a | r | e Summer 2015

ASIAN thIMMIGRATION in e st 21 CENTURY

From Hippy to Haughty -

Toronto's Yorkville

8 Things You Should Know About

Buddhism

SUMMER2015

P i c t u re R e c a p : 2 01 5 G l o b a l S u m m i t

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N A R I n d i a ’s Fa ro o k M a h m o o d / C h i n a F l exe s I t s M u s c l e s

CONNECTING CAPITAL AND OPPORTUNITY www.areaaglobal.com Whether you are seeking to invest in a Napa Valley vineyard, a luxury residential tower in Tokyo, or anything in between, AREAA Global provides you with the local market expertise you need to make sure your international investment is a wise one.

Having a partner on the ground with intimate knowledge of the local market is key. After all, you wouldn’t take sailing advice from someone who has never been on a boat.

To learn more about contacting or becoming an AREAA Global partner, please visit www.areaaglobal.com.

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

SUMMER 2015 Vo l u m e 7, I s s u e 2 ON THE COVER: Seattle, Washington / ©James Whedan

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F E AT U R E S 26

Life Beyond the Gateways: Asian Immigration in the 21st Century Increasingly, Asian Pacific Americans are leaving behind the traditional gateway cities of New York, Los Angeles, and San Francisco. A|R|E did the research, and here’s our take on the markets emerging as the next major immigration destinations across the US. – Scott Berman

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In My Neighborhood: Yorkville, Toronto

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Linda Chu takes you through the elegant streets of Yorkville, Toronto. Once a hotspot for the hippy movement of the 1960s Yorkville has transformed itself into one of the most desirable neighborhoods in the Canadian metropolis.

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Looking Back: the 2015 Global + Luxury Summit in Pictures a | r | e scoured through hundreds of pictures and selected a handful that we thought showed off the great triumph that was the 2015 Global + Luxury Summit

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SUMMER 2015

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CONTENTS 12

East Asia - An Economic Success Story The nations of East Asia, particularly South Korea and Japan, have led a resurgence that has many experts believing the region to be the next global economic power center.

– Scott Berman

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8 Things You Should Know About Buddhism

Design Watch with Alice Chan Alice T. Chan, renowned Interior Designer, reveals what she sees as the year’s biggest design trends.

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SUMMER 2015

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Long Doan, president of AREAA’s brand new Twin Cities chapter, is the subject of this issue’s always popular 10 Questions feature.

Buddhism is a fascinating, yet often misunderstood religion. To make things easier, we've made a handy guide to understanding some of the more important aspects of the world's fourth largest religion.

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10 Questions

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a | r | e sits down with one of the best real estate minds in Asia: Farook Mahmood, founder of the National Association of Realtors India.

China: The Global Investment Superpower

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For the very first time, China has supplanted Canada as the top overall foreign purchaser of US real estate. But they didn’t stop there.

China has absolutely dominated global competition and has firmly entrenched itself at the top of the food chain in international real estate investment.

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– Cynthia Fauth

Bohemian Vagabond In an exciting new feature, AREAA’s resident globetrotter Jacki Ueng takes you to a new, fascinating location in each issue of a | r | e . This time, we go to Myanmar – a country renowned for its unmatched beauty, and its dark history.

Professional Spotlight

Tech Talk with Rob Mehta Tech guru Rob Mehta unveils his favorite apps to help you be more efficient, and more importantly, make more money.

2015 Policy Summit Recap Policy Chair Tim Hur has some words for everyone following AREAA’s most successful Policy Summit ever.

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D E PA RT M E N T S 8 13

AREAA Global

www.areaaglobal.com

Page 1

AREAA National Convention

www.areaa.org/convention

Auction.com

www.auction.com

Bank of America

www.bankofamerica.com/neighborhoodlending

Bank of America

www.bankofamerica.com/downpaymentcenter

Page 11

Around the Association

Gina Duncan, Fine Island Properties

www.YourMauiRealEstate.com

Page 9

Your one stop shop for all the news and happenings going on across the AREAA Nation.

Catherine McInnis, Keller Williams Realty

www.CatherineMcInnis.com

Page 32

National Association of REALTORS® Global

www.realtor.org/cipscourses

Back Cover

RISMedia

www.rismediacontentsolutions.com

Page 9

Wells Fargo Home Mortgage

www.wellsfargo.com/mortgage/agents

Page 3

Taste of Asia

Style Watch We couldn’t possibly have yet another new feature, could we? a | r | e breaks down the latest trends in style in a new piece that will have you dressed for success.

48

ADVERTISERS

Letter from the Editor

In this new piece, a | r | e cranks up the heat and showcases an easy to make Asian recipe. And what dish is more fitting and popular than the Classic Chinese Dumpling?

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48

Inside Back Cover

Pages 6-7

Front Cover

CONTACT PRAVEEN SHARMA TO FIND OUT ABOUT ADVERTISING OPPORTUNITIES: a-r-e@prveen.com | 951-514-1053 SUMMER 2015

5

WHAT’S THE AUCTION.COM ADVANTAGE?

WELL, ADS IN THE WSJ, FOR ONE. MARKET INSIGHT IS ANOTHER. Visit www.auction.com/mren-sell for a free valuation of your commercial property.

• • • •

$30 Billion Sold 97% Close Rate...most in 30 days or less Multi-million Dollar Marketing Spend Brokers Retain Commissions

Five Things You Must Know About Selling Property at Auction You might have heard about the growing trend of buying and selling real estate in online auctions. At a time when sellers need an effective method of transacting assets, whether distressed or non-distressed, Auction.com has attracted millions of web visitors searching for properties. Here’s why marketplaces like Auction.com are a good idea if you’re looking to sell a commercial property.

1

Auctions ensure that your property will sell at true market pricing.

An auction is the best and most efficient way to achieve true market pricing, for two reasons. All buyers are given an opportunity to participate and all buyers are treated equally.

Your potential buyers bid in a competitive environment. After each bid is placed, other bidders have at least 2 minutes to determine if they want to continue participating. Technically an auction can continue indefinitely if bidders keep bidding. Once the clock expires, the winning bid reflects the highest and best price that the market will bear. It’s the buyer’s true “best and final” offer.

Because you set the reserve price—the minimum amount for which you’re willing to sell your property—you’ll never have to sell at a price you won’t like. (In 2014, properties sold at an average of 109% of the seller reserve on the Auction.com real estate marketplace.)

2

Only qualified bidders participate on auction day.

A platform like Auction.com requires bidders to complete their due diligence and show proof of funds prior to auction day, resulting in higher-quality bidders and a more-certain close. But this doesn’t limit the buyer pool: our finance partners review our auction portfolios and offer financing for some assets.

We also allow sellers and brokers to bring financing alternatives to the auction, which more and more lenders are willing to do as they become familiar with our process. If your asset does have a financing alternative, such as seller financing or third-party financing, we market this benefit to potential buyers.

3

Transparency and a level playing field encourage buyer participation.

The Auction.com platform creates a level playing field for transacting real estate. There are no secret handshakes or back-door deals. All of the terms and conditions for acquiring the property are disclosed upfront and made available to all of the auction participants. The

CALL 800 - 603-8867 OR VISIT

AUCTION.COM/MREN-SELL

only differentiator will be the ultimate price paid by the winning bidder. This transparency gives qualified buyers confidence that they are competing solely on price and no other “non-controllable” variables. In addition, buyers feel comfortable that they did not overpay for the asset because there was someone “one click” beneath them.

4

Auctions work best for stabilized and opportunistic properties in desirable markets, despite the misconception that auctions are only for distressed properties.

Basically, properties that achieve the highest price over reserve are the properties that people want most. These properties repeatedly attract more buyers, creating a more competitive environment on auction day, and resulting in better execution and higher pricing.

5 is nearly 100% - it’s one of the most effective ways to

In an auction, the likelihood of a transaction closing

close on commercial real estate.

Traditional transactions have several friction points that can crater a deal after a buyer has been selected. These friction points typically occur during negotiation of the purchase contract and the subsequent due diligence period. Should the buyer decide not to perform, the purchase price can be severely affected.

The Auction.com process removes these friction points. In our standard auctions, buyers perform their due diligence and receive the purchase contract before the auction. As a result, bidders are prepared to “click to win.” A non-refundable deposit is immediately collected from the winning bidder and the purchase contract is signed without ongoing negotiations the evening of the auction.

Auction.com does provide “custom” auctions that allow for potential contingencies, depending on asset size and complexity.

Sellers can work with our auction advisors on the best approach to maximize the value of their assets.

SUMMER 2015 Vo l u m e 7, I s s u e 2

EDITOR-IN-CHIEF Ivan Choi EDITOR Scott Berman C R E AT I V E D I R E C TO R Praveen Sharma

is a publication of the Asian Real Estate Association of America (AREAA), a national nonprofit trade organization dedicated to increasing sustainable homeownership in the Asian American community. For more information visit: http://areaa.org. Š2015 by the Asian Real Estate Association of America.

Reproduction in whole or part without permission is prohibited. Opinions expressed by individual authors are not necessarily the opinions held by AREAA. Interested in advertising or contributing? Contact us: Praveen Sharma ADVERTISING | a-r-e@prveen.com Scott Berman EDITORIAL | sberman@areaa.org Office: Asian Real Estate Association of America 5963 La Place Court, Suite 314 Carlsbad, California 92008 760-918-9162 Phone 760-585-1397 Fax Previous issues available online at: http://areaa.org/a-r-e

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

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FROM THE EDITOR 2015 is flying by, isn’t it? It seems like only yesterday we were ringing in the New Year, watching the Super Bowl (I still can’t understand that last play call!), and attending the Global Summit.

fickers (see: Qatar World Cup); disasters such as this only exacerbate the situation.

A lot has happened in the short time it’s been since I last wrote one of these. Sadly, some of what transpired has not been good. As I am sure all of you are aware, on April 25 a massive, 7.8 magnitude earthquake struck the Himalayan nation of Nepal.

The reason why I am writing about this, and my apologies for putting a damper on your day, is because there is still something we, you, can do to help. The earthquake may have been in April, but Nepal is still in dire need of assistance. In fact, this is precisely the time that disaster stricken areas need help the most, because they are out of the news cycle, and have begun to fade from public view.

The devastation from this earthquake was absolute. Thousands perished. Whole villages and towns and cities were leveled. Hundreds of thousands were left without shelter, food, or clean water.

Below is a link to InterAction, a site that clearly organizes and categorizes verified charities and nonprofits working to help in disaster affected areas. You can select a specific arena of relief to donate to using their dropdown menu.

Do what you can, with what you have, where you are.

– THEODORE ROOSEVELT But that was just the beginning of their misfortune. As “tent cities” began to spring up around the affected areas, the monsoon season began.

Those who had managed to survive the earthquake were now faced with flash flooding and contaminated water washing away the very little they had left.

It doesn’t matter which cause you donate to, just that you do. It doesn’t need to be much; $5 or $10 can go a very long way. Just please, however much you can, give something. In the words of former President Theodore Roosevelt, “Do what you can, with what you have, where you are.”

But that still was not the full extent of their suffering. Next, human traffickers moved into the area and began preying on helpless survivors. Sold into the slave or sex trade, these were most commonly people from poorer villages who had lost everything. They were told different stories: that they were being taken to safety, that they were going to be placed with family members…but it doesn’t matter what they were told, because it wasn’t true.

I hope everyone had a safe and fun Independence Day weekend. Until next time.

Ivan Choi Editor-in-Chief

The worst of human society will always take advantage of chaos. They see it as an opportunity. By no means did this become a problem only after the earthquake. The people of Nepal have long been targets for smugglers and traf-

DONATE TO NEPAL interaction.org/crisis-list/interaction-members-respond-nepal-earthquake 10

SUMMER 2015

EAST ASIA Leads Way for

GLOBAL ECONOMIC GROWTH Seen as the Next Hotspot of Global Real Estate, Major Real Estate Expo Seeks to Capitalize

any of the world’s fastest growing economies can be found in the East Asia region. Outside of the usual suspects of China and Japan, countries such as Korea, Thailand, Singapore, Malaysia, and India have experienced massive growth in the years since the global recession.

According to Axel van Trotsenburg, World Bank East Asia and Pacific Regional Vice President, “…the region will […] account for onethird of global growth, twice the combined contribution of all other developing regions.” Many see the region as a model of economic growth and recovery in the wake of the global financial crisis of 2008.

In fact, it is projected that the region will account for 49% of the world’s GDP by 2050 according to the International Monetary Fund’s World Economic Outlook.

The same research found that the region’s GDP year to year growth from 2012-2013, 6.5%, was only exceeded by China’s (separated to prevent skewed data) at 7.25%.

The region boasts a tech savvy and highly educated workforce, 12

SUMMER 2015

favorable investment policies, and reasonable affordability for global business.

Given Korea’s thriving property sector and attractiveness as an investment destination, it should come as no surprise that Cityscape, the world’s largest real estate investment and development event brand, will make its debut in Incheon, Korea. Cityscape Korea will be the largest real estate exhibition ever convened in the region and the organisers expect to attract thousands of international investors, developers, and other industry professionals for the three day event.

Wouter Molman, Group Director of Cityscape said, “We keep our pulse on the real estate market across all corners of the globe, and Korea stood out due to its continuous economic growth and robust real estate sector. The market outlook is very positive and we believe that this event will provide an excellent platform for investors, developers, regulators and service companies to come together, network and gain a greater perspective of the

opportunity and focus for the real estate industry over the upcoming years.”

Peter Park, of the Greater Los Angeles chapter of the Asian Real Estate Association of America (AREAA), and organizer of the recent AREAA trade mission to Korea, has been tapped as the US representative for Cityscape.

“Chinese funds have been making headline news, but Korean investors have been quietly acquiring U.S. properties. In 2012, Korean funds had bought more than their Chinese counterparts,” Peter says. “There is so much more wealth to be invested and what we have seen so far may be just the tip of the iceberg. Cityscape Korea and AREAA KTM will work together to build the “Bridge” for both Outbound and Inbound R.E. Investments between Korea and U.S., and I’m honored to have started this strong partnership with the organisers of this industry leading event”.

This event is the first of its kind in Korea, and Korean practitioners are very excited about having a world class Real Estate investment

and development Expo in Korea which will attract attendees from all over the world. Besides the exhibition, Cityscape Korea 2015 will also play host to a plethora of knowledge-sharing and networking events including the East Asia Real Estate Summit, where members of the real estate industry will be able to share knowledge, exchange views, develop new relationships, and analyse investment opportunities in the vibrant East Asian real estate market. The Summit will be held September 19-21, at the Songdo Convensia in Incheon, South Korea and will showcase projects and developments to a far reaching network of professionals.

To Find Out More, Visit: cityscapekorea.com Photos: Central Park in Incheon Shutterstock: Panya K (L), Guitar photographer (R)

HOMEMADE

Jiaozi dough: 3 cups all-purpose flour

up to 1 ¼ cups cold water ¼ teaspoon salt

Filling:

1 cup ground pork or beef 1 TB soy sauce 1 teaspoon salt 1 TB Chinese rice wine or dry sherry ¼ teaspoon freshly ground white pepper, or to taste 3 TB sesame oil ½ green onion (spring onion), finely minced 1 ½ cups finely shredded Napa cabbage 4 tablespoons shredded bamboo shoots 2 slices fresh ginger, finely minced 1 clove garlic, peeled and finely minced

INSTRUCTIONS

(Dumplings)

JIAOZI

INGREDIENTS

Shutterstock / Dekdoyjaidee

CHINESE

Stir salt into flour

Slowly add water and knead dough into smooth ball Let stand.

Combine soy sauce, salt, rice wine, and pepper into meat – only stir in one direction Add remaining ingredients, continuing to stir in same direction Divide dough into 60 pieces Flatten each piece into roughly 3 inch diameter circles Place one tablespoon of filling into each dough circle Dampen edges of dough, then fold over into crescent shape Crimp edges of dumpling Bring large pot of water to boil (1st time)

Add half the dumplings, lightly stirring to prevent sticking Add ½ cup cold water Bring to boil again (2nd time) Add ½ cup cold water Bring to boil again (3rd time) Remove dumplings, replace water and do the same to remaining half of dumplings If you want a nice, crispy finish, heat some sesame oil in a pan and fry.

SUMMER 2015

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THINGS YOU SHOULD KNOW ABOUT...

m s i h d d u B1 2 3 T HE GOL DEN RUL E

IN T HE BEGINNING …

Buddhism was founded around 520BCE in Northeast India by the Indian prince Siddharta Guatama. With over 360 million followers, it is the fourth largest religion in the world today, with a vast majority of its followers residing in Asia. Buddhism is difficult to place within a theistic archetype, as there are branches that have no theistic qualities, and others that are quite polytheistic.

T HE CIRCL E OF L IF E

Buddhism teaches that one is in an ongoing cycle of birth, death, and rebirth. The ultimate goal of Buddhism is for the adherent to reach enlightenment thus escaping this cycle and entering Nirvana (which is either seen as a blissful nothingness or a heavenly paradise). Buddhism doesn’t believe in a soul that carries over from one life to the next (more on this later), but one can help or hurt their standing in the next life with the actions of their current through a system of Karma.

The idea of karma has actually predates the founding of Buddhism. Karma is also not quite you what you may have heard: the Universe’s way of rewarding or punishing you for your actions. Karma is in fact quite literally your very thoughts and actions; as in, if you were to have a bad thought or commit a bad deed (I know, you would never!) the actual thought or action is karma. The consequence of that action is called Vipaka. At the end of one’s life, ones karma is tallied up, and depending on the amount of good or bad you have done, you enter the next life accordingly.

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Deer have a place of honor in Buddhism and reference the Buddha's first teaching in the Deer Park, Sarnath

T HIS IS A L L A N IL L U SION

T HE T HR EE JE W EL S

Buddhism believes in neither soul nor self. Buddhists believe the idea of self is just an illusion created by the mind to blind us from our impermanence.

Buddha taught that a belief in self is what leads us to worry, doubt, fear. He believed that once a person could release themselves from this concept, they were truly free to live a happy, enlightened life. This means that upon death, all energies that went into your being cease to exist, and start again completely anew.

There are three things Buddhists can take refuge in, and seek guidance from: they are called the Three Jewels.

They are:

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HOLY T E X T S

Buddhism has three books that make up what would be considered canonical or near-canonical texts.

The Tripitaka is the earliest collection of Buddhist teachings, and in some branches of Buddhism is considered the only holy book. The Mahayana Sutras are a series of reflections on and interpretations of Buddhists teachings (similar to the Talmud in Judaism). Lastly, the Tibetan Book of the Dead is about the stages of death, and the religious opportunities one has as they go through these stages.

F OL L O W T HE L IGH T

1. BUDDHA This can mean the literal Buddha, or the Buddhist nature (i.e. the spiritual potential within all beings)

2. DHARMA The teachings of Buddha; and

3. SANGHA The community of those who have attained enlightenment, namely monks and nuns.

PA R T Y L IK E I T ’ S 2 5 5 8!

(the current year in the Buddhist calendar)

There are many holidays and festivals attached to the Buddhist religion. Major holidays like the New Year (which can fall anywhere between January and May, depending on your ethnic background and branch of Buddhism), or Vesak Puja (Buddha Day – celebrating the birth, enlightenment and death of Buddha all in one day) are widely celebrated. There are also regionally specific holidays and festivals, such as the Tihar, a 5 day festival that not only celebrates the gods, but also honors the relationship between man and animal. On Day 2 of the Tihar, is the Kukur Tihar, a celebration of the loving friendship between man and dog.

The Historic Town of Sukhothai, the capital of the first Kingdom of Siam in the 13th and 14th centuries Shutterstock / apiguide

There’s a pretty important distinction to be made here, and that is the difference between Reincarnation and Rebirth.

Reincarnation is when the soul of a deceased being enters the body of another living being.

You’ll remember there is no soul in Buddhism. Buddhists believe in rebirth, whereby you are an entirely different being in Western terms of body and soul.

SUMMER 2015

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the

5 HOME DESIGN T R E N D S of

Every year there are predictions about what the design trends will be and despite Pantone naming marsala the color of the year and all the hype that surrounded its announcement, there is very little real life examples of this color actually dominating the design industry. IN TERMS OF COLOR, GRAY IS STILL GOING STRONG WITH SHADES OF GRAY PAINT COLORS AND GRAY FABRICS BEING THE MOST REQUESTED FOR HOME DÉCOR PROJECTS TODAY. It’s a very easy color to decorate with because it pairs so well with every color in the rainbow. There have been predictions that the gray trend is phasing out, but I think it’s the neutral that’s going to live on for many more years to come.

Besides color, here are a few other Home Design Trends that are making the 2015 Haute List…

BY ALICE CHAN

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SUMMER 2015

BAR CARTS. The Mad Men series is probably what

attributed to this trend’s popularity in recent years. Homes across the country have embraced the styling of bar carts as a significant décor statement and it’s not just for booze anymore. Don’t get me wrong, it’s still a fantastic way to show off your collection of alcohol, but the new and improved way to style a bar cart is to incorporate it into your themed party décor. It can be used to serve mimosas, dessert or even act as an ice cream bar. Plus, many bar carts are on wheels so they can be moved around for your entertaining convenience.

MUD RO O M

pics721

Petinov Sergey Mihilovich

Match any color with a gray couch

F RE N C H OA K F LO O RS

S CU L P T U R A L LIGHTING

Pavel Shynkarou adpePhoto

SCULPTURAL LIGHTING. For the true home

décor connoisseur, lighting is not just functional, it’s also an opportunity to make a statement in your space. The trend towards sculptural lighting has been gaining traction with large scale fixtures in eye catching shapes making its appearance in homes around the world.

FRENCH OAK FLOORS. They’re warm, a bit rustic,

and its “imperfect” washed appearance make it very practical and desired for today’s lifestyle.

It screams California beach bungalow but also exudes Old World European influence. For the most contemporary application, gray tones in wide planks are the way to go.

MUDROOMS.

This last trend has been an increasingly popular request in recent home renovations and design projects, the Mudroom. These spaces have always been popular in the mid-west and the East Coast where homes require a space in winter months for families to unload all your snow and rain gear before entering the house. Now, regardless of where you live, if you have young children, you need a space to organize all the shoes, jackets, backpacks, and sporting gear that come with an active family’s many activities. Entry closets are being converted into mudrooms, as well as foyers and garages incorporating mudroom inspired zones.

Whether you choose to incorporate one or all of these trends into your own home décor, remember to not only choose what you truly love, but also consider what your family needs because while having a beautiful home is important, having a home that supports your everyday lifestyle is essential.

ALICE T. CHAN has combined her knowledge from 20+ years designing and renovating her own homes with over 12 years working with real estate and design clients. Alice is known for delivering high-impact, customized home selling strategies for turbo-charging properties at all levels to incredible home selling profits, as well as customized home improvement strategies to maximize her client's budget while creating extraordinary spaces for real life.

SUMMER 2015

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2015 AREAA

GLOBAL LUXURY SUMMIT APRIL 19-21 CHICAGO, ILLINOIS PHOTOS BY

JASON EDWARDS

2015 GLOBAL + LUXURY SUMMIT O PPO SITE PAG E : ( TOP ) Don Trump Jr. stole the show at the Closing General Session. Fellow panelists Sherry Chris, Randy Char and Moderator Jim Park look as Mr. Trump responds to a question. (MI DDLE) 2016 Incoming Chair Vicky Silvano interviews former 'Apprentice' winner and entrepreneur Bill Rancic. ( B OT TOM ) AREAA Founding Chair John Wong welcomes keynote speaker Qingyun Ma, Dean of the USC School of Architechture, to the stage.

C LO C K WISE F R OM TOP L EFT:

++ Former NAR President Ron Phipps teaches the CIPS Designation course to a full house to kick off the 2015 Global and Luxury Summit. ++ Summit Co-Chair Nancy Survanamani opens the International Welcome Reception in the Grand Ballroom of the Trump International Hotel and Tower. ++ Attendees packed the Grand Ballroom to listen to the Global Congress session on Monday morning. ++ Richard Silver and Tina Mak, of Toronto and Vancouver respectively, give a market update in a crowded Monday afternoon session. ++ The International Luncheon featured speakers from all over the world. From left - Tina Mak, Bill Endsley, Kathy Tsao, Peter Bolton King, and Antonio Hanna

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2015 GLOBAL + LUXURY SUMMIT TO P L E F T: AREAA Commercial Chair James Huang moderates a standing room only session Tuesday afternoon.

TO P R I G H T: Thankfully the weather held out long enough for the attendees to go on the Chicago Architectual Boat Tour!

B OT TO M L E F T: The Designer Showcase at the famous Merchandise Mart was a major success.

B OT TO M R I G HT: Rob Mehta shares a laugh with a fellow Summit attendee

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SUMMER 2015

2015 GLOBAL + LUXURY SUMMIT TOP L EFT: AREAA Chairman Emeritus Jim Park and National Chairwoman Carmen Chong award Summit Co-Chairs Sherry Chris and Nancy Suvarnamani with a special gift. TO P RI GH T: Once again, the Grand Ballroom was at capacity for the Tuesday Keynote Luncheon featuring Bill Rancic.

B OT TOM L EF T: NAR India Founder Farook Mahmood gives a special gift to Chairwoman Chong to symbolize the relationship between the two organizations at the Keynote Luncheon. BOT TO M RI GH T: The view from the top of the Signature Room at the John Hancock Tower. Until next time, Chicago.

SUMMER 2015

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AREA A FOUNDATION'S WELCOME HOME FOR HEROES 1 . Former AREAA Chair Allen Chiang and current Chapter Development Chair Angie Lee introduce the night's emcee Lou Diamond Phillips. 2 . Mr. Diamond Phillips was extraordinarily funny and dramatic, setting a great mood for the night. Bonus - does anyone know where James HUUUUAAAANNNG is?

3 . AREAA Co-Founder Allen Okamoto and Mr. Diamond Phillips got to know each other very well throughout the evening. 4 . AREAA Education Foundation and VAREP awarding the $10k grant to Mr. Dahan 5. All smiles after the awarding ceremony 6. After the dinner, Mr. Dahan and Mr. Okamoto talk

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SUMMER 2015

6

KNOWLEDGE

IS POWER

www.areaaglobal.com

Whether you are looking to promote your development globally, or are seeking that perfect investment opportunity abroad, AREAA Global has the knowledge and people on the ground to make your business goals a reality. Sleep soundly knowing that you have all the information needed to make a wise investment. Afterall, the time to prepare is before you jump.

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

AFTER THREE AT TEMPTS

Questions

with

N A O D G N LO

TO ESCAPE VIETNAM, I FINALLY S UC CEEDED A S A BOAT PERSON

1. As the president of our most recent chapter, when and how did you get involved with AREAA? It was back in 2010 when I attended my first AREAA National Conference.

As you may remember, at that time it was a joint conference with NAHREP. That was when I got really excited to know that an organization like AREAA existed and immediately identified with the Mission Statement. At this conference, I felt like home as I was surrounded by like-minded professionals understanding the challenges that I face on a daily basis serving our Asian American community. I decided then that I would do what I could to establish a chapter in my home state of Minnesota.

2. What’s something you absolutely cannot leave home without? One thing that I cannot leave home without is my cell phone; not only because it is my virtual office, but more importantly it has a picture of my beautiful wife and 3 children on my wallpaper. Since I use my phone often, this picture reminds me why I do what I do.

As a boat person, coming to America by myself at the young age of 14, I’m living the American Dream through hard work and dedication. For 24

SUMMER 2015

most Americans, owning a home is a major part of the American Dream and for the last 23 years as a real estate professional I get to be a part of helping people realize their dreams.

3. Where is your dream travel destination and why? I have been very fortunate to travel to many parts of the country and the world but one place that has eluded me is going back to my home country Vietnam. As you may know, my father Doan Viet Hoat has been a prominent “prisoner of conscience” in Vietnam for more than 20 years.

He was arrested when I, the oldest of 3 sons, was only 8 years old and I didn’t see him again until I was 31 years old. As a result, our immediate family members have not been able to safely return to Vietnam. November 2016, is my parents 50th Anniversary and we are planning a big family reunion where I, my parents, my two younger brothers, our wives and our children will all return to Vietnam to celebrate. However, pending the “election” in Vietnam early next year, this may not happen. My father is extremely optimistic that time is changing and we will be able to make this trip. It will be a momentous event to celebrate not only their milestone 50 years of marriage, but also my father’s return to his beloved homeland from which he was exiled by the Communist Regime more than 17 years ago.

LONG DOAN

President AREAA Twin Cities

READ ABOUT LONG DOAN'S FATHER, DOAN VIET HOAT: en.wikipedia.org/wiki/Đoàn_Viết_Hoạt

4. What is a piece of advice you live by? There are many I live by, but one that I continually teach my children is “do the right thing even when no one is watching.” I believe that we truly define who we are by what we do when no one is watching. Doing the right thing may not always be popular, but if you believe it is right, you must do it.

5. Role models? I have many role models but my biggest role model would have to be my father. He believes in standing up for what is right on behalf of all those who could not or would not do it. With my mother’s full support, he dedicated his entire life to the cause. He spent the majority of his adult life in prison because he believes in democracy and human rights for all Vietnamese people. As you can imagine, prisons during the Communist Regime were no picnic.

Yet, he continued to fight for all those that could not and would not. That is why he is my biggest role model.

10 QUESTIONS

One of my favorite athletes is Michael Jordan. Many people have the talent but not the work ethic. Then there are those who have the work ethic but not the talent. He had both the talent and the work ethic and not only did he maximize his opportunities and potential, but he also helped those less fortunate than him.

LONG DOAN

One of my favorite artists is Elvis Presley. The lyrics of his songs are very emotional and help explain what people feel but cannot easily express.

One of my favorite movies is Gladiator. It portrays someone that is committed to his family, his country, and the world around him. He was willing to sacrifice through integrity, hard work, and dedication for the good of his family, country, and humanity.

8. What is an experience from your past that shaped who you are today? After three attempts to escape Vietnam, I finally

succeeded as a boat person. I was one of 153 people, smuggled in a secret compartment of a small fishing boat. After several days cramped in darkness with people vomiting from the rough sea, we finally made it past the Coast Guards and onto International Waters; only then were we allowed to come on top and breathe the 6. What are three trends you are fresh air. We were the lucky ones that avoided pirates seeing in Real Estate that you and survived being lost at sea on a small fishing boat feel will shape the industry in the and rescued. We were brought to a Refugee Camp on an island in Malaysia. But the one future? The three trends I moment I believe that shaped who I see in Real Estate that I feel will am today is that first night. As I sat shape our industry are the “Baby on the beach, looking out at the vast Boomers”, the “Millennials”, and ocean, I felt alone and scared. I was the “Global Villagers”. only 14 and away from my family.

The Baby Boomers still believe Being the oldest son in the Asian that “your home is your castle”. tradition comes with great responThey will be downsizing and looksibilities. After crying for a while, ing preferably for one-level living I remembered thinking to myself, space with less stairs. They also “stop crying and put on your big The Doan Brothers (L to R): prefer homes with some land and Tiger (youngest), Hue (second), Long (Oldest) boy pants and be strong, many peonot so close to their neighbors.

Photo courtesy of Doan family ple are depending on you.” From On the other hand, “Millennithat moment on, I have worked als” saw what happened to their hard to take care of myself and help others. My passion parents and grandparents during the last Real Estate is to help others whenever given the opportunity.

Crash. They don’t want to be “house poor,” and unlike the “Baby Boomers”, they don’t have the same outlook on “your home is your castle”. They prefer homes 9. Have any book recommendaequipped with technology and being “green”, as well tions for us? One of my favorite books I read as smaller spaces and being closer to others. was during my teenage years. The Vietnamese title of The last of the three trends I see is our world is the book is Co Gai Do Long, the literal translation of getting smaller and more connected as we are now the title is Heavenly Sword and Dragon Sabre. It was a living in a “Global Village.” No longer do people need story of a young boy that lost both of his parents and to live near their work or their family because of was taken from his family to a strange land. He was technology and ease of travel. Therefore, as real estate lucky where through hard work and dedication, he not professionals we will need to adapt and be experts or only survived, but became a great man that lead and connected to others as well as market to those outside helped others. This is also why I truly believe that “luck of just our local market. The recent Global Summit in is when hard work and preparation meet opportunity”.

Chicago is a great example of this trend, the “Global I’m not sure if there is a translated version but I would Villager”. recommend it to everyone.

7. Favorites time: What/Who is your favorite Athlete, Band, Movie?

with

10. Tell us something about you that most people do not know or would not expect. I secretly cry during movie scenes where a parent tells his/her child that he/she is proud of him/her. I never cry and very few, I can count on one hand, have ever seen me do it. No one knows this but many will now!

The Doan family in 2005 (L to R): Jordan (youngest daughter), Taylor (oldest son), Michelle (wife), Long, Jacob (son) Photo courtesy of Doan family

A family reunion in Virginia: Doan's parents and all three sons with their wives and kids, along with Doan's mother's brother. Photo courtesy of Doan family

After crying for a while, I remembered thinking to myself, “stop crying and put on your big boy pants and be strong, many people are depending on you.”

SUMMER 2015

25

ASIAN IMMIGRATION in the 21st CENTURY

BY SCOTT BERMAN

F

or decades, a handful of cities have dominated in attracting and retaining Asian immigrants. We all know who these usual suspects are: New York, Los Angeles, and San Francisco. Due to their major metropolitan economies which provide for job opportunity, transportation hubs that allow for easy travel back to family, and typically high quality education systems have made these the preeminent destinations for not just Asian immigrants, but immigrants from all over the world.

However, as we move further along into this new millennium, one thing is becoming clear: these

“gateway” are becoming just that, gateways to the rest of the nation. The Pacific Northwest, the Gulf Coast and Deep South, the Mid-Atlantic Seaboard, and the Great Lakes regions are all experiencing tremendous growth in their AAPI populations.

As these regions continue to attract major industries and businesses, improve their education systems, and expand their transportation infrastructure, it becomes easier for immigrants to see them as viable destinations. We here at a|r|e have put together our list for the best city for immigrants in each of these emerging regions.

EDITOR’S NOTE: Think we got it wrong? Send your thoughts to sberman@areaa.org and tell me all about it!

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SUMMER 2015

GULF COAST

HOUSTON TEXAS

Houston is one of the fastest growing cities in the US, and for good reason Shutterstock/Jorg Hackemann

The Gulf's white sands and turquoise waters give way to spectacular sunsets Shutterstock/Steve Bower

Houston is a booming metropolis, and one of the fastest growing cities in the nation. With thriving energy and tech industries, Houston’s economy is also one of the strongest in the country. Houston is becoming a major player for attracting highly educated and skilled Asian immigrants, with a higher concentration of AAPI (6%) than the state as a whole (3.8%).

Houston’s international airport is one of the busiest in the region, and services most major markets, making travel easy and budget friendly.

The area also possesses nationally recognized hospitals, schools, and public transportation.

FAST FACTS POPULATION (City) 2,300,000 ASIAN POPULATION (City) 6.7%

++

Houston ranks first among U.S. cities where paychecks stretch the furthest, according to Forbes

++

More than 90 languages are spoken throughout the Houston area

++

International trade directly or indirectly supports more than one-third of all jobs in the Houston metropolitan area.

Source: Houston Visitor’s Bureau

THEY SAID IT “Houston is now the premiere destination for Asian immigrants because of the expansion in direct flights to Asia (China, Taiwan, Japan, and South Korea), robust economy, low cost of living, acclaimed K-12 & Universities, and prominent Vietnamese, Chinese, and Korean business districts.”

DAWN LIN AREAA Houston President

RUNNER UP

PENSACOLA F LORIDA

Pensacola is today what Houston was a decade ago: a city on the brink of a major population explosion. A well-established tourist destination, Pensacola now boasts an up and coming tech industry to create a bright and vibrant economy for the next generation.

HONORABLE MENTIONS

++

New Orleans, Louisiana

++

Sarasota, Florida

++

Gulf Shores/ Orange Beach, Alabama

The party never stops in the French Quarter of New Orleans Jorg Hackemann / Shutterstock.com

U P N E X T: T HE PAC I F I C NO RT H WES T SUMMER 2015

27

PACIFIC NORTHWEST

SEATTLE

WASHINGTON

Seattle is home to many global business headquarters including Starbucks, Microsoft, and Amazon.

Shutterstock/Dibrova

Vancouver is a wonderful combination of dense urban development and untouched natural beauty.

Shutterstock/Karamysh

THEY SAID IT “Seattle was the original gateway to the US from Asia, because it was first US port in which Trans-Pacific liners stopped.

In recent years, Seattle is showing fast growth of Asian immigrant and residents. The biggest factor is the growth of IT/High Tech industries (Microsoft, Amazon, Expedia, Zillow, etc….).”

MARK KITABAYASHI AREAA Greater Seattle 28

SUMMER 2015

Seattle has long been considered one of the crown jewels of the West Coast, but had still remained somewhat off the radar of Asian immigrants. That is no longer the case. Seattle, with its numerous business giants headquartered in the city, active young population, and world class education and hospital system, is now a premier destination for people immigrating to the U.S.

FAST FACTS POPULATION (City) 640,500 ASIAN POPULATION (City) 14.2%

++

AAPI is the second largest, and fastest growing segment of the population

++

Seattle has 147.52 miles of fresh water shoreline and 53.38 miles of salt water shoreline for a total of 200.90 miles of shoreline

++

RUNNER UP

VANCOUVER

B RITISH COLUMBIA

Vancouver is the ideal city for the outdoor enthusiast and weekend warrior alike.

With a vibrant downtown and business district, lush oceanfront landscape, and diverse economy, Vancouver was recently named the top city in Canada by Travel + Leisure Magazine.

HONORABLE MENTIONS

++ ++ ++

Portland, Oregon Boise, Idaho Eugene, Oregon

56.5% of people in Seattle hold a Bachelor’s degree or higher Source: Seattle Visitor’s Bureau

With its plethora of outdoor activities and hip downtown, Portland has become a magnet for millennials.Shutterstock/Josemaria Toscano

MID-ATLANTIC SEABOARD

WASHINGTON D.C.

Washington isn't just home to our Nation's Capitol, it is also now home to a growing number of AAPI. Shutterstock/Orhan Cam

Myrtle Beach's boardwalk is a popular tourist attraction, with millions of visitors annually.

Shutterstock/ StacieStauffSmith Photos

The nation’s capital has made quite the remarkable turnaround since the 1980’s. The city has been experiencing consistent growth since, in terms of both population and local economy. The city’s university system is considered one of the best in the world, with Georgetown, George Washington University, and American University all within minutes of the city center.

FAST FACTS POPULATION (City) 655,500 ASIAN POPULATION (City) 4.6%

++

The GDP of Washington Metro in 2010 was $425 Billion, ranking as the 4th largest GDP of any metropolitan area in the U.S.

++

Washington is one of only a handful of “planned” cities in the world (Paris being another)

++

Contrary to popular belief, building height is not limited by the height of the Capitol Building, but rather a federal law stating a building can be no taller than the width of its adjacent street plus 20 feet.

Source: Wikipedia

THEY SAID IT “The economic growth in suburban metropolis in the US has drawn AAPI immigrant newcomers in large numbers to suburbanized places like Metro DC. The relatively stable economy due in large to the presence of Federal government and related industries has attracted highly skilled professionals as well as Asian immigrants with skills across the spectrum for the supporting service industries. Washington’s internationalization and prominent Universities continue to attract professionals and students from Asian countries.”

CYNTHIA McGEE AREAA Greater DC President

RUNNER UP

MYRTLE BEACH S OUTH CAROLINA

Myrtle Beach is a golfer’s paradise.

And a beach enthusiast’s paradise.

And a fisherman’s paradise. And a history buff’s paradise...

HONORABLE MENTIONS

++ ++ ++

Charlotte, North Carolina Baltimore, Maryland Norfolk/Virginia Beach, Virginia

U P N E X T: M I DWES T / G R EAT L AK ES SUMMER 2015

29

MIDWEST/ GREAT LAKES

CHICAGO

ILLINOIS

During the Spring, Chicago boasts innumerable outdoor activities and opportunities.

Shutterstock/Richard Cavalleri

“Chicago has been a great destination for new immigrants for its diversity, affordable housing in a metropolitan city, great universities and having a central hub for international travel.

Lately, Chicago has been a prime destination for international investments from Asia, such as Korea, China, India, for its affordability factor, high return on their investments and a stable real estate market.”

VICKY SILVANO AREAA 2015 Chair-Elect 30

SUMMER 2015

Chicago, perhaps more than any other city on this list, has experienced an incredible period of growth of both international investment and immigration. The city is home to more multi-national corporations than any other city in the US, has attracted more foreign capital that any city not named New York, and seems to only be getting started. Chicago has world class education, hospitals, airports, sports venues, and restaurants. The Second City doesn’t seem content to play second fiddle anymore.

FAST FACTS POPULATION (City) 2,700,800 ASIAN POPULATION (City) 5.5%

++

Chicago is home to eleven Fortune 500 companies, while the rest of the metropolitan area hosts an additional 21 Fortune 500 companies.

++

The "Historic Route 66" begins in Chicago at Grant Park on Adams Street in front of the Art Institute of Chicago.

++

The Chicagoland area contains nearly 10 million people in three states – Illinois, Wisconsin and Indiana – and is the 22nd largest metropolitan area in the world.

Sources: US Census Bureau and the City of Chicago

Toronto is an incredibly diverse city, with more languages spoken there than anywhere else.

Shutterstock/Songquan Deng

RUNNER UP

TORONTO ONTARIO

The capital of Ontario province, Toronto is widely considered one of the world’s most diverse cities. Nearly 22% of its over 2 million citizens are of Asian descent.

HONORABLE MENTIONS

++

Minneapolis, Minnesota

++ ++

Louisville, Kentucky Kansas City, Missouri

photo.ua / Shutterstock.com

THEY SAID IT

DEEP SOUTH

ATLANTA

GEORGIA

Atlanta is the largest city in the South, with a young and talented workforce.

Shutterstock/Sean Pavone

Live music is the name of the game in the home of country music, Nashville, Tennessee. f11photo / Shutterstock.com

The Peachtree city (not to be confused with nearby Peachtree City) has one of the most vibrant economies in the nation, much less the South.

Many don’t think of the Deep South when they think immigration, but that is changing…and quickly. With the combination of multinational corporations in the region (see: Kia, Hyundai, AT&T, UPS, Delta, CocaCola, just to name a few), and a world class airport, many are seeing Atlanta as an affordable alternative to some of the more expensive, traditional gateway cities. The city of Atlanta only has a population of around 450,000 residents, but when you include the metro area and surrounding suburbs, that number explodes to over 9 million.

FAST FACTS POPULATION (City) 447,850 ASIAN POPULATION (City) 3.1%

++

Atlanta contains the country's third largest concentration of Fortune 500 companies

++

Atlanta is one of few United States cities with permanent, professional, resident companies in all major performing arts disciplines: opera (Atlanta Opera), ballet (Atlanta Ballet), music (Atlanta Symphony Orchestra), and theater (the Alliance Theatre)

++

The city’s aquarium, the Georgia Aquarium, is the largest in the world http://quickfacts.census.gov/qfd/states/13/1304000.html

THEY SAID IT “Atlanta is a hot market for the AAPI community. The affordable cost of living, the availability of the community, and the great education system we have are all attractive to anyone considering moving to the Metro Atlanta area.”

TIM HUR AREAA Policy Chair

RUNNER UP

NASHVILLE T ENNESSEE

Nashville, the Music City, has long been considered the cultural headquarters of country music, but the city sports a few major global businesses, a top tier university in Vanderbilt, and many outdoor activities.

HONORABLE MENTIONS

++ ++ ++

Charleston, South Carolina Huntsville, Alabama Birmingham, Alabama SUMMER 2015

31

Pristine Beaches. Turquoise Waters. World Class True elegance on exclusive, gated Ono Island

This magnificent custom built home was designed with entertaining in mind and features huge open chef’s kitchen, billiards room, bar, media room, gym with steam shower, wine cellar, phenomenal bedroom suites, wine cellar, and verandas everywhere. The grounds feature a beautiful invisible edge pool, hot tub, lush landscaping, and lots of quiet sitting areas to relax and enjoy the magnificent views.

Located on deep water with quick Gulf access, the boat house accommodates the serious fisherman and the casual boater with boat lift, double jet ski lifts and a boat slip built for a 60’ boat. Offered at $2,950,000.

Stunning Beach & Golf Dream Home

Rare opportunity to own this lavish Gulf front 4 bedroom, 4.5 bath home in Kiva Dunes Beach & Golf Community. Features high end finishes and amenities throughout including elevator, gourmet kitchen, first floor guest suite with kitchenette, third floor master suite with luxurious bath and over 2,200 SF of porches. Built like a fortress on almost 2 acres with 25’ elevation, poured-in-place ICF concrete, 59 piling supported slab, sea/retainer wall, 140+ impact/wind Kolbe windows & doors, and 25 KW generator.

Offered at $2,795,000 For more information visit www.7222KivaWay.com

Elegant Coastal Living Orange Beach Designed by architect Lea Verneuille, this waterfront estate on 3 +/- acres embraces the Coastal lifestyle with a 5,100+ SF (7100+/- SF total heated & cooled) 4BR/5.5BA main home, 1,000(+/-) SF of porches, 2BR/2BA 1400(+/-) SF guest house, pier, and large boat house with slips on deep water to accommodate large boats.

Offered at $3,395,000

31827 Shoalwater Dr Ono Island Relax in luxury in this spacious 6BR/6.5BA 5,000 SF custom waterfront home on private, gated Ono Island. This home is professionally decorated and well appointed throughout including solid wood doors, elevator, office, chef’s kitchen, lavish landscaping, very large boat house on deep water and breathtaking views!

Offered at $1,999,900.

Catherine McInnis

Associate Broker 251.233.9273 CatherineMcinnis@yahoo.com www.CatherineMcInnis.com

- Certified Real Estate Specialist - Accredited Buyers Representative - Resort and Second Home Specialist - Asian Real Estate Assoc of America MULTIPLE LISTING SERVICE

REALTOR®

GULF COAST

s Golf & Fishing. ~ DISCOVER ALABAMA’S GULF COAST Ono Island

This magnificent home is located on the coveted south side of Ono Island with deep water and absolutely gorgeous views! Inside the open light filled interior features 4 bedrooms, 4 baths over 3,000 SF, beautiful wood work, marble flooring, huge kitchen for entertaining, and much more.

Outside features include wrap around deck, lush outdoor pool area with water falls and fountain, pier, a fabulous 2-story boat house, and more!

Offered at $995,000.

THE WHARF #503 ORANGE BEACH Beautiful details and appointments in this 2BR/2BA unit at The Wharf with everything you could want including fine dining, shopping, movie theater, boat docks, lazy river, wave pool, oasis pool and much, much more!

Reduced to $299,000

AWARD WINNING KIVA DUNES Custom built 5BR/4.5BA 3,000+ SF home with great views throughout. Features include a 3rd floor open designed living space with great room, dining & kitchen, arge screened porches, Widow's Walk, plantation shutters, 2nd floor master suite, office, and much more. $750,000

Marlin Key Dr Ono Island

D

CE U ED

R

RIVER RD - ONO ISLAND LOT HUGE, high elevation, unique property with over 335 feet of depth and 80 feet waterfront. $249,900

This impressive 3BR/2.5BA 3 story canal front home is positioned on a large high elevation lot w/covered boat dock & lift. Features a layout perfect for entertaining including 3 decks. Beautiful custom drapes, bamboo blinds, vaulted ceiling, floor to ceiling windows, professional landscaping, architectural shingles, bonus rm, & gorgeous views!

Reduced to $525,000.

MARLIN KEY DR - ONO ISLAND LOT High and Dry Canal Lot WITH a boat lift. Bring your boat ,and build later if you choose. $250,000

Stone Quarry LOT Build your dream home here. Two boat slips already in place. The larger slip will accommodate a 40 foot boat. $230,000

IN MY NEIGHBORHOOD WITH LINDA CHU WHAT ATTRACTED YOU TO THIS PART OF TOWN? Yorkville is such a vibrant neighborhood, and offers the best of Urban Living. It has a very European feel and way of life and has doubled for European cities for television series and films. The neighborhood still has a village feel on the small interior streets where many of the original houses that are over 100 years old have been retained and converted to restaurants, outdoor cafes, art galleries and boutiques. Yorkville has a unique character combining old & new, low rise & high rise.

The tiny neighborhood of Yorkville is located in the heart of Toronto, bordered by 3 subways the Bloor Street, University Avenue and Yonge Street lines. A haven for hippies in the 60’s, Yorkville is now one of the most desirable areas in the city to live and work with luxury condos, an enclave of historic homes, five star hotels, fine restaurants and Shops.

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SUMMER 2015

WHAT IS THE NUMBER ONE SELLING POINT THAT RESIDENTS AND NEW BUYERS RAVE ABOUT? The number one selling point of Yorkville is convenience, you have the best of everything at your doorstep, you don’t need a car and can walk everywhere, Groceries, shoe repairs, health services, restaurants, cafes, book stores, whatever you need it all there.

Yorkville is also walking distance to the University of Toronto and a short ride via subway or taxi to the Financial and Entertainment Districts downtown.

WHAT TYPE OF ACTIVITIES/EVENTS DOES YOUR NEIGHBORHOOD OFFER? Toronto is a city of festivals and events, Yorkville is the host of many amongst are the B&O Run, that attracts runners and walker for local charities held each September, Ice VILLAGE Fest in February is a comOF petition and display of Ice YORKVILLE Sculptures by local busiPARK ness’, Open Streets in the summer closes Bloor Street to “get people out to enjoy the street, biking, walking, roller blading and all sorts of things” and on Father’s day weekend is the Yorkville Exotic Car show.

WHAT’S A COMMON MISCONCEPTION ABOUT YORKVILLE? Many of my family and friends always comment that they feel they should dress up when they come to Yorkville, it’s’ true you will see beautifully dressed people in cafes and shops but the residential population is very casual, often running shoes and gym clothes to their workout or yoga class.

Photos: Linda Chu

FAVORITE DINER Avenue Diner at Ave and Dav, Brunch regulars walk in and don’t have to order owner and staff know what you want before you sit down.

WHAT IS YOU FAVORITE WAY TO SPEND AN AFTERNOON WITH FAMILY OR FRIENDS HERE? One of my favorite ways of spending time with my family is going for Brunch on the weekend at one of the great restaurants in the area, then heading out to the Royal Ontario Museum with kids to explore their exhibits or hop on bikes down to Rosedale Valley Road bike path.

SHOPPING

Yorkville is a shoppers’ paradise for fashion. You will find locals and tourists alike shopping here. Bloor Street is fondly nicknamed the “Mink Mile”, with International Designer Brand shops such as Chanel, Prada, Vuitton, Hermes, Gucci, Cartier and Tiffany’s. There are many popular stores like the GAP, Brooks Brothers, Anthropologie, William Sonoma and Pottery Barn. Holt & Renfew and the Bay are department type stores on Bloor and of course there are one of a kind boutiques in the quaint shops on Cumberland St, Yorkville Ave and Bellair St.

for

Lobby of the Four Seasons Hotel or...

Bar at La Societe at the Colonnade

FAVORITE RESTAURANTS IN THE NEIGHBORHOOD? There are so many great Restaurants in Yorkville from Buca, Pangea, Sotto Sotto, Sassafraz, Café Nervosa, Le Select to Sushi Garden.

It’s hard to pick a favorite, but perhaps because of my Chinese roots I love to go to Dynasty with my family and friends, it’s one of the best restaurants for Dim Sum in Toronto and has the most delicious Peking Duck which you don’t have to order in advance.

for

Nespresso or Zsa Zsa’s

BEST SHOE STORES I admit I am a shoe-a-holic, you know this when the salesmen at Davids, Holt & Renfew and Browns Shoes have your name and number on speed dial.

YORKVILLE'S BEST PATIO There is nothing better than having drinks, lunch or dinner on the Patio at One at the Hazelton Hotel is the best Patio in the city, it’s great to take clients, people watch, to be seen and where the deals are made. For Brunch One has a great gourmet version of Chicken & Waffles, the Steak Salad is also one of my favorites, best of all it’s a two minute walk from my house.

TOWNHOMES on HAZELTON AVE

...you have the best of everything at your doorstep, you don’t need a car and can walk everywhere...

YORKVILLE’S BEST KEPT SECRET

Maybe not the best kept secret but living on Hazelton Avenue. It is one of the coveted streets in the City to live on, most Torontonians know of it and it is wonderful to walk on with it’s historical Victorian homes and mature trees. Hazelton Avenue is part of a Heritage Conservation District that preserves the architecture. Backyards on Hazelton Avenue are oasis of greenery and calm in the midst of this highly urbanized neighborhood.

Linda Chu is a Broker with Sotheby’s International Realty Canada focusing on Residential Real Estate in Downtown Toronto. Linda holds a Degree in Landscape Architecture, she designed and managed residential, commercial and institutional projects for the first 15 years of her professional career.

A passionate city builder, Linda believes culture is integral in building a vital, prosperous city.

SUMMER 2015

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a n i h C

Sales to Chinese buyers accounted for approximately 28% of that total, equaling an estimated $28.6 billion.

the

GLOBAL INVESTMENT

SUPER

Perhaps most staggering is the average home price purchased by Chinese buyers: $831,800. This is the highest among the top 5 countries of origin, and nearly $360,000 higher than the second place buyers.

POWER

BY CYNTHIA FAUTH NATIONAL ASSOCIATION OF REALTORS ®

STANDING STRONG

as the second largest economy for several years running, China has cemented its role as an economic superpower. The country is now home to more than one million millionaires, and according to UBS and Pricewaterhousecoopers, China created a new billionaire every week in the first quarter this year – a staggering statistic.

As China’s private wealth increases, so does its collective appetite for strong investment opportunities. What better investment than purchasing real estate in one of the most secure and attractive locations in the world – the United States? This year, China flexed its buying power muscle and, for the first time, exceeded all other buyers of U.S. real estate, according to the NAR 2015 Profile of Home Buying Activity of International Clients1.

As a whole, the number of homes sold to international clients declined from an estimated 232,600 houses to 209,000, a decline of approximately 10 percent. However, the total dollar sales volume to international clients increased to $104 billion from April 2014-March 2015. This represents a 13% increase from the previous time period.

FURTHER READING 1

NAR 2015 Profile of Home Buying Activity of International Clients

http://www.realtor.org/reports/profile-of-international-home-buying-activity 2

Countries Providing the Most Stable and Secure Real Estate Investments

http://afire.membershipsoftware.org/Files/2015%20Survey/2015%20Stable%20and%20Secure%20.pdf 3

Countries Providing the Best Opportunity for Capital Appreciation

http://afire.membershipsoftware.org/Files/2015%20Survey/2015%20Capital%20Appreciation.pdf 36

SUMMER 2015

Beyond that, Chinese buyers overwhelmingly prefer all-cash transactions, eliminating one of agents’ most-cited reasons why international transactions fail to reach the closing table. Only Canadian buyers paid cash more frequently (73 percent) than Chinese. The United Kingdom paid cash 58% of the time, Mexico 46% of the time, and India only 16% of the time.

Reaching the Closing Table About 43 percent of respondents reported they had at least one client who did not purchase a property. REALTORS® reported that meeting the needs of the international customer frequently requires an additional level of skills beyond those normally used

by REALTORS® such as cultural training, informational needs of individuals not familiar with U.S. business practices, and experience with regulations as they pertain to international purchases. For example, foreign nationals might be unfamiliar with condo HOA fees and property taxes. This is an opportunity for the REALTOR® to deliver their expertise and educate the potential purchaser to reduce buyer concerns. The Certified International Property Specialist designation from NAR can help ensure that you are a true specialist in the field of international real estate, and can anticipate the needs of foreign clients to make sure you reach the closing table.

WHY THEY ARE BUYING in the U.S. Stable, secure investment The United States is considered one of the most secure and attractive locations for foreign investments and owning property. The Economist shows that the United States provides a better value in home prices than China. And according to the annual survey of Association of Foreign Investors in Real Estate (AFIRE) members, the U.S. was voted the most stable and secure country2 for investment, outstripping both second-place Germany by 55 percentage points, and third-place U.K. by 60 percentage points. The U.S. also offers the best opportunity for capital appreciation3, out-performing second-place Spain by 34 percentage points and third-place U.K. by 40 percentage points. What’s more, two-thirds of the AFIRE survey respondents expect China to become the largest source of capital into the U.S. in 2016 and beyond.

Student Housing The number of Chinese students arriving in the United States continues to rise each year. According to the Institute of International Education, 274,439 students from China were studying in the United States in the school year 2013/2014, a 16.5% uptick from the previous year. China remains the leading country of origin (for the fifth consecutive year), making up 31% of all international students in the United States.

Many of these young scholars will come to the U.S. in high school or college, and will make America their long-term home. As a result, they (and their parents) often invest in more than tuition. For Chinese buyers, finding quality housing for their children is a priority, and this investment can also serve as a rental property or vacation home when the student has moved on.

WHAT THEY ARE BUYING The vast majority – 39 percent - of reported purchases were primary residences. Residential rentals made up 23 percent of the purchases, while vacation and residential, and student residences were also cited.

Buyer interest mostly focused on detached single-family homes, with condos/apartments coming in second place. Commercial properties and townhomes were cited less frequently.

CHINESE HOME BUYER PREFERENCES*

PERCENT DISTRIBUTION of TOTAL CHINESE PURCHASES 12 MONTHS ENDING MARCH 2015

Washington 8% New York Massachusetts 7% California 6% 35% Illinois 4% New Jersey Texas 3% 4% Hawaii Other States Florida

7% 28% 3% *Includes buyers from People's Republic of China,Hong Kong, and Taiwan

WHERE THEY ARE BUYING Chinese buyers strongly focus on top-tier cities, primarily on the West coast. In fact 35% of home sales to this group were located in California, which provides geographic proximity to their homeland, educational opportunities, and business and trade opportunities. Los Angeles, San Francisco, and Seattle are top targets for property purchases, though Houston and New York are popular as well.

They overwhelmingly purchase properties in urban and suburban areas, according to the Profile. 46 percent purchase in suburban areas, while those looking for central city or urban properties aren’t very far behind, at 39 percent.

As China continues to make its mark on the international real estate landscape, it’s more important than ever to be educated, engaged, and informed on this lucrative buyer group.

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‘This is Burma,' wrote Rudyard Kipling.

‘It is quite unlike any place you know about.’

the TOP TRAVEL MYANMAR (BURMA) DESTINATION of 2015

BY JACKI UENG

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hinking of where to Travel to in 2015?

Look no further than the destination many have been raving about lately, a magical place formerly named “Burma”, and now Myanmar. A large country centered in Southeast Asia, bordered by China, Bangladesh, Laos, Thailand and India with a current population of 51 million people. Visiting Burma feels as if you’ve been transported to the early 20th century Colonial era meets the classic Far East Asia.

A century ago, Myanmar was a prosperous place; conquered by the British in the 19th century, romanticized by British authors such as Rudyard Kipling for its beauty and charm. In 1948, Burma

became an independent nation, initially as a Democratic state. Aung San, a Revolutionary and Nationalist, known to be the “Father of Modern Day Burma” who lead Burma to Independence was assassinated just months before actual Independence.

In 1962, following a coup, the country was turned into the hands of Military dictatorship and the nation into a suppressed atmosphere with major Human Rights violations. According to the Human Rights Index, Burma ranks at 150 out of 187 in Human Development. Technology is lagging, the people are politically and socially suppressed, and freedom of speech is nonexistent. But amidst all these atrocities,

Tips

TR AVELING

with

THE BOHEMIAN VAGABOND

TRAVEL

You will need a Visa ahead of time. You can find the application online, attach with your passport and mail to the Embassy. Give yourself at least 10 business days.

Best time to visit is in the Fall. This place is simplicity at best.

ATM’s are still a new thing, so be sure to carry enough cash.

Ask before taking photos of people (as should be the case everywhere you Travel).

Some cultures/religions see it as bad luck to get their photos taken, although most of the time, they are ready to shine their brightest smile for you.

Go with an open mind, and go with the flow.

There is so much to see and explore. Enjoy!

the people of Burma are among the warmest and most peaceful I have met. And things have changed in the past 4 years, mainly for the better.

In 2011, the military junta was dissolved. Political prisoners such as Aung San Suu Kyi, who won the Nobel Peace Prize in 1991 while under house arrest after winning political power in 1990, were released.

After a resumption in foreign relations by the U.S., both President Barack Obama and Secretary of State Hilary Clinton paid a visit in 2011 and 2012.

PRESENT DAY BURMA I have been twice: once in 2009 before the country opened their borders, and once after in 2013. I experienced some changes, but the hospitality remains. The great thing is the pace of living has not changed much, unlike the neighboring countries with excessive population and traffic.

Burmese cuisine has influences from Chinese, Indian and Thai food, consisting of rice, dried fish, and farm fresh vegetables; the types of dishes we in America, especially California aspire to make, but not in high prices (think Whole Foods)!

Last but not least, the landscape and the beauty of Burma is of the utmost charm. In the capital city of YANGON (formerly known as Rangoon), you will find the country’s holiest temple, Shwedagon Paya, where most people will make the homage out to pay respect at least once in their lifetime.

BAGAN is a must see, with 2400 pagodas built between the 12th and 13th century, spread out among the city. No two pagodas are ever the same, as you notice the intricate details of the carefully designed architecture. And no two Buddhas are the same, as when carefully observed, you can see where their gaze lies (usually a half gaze which resembles their attainment to Nirvana). Their smiles vary, the placement of their hands, etc.

My absolute favorite place in the world is Inle Lake, the second largest lake in Burma,

in Shan State which lies near the center of the country. The most charming village I’ve ever seen with small houses on bamboo stilts, a lake with canoes, fisherman catching fresh seafood, women weaving silk clothing and blankets, and quaint villages nearby on farms. Besides spending 2 days relaxing by the river and walking around, I took a 1 day hike on the near by mountainous areas “Shan Hills” where I met a monk up in the mountain who lived in a small monastery by himself and was hands down one of the happiest people I’ve ever met who shared much wisdom with me.

JACKI UENG is the Bohemian Vagabond, a travel blogger who inspires others to travel and experience the customs, cultures and foods of destinations across the world.

Follow Jacki's travels at:

JackiUeng.com

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rates begin at $200/issue email a-r-e@prveen.com for details

ST YLE WATCH

BOW TIES O

ne of the biggest style trends to look for this summer

is the continued re-emergence of the bow tie. The bow tie is perfect for everything from that swanky beach

wedding, to a day at the race track. a|r|e has scoured the scene and put together this list of the very best places to get that perfect neckpiece you’ve been looking for:

MRS. BOW TIE is an English brand that boasts one of the world’s largest selections of bow ties. Very affordable (around $30), very stylish, and of very good quality, Mrs. Bow Tie is an excellent place to dip your toes into the world of bow ties.

mrsbowtie.com

VINEYARD VINES brings the classic Martha’s Vineyard style to all of its products, and their bow tie collection is no exception. The company is famous for their animal prints and “beachy” feel. Most of their collection sells for a reasonable price (around $65), making this luxury brand affordable on nearly any budget.

vineyardvines.com

BARNABY JONES NYC is a higher end shop for the bow tie minded. BJNY bow ties have a trademark modern, yet eclectic feel that keeps them at the cutting edge of style trends. Bow ties typically range from $150-$250, but can go higher.

barnabyjonesnyc.com/shop

CHARVET is considered one of the finer clothing brands in the world.

Established in 1838 in Paris, France, Charvet Place Vendôme originally began as a custom shirt-maker. Its founder, Joseph Cristophe Charvet, was the son of Jean Pierre Charvet, the “Master of Wardrobe” for then Emperor Napoleon Bonaparte. Synonymous with style and elegance, a bow tie from Charvet is a must have for any true connoisseur. Bow ties begin at $225, and can go well over $1,000.

charvet.com

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PROFESSIONAL SPOTLIGHT

SITTING DOWN with

NAR INDIA’S FOUNDER

What inspired you to found NAR-India?

To bring all real estate agents and brokers across the country under a common umbrella and facilitate common representation with Government and other real estate organizations globally, it was required to have an apex body, the membership of which would be the various city realtor associations. Thus NAR-India was formed for this main purpose, by a few likeminded people and with the help of Norm Flynn of IRPF. NAR-India, the single national level organization of realtors aims at changing the country’s skyline by elevating the standards of good business practice, education, and professionalism of the real estate brokerage business to a global level where Ethics, Transparency, Accountability, Rule of Law, and Good Governance prevail.

What are your aspirations / goals for NAR-India?

INDIA IS A NATION ON THE RISE.

While that might sound like a strange thing to say about one of the largest countries in the world, in both terms of population and total GDP, it is still shockingly true. The country is one of extremes: wealth and poverty, urban and rural, modern and ancient. As India continues to shed it autarkist past and embrace a more global economy, many see the country as well positioned for rapid growth due to its relatively cheap and highly educated labor force. The country’s more populous urban centers, such as New Delhi, Mumbai, and Bangalore, are seeing their real estate markets explode.

However, for years India lacked a central, national level organization to oversee and standardize the real estate industry. Enter Farook Mahmood, who founded the National Association of Realtors – India in 2007, with the goal of bringing all the various real estate associations across the country under one umbrella organization. a|r|e sat down with Mr. Mahmood for a brief Q&A about how and why this all came about.

Shutterstock/Snehit

Charminar Monument in Hyderabad, Telangana

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The main aspiration or goal is to bring all aspects of professionalism and ethics to the Indian real estate broker. For achieving this end, NAR-India works closely with several international bodies, most notably NAR (USA) and ICREA to bring established best practices, code of conduct and ethics, educational programs, and their systems built over decades of experience, to the door of the Indian realtor.

The Indian realtor was also very insular and isolated from the global industry in terms of both conducting business transactions, and in procedures, practices, education and good ethics and conduct. It is definitely our ultimate to put the Indian realtor on par with his associates the world over.

What are the greatest challenges facing the Indian real estate market today?

The market is still in its nascent stages, and is yet to mature. There is no uniformity of practices, no fixed set of rules and regulations, no licensing procedures to enter the profession. A strong NAR-India is bringing about the desired change.

The very diversity of the large Indian population poses its own challenge since it is difficult to bring about a commonality across the many sub cultures. With currently 25 city Associations from all over the country falling under NARIndia we are working towards achieving uniformity in practices and procedures and a common code of conduct and ethics which is self- imposed at this point in time.

The Government is now bringing the Real Estate Regulatory Bill, in the formulation of which NAR-India has been consulted. We look

What are the greatest opportunities in the Indian real estate market today?

The large young population with high disposable income and the average age of the first-home buyer being 25-28 years, the rapid urbanization, and continuing shortage of housing offers the greatest opportunity to real estate agents. The economy is growing steadily; housing loans have options to cover the entire spectrum of buyers from affordable housing to luxury / lifestyle developments. The demand -supply gap in housing is here to stay for some years, thus giving opportunity for growth to all stake-holders in the real estate space. Large multinational corporations see value in setting up business process outsourcing (BPOs), software development, financial services, medical and legal transcription services, because of the easy availability of educated and talented manpower at a fraction of the cost of their counterparts in the West.

Most American and European Companies are based out of cities like Bangalore, Hyderabad, Gurgaon, Noida, and Pune.

What is the government doing to encourage / increase investment in India?

India, which some years ago was quite insular, is today a truly global economy, thanks to the government opening the nation’s doors to international trade and collaboration. The government has also played a huge role in setting up telecommunication and transportation infrastructure, which facilitates growth of the economy and thereby makes it attractive to invest in the country.

The government is encouraging FDI (foreign direct investment) in real estate in integrated townships, the hospitality sector, infrastructure, health care and medical infrastructure, and investments in Smart Cities, which are to be developed across the country. In an attempt to contain prices, the government does not

PROFESSIONAL SPOTLIGHT

FAROOK MAHMOOD

encourage foreign nationals to buy residential real estate. However persons of Indian origin (PIOs) are allowed to invest in real estate in India.

What cities are attracting the most international investment?

India Facts

The IT industry first grew in Bengaluru and thus the large global players gravitated here bringing International investments in their wake. A complementary contribution was the global standard of commercial developments which attracted investments by large Corporates. Apart from Bengaluru,

Amazingly Young Population: ≥≥ Median age: 27 ≥≥ 40.6% of the population is age 25-54 ≥≥ only 12% 55 years or older

25

The

forward to the discipline it will bring to the real estate industry.

Hyderabad, Gurgaon, Noida, Chennai and Pune have been centres of growth. Now it is the turn of the Tier III cities, and investments are flowing in to greenfield areas such as Mysuru, Indore, Nagpur.

Where does outbound capital from India go?

Outbound capital goes mainly to countries which have been associated with India for many decades and have sizeable Indian populations, such as the USA/Canada, UK, Dubai, and Europe. Indians are the fifth largest buyers of real estate in the US. Indians are now allowed to transfer $150,000 annually for investments overseas. With the Indian financial year being April to March, it is now possible for a family of four to transfer $1.2 million within a few days near the financial year ending 31st March and first week of April. This new law enables Indians to invest in properties overseas, the major beneficiaries being the USA/Canada and UK. The markets in the US/Canada that benefit from this provision are New York, New Jersey, San Francisco, Chicago, Miami, Dallas, Toronto, Vancouver. In the UK London and Birmingham are the popular investment destinations.

INDIA

Most Populous Cities in

MAJOR CITIES

≥≥ ≥≥ ≥≥ ≥≥ ≥≥ ≥≥

New Delhi (capital) 24.953 million Mumbai 20.741 million Kolkata 11.766 million Bangalore 9.718 million Chennai 9.62 million; Hyderabad 8.67 million (2014)

Diverse Language: ≥≥ Hindi 41.0% ≥≥ Bengali 8.1% ≥≥ Telugu 7.2%

Strong GDP: $7.277 Trillion with a projected 5.6% growth rate (2014)

≥≥ Marathi 7.0%

Good Value for Your Dollar:

≥≥ Tamil 5.9%

$1 USD =

≥≥ Urdu 5.0% ≥≥ Other Language

25.8%

63 Indian Rupees (as of writing) Source: CIA World Factbook SUMMER 2015

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Well, I don’t have any secret buttons or magic tricks up my sleeve, but I do have a bevvy of productivity tools that exist today, make my life easier and can increase efficiencies in your business, and maybe even give you a little extra time back for your personal life! Recently, I was asked to present some of my “can’t live without” choices at the 2015 AREAA Global Summit in Chicago. Below are a few resources from my presentation.

I

t’s no secret that as brokers we are always busy and constantly in a struggle to maintain and grow our business, better manage our clients, and our personal lives. Wouldn’t it be wonderful to have a few tools that manage your contacts and keep track of when you last emailed someone and when you should follow-up, or a magic trick that would instantly pull up that note you took 3 days ago which you’re now desperately searching for in order to call a lead?

Or how about a way to see all the upcoming projects you have on the calendar, and a way for your team to contribute their thoughts and tasks on it? Doesn’t this all sound a bit futuristic?

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We use Evernote the way one might use a bulletin board full of sticky notes which keep everything visible, a place where you can store text notes, file attachments, photos, sketches, screenshots, web articles and even audio files - you can even scan in documents with the Evernote app, including business cards-which then pull in relevant social media information automatically. Evernote is easy and useful because it's available on all your devices, its simple, it's searchable, information is shareable and notes are linkable to other cloud-based tools.

Managing the multiple projects of a typical real estate practitioner can be a gruelling and time-consuming endeavour. Well now there’s Asana, a collaborative task management tool where you can create workspaces and

TECH TALK

projects, then create tasks and set deadlines, and add team members and delegate those tasks. We use Asana to stay focused, stay on track and monitor critical projects in a timely manner. Asana is all about organization and integrates with Evernote, Google Drive and Dropbox for attaching notes and project files. Asana syncs with your Google calendar and includes a work chat function which serves as a communication system that encourages work flow between team members and keeps all information and communication completely transparent to the entire team, while eliminating the multiple emails and meetings that keep everyone up-to-date on progress. The best part of it all is that you can see your updates in real-time.

If you’re not already using Dropbox, you should be. Besides being able to access and share your files anywhere, Dropbox will automatically backup files from multiple computers and mobile devices.

And the simple act of synchronizing your files is a smart one - any changes made to a file within Dropbox from any of your devices automatically syncs the changes across all devices. We use Dropbox to manage our transactions and often times share the folder with our clients - this can include their property showings data, and CMA’s to name a few. Dropbox also gives you the ability to email documents directly into the Dropbox folder in one step, and then the ability to share that particular file with someone. If you’re ready to make the jump to paperless, then Dropbox might just be tool to get you there.

with

ROB MEHTA

Sign up

We all know that a truly great CRM should be able to increase efficiency, organize your leads, create customized reach, and produce real-time data for accurate reporting. Contactually automatically works with your email, LinkedIn and Facebook channels to draw in your contacts and conversations, and it actually tells you when you need to follow up with your contacts and allows you to do so seamlessly using templates to create personalized emails. The program allows you to sort your contacts into “buckets” based on categories and tags, and allows you to filter contacts based on those indicators.

Contactually truly is designed to keep the conversation going -allowing you to keep in touch with your clients, referral sources and prospects, and it will even grade you on how well you’ve done it!

Today evernote.com asana.com dropbox.com mycontactually.com

As

our business continues to become more “location-agnostic” it makes sense that our workflow becomes increasingly mobile as well.

Being able to get more done in less time is the key and hopefully you can begin to strategically take advantage of some of these tech tools to increase your efficiency and grow your business further.

ROB MEHTA is Director of Strategic Planning and Business Development for Coldwell Banker Burnet in Minneapolis-St. Paul, Past-President of the Minnesota Association of REALTORS, has served on the AREAA Board of Directors. and is the owner of Rob Mehta+Partners, a real estate training company. www.robmehtapartners.com SUMMER 2015

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with

POLICY RECAP TIM HUR You may be wondering what we advocated for. Three very simple points, really. Keeping the EB5 program alive (by supporting H.R. 616 – there are people advocating to shut down the EB5 program). Keeping 1031 exchanges in existence (by rejecting the line item budget that would have eliminated the 1031 tax deferral). And finally, advocating for an alternative credit scoring model that would take into account rental history and utility payments – things that usually don’t show up on a credit report – and if they paid off their medical bills that are in collection status – it wouldn’t affect them under this scoring model (supporting H.R. 123).

O

The support we got was incredible, from Republicans, Independents, and Democrats alike. We explained to everyone these three things are important to the AAPI community. Who doesn’t like hearing that investment money is coming to your district – that people are making money and buying more expensive things – and our Representatives and Senators would be behind a bill that would help further homeownership? Exactly.

ver 75 AREAA members, their

families, and their children flew in from all across the United States to join AREAA and me for our National Policy Day Summit - I like to believe that everyone who came knew their importance to our cause. We stood as one for that week in Washington DC - standing with one unified voice, one unified vision and one unified plan.

AREAA members at the U.S. Supreme Court Building on Policy Day 2015 Ben Droz

Crazy as our schedules were, we still managed to join the White House Initiative on AAPI’s first ever summit that brought over 1000 attendees.

We still managed to make over 50 appointments with our Representatives and Senators over the course of 4 days.

We still managed to attend APAICS’ National Gala.

Senator Elizabeth Warren of Massachusetts and Tom Truong Photo courtesy of Tom Truong

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Just as important, we managed to make new friends & develop stronger bonds with the ones we already established.

So much has gone on in our world since we’ve all parted ways at Policy Day. Political unrest, budget deficits, scandals, racial tension - it seems things

The very reason why you’re important is because you matter…It’s time that someone starts cleaning up the mess.

And your presence is all that is needed to start. have gotten worse, hasn’t it? Do things ever really change? I think so. I’ve said it before, and I’ll say it again. Whoever you are, you are actually a very important and a very crucial part of the success and future of AREAA and the AsianAmerican Pacific Islanders (AAPI) community. You all came (physically or in spirit) to help advocate for causes on why our organization exists.

You matter. And as your Policy Chair this year – I owe every paying member

of our organization, staff, and executive committee a huge, “Thank you.” But let me stress- I didn’t do anything. You did it. Your dues support AREAA to help advocate for what our organization believes in. Your presence in DC spoke volumes. Those who came participated in the largest contingency that AREAA has ever brought to DC. And our voice at AREAA is only going to grow. The passion is there.

I don't change my contention that Politics is Disgusting. As we continue the fight to make a change on our local level - I'll see everyone next year in DC on a national level.

AREAA members with Representative Al Green of Texas Photo courtesy of Dionne Cuello

(L to R) Allen Chiang, Patrick Lieuw, Carmen Chong and Allen Okamoto prior to a meeting with Representative Doris Matsui of California / Photo courtesy of Patrick Lieuw

And as I sign off – I can’t help but smile that people joined me because we believe (especially those who participated for the first time!). We believe in AREAA and our mission of increasing ownership of real property for the AAPI community. You believe in AREAA. SUMMER 2015

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AROUND

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A S S O C I AT I O N

SAN FERNANDO & SANTA CLARITA VALLEY CHAPTER MEMBERS VOLUNTEER TO HELP BUILD VETERAN HOUSING It was an amazing and blessed day for the AREAA San Fernando Valley/ Santa Clarita Valley Chapter in supporting our veterans home building with Habitat for Humanity in Santa Clarita Valley. Members rolled up their sleeves and put on hard hats to help clean rocks, debris, clean up hill sides, work with concrete and help with landscaping backed by power tools. Some members cleaned up building sites and the interiors of homes in preparing for the City Inspector's visit the following week. The 95 degree rising heat did not discourage the dedicated volunteers.

The first phase of the gated project, 26 homes on what used to be an empty dirt lot, is excepted to be completed in July of 2015. The next phase, the entirety of this veteran community, is set to be completed in summer of 2016. One of the conditions for any veteran buyer to qualify is he or she must contribute 500 hours to the project, and special financing will be provided by the Veterans Administration. Veterans are to share equity with Habitat for Humanity for 15 years. After 15 years the veteran will be the sole owner of the property. Also, a Silent Second lien will be placed against the property.

AREAA SFV/SC members had the opportunity to meet with some of the veterans who were working their volunteer hours and the veterans were very excited for the opportunity and looking forward to the pride of home ownership. AREAA SFV/SC is grateful to their members for their continued support in the chapter's efforts to assist the local communities!

Congratulations to SFV/SC Chapter for a great team work and giving back to the community in which they serve. A million thanks to Chase Buddie Krugh for their continued support in sponsoring the event. This event was chaired by Eleanor Zara Dullas and overseen by Winnie Davis.

GREATER EAST BAY ASSISTS VETERAN WITH HOME REPAIR The Greater East Bay AREAA Building Community Day was a swinging success. The host family, Mr. and Mrs. Pang, are both in their 80s. Mr. Pang served in the Army as a private first class from 1958-1960. They purchased their home in Oakland, CA in 1977 and raised three children, whom all still live in the Bay Area. Based on Alameda County’s HUD guidelines, Mr. and Mrs. Pang are considered very low income. Many of their home repair projects have gone along the waist side and the deferred maintenance can no longer be ignored.

Armed with 30 GEB members and Rebuilding Together Oakland (RTO), there was nothing our group couldn't do. The group transformed their backyard from an overgrown 48

SUMMER 2015

jungle that was crawling with ferns, a dead apple tree, and missing fence into a tranquil drought tolerant, low maintenance and safe backyard. Our exterior team even built a bench out of a slab of Redwood and the stump of the tree that they chopped down, built a fence and a garden box! In addition, the interior group helped clean and prep the interior walls for paint, fixed a toilet and some fixtures. Lastly, as part of our participation with RTO, the Pang family will get new wall to wall carpeting to complete the new look of their house.

As part of the National AREAA Community Outreach Campaign, ABCD Day was our first of many commitments that AREAA GEB has dedicated towards the campaign efforts. We have fundraisers that we are planning in which

the proceeds will go into the Community Outreach Fund that we have allocated.

Everyone on the Board of Directors for AREAA GEB were amazed by the selflessness of our members during the ABCD event. Not only did they give up an entire Saturday to be with us but we were able to build relationships with everyone. Special thanks to our National Chairwoman, Carmen Chong, AREAA Founder Allen Okamoto, and AREAA Community Outreach Co-Chair, Andrew Lee, for coming out and visiting our site as well as putting in a few hours of elbow grease in making a difference in the Pang's family. Lastly, Rebuilding Together Oakland was a huge factor in making this event a great success and for that we are grateful!

AUSTIN TEAMS UP WITH HABITAT FOR HUMANITY

AROUND

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AREAA Austin has teamed up with Habitat for Humanity Restore this year to give back to the community. The store has helped divert more than 2 million pounds of waste from the landfill each year while helping fund construction and home repair projects. AREAA Austin team was assigned to build 15 kitchen cabinets set from scratch. What a fulfilling and fun experience for all of us.

GREATER PHOENIX BUILDS ACCESS RAMP

On May 30, 2015, AREAA Greater Phoenix, working with Rebuilding Together and Bank of America, set out to help a local Phoenix resident install a ramp into her home. Shirley Compson is a retired 85 year old resident of the Valley. Unfortunately, Shirley has experienced overbearing disabilities in the past which include heart problems, osteoporosis, and debilitating joint issues. In an effort to stay in her home, Shirley reached out to Rebuilding Together to find a group of volunteers to build her a ramp for her house so she could roll her motorized wheel chair and get into her home and maintain her independence. The two foreman from Rebuilding Together along with a group of 10 volunteers from AREAA Greater Phoenix and Bank of America where able to construct a new ramp in less than 3 hours.

NY CHAPTERS VOLUNTEER AT KIDS CANCER CENTER As part of the National AREAA Build Community Day Campaign the New York East & Metro Chapters volunteered this morning at the Cancer Center for Kids at Winthrop-University Hospital. We brought clowns, providing pizza and stocked their children book library. What joy to see the family and patients enjoying our gifts!

We were able to experience first hand how the amazing doctors, nurses and staff at the Cancer Center for Kids' heal not only the body, but the spirit, as well.

The Cancer Center for Kids, positioned within the framework of Winthrop-University Hospital's broad-based pediatric programs, meets the complex challenges of children's cancers and blood disorders with a relentless spirit and dedication to improving the lives of our patients and their families.Â

C LO C KW I SE FRO M TO P LEFT:

Board Members Andrew Wu and Rasalyn Hu Meyer // AREAA NY East Board Members // Dave Legaz & Katie Kao // Clown painting tattoos on Irene Chen's arm

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AREAA GREATER TORONTO HOSTS INAUGURAL & CHARITY GALA

AROUND

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A S S O C I AT I O N

On Saturday May 23rd, one of our newest Chapters AREAA Greater Toronto celebrated Canada’s Asian Heritage Month with its Inaugural and Charity Gala. Carmen Chong, Chairwoman of AREAA National was in attendance to install Chapter President Cynthia Lai, Board of Directors and Advisors. Apart from the many congratulatory greetings which include Prime Minister Stephen Harper, Toronto Mayor John Tory and other neighboring Mayors, the event was honored with high profile guests from all levels of government including City of Markham Mayor Frank Scarpitti, Richmond Hill Councillor Godwin Chan, Provincial MPP Bas Balkissoon, Federal MP Joe Daniel and Senator Victor Oh. Ms. Patricia Verge, President of the Ontario Real Estate Association, John DiMichelle, CEO of the Toronto Real Estate Board with the President and Board of Directors together with almost 300 patrons were in attendance to support this special historical moment.

It was a fabulous evening of fine dining, silent auction, entertainment including Asian heritage and pledged singing performances, line dancing by guests & REALTORS® and dancing to the nostalgic musical styling of Toronto’s own Andy De Campos with Anthony Terpstra’s Seventet Band.

The Gala raised $6,000 to support three local charities to improve the lives of members in our community: Seva Food Bank, serving the Sikh community; Hua Zuo Centre Canada, assisting new Chinese immigrants to settle and integrate into Canadian society and Ontario REALTORS® Care Foundation supporting shelter-based charities.

A spectacular start for one of AREAA’s newest chapters!

Watch event coverage: http://j.mp/areaatorontogala CLOCK WIS E FROM TOP LEFT: Drol Drums // Installation by Carmen Chong // AREAA GT Inaugural Board Advisors & Members // WuShu // Line Dance

I NTRO DUC I N G t he E D GE SAN D I EG O First in the nation! San Diego chapter officially launched theEDGE last February 26, 2015 in Il Fornaio Del Mar. With over 120 attendees, the spectacular evening was filled with high energy networking from both young and veteran realtors, delicious food, and cocktails complimented by a picturesque view of the Pacific Ocean! With the support of our amazing sponsors from Academy Mortgage and Casa Bella Escrow it was a huge success! We were also honored that our very own theEDGE Chair GieFaan Kim himself flew all the way from New York to show support and gave amazing words of encouragements; as well as other theEDGE A-Listers like Raquel Quinet and Kenny Truong, who shared their trade tips and secrets on how to be successful in this business! It was wonderful to see a phenomenal group of professionals gathered together to network, support and to celebrate the launch of AREAA theEDGE San Diego Chapter. We also want to acknowledged Le Vo and Kelly Mathew, Co-Chairs for theEDGE San Diego chapter together with their theEDGE group of ambassadors for taking on this challenge to take AREAA San Diego to the next level of catering to the young generation in our industry!

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CELEBRATING AAPI HERITAGE IN THE HEART OF TEXAS May 6th, 2015 AREAA is coming back to its roots.

Ever heard of the saying “Everything is bigger in Texas?”

Over 100 attendees from the three AREAA Texas chapters: Austin, Dallas and Houston joined together at the Texas Capitol in Austin, Texas celebrating Asian Pacific American Heritage month and to receive resolution from State of Texas House of Representative and Senate.

May 6th, 2015 is proclaimed as Asian Real Estate Association of America Day. This marked a historic event as for the first time, AREAA is recognized in a State level as the only non-profit organization in the country who promote sustainable homeownership for Asian American and dedicated to representing the interests of the Asian real estate market nationwide. 13 years young from the time AREAA was formed originally in Houston, Texas. AREAA is coming back to Texas to receive this great honor from the state.

Together with AREAA Texas chapters, Mr. Allen Okamoto, one of the founders of AREAA and Ms. Carmen Chong, the current Chairwoman of AREAA National were present at the announcement of the resolution in the House gallery followed by announcement at Senate gallery. Texas Representative Hubert Vo, Gene Wu and Angie Wu Button worked together to present and pass this resolution to both the House and Senate. The three AREAA chapters: Austin, Dallas and Houston were excited to be present and to be part of the resolution proclamation at the State Capitol House Gallery and Senate gallery.

Beth Martin, Deputy Chief of Staff for Representative Wu organized the half day affair with Dawn Lin, the newly installed AREAA Houston chapter leader, Kenneth Li the founder of Houston Chapter with the assistance of Helena Kwee and Jenny Cui from Austin chapter, Daniel Eng, Dionne A. Cuello and Michael Seeto from Dallas chapter. AREAA Texas chapters worked together to make this a memorable event for AREAA members and invitees. At about 10.00am that morning, At the House of Representative gallery, Representative Angie Wu Button announced the presence of AREAA attendees and AREAA leaders followed by announcement of the (HR 2377) resolution. Soon after, all of three AREAA Texas chapters’ attendees were given the opportunity to have a photo op with the three Texas representative on the stairwells between the House and Senate gallery. At 11:30 A.M., The Senate chamber announced the (SR 711) resolution followed by photo op with our Texas Senators.

Representative Vo, Wu and Button graciously hosted all of AREAA attendees with delicious lunch following the resolution announcements at the members lounge. AREAA Texas also received a visit from Texas Secretary of State Mr. Carlos Cascos during lunch. Mr. Cascos gave a lively message about the Texas’ current economic state. He concluded stating Texas is one of the few states with no state income tax and possibly the only state in the country whose representatives and senate are currently discussing tax cuts for its citizens.

Mr. Cascos also addressed that one out of 4 jobs in the USA were created in Texas in the last number of years and that momentum continues. The investment opportunities in Texas look very optimistic and we are seeing people are moving from many states and even from different world to Texas due to the jobs and affordable housing. We certainly hope to hear a positive outcome of Texas in the near future. The group ends the day with a brief tour of the House meeting room as well as

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Representative Angie Wu Button’s office.

This historic event for AREAA would not be possible without recalling the history of Asian Pacific American Heritage month. The first resolution was adopted on October 5, 1978. President Jimmy Carter signed the Joint Resolution into law which proclaimed the week of May 4-11 Asian/Pacific American Heritage Week. On May 7, 1990, President George W. Bush signed into law proclaiming Asian Pacific American Heritage Month. On October 23, 1992, community leaders from around the country witnessed a new chapter in Asian Pacific American history as the President signed into law proclaiming the month of May every year as Asian Pacific American Heritage Month in perpetuity. With this law, the President of the United States is “authorized and requested to issue annually a proclamation calling upon the people of the United States to observe the month designated… with appropriate programs, ceremonies and activities.” In addition to the Federal Proclamation, the law also provides for “State Proclamation,” so that “the Chief Executive Officer of each State is requested to issue annually a proclamation calling on the people of the State to observe the month designated… with appropriate programs, ceremonies and activities.”

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Article provided by AREAA Austin Chapter

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SAN DIEGO BOWLING TOURNAMENT

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AREAA SACRAMENTO UPDATE

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Did you know that there are some competitive bowlers out there in the Real Estate business? We found out when they all came on (date of event) for AREAA San Diego's First Annual Bowling Tournament. Hailing from six trade organizations, they arrived in full force - some with their team shirts, others with their own bowling balls, bags & gloves just like the professionals and then there were the not-so-good bowlers who came just to have a blast. The mix of beer, business, strikes and gutters filled the air with cheers and laughter. It definitely turned this event into a success with 12 teams, over 100 attendees and hours of fun at the posh East Village Tavern and Bowl in downtown San Diego. And, we couldn't have done it without our incredible sponsors, volunteers and participants!

Check out the pictures of the teams that came out and had a great time. You made the event such a hit that it looks like AREAA San Diego will have to find a bigger venue to host more people for next year.

Our major fundraiser—the AREAA Sacramento’s 6th Annual Golf Tournament—took place Thursday, May 28, 2015, at Morgan Creek Country Club in Roseville. It was MC’d by Kathy Park, the KCRA-3 News Anchor.

Thanks to all our volunteers, sponsors, and participants, this year’s tournament was one of our most successful ever in terms of funds raised. It will enable us to continue our support of Rebuilding Together, Christmas Family Adoption, and “Run for Safe Haven” for My Sister’s House, just to name a few.

Our Advisor, Patrick Lieuw, attended Policy Day in Washington, D.C. Our Sacramento chapter was well-represented and was the first to have a confirmed appointment with Congresswoman Doris Matsui. Led by Patrick, the team also included Allen Chiang, Allen Okamoto, Carman Chung, Nick Pham, Michele Lin, Allen Ching, Vinny MaNguyen, and Denise MaNguyen This year we had a record number of attendees: over 70 AREAA members arrived at the Capitol where we advocated for the 2015 AREAA Three-Point Policy Plan: Adoption of Alternative Credit Scoring Models, Making the EB-5 Program Permanent, and Rejection of the budget proposal to limit and/or eliminate the 1031 exchange.

2015-16 AREAA N AT I O N A L E V E N T S

2015 NATIONAL CONVENTION Oct 22-24, 2015 / San Francisco

2016 GLOBAL + LUXURY SUMMIT Apr 2-6, 2016 / Honolulu

2016 NATIONAL CONVENTION Oct 21-23, 2016 / Las Vegas

AREAA HOUSTON UPDATE

VIEW LOCAL AND NATIONAL EVE NT S ONLINE AT:

www.areaa.org

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EU T I R W AB OV E : AREAA Houston board installation B E LOW: Leadership lobbying in Washington, D.C. for AREAA Policy Day

We want to hear from you! To have your news, awards, good work and accomplishments considered for publication in future editions of a | r | e Magazine, contact Scott Berman at:

sberman@areaa.org

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