a | r | e Summer 2016 by Asian Real Estate Association of America (AREAA)

Summer 2016

Affordable Housing Programs to Help You Sell / Global + Luxury Summit Recap / How to Reach Millennials

We can connect you to tools and resources to help serve your clients better. Proud supporter of the Asian Real Estate Association of America Let’s work together. Whether your clients meet with a mortgage specialist in person or go online, with a Bank of America mortgage, your clients will know where they stand every step of the way. Put our knowledge to work for you with access to the Agent Resource Center, providing the latest market insights, educational materials and more.

Help clients build financial know-how with our free financial education webinars at bankofamerica.com/webinars, or through engaging, self-paced videos at BetterMoneyHabits.com.

Work with an experienced mortgage specialist who understands your local market and will help your clients every step of the way.

Find out about local down payment and cost savings programs that can be combined with most home loans to help make home buying more affordable for your clients at bankofamerica.com/downpaymentcenter.2

We offer loans at competitive rates to meet your clients’ needs, from loans with a low down payment to jumbo loans.1

Learn about the Affordable Loan Solution™ mortgage, a fixed-rate loan for low- and moderateincome homebuyers with a down payment as low as 3% to help make buying a home more affordable.3

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

For jumbo loan amounts used to purchase a single-family residence on a loan amount of less than $1 million, borrower must provide documentation totaling a minimum reserve of 6 months of principal, interest, taxes, homeowners/hazard insurance and assessments (homeowner’s association fees/dues/special assessments) – (“PITIA”) related to subject loan/property. For loan amounts greater than $1 million and up to $2 million, documentation totaling a minimum reserve of 12 months of PITIA is required. Interest-only payment option, property and/or occupancy type may require a higher level of reserves, please ask for details. For loan amounts greater than $2 million and less than or equal to $3 million, borrower must provide documentation of reserves totaling a minimum of 24 months of PITIA related to subject loan/property. For loan amounts greater than $3 million, the same reserves are required and must be held in a Bank of America and/or its affiliates (Merrill Lynch and/or U.S. Trust) account. Two separate full appraisals are required. Excellent credit required, including proof of recent consistent mortgage payment history. Loan to value and property type restrictions apply, ask for details. Not available on all loan programs. Other restrictions apply. 2 Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, or repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest, and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply. 3 Available for fixed-rate purchase loans with terms of 25 or 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at time of closing. Maximum purchase loan-to-value is 97% and maximum combined purchase loan-to-value is 103%. For loan-tovalues > 95%, any secondary financing must be from an approved Community Second Program; ask for details. Homebuyer education may be required. Restrictions apply regarding co-borrowers. Maximum income and loan limits apply. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A., Member FDIC. Equal Housing Lender. ©2016 Bank of America Corporation. AR5KLKR5 AD-06-16-0316 06-2016 THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION. 1

In an increasingly diverse marketplace,

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

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

Certified International Property Specialist Designation (CIPS) The CIPS designation includes five full days of study focusing on international real estate transactions. By earning the designation, you become part of an elite referral network of over 3,000 professionals worldwide.

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

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

SUMMER 2016

Vo l u m e 8 , I s s u e 2 ON THE COVER: Saviors of the Housing Market

F E AT U R E S 28

Saviors of the Housing Market Immigration has been a hot topic in this year’s election cycle. But did you know that immigration has a net positive impact on housing? a | r | e takes a deeper look at how immigrants could be the driving factor in the US housing market’s road to recovery. By Scott Berman

Traveling with the Bohemian Vagabond: Israel Jacki Ueng takes you on a tour of Israel, the Holy Land. From floating in the Dead Sea and camping under the stars in the desert, to tech hubs and bustling urban streets, this tiny sliver of land on the Mediterranean has it all.

10 Questions with Sherwin Escanuela AREAA’s eclectic 2016 National Convention Co-Chair is a man of many words. a | r | e sat down with Sherwin to discuss his life, career, passions, and quirks. 14

SUMMER 2016

CONTENTS 12

International Real Estate 101 In the third installment of his series, Mark Kitabayashi lays out more ways that you can apply right now to better position yourself as an international agent in your market.

By Dottie Sheppick

In honor of AREAA’s successful China-North America Summit, we take a look at the oldest international trade route in the world, the Silk Road.

SUMMER 2016

Mastering Fundamentals In a new feature, a | r | e wants to bring you back to basics with a series dedicated to the sometimes boring, but always necessary, fundamentals of real estate. This issue we’re tackling everyone’s favorite:

Global and Luxury Summit Recap This year’s Global and Luxury Summit was one for the ages! a | r | e takes a look back on perhaps the most scenic real estate event of the year. Are you in any of the pictures?

Tech Talk with Rob Mehta Tech guru Rob Mehta discusses how you can leverage new apps and social media platforms to connect with the new powerhouse consumer group that is Millennials.

8 Things You Should Know

Photos by David Murphey

This quarter we go to Portland, Oregon, where Alex Phan and Jennifer Allen take us on a tour of the hipster’s paradise.

Leveraging Affordable Housing Did you know you can use affordable housing programs to list and sell more homes? Learn how to leverage these programs to get more buyers for your listings.

In My Neighborhood

Door Knocking.

Public Service Announcement: Register to Vote AAPIs are set to be the key swing vote in this year’s Presidential election. Before you can step up to do your civic duty and vote, you must be registered. Here’s how.

ADVERTISERS AREAA "A" List

www.AREAAalist.org

Page 47

AREAA Global

www.areaaglobal.com

Page 48

AREAA National Convention

www.areaa.org/convention

AREAA Presidential Townhall

www.areaa.org/presidentialtownhall

Bank of America

www.bankofamerica.com/ neighborhoodlending

Bank of America

mortgage.bankofamerica.com

Page 11

Mary Brubaker, RE/MAX Northwest REALTORS

noordinarymary@msn.com

Page 17

Citibank

877-287-1433 offer code 13253

Page 7

Gina Duncan, Fine Island Properties

www.YourMauiRealEstate.com

Page 17

Perry Martin, Century 21 Tenace Realty

www.eRealEstateAgent.net

Page 17

National Association of REALTORS® Global

www.realtor.org/cipscourses

Page 1

The RE/MAX Collection®

theremaxcollection.com

Page 9

RISMedia

www.rismediacontentsolutions.com

Page 9

Wells Fargo Home Mortgage

diversesegments@wellsfargo.com

Page 3

D E PA RT M E N T S 10

Letter from the Director Executive Director Hope Atuel looks back at the success of the AREAA’s No Other campaign, our national day of service, and what’s in store for the rest of the year.

A / R / Eats! In this issue’s A / R / Eats, we’re making lumpia – the wildly popular Southeast Asian dish that’s incredibly easy to make in your own kitchen.

Around the Association Our quarterly look at the headlines and events that shape our organization.

Page 6

Page 47 Inside Front Cover

Contact PRAVEEN SHARMA to find out about ADVERTISING OPPORTUNITIES: a-r-e@prveen.com | 951-514-1053

SUMMER 2016

BELLAGIO HOTEL, L A S VE GA S october 21 - 2 3 , 2 0 1 6

For more than 13 years, AREAA has been industry’s gathering place for premier real estate professionals serving the Asian American community. AREAA has grown steadily over the past decade to become the nation’s largest Asian membership organization serving the real estate industry’s most influential real estate leaders and executives.

TOP 5 REASONS TO ATTEND •

NETWORK & CONNECT WITH INDUSTRY LEADERS AND PROFESSIONALS

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CUTTING-EDGE TECHNOLOGIES TO MEET YOUR BUSINESS NEEDS AND BOOST PRODUCTION

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RECHARGE YOUR PASSION FOR REAL ESTATE

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POWERFUL EDUCATIONAL SESSIONS FEATURING WORLD RENOWNED SPEAKERS

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LARGEST MARKETPLACE CATERING TO THE AAPI MARKET

#AREAANC16

FACEBOOK.COM/AREAA.NATIONAL

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TWITTER.COM/AREAA

Connect with us to find your path to homeownership. Citibank offers client focused service including: n

A free SureStart® Pre-approval1 provides your clients a purchase price range

A wide variety of mortgage options to fit clients’ needs

Relationship pricing can reduce mortgage costs for eligible Citibank clients with qualifying accounts2

Home lending teams who provide best-in-class service from application to close

For more information, please visit a Citibank branch or call 877-287-1433. Be sure to mention offer code 13253.

Terms, conditions, and fees for accounts, products, programs, and services are subject to change. This is not a commitment to lend. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. 1 SureStart is a registered service mark of Citigroup Inc. Final commitment is subject to verification of information, receipt of a satisfactory sales contract on the home your client wishes to purchase, appraisal and title report, and meeting our customary closing conditions. This offer is not a commitment to lend and is subject to change without notice. There is no charge for the SureStart pre-approval, but standard application and commitment fees apply. 2 A Citibank deposit account is required to receive relationship pricing. Ask a mortgage representative for details on eligible balances and the qualifying closing cost credit or rate disclount. Availability of the Citibank mortgage relationship pricing for Citibank account holders is subject to change without notice. ©2016 Citibank, N.A. Equal Housing Lender. Member FDIC. NMLS #412915. Citi, Citibank, Arc Design and Citi with Arc Design are registered service marks of Citigroup Inc.

SUMMER 2016 Vo l u m e 8 , I s s u e 2

ED ITOR Scott Berman

C REATIVE D IRECTOR 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. ÂŠ2016 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 3990 Old Town Avenue #C304 San Diego, California 92110 619.795.7873 Phone contact@areaa.org Previous issues available online at: http://areaa.org/a-r-e

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

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RISMedia is publisher of Real Estate magazine - the residential real estate industryâ&#x20AC;&#x2122;s definitive source for news and information for real estateâ&#x20AC;&#x2122;s most profitable and productive professionals.

FROM THE

Director AREAA’s recent victory on the “No Other” Campaign was nothing short of brilliant.

I T ’ S A M A Z ING T O S E E 36 CH A P T E R S W OR K S IMULTA NE OU S LY T O GI V E B A CK T O T HE C OMMUNI T Y. A F T E R A L L , T H AT ’ S W H AT W E ’R E A L L A B OU T – A NE T W OR K OF C OMMUNI T Y BUIL DE R S .

Many, if not all of us, who were in DC during the press conference felt the elation, excitement and sense of accomplishment that took a team effort to achieve this in such a short period of time. This month, as you read the issue of the a | r | e Magazine, the US Census, for the very first time, would have published the second quarter housing report that we can proudly say features AAPIs as its own category. It could be argued that this campaign started thirteen years ago when AREAA was first conceived by our founders Allen Okamoto and John Wong, and shortly thereafter joined by Jim Park. These extraordinary men are pioneers in that they had the vision to start an organization to give a voice for real estate issues facing the Asian American community. They might not have known it then but the path they’ve carved for AREAA paved the way for this historic win. But credit also goes to our present leaders, partners, lawmakers, staff and AREAA supporters for making this happen. One thing is clear – it takes the entire membership to achieve this level of success. Our accomplishments this year do not end in DC. Shortly after coming back from the nation’s Capital, our members and chapters quickly mobilized within the community to host AREAA Community Days in May with activities designed to give back to the

SUMMER 2016

communities we serve. Here in San Diego, the local chapter spent the entire day cleaning-up a historic home in National City to preserve its historical status. In Austin, the chapter hosted a home-buyer fair to help first time homebuyers understand the home buying process. Other chapters participated in food drives and soup kitchens to offer help to the needy. In Phoenix, the chapter helped Burmese refugees as they make the adjustment to living here in the United States. It’s amazing to see 36 chapters work simultaneously to give back to the community. After all, that’s what we’re all about – a network of community builders. With only half of the year behind us, there’s still more to be done in 2016 and by the time we see you in Las Vegas for our national convention, we will have more to share and report on. Speaking of the convention, this year’s national convention is set to be the biggest and best so far highlighting our victorious campaign. If you haven’t reserved your spot yet, don’t delay as you won’t want to miss a convention that’s truly “Like No Other.”

HOPE ATUEL

AREAA Executive Director

Introducing the Affordable Loan Solution mortgage TM

This new home loan option may help your clients lower their down payment By Glenda Gabriel

Neighborhood Lending Executive, Bank of America

If you have clients who are thinking about buying a home, they may be able to reduce the amount needed for their down payment with Bank of America’s new Affordable Loan Solution mortgage.1 This fixed-rate loan for low- and moderate-income borrowers offers a competitive rate and a down payment as low as 3% to help make buying a home more affordable. It may be a good responsible loan option for qualified homebuyers who don’t have enough savings for a larger down payment. Here are some highlights of the program: • Competitive rates with a down payment as low as 3% (Applicants cannot own additional properties at closing) • Mortgage insurance is not required • Homebuyer education may be required for first-time buyers through a HUD-approved counseling provider or Connect to Own,® Bank of America’s nationwide network of counselors

Helping your clients find the right loan Your clients can meet with a Bank of America mortgage specialist who can: • Assess their eligibility for a loan based on income, credit history and other requirements • Prequalify them to see how much they can borrow2 • Determine if the Affordable Loan Solution mortgage is a good option for them • Discuss down payment and closing cost requirements

Search for down payment and cost savings programs Learn how your clients may be able to lower their down payment even more: • Bank of America connects borrowers to programs that are offered by city, county and state agencies

Get personal guidance from a dedicated mortgage specialist

• They may qualify to use these programs in combination with a low-down-payment mortgage to help make buying a home more affordable3

Buying a home is an important financial decision. A Bank of America mortgage specialist can help guide your clients through the process so they’ll feel confident every step of the way. To learn more about how an Affordable Loan Solution mortgage can help your clients, contact us today.

• To see what may be available in your area, visit the Bank of America Down Payment Resource Center at bankofamerica.com/ downpaymentcenter

• Maximum income and loan amount limits apply (varies by location)

Get started today. Visit mortgage.bankofamerica.com. Bank of America is a proud supporter of AREAA and we look forward to connecting you to resources that can help you grow your business.

Available for fixed-rate purchase loans with terms of 25 or 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at time of closing. Maximum purchase loan-to-value is 97% and maximum combined purchase loan-to-value is 103%. For loan-to-values > 95%, any secondary financing must be from an approved Community Second Program; ask for details. Homebuyer education may be required. Restrictions apply regarding co-borrowers. Maximum income and loan amount limits apply. 2 Prequalification is neither preapproval nor a commitment to lend; borrower must submit additional information for review and approval. 3 Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, or repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest, and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A., Member FDIC. Equal Housing Lender. ©2016 Bank of America Corporation. AR5KLKR5 AD-06-16-0303 06-2016 1

International Real Estate 101 with Mark Kitabayashi

LET'S GET OUT IN THE COMMUNITY

ow that you know the basic culture and business etiquette, let’s put it to action. Find cultural or ethnic groups within your community and start networking! There might be a chamber of commerce/business group or just an interest group within your community (i.e. Chinese Chamber of Commerce, Sister City Associations, Tea Ceremony Club). This is the best way to put what you learned in action! Also it can become a great referral base as well. Also, to continue the learning and networking process, find a real estate

organization that has a global business program. Of course, find and join local AREAA Chapters. Also, see if your local and/or state REALTORS® associations have Global Business Council. Also, take some global real estate classes to understand how real estate business is conducted abroad. If you are member of NAR (National Association of REALTORS®), they offer the CIPS (Certified International Property Specialist) designation and classes are offered at many local REALTORS® associations, and also at the AREAA National Convention and conference.

MARK KITABAYASHI is a long time member of AREAA and CIPS instructor for NAR. He lives and works in the Seattle, Washington area for Windermere Real Estate. You can reach Mark at 360-888-2210 or Mark@windermere.com.

INTERNATIONAL REAL ESTATE 101 LESSON 4: LET’S TRAVEL & ENJOY 12

SUMMER 2016

COMINEXGT UP N

a/ r/eats! A variation of the Chinese spring roll, lumpia is a very popular snack or appetizer commonly found throughout Indonesia and the Philippines. A light, crispy shell encases delicious ground meats and vegetables. Good for any occasion, a|r |e has found a simple recipe that anyone can follow. Enjoy!

INGREDIENTS: ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++

FILIPINO LUMPIA

1 tablespoon vegetable oil 1 pound ground pork 2 cloves garlic, crushed 1/2 cup chopped onion 1/2 cup minced carrots 1/2 cup chopped green onions 1/2 cup thinly sliced green cabbage 1 teaspoon ground black pepper 1 teaspoon salt 1 teaspoon garlic powder 1 teaspoon soy sauce 30 lumpia wrappers 2 cups vegetable oil (for frying)

tablespoon vegetable oil. Cook pork, stirring frequently, until no pink is showing. Remove pork from pan and set aside. Drain grease from pan, leaving a thin coating. Cook garlic and onion in the same pan for 2 minutes. Stir in the cooked pork, carrots, green onions, and cabbage. Season with pepper, salt, garlic powder, and soy sauce. Remove from heat, and set aside until cool enough to handle.

Place three heaping tablespoons of the filling diagonally near one corner of each wrapper, leaving a 1 1/2 inch space at both ends. Fold the side along the length of the filling over the filling, tuck in both ends, and roll neatly. Keep the roll tight as you assemble. Moisten the other side of the wrapper with water to seal the edge. Cover the rolls with plastic wrap to retain moisture.

Heat a heavy skillet over medium heat, add oil to 1/2 inch depth, and heat for 5 minutes. Slide 3 or 4 lumpia into the oil. Fry the rolls for 1 to 2 minutes, until all sides are golden brown. Drain on paper towels. Serve immediately. SUMMER 2016

Shutterstock.com/Thanwan Singh Pannu

DIRECTIONS: a wok or large skillet 1. Place over high heat, and pour in 1

I SOLD MY FIRST $1,000,000... 48 HOURS AFTER GETTING LICENSED. I WAS HOOKED.

1. When and why did you decide to become a real estate agent? I became a real estate advisor in 2004. I had just finished college and moved from San Diego to Utah two years prior for a Computer Networking and Administration position. I hated it. But I had tuition to pay for and a signed lease, so I was stuck. In my search for a new career, my sister Emily suggested I give real estate a shot. The choice was made and I've loved my career in Vegas ever since.

2. What was your first “big” deal? Any funny mistakes or stories from that transaction you can share?

PHOTOGRAPHY BY RAY ALAMO 14

SUMMER 2016

My first big deal was my first deal ever, but it wasn't the price by any means. It was a $35,000 condo in the North Las Vegas area; it was a "rough" neighborhood. There were bars on most windows and those without them had cardboard boxes where windows used to be. I walked into

the listing to preview it before my investor came and see a couple vagrants jump out of the bedroom window. They left behind their sleeping bags, some paraphernalia, clothes, and a special “gift” in the bathroom for the potential new owner. I told him what to expect and that it's in really bad shape. He responds with "The condo is cheaper than my truck. I figured as much!" He walks in and makes a full price offer. He buys five other units in the complex and a couple of four-plex units that same day. I was in the business for 2 days when this man walked into the office on a Saturday, while I was preparing for my first ever open house. I thought he was full of it when he said he wanted to see the cheapest condos and multi-unit complexes and that he would buy if the returns made sense. I assumed he would not want anything to do with the condos I was getting ready to show him. I was wrong on both counts. I learned there and then and it stayed true my entire career so far, never judge a book by its cover and never try and figure out what an investor is willing to buy based on cosmetics. I sold my first $1,000,000 in real estate on seven condos and two four-plex units just 48 hours after getting licensed. I was hooked.

10 QUESTIONS

with

SHERWIN ESCANUELA

3. It’s an exciting time right now in Las Vegas real estate, what do you see as some of the biggest trends in your market right now?

to do something different with my life besides computer networking – so I would say I’d just tell my past self to keep working hard, and that if you do all the little things right, the big things tend to fall into place.

I think the market is trending flat. I don't believe in any major jump in median prices for the resale side. Even though the market has limited inventory, buyers just aren't jumping into any overpriced house. The pricing for the new homes have jumped significantly over the last two years; the gap between new home and resale on average is high. The biggest factor will be the jobs market - continued job growth and the potential job growth we are forecasting. Between resorts world, the New T-Mobile Arena opening, and the possibility of an NFL team, we have tremendous potential for growth. Our city is young, we're still growing and I can't wait to see what's in store for Vegas.

7. What is something you absolutely cannot leave the house without and why?

4. In terms of international buyers and investors, where do you see the most money coming from? I see a lot of California buyers coming for the low cost of living and zero income taxes. Four years ago, it was the hedge funds, now we are seeing a lot of ‘mom & pop’ and traditional buy and hold investors. The biggest source of international buyers has shifted; it used to be Canadians and Koreans, but now it’s Chinese investors buying up all the Vegas properties.

5. Why do you think people should look to Las Vegas to buy or invest in real estate? We have sunshine 321 days out of the year, no income tax, and despite the stereotype, it's not 110 degrees here all year. We have peak summer in July and August breaking 100 then we're back to 70's and 80's. The long term growth potential and the rate of return on residential and commercial properties are tremendous. The real question is why not?

6. If you could go back in time to when you were first starting out in real estate, what advice would you give yourself? I don't really remember how I was as a 24 year old real estate agent. It was a great time

My phone and all my chargers. We live in a 24/7 town and its more crucial than ever before to be available when my clients are available. We aren’t a 9-5 town, so I can't have a 9-5 schedule.

8. What’s something that most people probably don’t know about you? I'm deathly afraid of speaking in front of crowds and I can't be at parties for too long. I shut down and disappear. I make really good animal sounds.

9. Read any good books lately? Have a recommendation? Total Recall: My Unbelievably True Life Story by Arnold Schwarzenegger.

10. Favorites time Who/What is your favorite: A) Movie/TV Show; B) Sports team; C) Influential Person

Show: I loved Burn Notice, but haven't really watched a lot of TV the last couple of years. Sports: I'm a Chargers and Padres fan, which means I will probably never see a championship in my lifetime. Thank goodness for the Lakers, who I've watched since I was a kid in the Philippines. Role Model: There have been many people who have influenced me in my life. I wish I can say there was one person, but it's my family, my kids, my friends, colleagues. I've taken a little something from everyone over the years. The good, the bad, and the ugly. It's life.

Conquering one of his fears, Escanuela speaks to a large audience at AREAA Las Vegas' Black Tie Charity Auction

" M Y FA MILY, M Y KIDS, MY FRIENDS, COLLEAGUES. I'VE TAKEN A LIT TLE SOMETHING FROM EVERYONE OVER THE YEARS. THE GOOD, THE BAD, AND T HE U G LY. I T ' S LIFE. "

SUMMER 2016

USING AFFORDABLE HOUSING PROGRAMS TO LIST AND SELL MORE HOMES BY DOTTIE SHEPPICK

he most successful real estate agents and loan officers are able to effectively navigate all interest rate and property appreciation markets. They do it by having more tools and resources to support their clientele. According to Rob Chrane, President of Down Payment Resource, there are over 2,300 programs across the country that offer assistance to home buyers. For example: government agencies, nonprofits and employers offer soft second mortgages. Second mortgages have favorable payment terms as well, such as forgiven over time, or due only on sale. Other programs require builders to offer homes at a price below appraised market value to eligible buyers. Known as inclusionary zoning, having strong knowledge about these programs can provide you with a referral pipeline and the opportunity to build a relationship with a builder who wants partners that can quickly sell their inventory. With a Mortgage Credit Certificate (MCC) program, the offering agency gives the borrower a certificate that indicates the amount of the tax credit. The borrower can reduce their federal tax paycheck deduction by the amount of the tax credit, generally 15% - 30% of the mortgage interest, capped at $2,000 per year. MCCs do not take the place of a first mortgage, they simply work off the interest paid. For a borrower whose monthly mortgage interest payment is $800, a 20% MCC program would offer an annual credit of $1,920 a year and the borrower could reduce the amount of their monthly federal tax liability by $160. Borrowers should work with their tax advisor to understand the program benefits and potential recapture. Some employers offer home buying assistance to recruit and retain employees. The eligibility requirements are determined

SUMMER 2016

by the employer and may be targeted to entry level employees or higher income professionals. There are programs for teachers, first responders, professors, doctors and others. Find the programs in your area and become the known expert. Many of the programs can be layered to provide home ownership opportunities to even more home buyers. There are several web sites that will provide a list of programs available in your neighborhood. For example Down Payment Resource offers http://downpaymentresource.com and Bank of America now offers a similar site at http:// downpaymentcenter.bankofamerica.com/dpr/lender/BAC. Both use a simple process to obtain the information and list the name of the agency offering the program. Call the agency yourself, let them know you are interested in serving buyers in the neighborhood who can use their program and be sure to take advantage of training or program brochures that are available. You can also use program information as a listing tool. Add program availability to your yard signs, your property flyers and multiple listing service information. Congratulations, you now know more than most others in your area and are on your way to creating a market change resistant stream of referrals!

Check out these helpful resources http://downpaymentresource.com http://downpaymentcenter.bankofamerica.com/dpr/lender/BAC

ResidentiaL & CommeRCiaL PeRRY maRtin Realtor®

south Florida offices:

Masters Agent

Boynton Beach Coral springs

2014 & 2015

15724 Beach Dr NE, Lake Forest Park, WA 98155

Mary Brubaker Broker RE/MAX Northwest REALTORS

425.319.1212

noordinarymary@msn.com

Award winning architecturally designed home being offered by the original owner. Unique home on 68'+/- of prime Lake Washington waterfront with its own private beach, large dock & covered boat lift. A dramatic yet elegant light filled open floor plan with soaring beamed ceilings & walls of windows with spectacular lake & Mount Rainier views. This contemporary masterpiece is located at the end of a private drive with easy access to Burke Gilman Trail. The southerly exposure offers more sun than other lots on the west side of the Lake. Home currently is on a double lot to be subdivided (vacant lot not included in list price). Offered at $2,488,000

Direct: (954) 445-5426 5-STAR AGENT

Reviews & Past sales:

www.zillow.com/profile/southFloridaRealtors

We Pay Referrals

Realtors® Commercial Alliance

Certified Distressed Property Expert®

Certified REO Specialist®

www.eRealEstateAgent.net perry.martin@century21.com

AREAA BUSINESS NETWORK HAWAII

S T A Y C U R R E N T on AREAA EVENTS and I N I T I A T I V E S

@areaa

www.areaa.org

/areaa.national

In My Neighborhood

with Alex Phan and Jennifer Allen

What attracted you to this part of town? The wonderful thing about the Jade District is it’s future trajectory. Community members are working hard toward their vision of creating a cultural hub in Portland, creating a vibrant place for people to live, work, and visit. It’s also where the best Asian cuisine can be found such as Ocean City for their Dim Sum, Wong’s King for Seafood, & Good Taste for their noodle bowls.

What’s the number one selling point that resident and new buyers rave about? The Portland housing market is on the rise. This 18

SUMMER 2016

neighborhood is still affordable and well-located (it is close to downtown Portland and provides easy access to natural areas, including the ever popular Mt. Hood). The other great selling point is how multicultural this neighborhood is with it’s wide variety of pan-Asian restaurants and shops, and residents from a wide variety of backgrounds.

What’s a common misconception about the neighborhood you would like to clear up? Historically, this area has been associated with car dealerships and has come across as dingy and gritty. The Jade District community is working hard to change this perception, and anyone

AVERAGE HOME PRICE

$269,517 Average Sold Price (Overall)

$260,846 Average List Price (Overall)

$325,035

Average Sold Price (Detached Home)

$313,393

Average List Price (Detached Home)

$207,642

Average Sold Price (Condo/Attached)

$206,472

Average List Price (Condo/Attached)

AVERAGE DAYS ON MARKET

24 days (Overall)

20 days

(Detached Home)

55 days

(Condo/Attached)

PRICE PER SQUARE FOOT

$179

(Overall)

$190

(Detached Home)

$158

(Condo/Attached)

In My Neighborhood

THE BEST OF THE JADE DISTRICT

with Alex Phan and

Jennifer Allen

Best place for a date night? With it’s great ambiance and delicious menu, The Observatory is a great date destination! Best place to have a beer/cocktail? Over and Out provides the perfect blend of a relaxed, casual atmosphere and expertlycrafted unique cocktails. Be sure to try the incredible Tom Kah—thai bird chili infused vodka, lemongrass-cilantro simple syrup, coconut cream, and lime—not for the faint of heart!

What is your favorite restaurant in the neighborhood? Tell us a little about it. Drinks with ALEX at THE OBSERVATORY

Shutterstock.com/Josemaria Toscano

Any good shopping areas or stores? Fubonn Shopping Center is one of the largest Asian malls in Oregon, with 26 shops providing a wide variety of goods and services. Fubonn Supermarket, located inside the shopping center, is the place for Asian ingredients and novelty foods. Best brunch/coffee spot? Visit The Country Cat for a breakfast/brunch feast that will get your day off to a hearty and delicious start! Shopping at FUBONN moving into this neighborhood (whether as a home owner, a renter, or a business owner) has a great opportunity to have a hand in helping achieve the vision for a vibrant Jade District.

Can you share one of the neighborhood’s best kept secrets? This neighborhood is VERY well connected to several frequent TriMet bus lines and the MAX Light Rail, making it very easy to live here without a car!

What types of activities/events does your neighborhood offer? There is SO MUCH going on in the Jade District throughout the year! From Polish the

Jade (a biannual neighborhood clean-up), to the Night Market, to the Harrison Park Community Garden, to the annual Avenue of the Roses Parade, to Portland Community College’s Southeast campus, to a plethora of festivals, there is something to engage everyone!

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

Brunch with JENNIFER at THE COUNTRY CAT

Such a challenge to pick one depending on my mood but Wong’s King Seafood Restaurant is all around the best restaurant to go to if you want dinner. Their vision is to be the best Chinese restaurant in Portland, and we think they are succeeding! Another hidden spot for delicious food is Powell’s Seafood.

Describe the composition of the neighborhood. Who lives there? What do they do? This is a very diverse neighborhood—57% white, 22% Asian/Pacific Islander, 12% Latino, 7% black, and 2% Native American—which is reflected in community amenities and events. The median age of residents is 35, with an increasing number of young professionals being attracted to the area.

We could (and have!) spend hours restaurant-hopping! With so many great options, it’s hard to settle on just one place, so we enjoy progressive meals (here for appetizers, there for drinks, there for an entrée, there for desserts, and so on). Come hungry, leave happily stuffed! SUMMER 2016

The trade route helped foster tremendous growth of many regions, including China, the Indian Subcontinent, Persia, the Middle East, North Africa, and Europe. Goods weren’t the only things being exchanged along the Road; it became a trade route of ideas as well. Religious and political ideas, technologies, and even diseases were also spread (some intentionally, some not) along the route.

Shutterstock.com/beibaoke

2. Hidey Ho Neighbor!

3. Chinese and Bengalis and Mongols, Oh My!

Some of the most famous and accomplished empires in history used the trade network. These include, but are not limited to, the Chinese, Arab, Indians, Persians, Somalis, Greeks, Syrians, Romans, Armenians, Bengalis, and Bactrians, and from the 5th to the 8th century the Sogdians.

4. Take Me Back to Where It All Began While

THE SILK ROAD In honor of AREAA’s massively successful China-North America Summit, a /r/e takes a deeper look at the ancient trade route that connected three continents and spawned innumerous fables and stories – The Silk Road.

1. A Road by Any Other Name The Silk Road derives its name from one of the main exports of China (even to this day), silk. The fine natural protein fiber was first used as a fabric by the Chinese as early as 3600BCE. The demand for silk by elites all over the world became so great that it could almost be single-handedly credited for spawning the creation of the world’s first international trade route.

SUMMER 2016

5. So, Who Dunnit?

The Han Dynasty is largely credited with establishing the Silk Road around 200-100 BCE through the explorations of General Zhang Qian, who is considered the “Father of the Silk Road.” For years Qian travelled as an emissary of the Emperor to establish diplomatic and economic relationships. He travelled as far west as modern day Tajikistan. As the routes became more popular and thus more valuable to the empire, the military was used to protect merchants and travelers, and in the process solidifying China’s control of the routes.

Silk FanL: Shutterstock.com/Amawasri Pakdara

8 Things You Should Know

there isn’t an exact day or moment that you can say trade on the Silk Road started, we do know from archeological sites and discoveries that around the 2nd Millen nium BC, trade of jade between Southwest China and Northeast (modern day) Pakistan began to flourish. Evidence of trade along the route’s earliest beginnings can also be found in the form of Caucasoid mummies found in Western China, silk in the tombs of ancient Egyptian mummies, and Chinese artwork from the period that bears striking similarity to Western artistic depictions.

TAKE A VIRTUAL JOURNEY

Kublai Khan Statue at Site of Xanadu (World Heritage site), a famous historic site in Zhenglan Banner, Xilin Gol, Inner Mongolia, China

Travel the cities along the Silk Roads on this interactive map:

http://en.unesco.org/silkroad/network-silk-road-cities-map-app/en

conquest of Egypt in 30 BCE, the Silk Road became a superhighway of trade between the East and West. The Roman populace became obsessed with Chinese silk, perfumes, and spices. During the 5th Century however, Rome began to disintegrate in the West and the trade that had flourished during this time quickly faded without the “great power” securing the routes for merchants and travelers.

Shutterstock.com/beibaoke

7. Marco?! Polo! The Vene-

tian merchant/ambassador Marco Polo is perhaps most responsible for the fame of the Silk Road in today’s culture. The Polo family initially travelled to meet and trade with Kublai Khan, whose Mongol Empire was now in full control of the Silk Routes (and had significantly improved the security of the routes, allowing trade to once again flourish) in 1254. Mesmerized by what he saw, Marco vowed to return East someday. In 1271, he finally began his return trip. The Kublai Khan took Marco into his service for nearly 17 years, appointing him to many high posts, and using him as a dignitary throughout Southeast Asia and China. Marco was allowed to return home in 1292, and upon his return he joined the war between Venice and Genoa, where he was captured and taken prisoner. Whilst in prison, he met the writer Rustichello da Pisa. During their time together, the two wrote the famous book, The Travels of Marco Polo, which told of the unimaginable wealth of the Eastern empires and described their lifestyles and culture. This book inspired many generations of European adventurers to head East in search of fame and fortune.

trade routes that made up the Silk Road fell into the hands of bandits, local warlords, and various other factions armed with a new, powerful invention: gunpowder. However the true end of trade came in 1453 AD, when the Ottoman Empire ceased trade with the West in response to the Crusades.

Today, Chinese President Xi Jinping has declared a new “Silk Road” to be established between China and Europe. Named, “One Belt, One Road” (OBOR), this new Silk Road includes overland and maritime routes. The first train under OBOR departed from Zhejiang Province to Tehran on February 15, 2016.

Marco Polo Statue at Kublai Square in Zhenglan Banner, Xilin Gol, Inner Mongolia, China

Shutterstock.com/Everett - Art

6. All Roads Lead to Rome (Kind of…) After Rome’s

Marco Polo in Kublai Khan Court

8. End of the Road and a New Path As the Mongol and Byz-

antine began to decline and dissolve, the

SUMMER 2016

D A Y 1

When guests arrived, they were greeted by a beautiful registration desk out in the airy breezeway, adorned with towering native bromeliads. Each guest also received a complimentary gift bag from the local Aloha Chapter, with macadamia nuts and other treats!

AREAA Global hosted a popular session where members were able to meet face to face with some of our partners. Here, Michelle van Ruyven of Serene Homes Group of Companies speaks to the crowd about an investment opportunity with EngVest Real Estate in the Dallas/Ft. Worth area. (To find out more about AREAA Global’s initiatives, please visit www.areaaglobal.com)

AREAA offered two pre-Summit certification courses, the Certified International Property Specialist (CIPS, pictured), and the Residential Property Specialist (RSPS).

Former Chairman John Wong moderates a panel to discuss some of AREAA’s international initiatives and efforts with (from right to left): Eddie Flores, founder of L&L Hawaiian BBQ and successful real estate investor; Janet Branton of NAR Global; Nick Morita of Waseda Frontiermind (based in Japan); Excell Chua of Property Guru (based in Singapore); and Chris Kervandjian, VP of Century 21’s International Service & Operations.

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AREAAâ&#x20AC;&#x2122;s 2016 Global and Luxury Summit, set at the beautiful and historic Royal Hawaiian Hotel on Waikiki Beach in Honolulu, pulled out all the stops to give members and guests alike a one of a kind experience. With a Whoâ&#x20AC;&#x2122;s Who of renowned speakers and professionals sharing their knowledge and insights about the luxury and international real estate markets, the Summit was as informative and thought provoking as it was visually stunning. a | r | e takes a look back through pictures at some of the highlights of this memorable event. Photos by David Murphey

LUAU

AREAA members have a special evening at the Hawaiian luau sponsored by Coldwell Banker.

National Chairwoman Vicky Silvano makes the rounds welcoming guests to the event, including 2016 Luxury Chair Craig Hogan (right) and ViceChair Zar Zaneganeh (left).

SUMMER 2016

DAY 2

Photos by David Murphey

Greater Tampa Bay President Chad Creech strolls into the International Reception sponsored by RE/MAX at the Coconut Grove. The evening reception provided food and drinks for guests, and gave international attendees a chance to network and mingle with AREAA members from all over the country.

To celebrate the opening of their first office in Japan, AREAA Global’s Japan Connect group brought the evening reception’s attendees a very special gift: a barrel of sake from Japan. The barrel was ceremoniously tapped by Nick Morito (left), who was instrumental in opening the office, and AREAA’s Allen Okamoto (center).

AREAA’s Tim Hur (right) interviews HGTV design star Vern Yip at the Keynote Luncheon. Mr. Yip spoke about the importance of incorporating feng shui into design, and using examples from his own home showed different ways of applying its principles to get a dramatic and soothing effect. 24

SUMMER 2016

The reception went well into the evening as guests were treated to live music, amazing food, and a beautiful sunset. Paradise, indeed. But the night was only getting started…

Another packed breakout session, “Servicing High Net-Worth Clients,” gave attendees an inside look into the world of the ultraaffluent. John Wong moderated the panel, which featured (from left) Frank Chu of Wells Fargo, Edgar David of Chase, Rhonda Munoz of HSBC, and Jennie Opdyke of Union Bank.

The “World Class Agents” session played to a full house as attendees packed in to hear from some of AREAA’s biggest international agents discuss how to successfully cultivate and service international clients. Moderated by Dionne Cuello (standing), the panelists included (from left to right) Hawaii’s own Dano Sayles of RE/MAX and Scott Larimer of Berkshire Hathaway, Chicago’s Nancy Survanamani of Century 21, and Miami’s Francisco Angulo of Coldwell Banker.

Century 21 All Islands’ Jim Wright moderated the first General Session, which was headlined by industry heavyweights (from left to right) David Gates of HSBC, Michael Innis Thompson of Union Bank, and the always lively Anthony Chan of JP Morgan Chase. The session gave attendees an exclusive inside look at what some of the world’s largest banks saw happening with foreign direct investment in US real estate, and gave a general forecast of the global real estate market.

AREAA’s Jim Park poses questions for panelists at the Global Congress session, which had speakers from some of the world’s leading real estate companies forecast the global and luxury real estate markets. From left to right: Jim Park, AREAA; Rick Sharga, Ten-X; Roger Epstein, Cades Schutte; Harry Lu, Century 21 China; and Jason Wong, Century 21 Taiwan.

Attendees take their seats bright and early in the Royal Hawaiian’s Monarch Room as the first full day of the Summit begins. The room, literally just steps from the famed sand and turquoise water of Waikiki Beach, was used to accommodate the larger sessions and events during the Summit.

theEDGE Chair Christie Kaninau and past Chair GieFaan Kim got the party started by announcing a dance contest. TheEDGE parties have become the stuff of legend, with AREAA’s next generation of bright and talented leaders coming together to share ideas, network, and of course, have fun!

The always fashionable Dionne Cuello and her husband arrive for theEDGE after party at the hip SKY Waikiki Lounge.

With it’s trendy décor and beautiful panoramas of Waikiki, the lounge was the perfect setting for AREAA’s YPN mixer, and gave attendees a chance to let their hair down, hang loose, and cut a rug! SUMMER 2016

DAY 3

Photos by David Murphey

Past Luxury Chairman Randy Char shows off his adorable daughter at the reception.

Chairwoman Silvano brought up some of the key leaders that played a critical role in the “No Other” advocacy campaign, which (successfully – more on this later in the issue) lobbied for the US Census Bureau to change their quarterly homeownership reports to give AAPI a distinct racial category.

Treasurer/Secretary Tom Truong, Chairwoman Silvano, and Executive Director Hope Atuel give Summit Co-Chairs Chris Kervandjian of Century 21 (accepting on behalf of Rick Davidson), and Cedric Choi of Choi International a gift for their hard work in putting on such an amazing event. The gifts were hand crafted teak oars symbolizing the difficult journey the original inhabitants of the island made when they sailed across the Pacific Ocean. 26

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2016 Vice Chairwoman Angie Lee (with perhaps the most adorable baby in the universe) and Chairwoman Vicky Silvano say a few last words to guests as the Chairman’s reception came to a close.

Attendees showed up bright and early for the Closing Ceremony and General Sessions. Though it was only a half day, the morning was jam-packed with exciting speakers and topics of discussion.

The AREAA National staff is ready to unwind at the Chairman’s Reception sponsored by HSBC. From left to right: Monica LaCrue, AREAA’s Event Manager; Executive Director Hope Atuel; Graphic Designer and Marketing Coordinator Yasmed “Jazz” Miranda; and Member and Chapter Coordinator Michelle Mauricio.

Closing Keynote Speaker and Founder/CEO of Wahoo’s Fish Tacos (YUM!) Wing Lam addresses the crowd. Mr. Lam gave a stirring anecdotal speech about growing up Asian, accepting his cultural identity, and what it truly means to be successful (hint: it’s not money).

Representatives of AREAA’s Florida Chapters were asked to come on stage as it was announced next year’s Global & Luxury Summit would be held in beautiful Miami! From left to right: John Reza Parsiani, Nina Fabbri, and Don Pingaro of the Miami Chapter, Chad Creech of Greater Tampa Bay, and Ken Pierce of the Central Florida Chapter.

Summit Co-Chair Cedric Choi moderates the Closing General Session with industry all-stars Anne Miller of RE/MAX, Sherry Chris of Better Homes and Gardens Real Estate, and Gino Blefari of HSF Affiliates LLC. The panel discussed the state of luxury real estate, high end consumer preferences and insights, and luxury architectural trends.

Tim Hur and NAR’s Jason Marquis chat with each other as the sun began to set on the final night of the Summit.

View from the outside of the Chairman’s reception as the sun dips behind Diamond Head in the background. Thank you to everyone who came! SUMMER 2016

How Immigration is the Key to Saving the US Housing Market and the Economy as a Whole BY SCOTT BERMAN

There has been no shortage of conversation this election cycle about immigration and the role it plays shaping the US economy, for better or for worse. But lost in the rhetoric and, letâ&#x20AC;&#x2122;s call it what it is, propaganda, is something very important: the facts.

ecent research shows that immigrations has a massively beneficial effect on the real estate market, an effect that has helped stabilize and revitalize the market since its crash in 2008. According to a study by the Americas Society/ Council of the Americas (AS/COA) and Partnership for a New American Economy (PNAE) based on research from Duke Universityâ&#x20AC;&#x2122;s Jacob Vigdor, Americaâ&#x20AC;&#x2122;s 40+ million immigrants have created over $3.7 trillion in housing wealth and have helped stabilize less desirable communities where home prices were declining, or were in danger of declining. They also help spur local economies directly through their purchasing power in the consumption of goods and services, and have been found to indirectly generate demand by US-born citizens the new business and investment opportunities in the

SUMMER 2016

Saviors of the Housing Market

The Growing AAPI Population

areas to which they have moved. In fact, according to the research, for every 1,000 immigrants who move into a county, 250 US-born citizens follow. The most positively affected regions on housing values were found to be the Sun Belt (stretching from Southern California across the nation into the Southeast and South Florida), and the Rust Belt (which includes portions of the Northeast, Midwest, and Great Lakes). In the former, immigrants boosted home values and economic activity, without adding to the affordability crisis that other cities face. Harris County, Texas, which includes Houston and its suburbs, saw home values increase by over $25,000 as a result of immigration between 2000 and 2010. It was one of 12 counties that saw home values increase by over $10,000 due to immigration, most of which are located in the Sun Belt. Conversely, immigration was a major contributing factor preventing the Rust Belt’s housing market from completely disintegrating. Since 1970, nearly 900,000 US-born Americans left Chicago and Cook County, Illinois. However, the arrival of over 600,000 immigrants in that same time helped prevent what could have been a catastrophic collapse

SUMMER 2016

in the local housing market. Chicago is now one of the nation’s most diverse cities (alongside previously mentioned Houston), with a bustling economy and thriving housing market. Professor Vigdor estimates that for each new immigrant that moves into a county, home values are positively affected by 11.6 cents. Considering the average immigrant lives in a community of over 800,000 people, and there are over 40 million immigrants in the US, that adds up to an astounding $3.7 trillion in created wealth through housing nationwide.

A NEW GOLD RUSH AAPI immigration into the US has reached epic proportions. Since the 2000 Census, the AAPI population has exploded. At a current population of 19 million, AAPI are expected to grow by an astonishing 134% by 2055. With high education and income levels on average, AAPI wield tremendous economic strength and are poised make an incredible

impact on the housing market and economy as a whole. Over the last five years the AAPI population has been the largest minority participant in the purchase money mortgage market, securing over 2 million loans at a value of nearly $600B. AAPI purchasing power, the amount of spending money a group controls, is expected to top $1 Trillion by this time next year, making it the 16th largest economy in the world – ahead of Saudi Arabia and Switzerland, and virtually the same as Turkey. As the population continues to soar, so will these numbers. But AAPI aren’t the only ones with a thirst for US real estate. Asian investors do as well. China has become the biggest player on the block, having invested nearly $110B over the last five years, and researchers estimate this number will double over the next five. This massive surge of investment helped stabilize the housing market and bring the US out of the great recession more quickly than other developed nations – some of which, in Europe particularly, are still struggling to get firmly on their feet again. While high profile purchases of historic landmarks and well known property groups have dominated the headlines recently – such as the $2B purchase of the

134%

Growth of AAPI population by 2055

MILLION

AAPI purchase money mortgage loans secured in the last 5 years

(most among minorities)

...valued at nearly

$600 BILLION

$1+

TRILLION

Projected AAPI purchasing power next year

Saviors of the Housing Market

Immigrants and Housing Wealth

40+ MILLION

Immigrants in the United States

$3.7 TRILLION

in housing wealth

The China Factor

$93 BILLION Chinese investment in the US housing market since 2010, more than

the next highest country of origin (Canada)

Waldorf Astoria Hotel in New York, and the Hotel Del Coronado and sister properties for $6.5B â&#x20AC;&#x201C; itâ&#x20AC;&#x2122;s in the residential market that Asian investors are making the biggest impact. Since 2010, the Chinese alone have poured over $93B into the US housing market. In the last year of full data, 2014-2015, China more than doubled the next highest country of origin for investment, Canada, investing $28B compared to $12B. In fact, three of the five top countries of origin for investment in US real estate are Asian, with Japan and India both on the list with China.

WALLS OR GATES, WHICH DO WE NEED? In this political cycle there has been a lot of rhetoric about immigration and its effect on our country. We are a nation of immigrants,

and while immigration reform is certainly needed, we must continue to support the ultimate American ideal of being that shining beacon of light on the hill, and continue to attract and welcome those who seek a better life here. There are many reasons we should encourage immigration, from replacing an aging population that will require an ever greater amount of retirement benefits and government services, to being a source of fresh capital, steady immigration is a key to a healthy economy in the 21st century. We must also do what we can to help them achieve the American Dream of homeownership, by adapting credit scoring systems, and ensuring affordable housing. As immigration continues to move beyond the gateway cities of New York, Los Angeles, and San Francisco, and more into the heart of the country, the cultural and economic contributions from these new citizens will continue to help bolster and solidify our housing gains.

help create economic and population growth. While there are certainly issues that must be addressed to ensure safe, secure, and legal investment, instances of fraud have so far been minuscule and should not be used as a rhetorical device to turn people against this important economic driver. More than ever, now is the time for our country to be finding smarter and more efficient ways to attract and settle immigrants. Immigration has always, and will always, be fundamental to the lifeblood of the United States. What our country needs now more than anything is gates, not walls.

We should continue to foster foreign investment in our housing market as well. Fresh injections of capital, especially when directed to communities in need through visa programs and tax incentives, can

SUMMER 2016

The

TALK

ROB MEHTA

MILLENNIAL HOUSE and the

Do you know what a millennial is? Well, you should! Millennials are that group of people

born between 1981 and 1997—and this past this year this very group overtook Baby Boomers as the United States’ largest population group. There has been some “commingling” of terms, such as Millennial, Gen Y, Hipster, etc. You may see some other terms, and depending on what study you look the year ranges can also be slightly different. Don’t worry about that. All you need to know is there are 79 million of them in the US alone, and if the forecasting proves true, then we expect that this group of individuals will reshape economic, business, and geographic marketplaces for decades to come. And that brings us to home buying. Millennials are not only worth targeting with your real estate marketing plans, but also possibly your greatest opportunity for increasing revenue in the long run. So, what do we know about Millennials and how do we deal with them (and NO, the answer is not with dread and trepidation)? Here are my three suggestions on how to find and effectively work with this generation. 32

SUMMER 2016

1. Millennials like tech They use it effectively and efficiently, not just as a means of communication, but also as a way to improve their lives and make better choices, with the ability to access information they need whenever they need it. They can tell you what’s happening with market data knowledge before you have even said “hello.” They know what they want, they know the inventory, they know the comparables before ever even contacting you, and they’re using sites like Realtor.com, Trulia, and Zillow which make it easy for them to find exactly what they are looking for without your expertise. So what do you do? Make sure that you are the expert

on the nuances of your local market. Show them your expertise. We are no longer gatekeepers of data, so don’t act like one. Those websites can provide property searches, but they can’t outline the process. Your role as their agent is still vital in interpreting the information and providing the knowledge needed when it comes to navigating the process and closing the deal. We’ve discussed this before, but I’ll say it again - you must be tech savvy, you must be lightning-fast with your mobile devices which will make you highly responsive - a must when working with this audience.

TECH TALK

with

2. Millennials like social media A lot. And they like to share everything. All the time. It also happens to be one of the best ways to get the word out about your brand and can generate serious leads for you. Over 70% of U.S. adults use some form of social media, meaning your message has the ability to reach a far greater audience than traditional marketing. Social media allows users to communicate freely and engage with businesses like never before. It has transformed how this generation shares its thoughts and extends its influence over others, Millennials rely on each other, sharing opinions and recommendations

within their sphere to make informed decisions, and of course nothing appeals to the Millennial than genuine discourse with their brands. We’ve mentioned before that your marketing should involve Facebook and Twitter, but for the sake of those Millennials and your new marketing strategy, try to incorporate at least one other social media platform such as Instagram or YouTube. And since they’re sharing everything all the time, the smarter you work for them, the better the likelihood of you being recommended to others in their sphere - which we know based on their social media presence, is vast.

U.S. adults who use some form of social media

ROB MEHTA

ROB MEHTA is Director of Strategic Planning and Business Development for Coldwell Banker Burnet in Minneapolis-St. Paul, is PastPresident of the Minnesota Association of REALTORS®, Past-Treasurer of AREAA, and is the owner of Rob Mehta+Partners, a real estate training and consulting company. robmehtapartners .com

MAKE SURE THAT YOU ARE THE EXPERT ON THE NUANCES OF YOUR LOCAL MARKET. SHOW THEM YOUR EXPERTISE.

WE ARE NO LONGER GATEKEEPERS OF DATA, SO DON’T ACT LIKE ONE.

3. They like information ( SEE #1 ) As a real estate agent having an engaging, informative digital presence can be one of the best ways to get a millennial’s attention; so make your website as relevant, fresh, and informative as possible. Millennials hate being “sold to,” but they do respond to, and appreciate, education and information. Content must be authentic, thoughtful, and easy to differentiate from the larger mass media surrounding them. Millennials tend to conduct far more research

online than older consumers, so you’ll want to be in front of them early and often. Give blogging a shot

events, make sure that you are a constant presence. And while you’re at it - you might as well use those handy tricks and tips we’ve highlighted in our last article and IFTTT (If This, Then That) those blogs to Twitter and Facebook, and point all that traffic right back to your website.

SO THERE YOU HAVE IT. Three easy-toimplement tactics that are sure to gain you the attention, respect, and most importantly, the business of the coveted Millennial demographic.

- whether you’re reviewing local restaurants or community SUMMER 2016

ISRAEL holy land

kak2s /Shutterstock.com

the

BY JACKI UENG

here is a magical land located in the Middle East that is but a relatively small dot on the map, but has played an enormous role politically and religiously throughout recorded history. It is a place described in the Old Testament as the Holy Land, home to the Israelites. This land is now named Israel, and it’s a vast landscape of desert land, beaches, and snow-capped mountains.

Israel is a travel destination for everyone: the foodie, the extreme adventurer, the history buff, the culture lover, the curious intellect, the spiritual seeker, the religious, the party animals, and the political folks. Arrive in Israel, and your perspective on the Middle East will change visually, and introspectively. Visually, Israel is among the most advanced in the world with solar-energy, water conservation, geothermal energy, high-rises, two natural gas reserves, 11,244 miles of paved toll roads and industrial development with the 35th largest economy in the world (amazing for its size!). Israelis have very high life expectancy and are rated as the most educated people in the world. Introspectively, exploring this country will challenge your thoughts and views of Israel and the Middle East as a whole. Although only the size of of New Jersey at 8,019 square miles, with an estimated 8.059 million people, there is so much to see that a minimum of a week is recommended. Located in an area where Europe and Asia meet, (although considered by the United Nations as Asia) Israel is mainly a desert, but the south sits on the Red Sea where the locals vacation. Israel borders Jordan on the east, Lebanon on the north, Syria on the northeast and Egypt to the southwest. If you want to cool down, it takes less than 5 hours to travel cross country on the advanced highways to the coastal towns of Tel Aviv or Eilat. Another option for a cool breeze is to head north to Haifa for cultural nourishment through the Baha’i gardens and a lesson on the history of the Baha’i faith.

TR AVELING

with

THE BOHEMIAN VAGABOND

Places to Visit JERUSALEM Go on a walking tour of the Old City and be immersed in a whole history lesson from the Old Testament to the new. Inside this wall is divided among 4 major quarters: Jewish Quarter, Muslim Quarter, Armenian Orthodox Christian quarter, and a smaller Ethiopian Christian quarter. While the religions and practices differ, there is an unspoken agreement of peace here.

Outside the Old City is a

“New City,” which boasts

a vibrant gastronomical and nightlife scene found around Ben Sira Street. There, modern restaurants line up among generational family restaurants and hookah cafes. Visit Mahane Yehuda Market, “the Shuk,” for local produce, fruits, and nuts while experiencing local life with more than 250 vendors.

STAY: KING DAVID HOTEL, a five-star hotel where celebrities stay. Jacki Ueng

View of the JAFFA PORT and the OLD CITY OF JAFFA IN TEL AVIV RnDmS/Shutterstock.com

Sending a message to God at JERUSALEM'S WESTERN WALL Courtesy of Jacki Ueng

TEL AVIV Arrive in the coastal town of Tel Aviv and you will forget that you are in the Middle East. Imagine a cleaner Santa Monica or San Diego with a West Hollywood vibe. It’s a very active city with healthconscious folks and modellooking men and women jogging and bicycling along the beach. Bicycles provided by the city can be easily rented. Start your morning by roaming on Ben Yehuda Street for fresh juice from one of the stands, and brunch at one of the many delicious cafes. Then hop on a taxi, bus, bicycle or even walk to Jaffa Port, oldest part of Tel Aviv, and take in the sights and sounds. Tel Aviv is ranked as one of the most fun party cities in the world, with bars and beach clubs open well into the morning. Given the Israelis love of life, there is no surprise that they also know how to party!

ISRAEL FAST FACTS

POPULATION (JULY 2015 est.) 8,049,314

RELIGIONS (2013 est.) JEWISH 75% MUSLIM 17.5% CHRISTIAN

2% DRUZE 1.6% OTHER 3.9%

Source: www.cia.gov

Within walking distance of the Old City is the City of David and Temple Mount. The Dome of the Rock is holy to all three Abrahamic religions but currently is a Mosque, which was built on top of a Christian Church, which was built on top of a Synagogue. Visiting hours are strict for non-Muslims so check the schedule before going. The Western Wall (aka the Wailing Wall) is a must see, where one can send a note to God in the closest proximity.

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ISRAEL holy land the

THE BAHA'I GARDENS in HAIFA, overlooking the MEDITERRANEAN SEA

CAMEL RIDES are available to those who wish to see the NEGEV DESERT from a unique perspective.

Jacki Ueng

SUMMER 2016

HAIFA

BETHLEHEM

Relax at the world-famous Baha’i Gardens in the north, situated on the slopes of Mt. Carmel, with 19 terraces including gorgeous flower beds, fountains, soothing pools, with a panoramic view of Haifa Bay. Inscribed on the UNESCO’s World Heritage site in 2008, for their “outstanding universal value” as holy places for pilgrimage for the followers of the Baha’i Faith.

The “little town of Bethlehem,” mentioned in numerous Christmas songs, attracts visitors of both Christian and Jewish faiths on account of it being the birthplace of Jesus Christ for Christians, while Jews have revered it as the birthplace of David, King of Israel. Visit the

“Church of the Nativity,”

one of the oldest churches in the world. Bethlehem is also home to the largest Arab Christian communities in the Middle East.

CAMP IN THE NEGEV DESERT A trip to Israel would not be complete without spending the night in the desert. Arrange a tour to camp for a night with the Bedouins, nomads who have traditionally inhabited the Arabian and Syrian deserts, and enjoy a camel ride during sunset and/ or sunrise. The Bedouins are known as a very hospitable group of people, making you feel right at home in the desert under the bright stars. There, you can smoke hookah with them while they prepare bread made from scratch, give you a history lesson on their heritage and musical performances, before dozing off under the starlit sky.

with

THE BOHEMIAN VAGABOND

Jacki Ueng

TR AVELING

vvvita/Shutterstock.com

Jacki Ueng

EILAT

Relax at DOLPHIN REEF in EILAT

FLOAT THE DEAD SEA

At roughly 1,300 feet below sea level, the DEAD SEA is the lowest place on Earth

Pick up the daily newspaper and head to the popular Dead Sea located in the southeast region, about 1 hour south of Tel Aviv. Pack on some fresh mud near the salt water, which contains a variety of ingredients that is beneficial to your skin and health, known to have helped conditions of Psoriasis, Rhinosinusitis and Osteoarthritis. Once you step in, simply lean back, and you’re floating with no effort! While it seems as if you are working against gravity, you will learn that it’s surface and shores are 1407 feet below sea level, the Earth’s lowest elevation on land, with the deepest hyper-saline lake in the world (34% salinity).

Eilat is a resort town located on the Red Sea. This is where Israelis and many Europeans vacation for the weekend to party or relax. Bars, restaurants, and hotels line up the streets welcoming tourists from all walks of life. While lying on the beach, you are faced with Saudi Arabia on one side, Egypt just south and Jordan to the east. You could actually walk into Jordan from here. On the beach, attractive young people and families smoke hookah, play hacky sack, sun bathe, and play water sports. Visit Dolphin Reef for a family vacation where you can swim with dolphins, snorkel, scuba dive and enjoy their private beach resort. For those that want to relax, visit the Relaxation Pool, my favorite Spa experience in the world. You can easily spend an afternoon or evening there with a full bar, restaurant, and café. Book a spa treatment with their “floating pools” where a specialist floats you on one of their 3 pools – dead sea water and fresh water. As you float for 30 minutes, they massage you while you immerse into an underwater music therapy.

JACKI UENG is the VP in Business Development for Ticor Title in Los Angeles. When she’s not issuing Title Policies, she is traveling the globe in search of her next exotic food dish and cultural encounter. As the Bohemian Vagabond, she's 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

AREAAnewsNetwork

@JackiUeng

SUMMER 2016

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

Mastering Fundamentals – Real Estate Basics LESSON 1 oor knocking is the oldest tech nique in the book for generat ing new leads. Why? Because when done properly, it’s free and it works. But it’s also intimidating for a lot of people – the idea of being rejected right to your face is too much for some peo ple to handle. However, with a little practice, and done in the right situations, you will be hard pressed to find a more effective tech nique to boost your presence in a neighbor hood and gain some precious leads. Here are some tips for making the most of your door knocking time:

DOOR KNOCKING

1. BUSINESS CASUAL ATTIRE No one likes having a person in a suit show up on their doorstep asking questions; nor would anyone appreciate someone in a jersey or shorts. Wear something nice, but casual.

2. STEP BACK, AND SMILE Once you’ve knocked on the door, take a few steps back. This creates a comfort area for the homeowner and will seem less confrontational. Keep your hands out of your pockets and in front of you, in an open, inviting manner. And lastly, show those pearly whites!

3. NEVER ARGUE Even if you are in the right, never argue with someone on their doorstep. Simply smile, wish them a good day, and leave.

4. DON’T BE AFRAID TO ASK FOR BUSINESS Tell the homeowner that you are dedicated to being the hardest working agent in the neighborhood and that you would love an opportunity to earn their trust and business. Ask if they or

anyone they know might be looking to buy, sell, or invest in real estate. Always leave a couple business cards; one for them, and one for them to give out.

5. REMEMBER SOMETHING ABOUT THEIR HOME When you follow up with a potential lead, try to bring up something from your conversation or about their home. People love compliments! Tell them you loved their garden, or that their dog was simply adorable. A little personal touch can go a long way in this business.

SUMMER 2016

AREAA PRESENTS

AFTER YOU’RE DONE REGISTERING, head over to www.areaa.org/ presidentialdebate and sign up to stand with us in Las Vegas as the two parties’ candidates hold a debate about AAPI issues at Caesar’s Palace. Space is very limited, and registration is on a first come, first served basis.

he 2016 general election is shaping up to be one of the closest and most competitive in memory. AAPI are expected to play the pivotal and coveted role of the "swing vote" this year, meaning that in many states, the AAPI vote could go either Republican or Democrat. This gives the AAPI community a lot of power and sway, and it is vitally important that we take full advantage.

Here at a | r | e , we don’t care which way you vote – just that you do. States have varying deadlines for when you must be registered by, but we’ve already looked it all up for you. The deadline furthest out from the election is 30 days, meaning you must be registered at least 31 days before the election. Using that as a general guide, no matter where you live if you register at least that far out you will be fine.

FOR THE FASTEST, EASIEST, AND MOST SECURE WAY TO REGISTER ONLINE, GO TO:

vote.usa.gov

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GREATER EAST BAY BATTLES GRAFFITI IN OAKLAND CHINATOWN AREAA Greater East Bay (AREAA GEB) participated in the National ABCD event for the second year in a row. AREAA GEB partnered with The Oakland Chinatown Neighborhood Crime Prevention Council (NCPC); Oakland Mayor, Libby Schaff's, Office; and Oakland District II Council Member, Abel Gullien's, Office on their Adopt A Spot campaign to battle graffiti that currently plagues Oakland Chinatown. With 30 members and volunteers, six businesses got fresh paint on their buildings and garbage removed from and around the storefront. Members also educated to business owners on the importance of reporting graffiti. Thanks to AREAA GEB's effort to eradicate Chinatown graffiti, several businesses avoided graffiti related fines and the beauty of Oakland Chinatown was restored. The event even received media attention from the local news station!

L to R: Mony Nop, 2016 AREAA GEB President, Council Member Oakland District II Abel Gullien, Founder of AREAA GEB Chapter, Vinny MaNguyen ABOVE: Mayor Libby Schaff and Denise MaNguyen (AREAA GEB 2015 President) RIGHT: ABCD Day with AREAA Greater East Bay Members, Council Member Oakland District II Abel Gullien, NCPC, and volunteers

MAKING HEADLINES 42

SUMMER 2016

Photos: Bob Henry Photography

WINNIE DAVIS APPOINTED TO SRAR EXECUTIVE BOARD

Winnie Davis has been recently appointed to the Executive Board for Southland Regional Association of REALTORS (SRAR). As the third largest Real Estate Association in California with 9500 members, Winnie was appointed by 2016 President Gina Uzunyan. She also served on the Board of Directors, Liaison for Government Affairs Committee, LCRC and Realtor Action Fund. She is a Director of the California of Association of REALTORS® (CAR), Vice Chair for Global Forum 2016, a Director for the National Association of REALTORS® (NAR) and the NAR Major RPAC Investment Council. Congratulations to Winnie Davis and her continued representation of AREAA and the Realtor Family.

CENTRAL NEW JERSEY REAL ESTATE CONFERENCE

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AREAA Central New Jersey hosted a real estate conference with over 100 agents and brokers from the Garden State. Topics of interest included: smart homes, mortgage updates, global and luxury real estate trends, as well as creating a pool of diverse talent that expands real estate practice within an office. Tanya Reu, Senior VP of Human Resources of Realogy, Charles Oppler of Sotheby’s, Anthony Hutchinson of Freddie Mac and Lynn Ally were among the panel of speakers at the conference. Spotlight sessions featured Better Homes and Gardens' Feng Shui report, Fannie Mae’s Home Ready Program and other opportunities that can help real estate practitioners expand their knowledge of working with the Asian American market in New Jersey and other areas. While this was the first of its kind event hosted by the Central NJ Chapter, the leadership intends to build on this event’s success for a larger event next year.

ALOHA CHAPTER DISCUSSES HOUSING AVAILABILITY ON MAUI WITH LOCAL OFFICIALS AREAA Aloha Chapter participated in June's Maui Landlord Summit. The goal was to invite Landlords, property managers and community resource groups to meet and exchange ideas on how to increase housing availability on Maui. It was successful. The Mayor spoke in addition to the landlords, property managers and community groups. AREAA had a booth and shared information regarding language and cultural barriers directly with the landlords and others in attendance. We were able to network with these Community groups and hopefully be able to partner with them in the future for housing concerns.

DAVIS INSTALLED AS AREAA SFVSC 2016 PRESIDENT The AREAA SFVSC Chapter installation of our 2016 President, Winnie Chow Davis, and the 2016 Board of Directors, was held at the Porter Valley Country Club on March 10, 2016. It was a spectacular evening of networking, dancing and promoting future memberships. At the well-attended event, traditional lion dancers greeted guests and the formal room filled with conversations, happiness and laughter. Allen Okamoto and Southland Regional Association of REALTORS® 2015 President Gaye Rainey swore in

our President and Board of Directors. In addition, there were many city and state officials as well as elected representatives in attendance. California State Assemblywoman District 38 Patty Lopez, Congressman Brad Sherman Chief of Staff Scott Abrams, President of Valley Economic Alliance Ken Phillips (represents 5 Cities, Los Angeles, Burbank, Calabasa, Glendale and San Fernando), City of Los Angeles Board of Public Works Commissioner Joel Jacinto, President of Fernando Award and Chair of the US Department of Com-

merce MBDA, Riverside Agency David Honda were all in attendance, but most importantly our Executive Director Hope Atuel and past National Chair Allen Chiang were among our honored guests. We would like to recognize our event sponsors Coldwell Banker Quality Properties, Union Bank, and Chase, as well as our annual sponsors Wells Fargo, HSBC, and Cutco Gifts for their continued support.

SUMMER 2016

SILICON VALLEY 2016 BOARD INSTALLATION

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On January 20, 2016, 240 AREAA members and guests came out to celebrate the installation of the 2016 AREAA-Silicon Valley Officers and Board of Directors. In honor of car (and hair) enthusiast Chapter President Mike Bui, the event was held at San Jose's Club Auto Sport. The theme for the night was "007" and stirred - not shaken Belvedere martinis were the drink of choice for the evening. Classic and vintage cars were scattered throughout the venue, and guests enjoyed a wonderful dinner and a chance to network. During the program, we were able to acknowledge the Chapter's 2015 accomplishments and recognize and thank our many generous sponsors and supporters. Raffle drawings allowed us to contribute $1000 to the AREAA Foundation. Photos: Mike Chan Photography

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The Greater Chicago Chapter of the Asian Real Estate Association of America (AREAA) held its annual Installation Gala at the beautiful Stan Mansion located in Chicago's Logan Square neighborhood on Thursday, February 11th. The Bollywood themed Gala honored the outgoing volunteer Board of Directors, and installed the new Chairman, Kashyap V. Trivedi, and his Board for 2016. AREAA National chairwoman Vicky Silvano was in attendance to install the incoming Board of Directors. Afterwards, Mrs. Silvano presented AREAA's "No Other" national initiative, which is working to have the US Census Bureau give Asian Americans and Pacific Islanders (AAPI) a distinct racial category in their quarterly homeownership reports. EDITORâ&#x20AC;&#x2122;S NOTE: AREAA is proud to announce that since this writing of this submission, the US Census Bureau has agreed to disaggregate data for AAPI in their reports Many community leaders were in attendance, as well as many real estate practitioners in brokerage, mortgage and finance, insurance, and law. In addition, guests were entertained by Bollywood dancers and were adorned with henna tattoo art. A raffle drawing and cocktail reception rounded out the special evening. The money raised from the raffle will be donated to the AREAA Foundation. The Gala was an opportunity for attendees to not only meet the leaders of the community, but also an opportunity to learn more about AREAA's involvement within the community. The evening was a great success due in part to the generous contributions of our sponsors: Citibank, Bank of America, Prospect Mortgage, Fifth Third Bank, Chicago Title Insurance Company, Illinois Association of REALTORS ÂŽ, Century 21 SGR, Mainstreet Organization of Realtors, Betancourt Realty, Amberleaf/T2 Cabinet, iMortgage, Chicago Association of Realtors, Trivedi and Khan, LLP, First MCS, Eli's Cheesecake, Trandai Realty, and the Law office of Mary McMurray.

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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

SUMMER 2016

REACHING

NEW HEIGHTS www.areaaglobal.com

With the right set of tools, preparation, and dedication, anything is possible. Whether you are looking to promote your listings or projects to investors across the world, or you are seeking to find a potential home for your investment capital – AREAA Global can help. Our global network of real estate professionals and advisors ensures that we have someone with the local market knowledge you need to find the right investment opportunity. Don’t leave your investment goals hanging off the edge of a cliff – leverage our assets and take your business to new heights.

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AREAA National is now accepting applications for the 2016 AREAA “A” List. The annual “A” List is a reflection of the organization’s diverse and talented membership. The list recognizes top producers serving Asian American homeowners and communities. The award program is open to all active AREAA members only. Application must be submitted by July 31. To get more information and fill out the required application, please visit www.AREAAalist.org

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