section, please contact the Editor at editor@areaa.org.

50

FA L L 2 0 1 7

Showcasing the World’s Finest Property to China Since 2009 www.caimeiju.com

Armed with a digital directory of global clients interested in adding to their luxury real estate portfolio, we’re here to assist you in your next chapter of home ownership.

theremaxcollection.com © 2017 RE/MAX, LLC. Each office independently owned and operated. 17_198516

The Commercial Brief

SATISFACTION GUARANTEED

Why Adaptive Reuse and Infill Projects Are Worth the Effort

BY NAVIN PATHANGAY Pathangay Architects LLC

Navin Pathangay is a successful architect in Arizona who started Pathangay Architects LLC with national and international architectural experience. He has contributed to projects ranging from residential to commercial developments.

During a downtown rehabilitation design studio (Graduate Design Course) at The University of Michigan, I came to realize that abandoned buildings could be given new life. I remember seeing large factories and warehouses in Detroit being consumed by Mother Nature, and learning how people were trying to work with city officials to reclaim them from eventual destruction.

I began to think about what could be done to save buildings like these. What can we do as architects to rescue buildings that have been neglected for years? And, perhaps more importantly, how can we prevent such neglect from happening by designing buildings for adaptive use in the future?

In 2013 I was commissioned to turn an old, dirty gas station into a hip and happening Mexican restaurant. I remember thinking that there couldn’t be two more opposite uses for the same building, but I was up for the challenge.

At Gadzooks we reused everything we could from the old gas station, starting with the steel gas station canopy that became a modern patio cover. To make the project work, we also had to solve difficult site issues—parking, garbage disposal, power—which the designers of the gas 52

FA L L 2 0 1 7

station didn’t have to deal with. These challenges lead to intense negotiations with city officials, but in the end we discovered enough common ground to make the project a success.

Proof of the positive outcome came when my firm was hired to start working on Gadzooks II. This time, we inherited an infill site that had never been developed. The site had been vacant forever because it had so many restrictions. No one wanted to work on such a small site, which was adjacent to the Salt River Project (SRP) canal and had easements on it from SRP and the U.S. Army Corps of Engineers.

This was probably one of the most challenging projects I’ve ever worked on. We had to put a 2,000 sq, ft. restaurant—with twenty-two parking spaces—on a lot that measured 0.64 acres gross and 0.38 acres net. To add to the challenge, we discovered many drainage issues and an inconveniently placed High Voltage Power pole as we went along. It was next to impossible to design a site plan that allowed for the proper fire department access.

The client and I decided to set up meeting with the city and the power company, SRP. We went through the site with them and started

negotiations on the different easements. Our relationship with the local community really helped a lot, and once we got all the parties involved we found out that everyone wanted the project to succeed.

The only way we could make the project work was to get seven planning and zoning variances for reducing the building and landscape setbacks. We also negotiated a deal with the adjacent apartment complex to piggyback on its sewer line and use a side street for emergency access. It took almost a year to go through the entitlements process, but construction started this year and the restaurant is due to open in September 2017.

In commercial property development, adaptive reuse and urban infill methods are becoming increasingly prevalent, helping to meet the needs of regional submarket demands for mixeduse projects while promoting a strong ROI on the investor/developer side.

If you ever have the opportunity to work on an adaptive reuse or infill project, I encourage you to jump at the chance. You’ll probably never have a more challenging—or satisfying—experience.

One Mission.

One Voice.

Save the Date

MAY 14 - 16

RSVP at areaa.org/policysummit

It's time for a

PARKING REVOLUTION

By Michael Hanschen

"There are currently 256 million cars registered in the US, with over 40% of all urban area dedicated to parking and roads. Meaning 4 parking spots exist for every car in the US – that’s 1 billion parking spaces!"

54

FA L L 2 0 1 7

The world is changing at an unprecedented pace. This change is fueled largely by the constant technological advancements that are taking place. Since the invention of the printing press in the 1400’s to the invention of the car in 1850, technologically speaking, not a lot changed.

However, from1850 to today technology has led to exponential growth, feeding off itself; technology now advances significantly every 6-12 months, rather than every hundred years. Between the creation of the car and today, technology has put a man on the moon, led to the microprocessor, the internet, Apple, Google, hybrid cars, smart homes and, now, driverless cars. As technology continues to fuel change, developers are needing to take these changing trends into account more than ever. This particularly applies to on grade parking and parking structures in our urban core.

There are currently 256 million cars registered in the US, with over 40% of all urban area dedicated to parking and roads. Meaning 4 parking spots exist for every car in the US – that’s 1 billion parking spaces! If half of the existing cars today were autonomous vehicles and ordered by customers as needed through an app, 75 billion sqf becomes available for other uses. The average automobile in the US is not utilized 95% of the time, while a driverless car has the potential to reposition itself continually with network-optimized efficiency, from one passenger to the next. Freeing us this considerably large area for other uses could potentially have a huge deflationary effect on property prices.

As for existing parking structures, unfortunately only those with flat floors and helical ramps, or flat floors flanked by one-way ramps, can feasibly be converted to other uses, which will leave hundreds of structures empty and millions of dollars in developable land underutilized. Parking structures that are suitable for conversion could be used for several purposes, including residential, office/ incubator space, urban farms, fitness and amenity centers, storage or even dog parks.

Whiles it’s unclear what the future holds for developers, as we watch science-fiction become science-fact, it is clear that both future and past developments could be heavily impacted.

supparsorn/Shutterstock

The Commercial Brief

BET T Y SUN WONG CIPS, CRS, PMN, CDPE

Luxury Property Specialist Betty Sun Wong is one of the Top Producing Realtors across the nation. She is experienced and understands the cultural differences between the East and the West. She specializes in working with local and overseas sellers and buyers.

BRE# 00932814

BettySunWong@Gmail.com 415.298.7373

Your

Connection Gina Duncan

REALTOR® (PB) RB-21124

ABR, AHWD, BPOR, CRS, e-Pro, GRI, RSPS, SFR

Direct: 808.250.9858 | MauiGina@gmail.com 275 W Kaahumanu Ave #2CA1 | Kahului, HI 96732 FineIslandProperties.com

President Aloha Chapter 2015-2017

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o t e r e h W W h a t t o t Ea Order:

&

Tokyo, Japan with

a n a i t Ta a t s i t u Ba There’s no better food city in the world than Tokyo, but the options can be dizzying when you need to pack as much as you can in the span of a short trip. Here are a few places to help check some off those must eat foods.

Kyubey 8 Chome-7-6 Ginza A seat at Kyubey for dinner may require a reservation months in advance, and a bit of assistance from your hotel concierge, but it’s possible to earn a coveted spot at the 12-seat sushi bar for lunch without too much planning. Expect melt-

Sushi Bar

seen all over Tokyo.

Stop by Dolci Cafe SILKREAM’s to-go window, where they exclusively sell cones of Cremia.

The softcream has a simple milky flavor, supplemented by a rich and smooth creaminess, thanks to the addition of fresh Hokkaido cream and high milk fat content.

And instead of a waffle cone, it’s served in a light, crunchy and buttery langue de chat cone.

to 11:30 as possible to put down your name, as spots are on a first come, first served basis.

1-23-15 Kabukicho Suzuya Building 5F Shinjuku

1-19-4 Jinnan Shibuya Japanese softcream blows your average soft serve out of the water, especially Cremia, a popular brand

in-your-mouth tuna, creamy uni, and shrimp that’s so fresh it still moves when being served. Arrive as close

Suzuya

Dolci Cafe SILKREAM

For a hearty meal, opt for tonkatsu.

Suzuya gets the formula down perfectly: the deep fried exterior has the perfect crunch and bite, while the pork inside remains juicy and tender.

No dryness or sogginess in sight! Bites of the shredded cabbage breaks up the heaviness in the dish, and serves as a dose of greens too. But who orders tonkatsu for the vegetables anyway?

Fuunji 2-14-3 Yoyogi Shibuya

You’ll likely see the line for Fuunji before seeing the restaurant itself, but locals and tourists alike would agree it’s worth the wait.

Fuunji’s specialty is tsukemen ramen, which boasts a thick umami-rich dipping broth for your cold noodles. The bold flavors in your bowl come from a chicken and smoked fish-based broth, along with ample chunks of chashu. And if you want your tsukemen with an egg, choose the “special dipping ramen” when ordering at the ticket machine.

Tatiana is a fo

od, travel and culture writer ba sed in New York.

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AREAA NEW YORK EAST AREAA Networking Mixer Celebrating the Grand Opening of SBT Advantage Bank's new Flushing Office Venue: The Leaf Rooftop Bar and Lounge at the Hyatt Place Hotel located at One Fulton Square, Flushing NY 11354 Over 120 real estate professionals welcomed SBT Advantage Bank to the NY Market. Specializing in stated income and foreign national mortgages, SBT decided to work with the AREAA NY East Chapter to host an amazing event with Live Jazz Band, Professional Dance Performances, Cigar Rolling, along with premium open bar and food.

AREAA GREATER SACRAMENTO Dynamite Investing In A Hot Market Venue: AREAA Community Outreach Center, Old Sacramento 106 K street #1, Sacramento, CA 95814 A real world open Panel discussion for practitioners. Learn more about investing ideas for your clients from AREAA. In cooperation with the Sacramento Association of REALTORS, all proceeds to benefit the SAR Scholarship Foundation.

AREAA PORTLAND Natsu Matsuri Summer Festival and Northwest Koi & Goldfish Club Show Venue: 10500 SW Beaverton Hillsdale Hwy, Beaverton, OR 97005 AREAA Portland participated in the 8th Annual Natsu Matsuri Summer Festival and Northwest Koi & Goldfish Club Show at Uwajimaya Beaverton. This festival included great food, live entertainment, Sapporo Beer garden, watermelon eating contest, kids games and more! AREAA Portland sponsored a booth at this 2-day festival and gave our members the opportunity to work shifts in the booth, which was a great chance for them to network with the community and promote their businesses. A great time was had by all!

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AREAA CENTRAL VALLEY

AREAA HOUSTON

Top Producer Real Estate Summit Venue: Copper River Country Club 2140 E Clubhouse Dr, Fresno, CA 93730

Attended by over 100 real estate professionals, mortgage lenders and other affiliates, the Top Producer Real Estate Summit was a hit! Featuring Randy Char of Char Luxury Real Estate from Las Vegas, NV, James Huang of Sperry Commercial Global Affiliates Los Angeles, CA, and Christie Majors of Team Majors of Keller Williams Westland Realty Fresno, CA, these three dynamic individuals shared their insights about luxury real estate, commercial real estate and team building. In the real estate industry, it is important to focus on a specific niche because it helps the agent to narrow down the specific type of people they want to interact with and do business with. Doing this over time will help the agent become the expert in that specific niche. It also helps to know what these top producers do to stay on top of their game such as their mindset, attitude, and their skill sets so that in turn attendees will have an idea that they can apply to their businesses. That is essentially the focus of the Top Producer Real Estate Summit event.

Lunch & Learn - Affordable Homeownership Venue: Chinese Community Center, 9800 Town Park Dr, Houston, TX 77036

We wanted to thank our main sponsors -- Wells Fargo, Citibank, Union Bank, and Ten-X -- for helping us make this a successful event. Thank you to Copper River Country Club for the venue and excellent service. Thank you to Isaac Atkinson of GoodTimes Entertainment for the audio/visual entertainment. Thank you to all of our table sponsors -- Academy Mortgage, A13 Properties Inc., BBVA Compass, Team Majors of Keller Williams Westland Realty, Ecowater, Golden One CU, Guarantee Real Estate, Landmark Properties and Movoto Real Estate.

Thank you to all the attendees who continuously support AREAA Central Valley Chapter!

AREAA Houston's lunch & learn on affordable homeownership featuring Tamela Hartsfield with Freddie Mac and Director Tom McCasland with the City of Houston. Great information, strong turnout, and delicious BBQ! Thank you to our event sponsors BB&T and Freddie Mac. Thanks to our community partner, Chinese Community Center of Houston, for hosting us!

AREAA Texas Chapters – Houston, Austin, Dallas/Ft. Worth AREAA Texas Day Venue: Texas State Capitol, 1100 Congress Ave, Austin, TX 78701 Join us for the AREAA Texas Day at the Capitol | AUSTIN, TX during Asian American Heritage Month! Together with the Austin , Houston and Dallas chapters, we will receive recognition from the State Senate and House and let our elected officials hear our voice on particular policy issues. AAPI community members are welcome! Meet your Texas Legislative Representatives. Come be a part of this historic day and make new friends on the way to Austin!

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AREAA GREATER LOS ANGELES Super Summit 2017 Venue: InterContinental, 900 Wilshire Blvd, Los Angeles, CA 90017

It is now our 6th Annual Signature event and each year it has become harder and harder to supersede the past. I can say that there is a vision and goal that seems to transcend time. With that in mind, that is what has made this annual signature event such a success. Super Summit is aimed to providing a setting where the industry can come together to learn, embrace and leverage the future of real estate. Super Summit focuses on bringing top producing International, Commercial, Residential agents and brokers, executives of franchises and developments, MLS and Association Leaders, city officials, tech entrepreneurs and marketing executives, to network, make deals and to explore the newest advances in Real Estate.

Super Summit 2017 was the 1st event hosted at the Luxurious Intercontinental Hotel. The Intercontinental is the newest tallest building West of the Mississippi River built by Korean Air. While the Intercontinental is surely transforming Los Angeles Skylines, AREAA Greater Los Angeles brought in sessions that are transforming the industry. All 11 sessions reflected current issues facing our industry and with the intent to unfold the future of real estate. Super Summit held sessions ranging from but not limited to, International Real Estate with Carmela Ma to a new niche in the industry, Assisting Living Facilities with RAL Academy.

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AREAA NEW YORK MANHATTAN Summer Mixer Venue: Rooftop Lounge, 230 5th Ave, New York, NY 10001

It was a blazing hot day, but that didn't stop anyone from coming to network at the AREAA Manhattan Summer Mixer! Over 150 residential and commercial real estate professionals were in attendance for this exciting mixer overlooking the Manhattan skyline.

East Meets West Venue: Westin Grand Central

We are excited to announce that on October 25, 2017, AREAA Manhattan will be hosting its annual headline event: East Meet West 2017 (EMW). This year we will be hosting the event at the Westin Grand Central. This full day event is a combination of celebrating and honoring the real estate industry and professionals, sharing of ideas, information and latest trends, and the opportunity to connect and build lasting relationships with others in the industry.

EMW 2017 will prove to be our most successful event thus far. We anticipate a full attendance from residential and commercial industry members. Our program will be robust and exciting covering many topics that are important and trending in our industry. In addition, this year’s program will feature our first annual ‘Outstanding AREAA Manhattan Member Leadership Award’ and ‘AREAA Manhattan Lifetime Achievement Award’ to members who have exemplified the core values of AREAA and put them into practice both in 2017 and over many years of service.

AREAA ORANGE COUNTY AREAA OC Does it Again!

Venue: The Resort at Pelican Hill, 22701 S Pelican Hill RD New Port Coast, CA 92657

In its own inimitable style, the AREAA OC Chapter produced yet another wildly successful Luxury and International Event entitled "Knowledge Is Power" at the prestigious Resort at Pelican Hill. This was AREAA OC's 4th annual gathering for realtors and affiliates interested in learning more about working with the uber-wealthy. Amidst breathtaking views of the Newport Coast skyline, over 400 guests enjoyed power networking with some of the biggest and brightest real estate stars in Southern California.

The International Panel featured seasoned veteran Peggy Fong who elaborated on her relationships with worldwide clients and what it takes to make it big. Attorney Jason Kim and Buddie Krugh of HSBC lent support with legal and financial tips. Mega-producing agents and upcoming stars of Bravo TV's "Real Estate Wars" John McMonigle and Joele "Jo-Jo" Romeo Watson shared their humble beginnings and wooed the guests with their tales of persistence, hard work and determination.

Incoming AREAA National President Randy Char articulated on his passion for all things luxury and his natural pursuit of unique ways to cater to the affluent. Chris Mobasser of Caliber Home Loans and Fady Semaan of Chase rounded out the Luxury panel by providing insight into products designed to meet the needs of the wealthy.

After all the stimulating speakers concluded, attendees enjoyed hors d'oeuvres, lively music and luxury swag throughout the evening. A huge shout-out to President Bryan Ahn and former President James Park and his committee for producing this awesome showcase event!

Yup, AREAA OC does it again!

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AREAA SOUTH BAY Power Networking Venue: Rusnak Maserati, 297 W Colorado Blvd, Pasadena, CA 91105

AREAA South Bay celebrated their 4th Annual Member Appreciation hosting a Black and White Event on July 28th with a fun mix of education and style! Held at Rusnak Maserati of South Bay, guests could check out Maserati’s and other exotic luxury brand cars while enjoying hors d'oeuvres and cocktails, spinning for prizes, and a candy buffet. Guests were treated to an evening with three amazing top speakers, Herman Chan of Golden Gate Sotheby's (AREAA National Luxury Co-Chair 2017), Michelle Kim of HSBC (AREAA A-List #1 Loan Originator by Volume 2016) , and Keven Stirdivant, KASE Real Estate with KW Beverly Hills (Developer and Coach of The Closing Class). The evening closed with drawings for prizes, with the top winner going home with a 50" TV. A special thank you goes out to our wonderful chapter sponsors; HSBC, Wells Fargo Mortgage, Union Bank, Citibank, and Chase, as well as our Corporate Members; Chicago Title, WFG Title, and Hanmi Escrow.

Come join us for our upcoming events - Wells Fargo Mortgage Sunset Cruise on September 21st and Union Bank's C.A.R. Legal Update on October 25th!

For more information about AREAA South Bay go to areaa.org/southbay or areaasouthbay.org.

AREAA GREATER TAMPA BAY Power Networking Venue: Cooper Hawks Restaurant & Bar, 4110 W Boy Scout Blvd, Tampa, FL 33607

AREAA GTB introduces Power Networking with 26 top executives and industry leaders. The key is to be able to meet everyone but you rarely are able to make your rounds in the room, but not this time! You will leave our event and have met everyone in the room, personally. Join us for an evening with all the key individuals in our industry to grow and expand your network. Along with a wine and champagne tasting. We would like to thank our event sponsors: Morgan Stanley and Paramount Title, as well as our annual partners: Premier Sotheby's International Realty, Lutgert Insurance, Bailey & Glasser, LLP., Paramount Title, Wells Fargo Mortgage, HSBC Bank USA.

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AREAA ALOHA Maui Luxury Event Venue: Lona Ridge, 588 Kulaiwi Dr Wailuku, HI 96793

AREAA Aloha Chapter held a Luxury Event with 50 registered guests and a twist (Combining Sustainable Homeownership with a Luxury Event). The event was held at a private luxury estate: Lona Ridge on Maui.

The owner, Leona Wilson gave a talk about the Asian Architect who designed the home in the style of the famous MIT graduate from Hawaii Charles Dickey.

Leona grew up in the Plantation Era and she shared the rich history of the various cultures contributions to Maui and their influence in her life. She fondly relates the story of a Japanese neighbor who showed up with pickled vegetables instead of meat in the top of his kau kau tin as he was sending his son to college and couldn’t afford meat for lunch. That made such an impression on her father that he saw the value of education was more than food. Her family encouraged her to join the Army and she went to college on the GI Bill. She currently opens her home to nonprofit and community groups for tours and recently began a Koa tree (native and endangered only from Hawaii) conservation on her property.

The TWIST: We invited Mike Atherton developer of an entire brand-new town: Waikapu Town to come and share his vision for creating a town including affordable homes, and work/live housing. His plan includes over 7 miles of biking trails, community gardens, business spaces, restaurants and all with focus on providing homes to the local community which will have a tremendous impact on our AAPI community on the island of Maui.

AREAA SAN FRANCISCO PENINSULA Estate Planning 101-Protecting your clients assets Venue: San Mateo Public Library, 55 W 3rd Ave, San Mateo, CA 94402

On July 27th, 2017 San Francisco-Peninsula Chapter hosted an estate planning panel with 3 CPAs, Kimberly Lam, Alice Yee and Gerry Bachecki from Bachecki, Crom & Co., LLP. They shared information on dealing with real estate in gift, estate and trust tax. The opportunities and risks on Section 121 and 1031. They also answered questions regarding to prop 13 and property tax.

There were close to 100 attendees at the event. Many attendees stayed after for more questions and they were asking to have another panel like this before the end of the year. As part of our community outreach effort, we also collected hundreds of canned goods instead of an entry fee for a local food bank.

We want to thank our sponsors that make this event possible for everyone. Wells Fargo Bank, Bank of America, Sterling Bank & Trust, Union Bank, Citi Bank, US Bank and HSBC. A special thanks to our event breakfast sponsored by BPG Inspections.

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Last year, foreign buyers spent

$235 BILLION on U.S. properties

$103 BILLION RESIDENTIAL

$132 BILLION

According to NAR’s 2016 Profile of International Activity in U.S. Residential Real Estate

COMMERCIAL According to Real Capital Analytics

NAR’s resources can help you capture this lucrative clientele: NETWORK

EDUCATION

RESOURCES

3,000 Certified International Property Specialist designees

Certified International Property Specialist designation

NAR Research on international buyes and sellers

5,000 International REALTORS®

At Home With Diversity certification

Realtor.com/international translates listings

Cooperating Associations in 66 countries President’s Liaisons to each country

Stay connected! realtor.org/global narglobe@realtors.org 1.800.874.6500