AREAA’s ambitious new forprofit venture is officially open for business
Communists, Pirates, SPRING2015 a SPRING 2015
& Blizzards – Ann Trandai’s Unbelievable Story // Lap of Luxury – Stroll through a Hamptons Gem // Chinese New Year – A Quick Guide
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Working with first-time homebuyers? Make financial education the first step on their path to buying a home.
By Glenda Gabriel, Neighborhood Lending Executive at Bank of America
Part of guiding first-time buyers is talking about the need for a down payment, a good credit score, a reasonable debt-to-income ratio, and a loan pre-approval. But your clients should also know how mortgages work, what happens during the application process, and what home loan options are available. Bank of America is here to help make the home buying process more clear and more straightforward every step of the way — starting with informative educational materials.
Bank of America can help your homebuyers increase their financial literacy
Understanding the options
We have online tools and resources that can help make the home buying process easier to understand:
• FHA loans with down payments as low as 3.5%1 including the FHA 203(k) Renovation Loan which provides the funds needed to finance the purchase of the home plus improvements.2
• Bankofamerica.com/homeloaneducation is a complete home loan guide that provides information about types of available loans, loan requirements, and much more. • Visit bankofamerica.com/downpaymentcenter to find down payment and closing cost programs we participate in to help make buying a home more affordable. • At bankofamerica.com/webinars, your clients will find financial education webinars that can help them learn more about money management and buying a home. • Visit bettermoneyhabits.com for tools and resources on everything from how to manage money to how to buy a house.
Help your clients learn about these home loan options:
• VA loans for U.S. veterans with up to 100% financing and zero down payments for qualified buyers.3 • There are many down payment and closing cost assistance programs that we participate in. These programs can be combined with many loan products to help make buying a home more affordable.4 Financial education is an important first step to buy a home. Contact your local Bank of America mortgage specialist to find out how to help your clients get started.
To learn more, talk to an experienced Bank of America mortgage specialist near you. Visit mortgage.bankofamerica.com or call 1.800.344.9403.
Minimum credit scores will apply. Not all applicants will qualify. Monthly mortgage insurance premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county. 2 Available on a 30 year fixed-rate product only. $5,000 min. loan amount. The minimum down payment for single family residences must equal 3.5% of the sales price or the appraised value. Maximum loan amount limits apply and vary by county, ask for details. FHA Up Front Mortgage Insurance Premium and Monthly Insurance Premiums apply. HUD guidelines apply. Where required, work must be performed by a licensed contractor. Timing of resale of property subject to restrictions. Renovation construction must begin within 30 days of closing and all work must be completed within 6 months of closing. Not available for investment properties. Restrictions on secondary financing may apply. State restrictions may apply. Minimum credit scores apply. 3 VA loans require a VA funding fee at closing. The fee is higher with a zero down payment. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is nonrefundable. Maximum loan amount varies by county. 4 Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, or repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest, and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply. THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A., Member FDIC. Bank of America, N.A., Member FDIC. Equal Housing Lender. ©2015 Bank of America Corporation. ARHHLT9N 02-2015 AD-02-15-0502 1
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SPRING 2015
SPRING 2015 Vo l u m e 7, I s s u e 1 ON THE COVER: The connected Earth / ©Anton Balazh
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F E AT U R E S 24
The World is Ours The AREAA Global era has officially begun. We caught up with AREAA Global President Jim Park to discuss this brave new venture. By Scott Berman
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My Immigration Story: From the Fall of Saigon, to the Shores of Opportunity Rarely has someone experienced so much strife, and yet still had the strength not just to endure, but to succeed. Ann Trandai’s personal immigration story is one of a nation’s collapse, pirates, snowy Chicago winters, and ultimately, a new life with her family.
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By Ann Trandai
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My Luxury Listing Hamptons luxury super-agent Robert Canberg takes us on a “walkthrough” of one of his incredible listings. By Robert Canberg
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SPRING 2015
Private Mortgage Banking
Complex transactions need the right team of professionals Your affluent clients deserve the attention of a team of professionals, dedicated to understanding and meeting their needs. Make Wells Fargo Home Mortgage’s exclusive Private Mortgage Banking division your full-service source for buyers with complex income or asset management situations. Distinctive reasons to choose Wells Fargo • Nation’s #1 jumbo mortgage lender, with the vision and balance sheet to continue jumbo lending in all 50 states • 20-year history of providing affluent clientele with wealth management strategies in home financing • Variety of products and programs to meet affluent clients’ needs, delivered through a boutique business channel To connect with your local private mortgage banker, contact your divisional diverse segments manager today. Brigitte Killings, Southeast AL, AR, Cincinnati (OH), DC, DE, FL, GA, IL (Southwest), Kansas City (MSA), KY, LA, MD, MO, MS, NC, SC, TN, VA, WV (Northern) brigitte.killings@wellsfargo.com Carmen Luna, Pacific CA, HI, NV, OR, WA (Southern) carmen.e.luna@wellsfargo.com
Information is for real estate professionals only and is not intended for distribution to consumers or other third parties. Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2015 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS1056891 Expires 5/2015
Mandala Jones, West AK, AZ, CO, ID, KS (except Kansas City), MN, MT, ND, NE, NM, OK, SD, TX, UT, WA, WY mandala.c.jones@wellsfargo.com Olin Chamberlain, Northeast CT, IA, IL, IN, MA, ME, MI, NH, NJ, NY, OH (excluding Cincinnati), PA, RI, VT, WI, WV (Southern) olin.c.chamberlain@wellsfargo.com
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CONTENTS 10
10 Questions with Angie Lee
20
In My Neighborhood with Stephany Oliveros: Lincoln Park, Chicago Chicago’s Lincoln Park is one of the nation’s wealthiest zip codes. Local agent and AREAA member Stephany Oliveros shows some of her favorites things about this exclusive neighborhood.
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5 Things You Should Know About Chinese New Year Chinese New Year’s has already passed, but here are 5 things you may or may not have known about the world’s most widely celebrated holiday. By Scott Berman
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SPRING 2015
40
Don’t call it a comeback. Japan is back on top as Asia’s hottest real estate investment destination. Here’s a breakdown of what has been going on in the Land of the Rising Sun.
a | r | e sat down with AREAA superstar Angie Lee to see what makes her tick.
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Country Spotlight: Japan
Free to all members of AREAA, Proxio offers an unparalleled experience in taking your listings to the global stage.
By Cynthia Fauth
32
How-to Guide: Wealthy Buyers
By John Peretz
42
By Liz Goodchild
Japan Connect Take a peek inside one of AREAA Global’s initiatives, Japan Connect. By Atsuko Yube
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Politics is Disgusting AREAA Policy Chair Tim Hur is known for his outspoken ways. This article is no different. Read Tim’s powerful plea for your participation in AREAA’s Policy Day.
5 Apps You Need Right Now Tech Expert Suzanne Cohen discusses 5 apps every agent should have, and explains how they can help you become more efficient.
A brief guide to properly servicing your high-end clientele.
34
How to Take Your Real Estate Practice Global with Proxio
44
Once Upon a Time theEDGE Chair GieFaan Kim discusses his vision for AREAA’s YPN. By GieFaan Kim
ADVERTISERS
CONTACT PRAVEEN SHARMA to find out about ADVERTISING OPPORTUNITIES: psharma@areaa.org | 951-514-1053
A-Nah Residences
a-nah.com
AREAA Greater Los Angeles
www.areaagla.org
AREAA National Convention
www.areaa.org/convention
AREAA National Policy Day
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Auction.com
www.auction.com
Rosaria Becker, Berkshire Hathaway HomeServices
www.rosariabecker.koenigrubloff.com
Bank of America
mortgage.bankofamerica.com
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D E PA RT M E N T S
Page 23 Inside Front Cover
8
Letter from the Editor
Bank of America Neighborhood Lending
bankofamerica.com/neighborhoodlending
22
Noodle Town Goes to Japantown, San Francisco
Jenny Cui
www.homeluxe-usa.com
Page 28
Gina Duncan, Fine Island Properties
www.YourMauiRealEstate.com
Page 28
Go Global Realty
www.GRELV.com
Page 27
Mainstreet Organization of REALTORS®
www.succeedwithmore.com/findarealtor
National Association of REALTORS® Global
www.realtor.org/cipscourses
Michael Ring, Go Global Realty
mhring@grelv.com
Page 28
Billee Spodek, Douglas Elliman Real Estate
Aricoleinc@gmail.com
Page 28
John Sullivan, Windermere Homes & Estates
john@SanDiegoHomesCoastal.com
Page 28
Nancy Suvarnamani, Century 21 S.G.R., Inc.
www.century21sgr.com
Page 19
Kathy Tsao, Douglas Elliman Real Estate
ktsao@elliman.com
Page 33
Wells Fargo Home Mortgage
www.wellsfargo.com
Page 3
Betty Sun Wong, Pacific Union
BettySunWong@Gmail.com
Jacki and Jim take us through Japantown, San Francisco, to meet AREAA co-founder Allen Okamoto, discuss history, and eat some amazing food.
Page 9
By Jacki Ueng
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Non-Profit Spotlight The Chicago-based Chinese Mutual Aid Association is the focus of this quarter’s Nonprofit Spotlight. By Dennis Mondero
45
Making Headlines AREAA members in the news.
46
Around the Association Your one stop shop for all the news and happenings going on across the AREAA Nation.
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Back Cover
Page 33
SPRING 2015
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SPRING 2015 Vo l u m e 7, I s s u e 1
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 | psharma@areaa.org 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.
Mainstreet REALTORS Are Chicagolandʼs Real Estate Resource 15,000+ members ready to help you
Proud sponsor of the AREAA Global + Luxury Summit
Contact a REALTOR Professional to assist in your business needs today through MORe’s REALTOR® Search at www.succeedwithmore.com/findarealtor by location, language and designations. ®
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SPRING 2015
FROM THE EDITOR It’s been a busy start to the year for our organization. From our recent successful trade missions to Hong Kong and Macau, the founding of two new chapters in the amazing cities of Toronto and Houston, the whirlwind of planning for the Global + Luxury Summit and Policy Day, to the much anticipated launch of AREAA Global, 2015 has gotten off to a flying start. And we’re only in April. This issue of a|r|e Magazine is set to the backdrop of the 2015 AREAA Global + Luxury Summit in Chicago, IL. We wanted to represent the spirit of this Summit, so we have put together a series of articles dealing specifically with luxury and international real estate, on top of our regular recurring favorites. Take a stroll through an ultra-luxurious Hamptons estate with Robert Canberg in our new My Luxury Listing series; learn about the inner workings of a trade mission with Atsuko Yube’s Japan Connect article; and read an interview with Jim Park about the launch of AREAA Global, the massively ambitious undertaking that seeks to directly connect its members with business opportunities from around the globe. We still have our fan favorites as well. AREAA superstar Angie Lee sat down with us for our popular 10 Questions With…; Ann Trandai tells her incredible and harrowing immigration
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story (you do not want to miss that one); and Stephany Oliveros takes us through the posh Chicago neighborhood of Lincoln Park. So kick back and read on, I hope you enjoy this issue as much as we enjoyed putting it together for you. If you happen to see me at the Global + Luxury Summit, please don’t hesitate to come say ‘Hello’.
Ivan Choi Editor-in-Chief
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The new RESPA-TILA rules that go into effect this summer will give consumers uniform documents with simple, easy-to-understand layouts that prioritize critical information. Beginning August 1, new applicants will receive new, more helpful mortgage disclosure documents — at loan application and at loan closing. The delivery timing of closing documents will also change, allowing borrowers ample time to review prior to closing. Here are some questions and answers to help prepare for the new rules. Q: What will change when my client seeks mortgage financing? A: Within three days of applying for a loan, borrowers will receive their Loan Estimate (LE), a new document which replaces the Truth-in-Lending Disclosure (TIL) and Good Faith Estimate (GFE) and is designed to be more helpful in communicating the key features, costs and risks of each loan the borrower is considering. Q: How is the new Loan Estimate different? A: The Loan Estimate is less cluttered, easier to read and has tables and other graphic design elements that make it useful as a comparison tool. Because the new RESPA-TILA rules require uniformity of financial information on the LE document, consumers can compare loan scenarios from various lenders.
RESPA-TILA changes: A practical guide for real estate professionals
Q: How do the RESPA-TILA changes affect the loan application process? A: The new rules say that a loan application consists of just six items: borrower name, borrower Social Security number, borrower income, property address, estimate of property value, and mortgage amount requested. A lender issues a Loan Estimate within three days of receiving these items. The information is not verified and documents are not collected. If the prospective borrower decides to move forward after receiving the LE, a lender can then request the Intent to Proceed (ITP), collect certain fees, and request the documentation needed to process and underwrite the loan. Q: Should I expect a little confusion about the LE from prospective borrowers, and how can I help? A: Prospective borrowers may receive multiple loan estimates, either from multiple lenders or for multiple loan options (such as a fixed vs. adjustable rate). The LE is a good comparison shopping tool, however, you may need to help clients understand how to assess multiple LE documents before they proceed with a certain loan. Q: How do the new rules affect loan closing disclosure documents? A: Borrowers will receive a Closing Disclosure, which replaces the Final TIL and HUD-1. The information in the Closing Disclosure is similar to the HUD-1, but the new document design makes it easier to compare information with the Loan Estimate. For example, there is an alphabetized list of settlement services fees, with none of the services bundled.
By Glenda Gabriel, Neighborhood Lending Executive at Bank of America
Bank of America, N.A., Member FDIC. Equal Housing Lender. Š2015 Bank of America Corporation. 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. ARX4637C 03-2015 AD-02-15-0737.A
Q: Are there changes to the timing for closing-related disclosures? A. Yes, the new rules require that consumers receive their Closing Disclosure three days before closing, giving them more time to compare it with their Loan Estimate and reducing uncertainty about the cash needed for loan closing. Certain changes to loans will restart the three-day waiting period, while less significant changes can be disclosed at or before closing. The new timing requirement changes the workflow between lenders and settlement agents, but many lenders have been preparing for quite a while. For example, Bank of America has its implementation well underway and has shared information with industry professionals so that everyone will be prepared when August arrives.
For more real estate information and updates, visit bankofamerica.com/neighborhoodlending
Questions
with
E E L E I G AN It doesn’t matter whether you’re speaking to a cashier or the CEO of a large company, I believe everyone should be treated equally as every human being deserves, not any more or any less.
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1 . Whe n and how did you fir st get involve d with AR EAA?
I was introduced to Kathy Tsao several years ago while working for PrimeLending in New York City. I was impressed with Kathy’s professionalism and wanted to get to know more about AREAA. Following a series of lunch and dinner meetings, I was invited to attend the 2012 AREAA Global Summit and met several AREAA members. It was an eye opening experience to learn about such a large trade organ ization and meeting liked-minded Asian American real estate practitioners from all across the country! I will never forget the moment I met Carmen Chong, either. Kathy had organized an offsite tea reception during the 2012 Global Summit where I first met Carmen and her team from San Francisco. The minute I walked in, Carmen introduced herself and pulls me aside asking for a video interview. I hope the interview came out okay since I did not have too much to say about AREAA then. Soon thereafter, I committed myself to help the New York Metro chapter. The rest is history.
2 . You ar e a part of nume r ous committe es , organization s , eve nts , all on top of your actual car e e r … how do you manage to balance wor k and life with so much going on?
I must admit I currently have a lot going on in my life, but there’s never a single day I regret taking on challenges – a typical TYPE A personality answer, I know! I am truly honored to be a part of AREAA’s leadership team this year – working alongside passionate leaders like Carmen, Vicky, Randy, Jim and others! It’s more of an exciting time since I recently made a change in my professional career to join First Choice Loan Services as Vice President, LPO Manager of Manhattan region. My little secret to balancing
my life is surrounding myself with talented people I respect and admire. I try to take notes and write down every conversation and meeting, and maintain a running log of a to-do-list everyday and most importantly – delegate, delegate and delegate! On a personal level, I took up running again recently to maintain my health and stamina – got to keep the engine running, right?
3 . What advice , saying , or expr ession has he lpe d guide you the most in your pe r sonal and/ or professional life?
Winston Churchill once said, “We make a living by what we get, but we make a life by what we give.” I am a strong believer in giving back and always try to remember to expect little to nothing in return. I don’t run a charity service out of my home by any means, but if there’s an opportunity for me to help with any of my God given talents, I will do it without hesitation. Another saying I believe is, “You are the average of the five people you spend the most time with.” I have a great deal of passion in working with brilliant and passionate people so I choose my friends and peers carefully. There is just no time for complainers, rude, or negative people in my life. It doesn’t matter whether you’re speaking to a cashier or the CEO of a large company, I believe everyone should be treated equally as every human being deserves, not any more or any less.
4 . What ar e some innovation s or deve lopme nts in R eal Estate peo ple ne e d to pay atte ntion to?
I would have to say that 3D property tours and microhousing are two pretty interesting developments. I don’t know if either one will actually revolutionize our business, but they certainly have the potential to, especially the 3D tours. Now my out of town clients don’t have to come
to the city to see a property they’re interested in, they can see if from their laptop. Now, nothing will ever take the place of seeing a listing with your own eyes, but this can certainly help eliminate some properties from their list before they fly into town.
5 . What i s some thing no one i s talking about, b ut should b e?
Well in my line of work everyone is talking about it, but the latest actions by the Federal Reserve should be very closely scrutinized. With the end of Quantitative Easing, and the removal of some key language in their quarterly outlooks, it seems the Fed is gearing up for some rate hikes over the next several months. This is good news and bad news. Good because it means our economy is really starting to pick up. Bad because it means that these historically low interest rates aren’t likely to stay around for too much longer. So if you’ve been thinking of purchasing or refinancing a home, you better do it sooner rather than later!
6 . Te ll us some thing about Angie that most people don ’ t know.
Although I argue that my hand-eye coordination is superb, I am not an athletic type according to my husband. It’s a shame and only proves my husband’s point, but I did try out for the volleyball team in high school and sadly did not make the cut. I enjoy running and snowboarding to maintain my body.
7. If you could pick up and go anywhe r e in the wor ld, r ight now, whe r e would you go and why?
It is 12 degrees here in New York City as I am writing this response. I am sure you can guess that I am dreaming of a white sand island surrounded by crystal clear water. Sun, sand, and surf….
10 QUESTIONS
with
ANGIE LEE
8 . Have any books you would like to r ecomme nd and why?
I just finished Gone Girl which I enjoyed reading during my travels. I haven’t had the time to watch the movie, but I heard the book is better anyways. If you practice Christianity, I would recommend Prayer by Dr. Timothy Keller. He’s an awesome theologian and brilliant all around.
Angie Lee, Sherwin Escanuela and Ivan Choi in Washington, D.C. for AREAA's 2014 National Policy Day Photo: Ben Droz
9. Who do you look up to as a role mode l , in flue nce r and why?
It appears the characteristics of a role model constantly change as you age. I used to think Lucille Ball from I Love Lucy was the funniest person alive when I was 8 years old. I have had many professional mentors and coaches throughout my career, many of which have helped me accomplish many things and gave me the courage and confidence to keep going. My definition of a role model is anyone who is highly skilled, diligent, courageous, generous, innovative, modest and passionate in his or her everyday lives.
Tim Hur, Lee, George Takei and Jim Park at the APAICS 20th Anniversary Gala in Washington, D.C. Photo: Ramon Talusan
1 0. Favor ites time ! What or who i s your favor ite : 1/ Home cooked meal 2/ Band 3/ Celebrity?
I love to cook in my spare time. My all-time favorite home cooked meal is meatloaf with sautéed green beans with shallots. It’s the best classic comfort food. I do not watch television normally so it will be hard for me to name a popular band today. Does Pandora station count as a favorite band? My top three favorite Pandora radio stations are Sara Barellies Radio, Bob Marley Radio, and Tiesto Radio (for work-outs). My husband knows this fact…my celebrity crush is Tino Martinez, the former Yankees slugger. SPRING 2015
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hat attracte d W you to thi s part of town?
IN MY NEIGHBORHOOD with
© Basheer Tome
STEPHANY OLIVEROS
My fiancé had already been a longtime resident of the area when I moved in to the neighborhood. I like how close our home is to stores, great food and entertainment: Trader Joe’s, Green City Market, Starbucks, Best Buy, Crisp, Molly’s Cupcakes, Kingston Mines, Landmark Theatres and Victory Gardens Biograph Theater are all within walking distance. Lincoln Park is also the site of critically-acclaimed restaurants such as Alinea, Boka and Balena, the renowned Steppenwolf Theater Company and the iconic Second City Theater. The neighborhood offers the perfect blend of bustle and serenity and this is why I established my brokerage, CHI Properties, here as well. It gives me great pleasure to be able to walk to work and choose my scene: whether it be quiet, tree-lined streets filled with rows of beautiful residential architecture or the active city vibe of the main drags.
hat i s the W numb e r one se lling point that r eside nts and new b uye r s rave about?
Lincoln Park is a highly sought-after neighborhood in Chicago and is bordered by Diversey Parkway to the north, Lake Michigan to the east, North Avenue to the south and the Chicago River to the west. It is home to tree-lined streets, beautiful architecture, exclusive restaurants and boutiques and some of the city’s best entertainment. 12
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Lincoln Park’s number one selling point is that it offers the best of city life while being very family-friendly. Living here means you can walk to Lake Michigan, Lincoln Park Zoo, Lincoln Park Conservatory, Alfred Caldwell Lily Pool, Peggy Notebaert Nature Museum, Chicago History Museum, DePaul University and be within a five-minute train ride away from the offices and tourist attractions of downtown Chicago. There are a wide variety of homes in this neighborhood that are close to playgrounds and the top public schools in the city: stately mega mansions that span multiple blocks, high-rise condos on Lake Shore Drive with amazing park and lake views, Greystone, Brownstone, Victorian, and Colonial single family homes, contemporary lofts and vintage mid-rise condominiums.
s ' y n a h p S te
hat’s a common W misconception about the
BEST
neighborhood that you would like to clear up?
A common misconception about Lincoln Park is that home prices here are so inflated that as desirable as it is to many people who work downtown, moving to the suburbs is always the smarter option. The reality is that as long as one is open to having a little less square footage, Lincoln Park is a great deal given the shorter daily commute, the lower property taxes that one would pay here compared to the suburbs and the fact that it has some of the best public schools in the city.
PLACE TO HAVE A BEER/COCKTAIL Dunlay’s/D.O.C. Wine Bar
SHOPPING
an you shar e C one of the ne ighbor hood’ s
W
© American Spirit
b est- ke pt secr ets?
It’s tough to pick just one so I’ll share three: Twin Anchors Restaurant and Tavern, Half Shell Pub and Oyster Bar, and the Chicago Pizza and Oven Grinder Company. The food in these neighborhood joints are so exceptional that the crazy long wait times can’t keep local foodies – even the stroller-pushing bunch – away! Twin Anchors has been around since the ‘30s and their tender, barbequed baby back ribs are so legendary that Frank Sinatra, Conan O’Brien, and Emeril Lagasse are just a few of its biggest fans. Half Shell serves some of the best seafood in the city and is known for its succulent King Crab legs, fried catfish and jumbo shrimp. CPOG’s narrow three-story brick structure lies across the street from where the notorious St. Valentine’s Day Massacre took place and draws international pizza connoisseurs to its famous Pizza pot pies.
running, dog-walking, rollerbading, picnics, and biking (rent a bike from Divvy, Chicago’s bike-sharing system). Marathons, obstacle and cycling events are held throughout the year and two of my personal favorites are Monster Dash, where runners are dressed in Halloween costumes, and the Light Up the Night nocturnal bike ride which starts at midnight and ends in time for a lakeside sunrise. Lincoln Park’s summer festivals feature live music, upscale art shows, great street food, farmers markets and family areas for kids. Lincoln Park Zoo offers free admission all year round and holds the spectacular ZooLights celebration during winter.
hat types of activi ties/eve nts does your ne ighbor hood offe r?
hat i s your W favor ite way to spe nd
Lake Michigan has golf courses, harbors for sailboats, basketball, volleyball and tennis courts, soccer fields, baby-friendly playgrounds, and is a great place for swimming, kayaking,
One of my favorite ways of spending time with loved ones is loung-
an afte r noon with family and fr ie nds he r e?
ing in our back deck, or a rooftop bar. Rooftop decks are cool outdoor spaces to have drinks while soaking in fantastic views of the neighborhood and the majestic Chicago skyscrapers. My friends and I also enjoy having picnics at the lake during warmer months, and Diversey Harbor is a great spot to watch the annual Air and Water Show.
hat i s your W favor ite r estaurant in the ne ighbor hood? Te ll us about it.
My favorite restaurant in the neighborhood is Sushi Toro. My fiance and I love eating there regularly because they offer the best-tasting sushi at a reasonable price point. The chef owner always makes everyone feel welcome, and we cannot get enough of their sashimi El Fuego rolls! When I’m in the office, my favorite place to have lunch is Olive Mediterranean Grill.
The Armitage Halsted Corridor has an incredible assortment of national brands and independent boutiques. You can score trendy fashions from Bebe, Bcbg, Lululemon, Barbour, Club Monaco, Art Effect, Francesca’s Collections, high-quality footwear from Lori’s Designer Shoes and Fleet Feet, chic baby gear from Giggle and unique home decor and gift items from Design Within Reach, Jayson Home, West Elm, Crate & Barrel and Aroma Workshop.
PLACE TO HAVE BRUNCH/COFFEE I enjoy having coffee at the Bourgeous Pig, with its delicious literary-themed menu, quaint library-inspired interior and cool outdoor seating area. For mouth-watering desserts, hot chocolate and fun board games, Molly’s Cupcakes is the place to be.
DATE NIGHT Summer House Santa Monica lives up to its name and makes me feel transported to the cheerful and laidback experience of being in Southern California. Its farm-to-table food is thoughtfully prepared and simply exquisite, and its luxurious, light-filled space is a neat juxtaposition to its location in busy Halsted Street, especially during Chicago’s winter months. SPRING 2015
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THINGS YOU SHOULD KNOW ABOUT...
the
CHINESE NEW YEAR
Stems & Branches
The Chinese calendar consists of what are called “Stems” and “Branches”. Stems represent the Elements: Wood, Fire, Earth, Water, and Metal. Each Element contains both a Yin (negative) and Yang (positive) aspect. This means there are 10 total elements. The Branches represent the Animals: Rat, Ox, Tiger, Rabbit, Dragon, Snake, Horse, Ram (or Sheep), Monkey, Rooster, Dog, and Boar (or Pig). Each animal represents certain traits, some good, some not. The calendar combines the Stems and Branches to form a 60 year cycle. Months correlate with lunar movements, with each new month beginning on the darkest moon. Each New Year begins on the second New Moon af-
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ter the Winter Solstice, typically between January 21st and February 19th. It was created by the famed Yellow Emperor in 14th century BC. That makes this the year 4713; the Year of the Wooden Ram. People born under this sign are thought to be kind and trustworthy, but also resistant to change and melodramatic.
Mountain Dragons & Moon Rabbits
Tradition holds that the Chinese people are descended from Dragons. However, there is another legend that also holds significance for this symbolism. Long ago, it is said that a certain village was repeatedly ravaged by a monstrous Dragon,
Traditional Lion Dance
Bob Jagendorf
What to Eat or Nian (which also means “year”). Around New Year, the Nian would come down from the nearby mountain and attack the villagers, especially their children. One year, a villager was instructed by a god to hang red paper lanterns and set off fireworks to scare the Nian. The villagers did as they were instructed and that year when the Nian came down, he was scared away, never to return. Rabbits are also very important. It is believed that long ago, the goddess of the moon Chang’e (or Heng’e), took a rabbit as a companion before jumping to the Moon. On the 15th day of celebrating the Chinese New Year, in what is called the Lantern Festival, it is not uncommon to see many lanterns shaped like rabbits. It is said that those who are pure of heart may even catch a glimpse of Chang’e on the moon on the night of the New Year. Indeed, it is such a beloved story, that in 2007, China named its first Lunar probe the Chang’e 1.
The Lion Dance
The famous Lion Dance is also a very important tradition. There are many versions of the Lion Dance; there are both Northern and Southern Chinese styles, but Korea, Vietnam, Japan, and Tibet all have their own versions. Being that lions are not native to China, it is suggested that this custom was from outside the country, most likely Persia or India. In the dance, a lion figure made of paper-mache, bamboo, and various fabrics “dances” around attempting to grab different “greens” (fruits and vegetables) that are hung on poles. These greens have red envelopes with money inside; the more difficult it is for the lion to “eat” the greens, the larger the sum of money inside the envelope.
As in Western culture, there are many different foods that are eaten for various reasons on the New Year. In some parts of the United States, for example, Black Eyed Peas are considered to give you good luck in the coming year. In Chinese tradition, Dumplings fill this same role, especially in Northern China. Fish is arguably the most common dish served on New Year’s, as the word is very similar to that of “surplus”. But it’s not just that fish is served, but the manner in which it is eaten that is important. According to some customs, fish should be the last dish served, and always have some left over. This has several meanings, most relating to having a lasting surplus. The head and tail of the fish should be pointed at the eldest family members or distinguished guests as a sign of honor. Only after these people have begun eating may others begin to eat.
Let’s Party!
The Chinese New Year is actually just the first night in a 15 day long celebration, ending with the Lantern Festival. It is one of the most widely celebrated holidays in the world, with well over 1 Billion people taking part each year. As with New Year’s Eve in Western culture, this event is a time to party! Big feasts, plenty of imbibing, music and dancing are all part of the plan. The biggest festivals take place in China, but the largest celebration outside of the mainland is in San Francisco. The celebration does not end with the festivities of the first night. Over the next two weeks, there is still much to do. It is customary for observers to visit their relatives during the first week, return to work the second week, and finally, on the 15th day, lighting paper lanterns for the Lantern Festival, also called the Lunar and Spring Festival.
Ram (or Sheep) 2015 2003 1991
1979 1967 1955
Rooster 2017 2005 1993
1981 1969 1957
Boar (or Pig) 2019 2007 1995
1983 1971 1959
Ox 2021 2009 1997
1985 1973 1961
Rabbit 2023 2011 1999
1987 1975 1963
Snake 2025 2013 2001
1989 1977 1965
Monkey 2016 2004 1992
1980 1968 1956
Dog 2018 2006 1994
1982 1970 1958
Rat 2020 2008 1996
1984 1972 1960
Tiger 2022 2010 1998
1986 1974 1962
Dragon 2024 2012 2000
1988 1976 1964
Horse 2026 2014 2002
1990 1978 1966 SPRING 2015
15
MY IMMIGRATION STORY
Fr o m t h e
FALL OF SAIGON to the
SHORES OF OPPORTUNITY BY ANN TRANDAI September 11 has different meanings for many people. To me, it is the anniversary date that I first landed in USA with my parents and 7 other siblings 35 years ago. Born in Saigon, Vietnam, which is now Ho Chi Minh City, I left my country on the Christmas Eve of 1978. We were among half a million boat refugees who left after the fall of April 1975, when Vietnam became a full-fledged communist country.
My father, who used to serve in the Department of Justice from the old regime, had to go to re-education camp for a year. When he got back, he was hopeless for the future of his eight children and became sick, skinny as a skeleton, and could not sleep. He worried that we could be pushed to go work in the new farmland because of our middle class status. With my father’s history of serving for the previous government, his children could be rejected from attending college and would have to serve in the military in Cambodia. Our family was forced to leave the city and we had to live in the countryside for farming. In these situations, my mother took control of our family affairs. She arranged for my two oldest brothers to leave by boat to America, but it was unsuccessful and they wound up in 16
SPRING 2015
jail for a couple of months. Later, she decided to take the whole family and flee from Vung Tau Bay on Christmas Eve, when most people celebrated the holiday and we would be less noticeable in our escape through the crowds. We had a small boat with 296 people on it; we had just enough space to sit but not to lay down for four days on the sea. We were robbed of our valuables by Thai Pirates after two days on the sea. When we landed in Malaysia, a Navy ship told us to follow it to the refugee camp. Our boat’s engine burst; we could not follow the Navy ship, and we were stranded on an island for over a week. If you have ever watched the movie Castaway with actor Tom Hanks, then you would understand the experience that we went through. In order to survive we had to eat coconut, hunt for mice, fish,
Pulau Bidong
and eat watery rice soup. At night, we made a big bonfire to keep warm and slept outside in what we called our “thousand-star hotel”. With the coldness of a snowless winter, foggy nights, and very hot days, sadly one old man could not make it and we had to bury him on the island. After a week, my second oldest brother, Tien, spotted a Navy ship from the ocean and started to swim out to ask for help. The Navy officers sent out a canoe to rescue him and said there were many sharks in the water. They came and took all of us to the famous refugee camp called Pulau Bidong Island. We were the 224th boats that came to this island of over 50,000 Vietnamese refugees. If you Google this island, Pulau Bidong, you will see more pictures and understand more about the lives of the boat people. With the priority of my father’s service in the previous government’s military, and the sponsorship of my second cousin, Tuyet Tran, we were able to immigrate to Chicago after 8 K months in Malaysia. I remember
Ann's family in Malaysia, 1979
My two oldest brothers and my parents went to study ESL at the Truman College. My father studied English in the morning and in the afternoon he worked at a fast food restaurant near the college. I remember waiting for him to get home late at night, so I could eat with him the food he brought home from the restaurant. By the time I was twelve years old and in 7th grade, my brother met a nun who could help my little sister and me transfer to the new Catholic school, and even provided us with scholarships. Every weekday, both my sister and I had to walk about eight blocks and take the train to the school. The next year, I went to St. Scholastica high school for girls with the help of Sister Patricia Crowley. The first several years in US were tough for me; I did not know a lot of English. It took a while, but I became a good student in Math and Science. I studied Electrical Engineering like my five other brothers. My youngest sister became an OB/GYN doctor and my older sister became a Chemical
If you have ever watched the movie Castaway with actor Tom Hanks, then you would understand the experience that we went through. vividly that I had a small bag with only two outfits. It was a very sunny day in September when my cousin greeted us at the airport on September 11th. We took two taxis to get to their home where we stayed for a few weeks before we settling into our own apartment in the far north side of Chicago. Over the next few weeks, we had health examinations and began school. Many of my parents’ friends asked us to move to California, the “Sunshine State”. We decided to stay in Chicago for one winter because we had never seen snow before in our country. It was a great decision looking back. My little sister and I went to elementary school about two blocks from our home. My 3 older brothers and older sister went to Senn High School.
Engineer. It took me several weeks of adjusting from going to an all-girl school to an engineering school where 90% of the classmates were male. At times I felt like I didn’t belong, but I knew that I had an end goal in mind and I was very determined to become an engineer. I went to class early, sat in the first row, prepared the class materials, and asked a lot of questions to the teacher. It helped me gain a lot of confidence as I felt more and more like I belonged. After 4 years of studying at Illinois Institute of Technology, I earned my Bachelor of Science in Electrical Engineer and began work at Motorola, in the cellular division in Libertyville, IL. I continued my master’s degree in Electrical Engineering part-time while working full time. I met my husband at Motorola and we got married about 3 years after that. SPRING 2015
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ANN TRANDAI // MY IMMIGRATION STORY
The Trandai family
One year after my marriage, I earned my Masters of Science in Electrical Engineering. I was very proud, but not as proud as I was about to be. Two years later I delivered my first son, Matthew; then another two years later, my daughter Jessica; and last but not least, three years later my daughter Tiffany. At work, I began to move up the corporate ladder from an entry level engineering position to senior, to leader, and then I decided to continue with junior management. Once again at work, just like in engineering classes, I found myself one of the few females in a product group of less than 10% of women who worked in Engineering. As a part of my job, I traveled to Korea and the United Kingdom to support our factories and field support. Later, I was with the strategy team to work with several scientists of Motorola labs in London, Paris, Sydney, and Switzerland to support the patent portfolio and traveled to high-tech tradeshows in Hanover, Germany. Life became too hectic for me to travel and leave behind my three kids, all under six years old, at home. When Motorola began to slump from 2001 to 2003, they laid off many people; my whole department was eliminated. But I decided to make the best of things. I stayed at home, took care of my kids, invested in real estate and tried to find some other work that was flexible for me. I believe that when one door closes, another door opens. We are living in the land of opportunity. You just have to find your niche and work on it. I have spent the decade since 2004 with my top priorities being to 1) take care of my kids, and 2) work on real estate as an investor and as an agent. In my first year with Re/Max, I was one of their top producers. However, I felt that I was missing my kids because I went to show homes on nights and weekends, and attended open houses almost every other
18
SPRING 2015
The AREAA Greater Chicago leadership team
week. I had to figure out ways to balance my family and work. So I began to work more on commercial and less on residential deals, where my time is more manageable during regular working hours. I earned my designation of CCIM (Certified Commercial Investment Member) within 7 months of studying and less than 3 years in the business in 2007. After 5 years with Re/Max, I decided to open my own real estate firm, Trandai Realty, to help new business owners and investors invest in commercial real estate such as multi-family, office, warehouse, hotels and negotiate on retail spaces for the leasing of restaurants and salon/spas. I am also involved with several non-profit organizations, (VP of VAI – Vietnamese Association of IL, VP of OCA, and VP of AREAA Chicago Chapter and co-Chair of AREAA Chicago 2015 Chapter) and am dedicated to helping the Vietnamese and Asian communities. It has been over 35 years since I immigrated to America. I feel very blessed to be born in my family and have the foundation my parents have built for me. They have given me a great gift through sacrifice. They risked their lives despite all the dangers that we encountered along the journey to get us to this country for the possibility, so that we may have a great future. Our family has grown from 10 people (our parents with 8 kids) in 1979, to a family of 39 (our parents, 16 siblings and in-laws and 9 nephews and 12 nieces). I am blessed to be married to my husband for over 22 years, and live in a nice house in a great neighborhood with three loving children. I am grateful for who I am and how I can make a difference in someone’s life. I appreciate the love and friendship that I have with everyone throughout the years and I want to wish everyone very healthy and prosperous new year.
CHANGE is in the AIR By CYNTHIA FAUTH he world’s third largest economy was one of the hardest hit during the global financial crisis, compounded by the devastating earthquake that ravaged the country in 2011. For many countries, this double dose of negative momentum would be enough to send the real estate industry into a lengthy downward spiral. On the contrary, Japan’s real estate market has managed to rise above and is, by all accounts, poised to report positive growth in 2015 and 2016. 20
SPRING 2015
During the global financial crisis beginning in 2008, the Japanese economy shrank in double-digit measures, resulting in China overtaking Japan as the world’s second-largest economy in 2010. During this time, the demand for housing also shrank significantly. In the throes of this crisis came the earthquake and tsunami of 2011, which killed thousands of people and left nearly half a million residents without a home. Fast-forward four years, however, and Japan finds itself riding the wave of change – this time for the better. According to a recent survey from the Association of Foreign Investors in Real Estate (AFIRE), Tokyo is now in the top five cities for foreign investment. The Emerging Trends in Real Estate® Asia Pacific 2015 survey, published by the Urban Land Institute (ULI) and PwC, has Tokyo ranked the num-
With the 17% additional buying power gained for American buyers, the investment becomes very attractive in Japan’s stable environment.
COUNTRY of ORIGIN
40% higher price for a typical home after conversion, a significant increase – enough to deter many investors.
Reform for Real Estate?
The beginnings of a real estate reform are taking root in Japan. The MLS-like system currently in place is not working, because there are not stringent rules to go along with it. At this time, there is no way to look at sold data in government documents, because reporting this data is not required. As a result, the Japanese government (with the help of agents like Kitabayashi) is working toward the creation of a centralized data system. While this new system won’t be an MLS, (it might more closely resemble the REALTORS® Property Resource from NAR), it will provide more shared data than is currently accessible. The Japanese government is also considering permitting e-signature as a legally acceptable form of signature, which will change real estate and particularly the length of time to complete a transaction. Currently, the Japanese use a seal with the person’s name in kanji, which must be registered with the local government, to sign documents. Lastly, lockboxes are beginning to arrive on the scene in Japan. Without an MLS, they aren’t as necessary as they are in the United States, but as the country reforms some of its reporting and listing opportunities, lockboxes could prove to be useful. The positive dynamic in Japan is just beginning. With the government focus on stimulating the economy and real estate industry, all eyes on the Tokyo Olympic Games in 2020, and the reforms that are in motion to change real estate, Japan is poised to continue rising above the challenges brought forward 5-7 years ago. Change is in the air, and Japan is back on the rise!
MEDIAN COST in MEDIAN COST in % CHANGE PRICE LOCAL PRICE LOCAL in LOCAL of U.S. CURRENCY of U.S. CURRENCY CURRENCY PROPERTY in 2013 PROPERTY in 2014 in 2013 in 2014
BRAZIL
$197,100
392,200
$208,000
553,300
BRITAIN
$197,100
124,000
$208,000
133,300
CANADA
$197,100
197,100
$208,000
241,300
CHINA
$197,100
1,222,000
$208,000
1,289,600
6%
EURO-ZONE
$197,100
144,900
$208,000
173,300
20%
1 2 3 4 5 6
Tokyo Jakarta Osaka Sydney Melbourne Shanghai
3.50 3.44 3.35 3.33 3.31 3.30
CITY DEVELOPMENT PROSPECTS, 2015
1 2 3 4 5 6
Tokyo Jakarta Osaka Sydney Melbourne Shanghai
3.50 3.44 3.35 3.33 3.31 3.30
Source: Emerging Trends in Real Estate Asia Pacific 2015 Survey
8%
22%
JAPAN
$197,100 17,900,000
$208,000 25,000,000
40%
RUSSIA
$197,100
5,910,000
$208,000 13,100,000
122%
VENEZUELA
$197,100
847,000
$208,000 2,496,000
195%
stronger dollar. In the table below, you can see what a foreign buyer paid for U.S. real estate in 2013 and what they were facing at the end of 2014 due to the stronger dollar against many of the world’s currencies. For the Japanese, it was a
CITY INVESTMENT PROSPECTS, 2015
41%
it
Japanese! in
KON’NICHIWA / SAYONARA Yes / No HAI / IIE Thank You ARIGATOU Sorry GOMEN’NASAI Cheers! KANPAI! Please ONEGAI SHIMASU Sa y
Data provided by NAR Chief Economist and Senior Vice President Lawrence Yun, PhD. : http://tinyurl.com/NAREconomistsOutlook
ber one Asian city for investment, and Osaka ranked third. Several factors are contributing to the positive outlook on real estate in Japan, beginning with Prime Minister Shinzo Abe’s economic stimulus package. Dubbed “Abenomics,” Prime Minister Abe approved a $29.17 billion stimulus package meant to boost consumer spending and regional economic activity. The money is intended to focus on small business, rural communities, and post-disaster reconstruction. The next component fueling investor interest and really catching the world’s eye took place in 2013, when Tokyo was named the host city of the 2020 Olympic Games. “The country is very focused on the 2020 Olympics,” says Mark Kitabayashi, Managing Broker of Windermere RE/Puyallup Inc. “They are working hard and doing anything they can to look good to the world, and raise their international profile before the Olympic Games.” So far, it seems to be working. Capitalization rates are higher in Tokyo than most American cities, including San Francisco, and the dollar-to-yen ratio is strongly in the dollar’s favor right now, with an exchange rate of 117 yen to the dollar. With the 17% additional buying power gained for American buyers, the investment becomes very attractive in Japan’s stable environment. On the flip side, it has become far more expensive for Japanese investors to purchase in the United States, given the measurably
Hello / Goodbye
Japan is poised to continue rising above the challenges brought forward 5-7 years ago. SPRING 2015
21
goes to
JAPANTOWN SAN FRANCISCO
I
n the second season of “Noodletown”, we launched a 2 parts series – “Founder’s Edition: Chinatown San Francisco (article featured in ARE Magazine Summer Edition) and Japantown San Francisco, starring Allen Okamoto. Our first stop was at Waraku Ramen Izakaya, owned by Chef Eiichi Mochizuki, located in the heart of “Historic Japantown”. He also owns Ramen Izakaya Goku (SF), Ramen Izakaya Kagura (San Mateo) and Menoh (SF). The cameraman followed the aroma into the kitchen, where Jim Park and I learned about the various types of Ramen and that the cooking process takes 60 hours of brewing. As I ladled the right amount of ramen noodles into the bowl, I also learned the procedure in serving it in the most presentable manner possible (because presentation matters just as much!). I tasted their House Special, Tonkatsu Ramen, fresh from the kitchen, the pork bone broth tasting like pure heaven in my mouth. Besides ramen, we cannot forget that Japanese Cuisine has just as many good appetizers such as their version of fried chicken, Karaage Chicken, the perfect sidekick. Yumm! [ Note: Besides Ramen, there is also Udon, Soba, Somen, and Japanese style Chowmein called Yakisoba. ] After the delicious comfort ramen meal, we met some more key figures in the Japanese American Community at the National Japanese American Historical Society, who have been long-time family friends with the Okamoto’s. We learned that many Japanese-Americans had bought land in the early 20th century and converted them into Nurseries; which we have seen also in Sawtelle blvd in West Los Angeles. Most lost their land when they were sent to Internment camp and not all were recovered after they were let out.
22
SPRING 2015
It would be impossible to mention the history of Asian Immigration to the United States without mentioning among the first Asians, the Japanese, who came to the United States.
A BRIEF SIGNIFICANT TIMELINE IN JAPANESE-AMERICAN HISTORY:
1868: Meiji Restoration in Japan. Cultural changes, bad economic times, political changes in Japan lead many to flee the country for better opportunities. The first large group of people from Japan landed in Honolulu to work on the Sugar Plantations. 1893: The San Francisco Board of Education began trying to implement segregation for Japanese American Children from the general population (initially failed). 1906: Succeeded in the segregation of Asian Children in school. 1908: “Picture Brides” from Japan enter the United States. 1924: Federal Immigration act of 1924 bans immigration from Japan. 1913: “California Alien Land Law of 1913” bans Japanese from purchasing land. 1942: World War II begins, over 110,000 Japanese-American (families & children) were prisoned into Internment camps throughout 10 camps in the US.
The original Japantown was in the Southpark area of San Francisco near AT&T Park, the Giant’s baseball stadium. Due to the Earthquake of 1906, that destroyed everything, Japanese Americans were moved to the undesired Sanddunes and open areas, what was considered the ‘ghetto area of San Francisco’. The area was redeveloped in 1968, by a redevelopment agency which resulted in the displacement of thousands of established residents while many businesses closed. 30 blocks of Nihonmachi was reduced to less than 10 blocks. In 1896, during the Meiji restoration in Japan, many left including Allen Okamoto’s grandparents from Chiba, Japan. His grandfather was then in the shoe repair business. During WWII, Allen’s father was among the unfortunate Japanese-Americans who were ordered to pack their limited belongings and forced into Internment camps, living in horse
stalls and racetracks in brutal and inhumane conditions. After the war, they were released and the neighborhood in Japantown changed to reflect the more diverse character of the postwar community. When he was finally out of the internment camp, Allen’s father started T. Okamoto & Co and got his real estate license. In 1955, to become more successful, he tried to become a member of the San Francisco Association of Realtors and was denied solely on the basis of his Japanese ancestry. In 1990, Allen was selected to be President of the Association (the first Asian-American to be elected). His father was seated at the table, so proud of his son, as Allen told the story of his father’s denied membership. Today, T. Okamoto & Co. is among the very successful businesses operating in Japantown. An empire built by the Okamoto family, it is not
only well known and respected for its passion and assistance in helping many Asian families achieve the American Dream of owning a home, but also for their dedication to making their community a better place to live and work. They are now on to their 3rd generation of realtors with Allen’s daughter, Kara Okamoto, founder of AREAA Edge, carrying on the legacy! San Francisco's Japantown is one of only three Japantowns remaining in the United States today. Japantown SF lies approximately between Fillmore (east) to Laguna Street (west) and Pine Street (north) to Post Street (south), an area filled with beautiful housing, specialty shops, museums, cafés and restaurants. The area is now among the most desirable part of San Francisco: a 2 bedroom apartment can be rented out for $4000-5000/month while a 2 bedroom Condominium can sell for over one million dollars.
WANT TO EAT WHERE WE ATE, SEE WHAT WE SAW:
Waraku Ramen Izakaya 1638 Post St, San Francisco www.warakuus.com
National Japanese American Historical Society 1684 Post St, San Francisco www.njahs.org
Jacki Ueng is AREAA’s Media Correspondent, on-screen Host of Noodle Town and the VP at Ticor Title Company. When she’s not slurping noodles loudly, she’s Travel Blogging on JackiUeng.com - having visited almost 30 countries, a Yogi, and maintains AREAA’s media outlet: YouTube.com/AREAAnewsNetwork where you can find this next episode of Noodletown. Jim Park and Jacki Ueng explore Asian districts across the country to learn about the Food, Culture & Neighborhood. As we taste noodles of various Asian cultures, we are also committed to learning about the history of the neighborhoods: How it came to be, what it means to the local Asian community, and the sense of “Coming Home” when visiting these restaurants, community centers and stores. Our goal is to reach every major city where AREAA has a presence in and learn about your town!
YOUR CONNECTION TO CHICAGOLAND AND THE WESTERN SUBURBS Rosaria Becker is a skilled real estate broker, who brings business smarts, integrity and hard work to every client and every real estate transaction. She understands a home is not just a place to raise a family, but a significant financial investment. A trusted professional with a MBA from the University of Chicago Booth School of Business, Rosaria provides her clients with the knowledge and guidance to help them meet their personal and real estate investment objectives. At the core of her business strategy is the belief that every client deserves the highest level of personal attention and she works hard to ensure that she is consistently exceeding their expectations. As a Realtor® for Berkshire Hathaway HomeServices, Rosaria leverages the technological platforms and best in class marketing capabilities of a prestigious company with a respected reputation in the luxury real estate marketplace.
Rosaria Becker, Broker Serving Buyers and Sellers in Luxury Markets
GREATER
35 S. Washington, Hinsdale IL 60521 708.309.0351 RosariaBecker@KoenigRubloff.com www.RosariaBecker.KoenigRubloff.com
By SCOTT BERMAN
Anton Balazh
“All the world’s a stage, and all the men and women merely players…” – WILLIAM SHAKESPEARE AREAA Global is the new, for-profit arm of the AREAA brand. It will connect members to unique business and investment opportunities across the world through a network of partnerships which have been cultivated over the last 13 years. AREAA Global will also help members secure funding for their own projects and developments by providing visibility and exposure to international investors. In this two part article we first take a look at the global market conditions which led to AREAA Global’s founding, and then we sit down with AREAA Global President Jim Park to discuss his vision of the company. The rise of Asian economies, and in turn Asian investors, has proven to be one of the most significant developments in global real estate over the last decade. Enormous sums of money are flowing across borders in all directions with cities like New York (which, according the Knight Frank Wealth Report 2014, is the number one city globally for cross-border investment), Los Angeles, San Francisco, and Chicago reaping the benefits here at home; and cities such as London, Singapore, Tokyo, and Hong Kong dominating abroad. In 2013, Asian investors spent $92.8 billion on US real estate investments alone. Over the past year there have been several ultra-high profile cross-border transactions in the US that highlight this growing demand for US
MAYAKOBA RIVIERA MAYA
real estate. In Chicago, the Beijing-based Wanda Group committed $900M for a 90% stake of the new 88 story luxury tower along the Chicago River. In New York, the world famous Waldorf Astoria Hotel sold to China’s Anbang Insurance Group for a staggering $1.95 Billion. These represent just a fraction of total investment in the US. American investors have been the most active and ambitious, according to Cushman & Wakefield’s 2014 International Investment Atlas. American investors overtook the Chinese for the first time since 2009, increasing international investments 72%, accounting for 52% of total foreign direct investments worldwide. With a strengthening dollar, one could very well expect outward investments to increase significantly with this extra purchasing power. To capture some of this capital flow, in all directions, AREAA Global was founded. The need for local real estate professionals, with an intimate knowledge of their market conditions and country’s financial laws and regulations, is a void that Global seeks to fill. The world is now our stage, and the show is about to begin. SPRING 2015
25
As international partnerships and relationships evolve beyond informationsharing and education, AREAA Global help facilitate business opportunities for our members. Additionally, every penny we make for AREAA Global will go into the good work of AREAA National.
Iakov Kalinin
– Jim Park
The idea of AREAA Global came from our past Chair Allen Chiang a little more than two years ago. The concept of AREAA Global is to create a new revenue source for AREAA and to help our member’s ability to pursue new business ventures. Mr. Chiang recognized that it cost significant amount of resources for AREAA National to pursue its mission and various professional development activities. Rather than relying on sponsorships and member fees, he felt that we can create a symbiotic business strategy that helps our members and at the same time creates new sources of income for the association.
What i s the diffe r e nce b etwe e n AR EAA National and AR EAA Global?
26
We are currently looking at several business lines for AREAA Global including land development, resort investments, cross-border referrals, and other activities focused on international real estate transactions. We have an exciting effort underway with our Japan Connect group. Japan Connect has created business alliances with real estate companies in Japan to drive inbound and outbound referral business. Additionally, this group is planning to host educational seminars in Japan throughout the year. We are open to other ideas and business strategies to help our members grow their international business. AREAA members can reach out to me or anyone else on the AREAA Global Board to propose business concepts for us to consider.
TOKYO SKYLINE
Whe r e do you se e Glob al in 5 year s?
AREAA National is a nonprofit business trade organization focused on advocacy, education and networking. AREAA Global is owned by AREAA National, but the primary focus is the augment AREAA’s mission by creating profitable business opportunities for its members. AREAA Global is in the business of directly generating money for the association and for AREAA members.
I hope that we will have made an impact on AREAA members' ability to grow his or her international business. And these individual successes will translate into bigger opportunity for all AREAA members who are interested in getting more involved with global real estate ventures. We have big plans for AREAA Global in the years ahead, but the success will be measured one member at a time.
Who own s AR EAA Global?
How will Global sup port National?
AREAA Global is a for-profit corporation which is a wholly owned subsidiary of AREAA National. No one else owns any stake in AREAA Global. We have a total of seven board members from AREAA leadership that help govern the activities of AREAA Global. All activities of AREAA Global have been pursued with volunteers – we are really lucky to have these individuals contribute their valuable time and resource to this cause.
Global’s business initiatives will support AREAA National’s strong expansion into Asia and other parts of the world. As international partnerships and relationships evolve beyond information-sharing and education, AREAA Global help facilitate business opportunities for our members. Additionally, every penny we make for AREAA Global will go into the good work of AREAA National.
SPRING 2015
SHANGHAI at NIGHT
Luciano Mortula
Whe n and how did AR EAA Global b egin?
What kinds of b usi ness opportunities will Global provide?
FreeProd33
In the second part of this piece, we sat down with AREAA Global President Jim Park to discuss his vision for AREAA Global and how he sees it helping strengthen the AREAA brand worldwide.
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CIPS, GRI, CNE
Residential, Commercial Real Estate, EB5 Projects
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
Founding President of AREAA Austin Chapter 2014 General Secretary of Asian Economic Federation Foreign Affairs Committee Tel: 512-788-2967 Jennycuihomes@gmail.com www.homeluxe-usa.com
CONTACT US to find out about ADVERTISING OPPORTUNITIES 28
SPRING 2015
@areaa
www.areaa.org
/areaa.national
PRAVEEN SHARMA psharma@areaa.org | 951-514-1053
AREAA GREATER LOS ANGELES PROMOTING SUSTAINABLE HOMEOWNERSHIP in the ASIAN AMERICAN COMMUNITY www.areaagla.org | areaagla@gmail.com | 323-999-1GLA
2015 AREAA GREATER LOS ANGELES LEADERSHIP YOUNG AHN President
ESTHER LEE
SONNY PHAM
MARLENE
JAMES
CAGATAO
HUANG
Vice President
Vice President
Vice President
PETER PARK
MICHAEL JIN
STEVEN LEE
NANCY
Project Director
Treasurer
Treasurer
OBANDO
SANDY CHO
DIANA JO
PARKER KIM
ALICE
Director
Director
Director
McHUGH
Immediate Past President
Secretary
Director
ANGIE TANG
KRYSTLE
JONATHAN
SHIU
Director
TALBOT
VIEGAS
Director
Director
WE APPRECIATE OUR ANNUAL SPONSORS FOR THEIR SUPPORT & PARTNERSHIP WITH AREAA-GLA
GOLD
Director
SILVER
STEPHEN
WELCOME TO LUXURY
the
HAMPTONS
239 ONECK LANE, WESTHAMPTON BEACH
In a new regular feature, a|r|e will spotlight an amazing luxury property and have the listing agent “walk” us through as if we were actually on premises. In our inaugural feature, Robert Canberg of Nest Seekers International takes us to his stunning Hamptons, New York, luxury listing.
elcome to Luxury, come on in. Thanks for coming out, this is truly the best deal here in the Hamptons! This stunning residence is all new construction, we have a total of 8,000sqft. here on 2 acres of waterfront with your own private dock, heated gunite pool with pool house and tennis court. So all the summer toys are here, very important because this is “The Hamptons.” As you may or may not know, we are located in the heart of the village in Westhampton Beach, in the highly desired Estate section. Everyone wants to live on this block. Close to everything, and yet you still have a ton of privacy! We are just minutes away from the ocean and beautiful Dune Road. You can walk to the village to grab dinner or a show at our famous performing arts center or walk just a few doors down to the Westhampton Beach Country Club for a round of Golf. So the location is ideal to say the least! Well come on in! As we walk through this spacious home, pay attention to the finer details. We have miles and miles of fine moldings and finishings. What is so special about this lovely home, besides the size, is the flow; having a home this size
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with such a great flow and plenty of room to entertain is really quite special. Here we have two living room spaces, both formal and casual. This is the casual living room, which opens up to the kitchen and your heated gunite pool. Both living rooms open up to the spacious blue stone patio and heated gunite pool, imagine the parties you could have here, and what views! The formal living room space has it’s own library with sliding french doors. So if you need to concentrate or get away, this is the perfect study. You will enjoy beautiful water views, and westerly sunsets from either of these rooms with two fireplaces which will certainly help you to set the mood. The two fireplaces downstairs are wood burning, and the third fireplace located upstairs in the Master bedroom is gas. As we look out, you can also see your private dock which gives you instant access to Moriches Bay and the Atlantic Ocean in just minutes. The dock is brand new as well, and can accommodate a boat up to 40ft. The large pool house to our left has changing rooms, full bath and shower, a wet bar, an outdoor kitchen, and additional storage.
Have a client who would be interested in seeing this property? Please contact Robert Canberg with Nest Seekers International at Robertc@nestseekers.com.
Walking through to our chefs kitchen, you will notice the spacious island, the exposed beams, the wolf ranges and sub zeros. Set up like a fine restaurant, it is quite impossible to make a bad meal here! The Formal dining room space you will see here is connected to our chefs kitchen, with a butlers pantry and wet bar. Notice the amount of natural light. The recessed paneling, moldings throughout and the accented ceiling all help to celebrate this fine dining space. As we now walk up the large grand stair case, please again notice the great use of natural light flowing out into this space. Views up-front of your har-true tennis court, and spacious grounds. Notice the privacy and specimen plantings. Here we have the very private and spacious North wing, or the Master wing of the house, with balcony and sitting deck, gas fire place, and large walk-in closets. For that special guest, we have a Jr Master Ensuite wing on the first floor and six additional Ensuite bedrooms upstairs. Entering the master bath as you can see we have a deep soaking tub and and separate steam shower, bigger than some living room spaces that’s for sure!
At this point I’m sure you have noticed a few common themes throughout, such as all bedrooms have tray ceilings, and spacious baths. Colors schemes and patterns are absolutely perfect with a calming yet luxurious feel. As we walk further down the hallway, we enter the South wing, or guest wing or staff quarters. Again, all Ensuite, and all with walk-in closets and private baths. Even your guests will have more than enough space and privacy! This section of the house has its own stairwell, which brings you down to the kitchen and to your 3 car garage, additional mudroom, and basement entrance. Nothing left here to do but turn the key and start enjoying the absolute best of the Hamptons here! By the way our Hamptons’ market is quite unique; a house this size on the water with private dock, heated pool, and tennis courts will rent for the Summer from Memorial Day to Labor Day for about $250k. Not a bad return that’s for sure!! So let me ask you, what are your thoughts?
E d i t o r ’s No t e : If you have a listing you would like to have featured, please Scott Berman at sberman@areaa.org
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©Berni
Discriminating Taste How-to Guide:
WEALTHY BUYERS
According to a recent survey conducted by Realtor.com2, 54% of the luxury buyer pool wants the “chef’s gourmet” kitchen and the expansive master suite. But do you know what makes a kitchen “chef’s gourmet”? What high end appliances are necessary? We all know that Sub-Zero®, Miele®, Dacor®, Wolf® appliances are considered high end. But what about AGA® and Gaggenau®? How much do you know about softstone countertops? You may need an education in these high end appliances, new trends in kitchen designs and a visit to a designer showcase like our Merchandise Mart here in Chicago.
Analytical Financial Analysis
By LIZ GOODCHILD
So you have a Luxury Buyer? Great! The National Association of Realtors recently reported that these Luxury Buyers represent only 8% of the buying population1. Do you handle them any differently than the other 92% of your buyers? Your answer should be a RESOUNDING “YES”! The same report defined these luxury buyers as “affluent,” earning an income of $200,000 or more. So why do these buyers warrant a different kind of service? Based on 27 years of real estate experience and over 1500 transactions, I find these affluent buyers possess a very discriminating taste, appreciate excellent analytical analysis, and value our role as a real estate professional.
1 2
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National Association of Realtors Library, August 2014 Daily Real Estate News: April 2014
Personally, my training as a CPA with an MBA assists me in creating sophisticated spreadsheets that make analysis for them a breeze. So how do you provide comparables for luxury homes? Do you use pricing history similar to any CMA, BMA or even a BPO? Pricing luxury homes is an art and a science and these highly educated buyers expect you to logically educate them on how pricing was derived for these homes. They love to see the number crunching behind your executive summary of what you recommend them to do.
Professional Role These affluent buyers expect professional standards of responsiveness (quick response to calls, emails and texts) and promptness (do not be late!). But they also expect getting picked up from the airport or their hotel, preferably in a luxury car ready with bottled water and snacks for the ride. A lunch break at a non-fast food restaurant during your area tour is also a must. Also expect these high income wagers to be gadgeted (carrying their smart phones and/or tablets) which means that they are most likely searching for homes while you are driving them around. You need to be prepared to schedule a showing appointment on a moment’s notice.
In the end, these are very good skills to have whether you are servicing a buyer purchasing a home for over a million dollars, or someone that’s part of the other 92% of your buyers who happen to earn less than $200,000 for a living. After all, it’s just plain good service!
BET T Y SUN WONG CIPS, CRS, PMN, CDPE
Luxury Property Specialist
Betty Sun Wong is one of the Top Producing Realtors across the nation. Fluent in Mandarin, Cantonese, Toisan, and English, she has 20+ years of industry experience and specializes in working with Buyers and Sellers all across the Bay Area and overseas. BRE# 00932814
BettySunWong@Gmail.com 415.298.7373
From New York to the World
For Expertise in the New York Metropolitan Area
With over 17 years of experience, working with buyers and sellers from around the world, Kathy Tsao has specialized in the sales, marketing, and property management services of luxury condos, single and multiple family homes. From advising developers and investors, to individual buyers, she has the managerial and leadership experience to deliver. 曹凱西專精紐約大都會地區的房地產，從對開發商和投資者提供諮詢，到對個人購房 者提供豪華公寓，單/多戶住宅的購買，銷售，和物業管理，有超過17年專業經驗， 服務來自世界各地的買家和賣家。
Kathy Tsao 曹凱西
575 Madison Avenue, New York, NY 10022
2012 AREAA National Chairwoman ktsao@elliman.com 212.891.7788
JapanConnect A LOOK INSIDE:
One of AREAA Global’s Initiatives
apan Connect, in partnership with AREAA Global, is dedicated to fostering the relationship between industry leaders between two of the largest real estate markets in the world, the United States and Japan. The Japan Con34
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nect Group was formally established under AREAA Global Inc. after a successful trade mission to Japan in October 2013. In July of 2014, AREAA sent four delegates to Tokyo to host several investment seminars. One of the seminars was at the Zennichi (Japanese Real Estate Association), which is one of the largest
trade organizations in the country. Over 300 of their members attended the seminar, which was widely considered a huge success. The Japan-America Real Estate Coalition (JARECO) also allowed AREAA to host a seminar for its members. During the 2014 AREAA National Convention in September, Japan Connect returned the favor
and hosted guests from Japan, who conducted seminars in Japanese and were taken on local properties tours in Las Vegas, NV. Japan Connect Night, which has become one of our traditions during the National Convention, was once again a great success!! Events like these are important, as they establish a level of trust and rapport
AREAA and JARECO sign an MOU for cooperating with each other at the NAR National Convention. The officers from Japanese Ministry of Land, Infrastructure, Transport and Tourism attended.
Japan Night at AREAA National Convention 2014 in Las Vegas.
with our Japanese counterparts that otherwise would not exist. AREAA Japan Connect has since agreed to sign a MOU (Memorandum of Understanding) with JARECO to join forces and share our resources in creating mutual understanding and better relations between our two countries’ real estate communities. The MOU
signing ceremony with JARECO took place on November 8th, during NAR convention in New Orleans, LA. Japan Connect is also signing alliance agreements with companies in Japan and continues to network and expand the scope of business globally and nationally. Japan Connect is open to all AREAA members who are
interested in helping us achieve our goal of connecting all major regions from the US, Canada, and Japan under one global partnership.
FOR MORE INFORMATION ABOUT JAPAN CONNECT, OR ANY OTHER AREAA GLOBAL INITIATIVE, CONTACT SCOTT BERMAN AT sberman@areaa.org SPRING 2015
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I’m hoping the title grabbed your attention. Did the title surprise you at all? “Politics is disgusting.” I hear that a lot lately. Disgusting. Politics. “Why can’t they ever get along?” Very strong words that provoke very strong feelings. What do you think of when you think of politics? But whether or not the word promotes happy thoughts or negative thoughts to you - I need you to help me. I can make a safe assumption that you are reading this magazine because you are a member of AREAA, a past member, or working with an agent who is. Thus, to me, whoever you are, you are actually
a very important and a very crucial part of the success and future of AREAA and the Asian-American Pacific Islanders (AAPI) community.
I don’t care if you identify yourself as a Democrat, Republican, Independent or any variation thereof. Maybe you haven’t been involved or voted in ages (or ever). Maybe you cannot vote for various reasons. Maybe you only vote during the national elections and don’t vote for anything local. And by local politics I mean you naturally assume that the best HOA president will be elected anyway and that your school board trustees will pick the correct curriculum for your child. Remember the saying, “All politics is local?” Maybe you got hit with a huge tax liability because you (or your client) conducted a short sale this year and wondered why this happened. Maybe you breathed a sigh of relief when you were able to deduct all the interest payments made this past year. Perhaps you even breathed a sigh of relief that finally, one lender recognized that you (or your client) own their own business and were able to get a mortgage when it seemed every other lender rejected you. Maybe you were in shock that your insurance premiums went soaring through the roof. Or even maybe, you were elated you were able to sponsor your family to obtain their visas to legally reside in the United States. Maybe you’re nodding with me now. I get that we are in a world that our spouses, our children, our job, our religious beliefs – these all can be (and
WE FACE DIFFERENT CHALLENGES THAN OTHER MINORITY GROUPS – BUT THERE IS STRENGTH IN NUMBERS. CHANGE COMES FROM THE BOTTOM. IT TAKES JUST ONE OF YOU TO START A MOVEMENT.
are) more important than politics. We turn on the news and we hear about scandals and the dysfunction in Congress. We hear and believe that nothing ever changes. But, I need you. National Policy Day for AREAA is
coming up. Policy Day isn’t about party affiliation. It isn’t about me, either. It’s about you. As someone who identifies himself or herself as AAPI, you have a very powerful voice (even if you don’t speak English very well). To sit on the sidelines and let other people control your daily life (and quite frankly, your bottom dollar) is unfathomable. I’m not asking you to go register to vote (even though you should). I’m asking you to join me and your fellow
AREAA members, to spend a few days and talk to our elected officials – OUR elected officials. Tell them how
your bottom dollar is affected by the decisions that they make for you, and how their policies enhance (or hurt) our bottom line. Our tax dollars are just as important as the rest of the US. This year, Nick Pham (my vice-chair) and I will take a slightly different turn for Policy Day. Instead of just lobbying and meeting with our Senators and Congressmen, we will also partake a full day with the White House Initiative on Asian American and Pacific Islanders (WHIAAPI)’s national summit. Over a 1000 people will attend this summit to help show our Nation that AAPI’s matter and that we exist. This summit will bring our community together as we become one voice demanding the same rights as everyone else. As members
of AREAA, we will show that the issues of ownership of real property – the cornerstone of the American Dream – is every part of the AAPI community’s dream as well.
We face different challenges than other minority groups – but there is strength in numbers. Change comes from the bottom. It takes just one of you to start a movement. At AREAA, we can only facilitate. Bring your children. Let them know how they can make a difference - Congress will listen. We are the critical vote – thus Congress has to listen. Many of you live in swing states. I promise Congress will listen. Nearly 2 out of 3 AAPI’s were born outside of the US, my parents included. They were so excited to start their family here in the US. Tell us your story– Congress must listen. I haven’t asked you for money. I’ve just asked you for your time to just consider coming to Policy Day. As a solo-practitioner myself, my business takes a complete hit - while I plan Policy Day, while I meet with my legislators, while I take time off to go to DC for a few days. I get it. But I’m hoping you can take a few days and embark on a journey with me in May and show strength in our community – in turn, strengthening AREAA – which in turn, hopefully strengthens your bottom line. I know it does mine. The very reason why you’re important is because you matter. Politics is Disgusting. It’s time that someone starts cleaning up the mess. And your presence is all that is needed to start. Will you join me this May?
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NON-PROFIT SPOTLIGHT
CHINESE MUTUAL AID
ASSOCIATION
Chicago Mayor Rahm Emanuel, 48th Ward Alderman Harry Osterman with CMAA staff and youth
BY DENNIS MONDERO
C
hicago is not only home to some of the world’s best cuisine, art, and culture, but it is also home to one of the most reputable Asian American social service agency—Chinese Mutual Aid Association (CMAA). Founded in 1981 by Chinese immigrants from Vietnam, CMAA first opened its doors to provide assistance to Chinese immigrants and refugees assimilating in America. Over thirty years later, the pan-Asian non-profit CMAA has expanded to serve over 40 different backgrounds such as Filipinos, Vietnamese, Burmese and others across Chicago and surrounding suburbs. CMAA provides wide-ranging programs and services to meet the needs of youth, adults, and seniors, from youth mentoring programs, financial literacy and English as a Second Language (ESL) classes, to recreational clubs and a homemaker program for seniors. We provide our clients opportunities to obtain their U.S. citizenship, find meaningful jobs, and expand their careers. In the last year alone, CMAA taught ESL and computer literacy classes to 1,538 adults, provided pro-bono consultation to over 1,300 clients about public benefits, and assisted 1,454 families with applying for energy assistance in their homes. In addition to daily interactions with the community, CMAA also hosts various events promoting our mission and celebrating the passionate people who support our organization. Throughout the year, CMAA hosts free health fairs, youth street basketball, Lunar New Year, as well as fundraisers to expand programs and services that are essential to the families we are honored to serve. Our organization impacts the lives of thousands of immigrant families due to the dedicated community leaders working at CMAA. Carmen Yuan, a licensed Illinois Realtor for the past 8 years, is CMAA’s housing services coordinator who helps first-time home buyers find affordable housing and learn how to maintain financial stability. Carmen coordinates workshops in foreclosure prevention, credit repair and debt elimination, property taxes, and homeowner insurance. After participating in a first-time home buyer workshop, one of Carmen’s clients who had a temporary position was able to save enough money to pay off a $4,000 debt and subsequently find a permanent, full-time job. Success stories like this are common within CMAA with staff and leaders that work hard to provide unwavering support and assistance to the Asian American community. We continue to provide these services to our clients, in addition to providing opportunities for them to become civically engaged citizens. CMAA registers and gets our community to vote, hosts mock elections for youth, and conducts voting workshops for community members. Our agency believes that empowering the pan-Asian community creates a strong Chicago that is well-educated, culturally rich, and united.
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CMAA's Housing Services Coordinator, Carmen Yuan assisting one of her many clients
Illinois State Representative Greg Harris with CMAA Board of Directors and Annual Dinner guests
About the Author Dennis Mondero has served as Executive Director of CMAA since August 2013, after serving for approximately ten years on CMAA’s Board of Directors. What prompted Dennis, a former practicing lawyer, to join the non-profit world and work for a social service agency that helps immigrants and the low income community is the sympathy he holds for individuals relocating to a new country for a brighter future. Apart from practicing law, Dennis also worked in various roles in local government, holding positions as Deputy Buildings Commissioner for the City of Chicago, Deputy Chief of Staff for the Chicago Transit Authority (CTA), and Senior Vice President & Chief Administrative Officer for the CTA. Dennis received his bachelor’s (BA) degree in English from the University of Illinois at Urbana-Champaign, his law degree (JD) from Indiana University at Bloomington, and his master of law degree (LLM) in Real Estate from the John Marshall Law School.
Alamar, Puerto Vallarta, Mexico
How to take your real estate practice global Get an Immediate International Advantage by Utilizing Tools That are Free with Your AREAA Membership
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I t ’ s n o s e c r e t that AREAA members are some of the most connected and respected global real estate professionals in the world. But did you know that AREAA has some of the most innovative and powerful tools to help you market internationally? As part of your AREAA membership, you have immediate access to Proxio, a networking and translation platform that translates listings into 19 different languages and 55 currencies. Although AREAA members may be fluent in their native language, they may not always have a buyer that speaks or writes in the same language. With Proxio, you can send marketing materials to your client in their preferred language, as well as translate currency and measurements immediately. One core feature of Proxio is the ability to build your global network of agent connections, so you can earn referral income. You also have the opportunity to upload listings to the premier international MLS, and leverage that in a listing presentation. “I like to think of it as the LinkedIn for real estate professionals,” says Bill Hunt, the former president of Century 21 China and now an international business consultant for Keller Williams Worldwide. “The one trait that all successful agents have is their network, and that’s true whether you’re in Asia, America, Latin America or Europe. The best agents know how to build their network, and Proxio provides you with that opportunity.” And it’s not just agents and brokers who realize the value of international networking and exposure. The major real estate brands are taking notice, too, as a way to grow their business. “Our numbers are reflecting more and more of our business is coming from international buyers,” commented AREAA member Judy Green, who owns and operates Premier Sotheby’s International Realty, the leading affiliate in production for Sotheby’s International Realty. “We are really focused on international business in 2015, and Proxio is a big part of that focus.” But the biggest opportunity to profit from Proxio may come from Proxio Developer Showcase™ the new platform that connects real estate agents with top developers from around the world. Agents choose new developments to follow and promote to clients, and when a client buys, the agent earns a commission. Developers typically pay top commissions, usually without a seller’s agent commission split. AREAA members get a beautiful agent website that they can promote to their clients, and send rich HTML emails or project brochures, all branded with the agent’s personal contact information. Client leads are captured and simultaneously registered with the developer, who
Biscayne Beach, Miami, Florida Luxury condos directly on the water
The one trait that all successful agents have is their network, and that’s true whether you’re in Asia, America, Latin America or Europe. The best agents know how to build their network, and Proxio provides you with that opportunity.
receives the client name but not their contact information. If you’ve ever worked with international buyers, you know that they tend to prefer new developments to resale properties, because there’s an inherent quality associated with new construction. And we’re seeing money move from overseas to America, especially in politically stressed and economically challenged countries. With the strengthening of the U.S. dollar, we might start to see some reverse flows back to their home country. In either situation, Proxio Developer Showcase is the platform that can connect you with hundreds of developers without having to visit each one. John Wong, AREAA co-founder, put it this way. “The AREAA and Proxio connections make it so easy to market new developments from across the globe on your own website, with the structure of earning fees from the sale of these properties built in. It’s hard to imagine any real estate professional, or for that matter, any developer not wanting to be part of it.” To date, Proxio Developer Showcase has generated leads from 34 countries, and that number continues to increase. Carmen Chong, AREAA’s 2014-15 chairwoman, recently saw a demonstration of Proxio De-
veloper Showcase. “It’s amazing how it helps to bridge the gap between AREAA members and developers. We’re always looking to add value to all of our members, Proxio really helps us do this.” “AREAA is really focused on the international market, and obviously Asia,” Chong continued. “But to be able to reach not only Asia but so many different countries is a real advantage. We want to see all of our members grow professionally, and doing more international business is certainly one way to do it. Plus it makes economic sense.”
TO FIND OUT MORE ABOUT PROXIO DEVELOPER SHOWCASE, YOU CAN GO TO THE AREAA WEBSITE OR VISIT
ProxioWorld.com/AREAA
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Five
BY SUZANNE COHEN
Every Agent Needs Right Now
M
ost people picture real estate agents with a phone in one hand and a computer in the other – juggling all types of technology to manage listings and escrows on the run. I know these agents and have been one of them. But are agents as good at utilizing technology as they pretend? Their businesses depend on being nimble and tech savvy, right? Well, most agents like to think of themselves as tech adopters, but the reality is a bit more complex. Of course, most agents today have a smartphone, email account and website. These are basic tools of the trade. But not many go the extra mile to use technology to really make their own jobs – and their clients’ lives – easier. That’s a shame, because there are several high-impact, low-cost apps agents can use right now to generate more leads, clients, deals, and revenues. To be clear, I’m not talking about full-scale CRM systems or complicated workflow management platforms. I’m not even convinced these expensive products are necessary; most agents keep contacts in their phone and do communication via email, so there is usually not much value in re-entering this contact data into a CRM platform. (I know this from experience as I shelled out a lot of cash for a CRM system I never really used.) In fact, the technology tools most useful to agents are often lightweight apps that take just a few minutes to download. Here, in no particular order, are five apps that every agent needs. Some of these you may know and others are just emerging on the scene:
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ScheduleOnce is the easiest way to schedule meetings and showings. How many hours do you waste every year emailing back-and-forth and playing phone tag to find available times for showings, conference calls or other meetings? With ScheduleOnce, just email a link to your calendar showing your available time slots and let clients schedule calls, showings and much more. ScheduleOnce lets you confirm the request and sends a confirmation to all participants by email, automatically adding the meeting to people’s Google or Outlook calendars. This has been a huge timesaver for me; I use it nearly every day.
scheduleonce.com TextExpander
is a handy tool for iPhone and Mac users to help save time typing. After typing the same things over and over, I hunted down this solution and have been using it ever since. With this tool, you create keyboard shortcuts to insert long texts, saving lots of keystrokes. Whether it’s an email signature, several paragraphs of a standard response to clients, or legal verbiage you put in every contract, simply type an abbreviation to insert these text snippets into an email or message. You might create ‘snippets’ with directions to an open house, showing instructions for other agents, info on how to reach your assistant etc. You can even include photos or images in your text selections. When typing emails on the go – and how many high-producing agents sit behind a desk all day? – this tool is a must.
Followup.cc makes sure you never forget to respond to a client email or follow up on a lead. This lightweight yet powerful tool works with any email client (Gmail, Outlook, and others) to let you quickly schedule tasks and reminders right inside your inbox, scheduling emails to reappear when you need them. Simply forward your emails to reappear in your inbox at certain time, such as 2weeks@followup.cc or monday9am@followup.cc, on your mobile or laptop. This productivity tool is easy to use and life-changing – because you’ll never forget to follow up on an email again and can clear your inbox of all those emails ‘you hope to get to soon’. If you are a gmail user, download the handy Chrome Extension.
followup.cc Zapier
is a connector for the apps you use the most, helping you automate tedious tasks. You can create Zaps to occur automatically between apps. Here are a few zaps I set up in minutes: “When I add a contact to my address book, ask them to connect with me on LinkedIn” and “When I get a prospect email from my website, add their information to MailChimp and instantly put them on my drip campaign”. This tool is a bit more advanced than the others, but once you learn the basics, then you’ll grow your network and save huge amounts of time. And what agent doesn’t wish she had more clients and more time?
An e-signature app like DocuSign or Right Signature is essential in today’s digital world. Do you really want to lose a deal on a hot property because you had to wait a few hours to meet your clients in person to get signatures? With online document signing, you can send clients filled-out documents to sign via email, saving valuable time in competitive bid situations. All they have to do is follow a link, click-to-sign in boxes marked by little yellow flags, and hit submit when completed. These e-signature tools are quickly becoming de rigueur for most agents – yet some agents are still faxing documents back and forth. Implement e-signatures today if you haven’t already!
docusign.com rightsignature.com The real estate business is about building and sustaining relationships. It can take months or years to nurture a client contact! How you communicate with clients during those months is the difference between losing a lead and closing a killer deal. I wish I had these incredible tools 15 years ago when I started in real estate. Give these tools a try to unleash your productivity and make your business grow.
zapier.com
smilesoftware.com/TextExpander
Suzanne Kaljian Cohen has been a licensed real estate agent in California since 1997. During her real estate career she was consistently a top producing agent in Santa Barbara and Montecito, California. She received Prudential’s (now Berkshire Hathaway Home Services) Chairman Circle Gold Honors award, only given to the top 2% of agents nationally. She is currently the CEO of Argon Technologies, which provides simple and powerful applications to over 50,000 sales agents and professionals worldwide. Connect with Suzanne on LinkedIn www.linkedin.com/in/sbsuz/ SPRING 2015
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theEDGE
Welcome to theEdge: AREAA’s YPN Set to Soar in 2015
Once upon a time, there existed a land where the habitants were classified by bloodline and heritage. Those not of the privileged blood had no choice but to live with limited rights and a limited life.
No voice, no respect, no place to call home. Only thirty years later, the next generation of Asian Americans have blossomed because of the past generations who fought to plant the seed. theEDGE honors all those pioneers who fought for us to be able to dream, and live that dream. We understand that we are now the privileged, and it is our responsibility to carry on what was cultivated. This year has brought us many new seeds and theEDGE will be ensuring a proper growth. We will be introducing a Career Development program for theEDGE members to enhance and advance their lives and build a career worth having. It is the focus for our committee to bring the benefit of professional education and training to our members. theEDGE plans to work closely with each chapter to bring theEDGE culture to potential members. Additionally, we will be unrolling the University Outreach Program in 2015. We will be engaging with the future generations to help guide them to a successful career in real estate. The members of AREAA have been an immense support since our inception and we thank you all. We ask once again for your support as we look toward the future. theEDGE 2015 committee is honored to serve and proud to be a part of this organization’s mission. Empower. Develop. Grow. Educate. From theEDGE 2015 National Committee
Photos by John Photography
facebook.com/areaaEDGE 44
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AROUND
the
A S S O C I AT I O N
PINKY SHAH
TIM HUR
FREEHOLD, NEW JERSEY
ATLANTA, GEORGIA Accepted into the 9th class of the prestigious NetKAL fellowship program.
The NetKAL Program is organized by the Center for AsianPacific Leadership at the University of Southern California and launched the Network of Korean American Leaders (NetKAL) to help promote civic leadership of second generation KoreanAmerican leaders. He is one of the only 26 fellows accepted this year and the only one with a real estate background.
DEBBIE WONG
Our very own AREAA member, Pinky Shah of NJ Mortgage LLC, was recently approached by ABC News 20/20 regarding her efforts to promote realtor safety. She hosted a self-defense class with a 7th degree black belt trainer specifically for real estate agents. ABC 20/20 News crew and correspondent Rebecca Jarvis came out to record the event and interview Pinky and the real estate agents. The segment will also feature Barbara Corcoran and may air as early as February 6th. Stay tuned! Pinky Shah is a mortgage strategist and owner of NJ Mortgage LLC. She is recognized as a leader in the mortgage industry. Her team creates a "wow" experience for their clients as they finance their homes. In addition, she has a passion for helping her business partners grow and enjoy their businesses.
ATSUKO YUBE
DENISE MaNGUYEN
AREAA INSTALLS A TRIO OF POWERHOUSE WOMEN LEADERS January 22nd, 2015 was proclaimed as ‘AREAA-Debbie Wong Day’ by Daly City councilman David Canepa. AREAA hosted a series of Presidential inaugural installation events throughout the San Francisco Bay Area in recent weeks. The Greater East Bay installed Oakland Real Estate Broker Denise MaNyguen; The San Francisco Peninsula is being represented by the Better Homes & Gardens Managing Broker Debbie Wong and Atsuko Yube; Executive Senior Mortgage Planner is representing the Silicon Valley area. AREAA’s National Chairwoman, Burlingame business woman Carmen Chong officiated the ceremonies. These chapters are being represented by a powerhouse of real estate businesswomen, intent on upholding the mission of AREAA, a nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market. SPRING 2015
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LAS VEGAS HOSTS EXCLUSIVE R E D E VE NT, R AISES $10 K FO R H U N GRY January 31 not only marked the end of an exciting first month for 2015, but also hosted AREAA Las Vegas Chapter’s 4th Annual Red Event! This spectacular event was accommodated by the Ascaya Development and its premier luxury real estate team. The Ascaya Sales Center was the perfect backdrop for a great wrap-up to 2014 and an exciting start for 2015. The event’s guest list comprised of the top real estate professionals in Las Vegas, who were recognized for their stellar performance and community involvements. Our Top 7 7 7 Awards allowed us to recognize the Top 7 Asian Real Estate Practitioners in Volume Sold for 2014, the Top 7 Asian Real Estate Practitioners in Units Sold in 2014 and the Top 7 Most Influential and Committed to the Asian Real Estate Community. Special guest Jim Park inducted Vandana Bhalla as the 2015 president along with her phenomenal leadership team for this year’s AREAA Las Vegas Chapter. Vandana and Randy Char (2014 President) had the honor of presenting Three Square and USO with a check for $10,000, which is going to provide over 15,000 meals to hungry families, children, and seniors in our community, as well as to support programs and services designed to meet the ever-changing needs of America’s troops and their families. To date, the AREAA Las Vegas Chapter donated $20,000 to these organizations in 2014 - a reminder of our commitment to better the community we live and work in. st
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AREAA AUSTIN had the best red booth in Austin China Town to celebrate the Lunar New Year with Asian community. Also presented awareness of our organization from public and how we can help them with their real estate needs. Thank you for the effort of all the board of directors and active members as well as our strategic partners that have put into this great event. See everyone next year again. Happy Year of Sheep!
SAN FE R NAN D O SANTA C L AR ITA H OSTS I NSTALL ATI O N GAL A On Thursday, January 15th one of our newest chapters AREAA, San Fernando Santa Clarita Valley, brought in the New Year with the installation of the new Board of Directors for 2015. Along with President Chika Kawahara, Scott Akerley, Kate Joh, Rebecca Fu, Anthony Ching, Winnie Davis, Maria Bolks, Rick Bonyadi and Michelle Kong were also installed. With over 75 attendees that came to the Odyssey in Granada Hills to show their support, it proved to be a great start to the year! Along with the newly installed Board of Directors, many industry partners such as Wells Fargo, Chase Bank, Glen Oaks Escrow, Rodeo Realty, Hall & Chambers, Sterling Construction, Community Bank, ACC Law Group, Bank of Manhattan and BRC Advisors sponsorved the Installation. 2014 Southland Regional Association of Realtors Past President Roger Hance acted as the emcee for the night, as well as Ivan Choi, the 2014 National AREAA President, who installed the new board. It was a great night had by all and with membership continuously growing, AREAA San Fernando Santa Clarita looks forward to being a great and well known presence in the San Fernando Valley as well as Santa Clarita Valley. Keep an eye out for their next upcoming event! 46
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AR E A A BOSTO N H OSTS H I GH PRO FI LE I NSTALL ATI O N GAL A AREAA Boston had its 3rd Annual Installation Gala and it's turning out to be THE Premier Real Estate Networking Event among many industries in Greater Boston. With over 275 attendees on a cold record breaking winter's night, there were many heavy hitting real estate professionals, VIPs from NAR, MAR, association and government officials rubbing elbows, making new friends and securing old connections. One repeat attendee said she could not get enough of the networking and wanted more. She is now our new AREAA member and will be coming around AREAA events for years to come.
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AR E A A C E NTR AL VALLE Y LE ADS WAY W ITH COM MU N IT Y SE RVI C E E FFO RTS This past December, AREAA Central Valley made a large donation of hygiene products to the Fresno Unified School District. We had reached out to FUSD to ask what they needed most, and to our surprise it was hygienic products. When we arrived to drop off our donations, their supply closet was completely empty. They were so grateful for our donation, and we were honored by the opportunity to help. We now plan to make a continued donation effort to make sure they never have that problem again! This was a joint effort from our entire membership; we collected hygiene products at all of our events for two months in order to make this large donation happen. On January 24th, we held a Build Day for a local Hmong family in serious need of a little help. Our members had a great time helping put up some new drywall and just trying to make their lives a little easier. There were many laughs, it was nice to see a smile on their faces. We have several more of these Build Days coming up, including AREAA’s Build a Community Day (ABCD), and we cannot wait to get our hands dirty again!
GLITZ AN D GL A M I N SU N N Y SAN DI EG O It was a night of glitz and glam at AREAA San Diego’s Holiday Masquerade Party and installation. Set atop the downtown Symphony towers in the exclusive University Club on December 10, 2014, AREAA members and guests were serenaded by local saxophone player, Joey Casora, hypnotized by Las Vegas Magician Jay Noblezada, and entertained by “The Voice” contender Katriz Trinidad. Sponsored by Wells Fargo and Chase, the incoming 2015 leadership, led by new president Tina Balch, were installed in the presence of National AREAA Executive Board members Jim Park, Carmen Chong and Vicky Silvano. It was also a celebration of “firsts,” as Chris Cate, the first Asian-American to be elected to the San Diego Cithy Council in nearly 50 years, was given the recognition award and AREAA member, Loida Guevara, was given the very first “Member of the Year” Award.
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AREAA Greater Chicago organized the International Realux Event on December 4, 2014. This is the year-end member appreciation event where AREAA Greater Chicago, families and friends were welcome to come and share in the merriment and our appreciations of their sponsorship and membership. An evening of Tea and Wine tasting, and enjoying the delicious food to be cooked live by two of Chicago ‘s finest chefs. We also gave a sneak peek into the 2015 AREAA Global Luxury Summit in Chicago as we revealed exciting details about who’s coming and what’s in store for summit attendees. The event was held at the GE Monogram Design Center, located at 222 W. Merchandise Mart Plaza, Suite 124, Chicago, IL. Out of 140 attendees we recruited 8 new members, and 37 non-members/friends of members. Many people enjoyed the good food, tasting tea and wine. At the end, we had raffle for gift basket, wines and two Global Summit registrations. Everyone also received a give-way gift bag from some of our generous sponsors and board of directors.
C E NTR AL N E W J E RSE Y M EM BE R G O ES FU LL TIM E WITH L AW PR ACTI C E Suzana Das, Esq., who was just inaugurated as the President for Central Jersey, took her law practice to the next level by going full time this year after being a part-time attorney and a mum to her two beautiful daughters for the last five years. She brings her fourteen years of law and business experience to AAREA. Her practice focuses on both residential and commercial real estate transactions along with business law, which gives an edge to her clients. She is excited to be a part of AREAA, the fastest growing real estsate organization in America, promoting homeownership opportunities in Asian American communities. The Central Jersey Chapter has already held a successful event-- U.S. Taxes for Real Estate Investors and International Buyers-- just this past week and has an array of exciting educational and networking events lined up for this year. Please contact Suzana Das for event updates and to see how you can become a part of the AREAA Central Jersey Chapter and expand your business: suzanadasesq@optonline.net.
AR E A A VAN COU VE R M IXES WI N E AN D R E AL ESTATE
AN AUSPI C I OUS BEGI N N I N G FO R AR E A A’S N E W EST C HAP TE R ARE A A GR E ATE R TO RO NTO Standing room only February 25th at AREAA Greater Toronto’s Inaugural Meeting and Celebration of the Year of the Ram. The sold out Dim Sum Lunch was a huge success featuring special guest speaker Paul Ng, Philosopher & Geomancer predicting what to expect for the New Year, Door Prizes and of course a Lion Dance. Hosted by the Founding Board of Directors, event guests included Real Estate and associated Industry Professionals, local media, the President Elect 2015 and 5 past presidents of the Toronto Real Estate Board The City of Toronto is the fourth largest City in North America and the Toronto Real Estate Board is one of the largest world wide with over 40,000 members.
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AREAA Vancouver and Hootsuite Headquarters hosted an amazing wine tasting and networking event showcasing the many incredible wines the region has to offer. Our BC wine has been raved about by the Asian community and has sold as high as $900 per bottle in Shanghai Chinese restaurants. We are lucky to have Harry McWatters, founder of VQA (Vintners Quality Alliance) & Miles Prodan, president of BC wine association to share the wine history with our realtors. Wine and networking. June 17th, 2015 is our annual AREAA Vancouver event and will host David Shing from AOL, Matthew Shadbolt from the New York Times, and Brent Jang from Globe and Mail, just to name a few of our amazing speakers. Our goal is to inspire the hearts and minds of our attendees and continue to build productive relationships with our members and guests. Save the dates, you don’t want to miss this great event networking with the Canadians! Stay Amazing!
AR E A A GR E ATE R E A ST BAY H OSTS E X TR AVAGANT I NSTALL ATI O N BALL The January 15, 2015, installation of AREAA Greater East Bay President, Denise MaNguyen, was a showcase of the opportunities that were created by the AREAA Founders many years ago. The Founders dedication in creating a national voice for housing and real estate professionals was evident. Among the two hundred and sixty plus guests at the event, were other AREAA chapter presidents, Debbie Wong (SF Peninsula), Atsuko Yube (Silicon Valley), and Daniel Takata (Greater Sacramento), AREAA National founders Allen Okamoto and John Wong, AREAA National Chairwoman Carmen Chong, Board Member Andrew Lee, and local Dignitaries such as Fiona Ma (California State Board of Equalization), Max Chen (Representative for Barbara Lee, Congresswoman for District 13), Steven Jones (Representative of Wilma Chan, Vice President Supervisor for Alameda County, 3rd District) Benny Li, Heidi Kong, and many more, who have joined hands in carrying out the mission that have been set by the Founders. The energetic entrance by Denise (and her inaugural posse) at the Installation Gala was a snippet of the type of year AREAA GEB will have in 2015. Staffed with motivated Realtors and affiliates, the 2015 GEB Board has committed to rejuvenating the chapter with fresh topics for our educational events and fun mixers to increase membership. In addition to committing to increase membership and educational events, we’ve established a Community Outreach Committee which allows our member an opportunity to give back to the community. In order to fulfill our goals, we have paired ourselves with local Realtor Associations to collaborate on education events and community outreach and consulted with a local consultant to revise our local mission, vision and core value. Above all, leadership development is recognized as an important strength and we will actively seek out and participate in leadership training opportunities (half of our Board will attend the Leadership Summit in Dana Point) and conventions.
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AR E A A DC H OSTS 2 014 LE AD E RSH I P CO N FE R E N C E W ITH STO N EGATE MO RTGAGE On November 21, 2014, AREAA DC held an “Education Foundation and a Leadership Enhancement Program” at the Tower Club in Tysons Corner for more than 115 members of AREAA in the greater Washington DC area. Stonegate Mortgage, Citibank, Wells Fargo, and AREAA sponsored the event. Mark Grant, Vice President of Business Development of Citibank and Cynthia McGee, Vice President of Principal Relationship of Wells Fargo showed up to the event to show support. They are in charge of development in residential efforts. The event lasted the entire day and finished with a reception. AREAA DC focused on enhancing leadership qualities of realtors through the creation of “leadership brand and communicating with confidence.” Many of the attendees agreed that it would help them in all aspects of life, not just within the client-Realtor relationship. Tuyet Bui of Westgate Realty Group, Inc., stated that the leadership methods would affect how she handles day-to-day activities as well as her dealings with customers. Cuvator H. Armstrong of SILVA International Realty explained that the event was open to members of all races and cultures, and that its openness was one of the best qualities of AREAA, as it welcomes anyone to become a member.
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Our 2014 Super Summit drew more than 400 attendees who participated in the day long event that included both commercial and residential related seminars and topics, real estate economic outlook, lead generation exercises and a vendor expo. The 2014 Super Summit main session was kicked off in the afternoon with introduction of AREAA-Greater Los Angeles leadership, and they celebrated the extraordinary volunteer efforts of the entire team. The afternoon session focused on residential business strategies. Attendees were updated from Selma Hepp, senior economist with C.A.R. on the current market trend of both the state and our local markets. Presentations on crowd funding and ways to work with Hedge Funds led seamlessly into the final presentation by the always-dynamic Dr. Michael Krein, Founder & CEO of Rio Genesis Software and known to many AREAA members as President of the National REO Brokers Association. An all day vendor expo highlighted the Sponsors and Partners of the 2014 Super Summit. Vendor Passport was a great success and encouraged attendees to interact with the vendor partners for more opportunities to network and build relationships. The Super Summit concluded with another of GLA’s Premiere Networking Mixer with cocktails, refreshments, and outdoor music in the tranquil terraced Japanese Garden on the Hotel rooftop complete with waterfalls & ponds overlooking the downtown skyline. AREAA Greater Los Angeles looks forward to putting on this extravagant event once again this July. All AREAA members are welcome, and we hope to have many more years of putting on our Super Summit.
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NY M ETRO H OSTS I NSTALL ATI O N GAL A AT E XC LUS I VE JAPAN SO C I ET Y I N M AN HAT TAN On Friday, December 19, the Asian Real Estate Association of America (AREAA) NY Metro Chapter celebrated the end of the year with food, drinks, and the installation of the new Board of Directors. The Installation Holiday Party was held in the lush ambiance of the Japan Society located in Manhattan. The night began with warm smiles and laughter as members reconnected and caught-up. Although a cocktail reception followed, the highlight of the night was the inauguration of 12 members stepping into leadership positions as the new Board of Directors for AREAA’s NY Metro Chapter. After Ms. Cho announced their events and the Board thanked the crowed, pictures were taken and even more cheer filled the room. Attendees spent the rest of the night eating, drinking, and mingling, ending the year with smiles and excitement for the year to come. Photos: Xue Liang
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GREATER PHOENIX CHAPTER HOSTS INSTALLATION AT AWARD WINNING VENUE The Greater Phoenix Chapter of AREAA recently had their 2015 new board installation at Eastmark, the premier master planned community from the award winning developer DMB communities. Eastmark is a 3300 acres mixed use masterplanned community which will be fully developed over the next 15 years, and will represent over 15,000 residential units, over 1000 hotel keys and a 45 acre retail/office amenity complex to support the community. The developer has previously developed DC Ranch, Marley Park, Verrado, Silverleaf and One Scottsdale and has received the award for best master-planned community from the ULI (Urban Land Institute) on several of its notable developments. The event was sponsored by Bank of America, and the Keynote speaker was Tina Tamboer from the Cromford Report. North American Title Company was the sponsor for the keynote speaker. The 2015 Greater Phoenix AREAA board is excited for a full state of activities for coming year and anticipate the chamber will double in size by the end of the year.
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SAC R A M E NTO C HAP TE R D O NATES FOO D, GI F TS TO TH OSE I N N E E D
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AREAA Greater Sacramento recently completed it's 4th Annual Christmas Family Adoption in December 2014. This year, with the help of a local school principal to identify families in need, AREAA Greater Sacramento delivered food and gifts to six families in the South Sacramento area. Another delivery of food and gifts were delivered to the families sheltered by "My Sisters House," which provides confidential shelter to battered and abused women and children in the API community.
SOUTH BAY C HAP TE R PARTI ES LUAU ST YLE AREAA South Bay Chapter (Los Angeles) recently celebrated their first anniversary by throwing a Member Appreciation Luau Luncheon. Sponsored by their Jade Level sponsor Wells Fargo, the event was held at the new Dockweiler Youth Center located right on the beautiful Pacific Ocean. The event speakers included Dave McGhee, Director of Coaching and Training for the Brian Buffini Coaching program, who spoke on uncommon denominators of Superstars; Russ Williams, V.P. of Sales for Auction.com who talked about the importance of a relationship; and Maria Ying, Manager of Valuation for RELS Valuation who discussed ways to challenge an appraisal. The luau themed event included a fun luau cuisine and a special appearance by the Polynesian dance group "Tualatin," who really livened things up! The event wrapped up on a festive note with wonderful raffle from the event sponsors and fresh whole coconut drinks! AREAA South Bay Chapter is continually striving to create events which provide great value AND a great time for their members... they legit shred dat brah, didn't they?!
AR E A A ESTABLISH ES FI RST C HAP TE R I N M I N N ESOTA AREAA Twin Cities Chapter is excited to join the ranks of other local chapters around the country. The new Minnesota Chapter will be sending at least five Board of Directors and/or Members to the AREAA Global & Luxury Summit in Chicago to connect with their peers. Board Chairman and President Long Doan has been busy recruiting the Board of Directors and organizing the Chapter’s ByLaws. They had their first board meeting on January 23, 2015. “We are really excited to be the first Chapter in Minnesota”, said Doan. He added, “We see the Chapter as a great opportunity to meet the needs of the Asian communities in Minnesota and to help reduce the disparity in homeownership rates in Minnesota.”
2015 AREAA N AT I O N A L E V E N T S
AREAA NATIONAL POLICY DAY MAY 12-14, 2015 WASHINGTON, D.C. 2015 NATIONAL CONVENTION OCTOBER 22-24, 2015 SAN FRANCISCO, CALIFORNIA
VIEW LOCAL AND NATI O NAL EVE NT S ONLINE AT:
www.areaa.org
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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
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In an increasingly diverse marketplace,
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