a | r | e Winter 2012 by Asian Real Estate Association of America (AREAA)

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AREAA Goes to Taiwan

AREAA chapter presidents lead a grassroots effort to increase Asian American homeownership in communities across the country WINTER2012

Help Protect Homeowners from Loan Modification Scams Journey to Tohoku Allen Okamoto Asseses the Rebuilding Needs in Japan

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Winter 2012 Volume 3, Issue 4 O n t h e C o v e r : AREAA chapter presidents at the Palace Hotel in San Francisco. Photo by John Photography

features 34

The Foundation: AREAA Chapter Presidents

Catching up with the leaders that represent and pursue AREAA’s mission in communities across the country Interviews by Juan Gutierrez

What You Need to Know About Real Estate in Canada John Geha shares his expertise on all things Canada, including: hot spots for Asian buyers, immigration policy, mortgage regulations and what makes the Canadian market so different from the United States

AREAA Goes to Taiwan: A “Back to the Future” Moment Delegates circumnavigated the island country to experience urban, rural and undeveloped natural Taiwan and its citizens; while positioning AREAA as the connect point for all real estate matters between Taiwan and the United States By John Yen Wong

Contents 12

Leaders Making Headlines John Wong becomes the first Asian American inducted into the CRB Hall of Leaders and Vinh Nguyen is named NAR President’s Liaison to Vietnam and NVAR REALTOR of the Year

Journey to Tohoku

Florida Retains a Dis criminatory Constitutional Provision Against Asian American Homeowners

Help Protect Home owners from Loan Modification Scams

The Loan Modification Scam Alert campaign helps homeowners protect themselves against loan modification scams, find trusted help and report illegal activity to authorities

Save Your Clients and Yourself Time with an iPad We share some of our favorite apps that make life easier and improve our efficiency By Geremy Yamamoto

Allen Okamoto travels to the Northeast Coast of Japan to witness the aftermath of the March 11th natural disasters and assess the rebuilding needs

Read about the movement to repeal Florida’s antiquated Alien Land Law By Christine M. Ho, Esquire

Departments

2011 AREAA National Convention and Gala

Photos from the association’s premier event of the year By John Photography

Chair’s Message

What is the greatest challenge facing AREAA members in 2012?

In My Neighborhood with Vinny MaNguyen

The long-time Oakland resident shares his favorite hot spots around town and in the Temescal neighborhood

From the Editor

Snapshot of an Inter national Transaction: China A brief overview of a real estate transaction in China, from locating a property to closing By Gene Shi

Introducing: AREAA San Francisco Peninsula

A recap and photos of the launch of AREAA’s newest chapter, based out of San Mateo, California By Anh Pham & Marla Wong

Dan T. Shanyfelt sets the path for a | r | e in the coming year and takes the reins as Editor-in-Chief

2012 Chair Kathy Tsao leads off her term by focusing on homeownership education for Asian Americans and international outreach to grow AREAA’s brand globally

From unfriendly underwriting guidelines to changing technology, past chairs share their opinions

Around the Association

AREAA hosts an international reception at the NAR Convention & Expo and the Inland Empire Chapter organizes a homebuyer education event followed by a parade of homes

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Winter 2012

Volume 3, Issue 4

Ed ito r- in - Ch ie f Dan T. Shanyfelt

Creative Director

Editor Ivan Choi

Praveen K. Sharma

Associate Editor

Editorial B oard

Joseph Lai

Darren Lennemann

Caron Ling

Meredith Magee

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. ÂŠ2011 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. Direct article submissions and advertising inquiries to: Praveen Sharma | a-r-e@areaa.org Office: Asian Real Estate Association of America 5963 La Place Court, Suite 312 Carlsbad, California 92008 760-918-9162 Phone 760-585-1397 Fax Previous issues available online at: http://areaa.org/a-r-e

F r o m t h e Ed i t o r

[My mother] worked multiple jobs with never a complaint, simply to ensure my little sister and I had every opportunity to succeed. Leading by example, she taught us to work hard and dedicate ourselves to our family - no matter the cost. She was, and remains, my hero.

here have been many ‘firsts’ throughout my professional history, but this issue, my first since being named the Editor-in-Chief of Asian Real Estate, is one of the highlights of my career. My mother, Duangta Achariya, a proud Thai woman, first came to the United States from Bangkok in 1974. She worked multiple jobs with never a complaint, simply to ensure my little sister and I had every opportunity to succeed. Leading by example, she taught us to work hard and dedicate ourselves to our family - no matter the cost. She was, and remains, my hero. Although we lost my mother to cancer in 2001, her spirit remains. I feel this same spirit - one of independence, dedication, and sacrifice - present throughout the AREAA membership. I have had the extreme pleasure of getting to know many members, both personally and professionally, since I first joined AREAA in 2008. Their stories of strength and perseverance, and their pride and sense of community continue to inspire me. These stories often remind me of the life lessons taught to me by my mother and reinforce my purpose and commitment. With the publication of this issue, Asian Real Estate’s 13th since its inception, a rich tradition continues. I am both honored and excited to take the torch from Mr. Jim Park, who, since the first issue in the Fall of 2008, has built this magazine into an internationally-respected journal. 2012 will see many new faces and experiences with the Magazine. Ivan Choi returns to a | r | e for another editorial tour while we welcome Joey Lai, Caron Ling, and Darren Lennemann to the Editorial Board. All four are tremendous writers, editors, and leaders of AREAA and we cannot thank them enough for their continued work and dedication. Praveen Sharma, who is an indispensable asset to AREAA and the Magazine, has been diligently working with the editorial board laying out the magazine roadmap for 2012. Some of the highlights for the 2012 volume of a | r | e will include: » “The State of AREAA Address” to be delivered in the 1st quarter of 2012 » Featured stories on “How to Invest” in different countries » Updates from the 20 national chapters and 1 international chapter » Continued emphasis on the personal stories of our members and chapter leaders » The 3rd Edition of the AREAA “A” List » ...and much more As we continue to produce a quality product, we will always remember that the purpose of this publication is to educate, embolden, and empower Asian Real Estate professionals worldwide. I invite you to enjoy issue #13, my first as Editor-in-Chief, which is dedicated to all those who came before us who sacrificed and worked diligently to give us every opportunity.

Dan T. Shanyfelt Editor-in-Chief magazine

Chair Tsao’s Message

“one of my top priorities is to continue development of key housing outreach

1) Second and older generations who have integrated into U.S. society,

programs to individuals

2) New immigrants, and

and families that have a desire for homeownership.”

ur organization, the Asian Real Estate Association of America (AREAA), is teaming up with partners around the United States – and now the world – to achieve our stated mission: Promote sustainable homeownership opportunities in Asian American communities across the country. Today this mission is tougher and more complicated than ever because of uncertainty and economic hardship. These have brought policy and resource decisions that in some ways disproportionately affect Asian Americans. We know from studies and market tracking that Asian Americans are not reaching their full potential in achieving homeownership, whether a market is appreciating or depreciating, like it is now. At our recent AREAA convention in San Francisco, CA, I stated that one of my top priorities is to continue development of key housing outreach programs to individuals and families that have a desire for homeownership. We have three broad audience categories within the Asian American segment:

3) International families abroad who wish to invest due to their future plans to be in America. In the current real estate market environment, outreach does not mean that we only try to reach those that are in a position to realize homeownership now. We need to work on all

aspects of real estate with a broad array of partners to make the winds move in our direction. It encompasses immediate and distant future homeowners, real estate partners, service providers, government and investors who can provide liquidity in these tough times. Because liquidity for the Asian American audience is in short supply, AREAA is working hard to build relations and help establish a capital support structure for the international community to become involved in U.S. housing. AREAA will soon have our first international chapter in Canada. Additionally, AREAA has sponsored productive trade missions in Southeast Asia with prominent government officials, real estate players, and investors. Here at home, I will be working closely with all of our AREAA members and volunteers to ensure that we see the structural and professional growth of each of our chapters. With vibrant chapters that provide professional development, education, and housing policy input, as an organization we will be able to improve Asian American homeownership at a grassroots level. In short we have the opportunity to directly affect and change lives for the better. I sincerely look forward to the year ahead!

Kathy Tsao 2012 Chair Asian Real Estate Association of America

DONATE TO HELP REBUILD

JAPAN BY MAIL:

ONLINE:

INSTANTLY:

MAKE CHECK OUT TO:

AREAA FOUNDATION EARTHQUAKE RELIEF FUND 5963 LA PLACE CT, STE 312 CARLSBAD, CA 92008

www.areaafoundation.org

Through the establishment of the Japan Rebuild Fund, the AREAA Foundation is working to support the long term rebuilding of Japanâ&#x20AC;&#x2122;s housing stock that has been destroyed by the recent devastation. All donations received* will go towards efforts to rebuild homes in Japan and are tax deductible. *Please note that online donations are subject to a transaction fee imposed by Paypal and the full remaining amount will be added to the fund.

AREAA Foundation Japan Rebuild Fund

WWW.AREAAFOUNDATION.ORG

Unfortunately the challenges facing AREAA members in 2012 are the same as all other real estate practitioners across the nation and those are the REO/short sale problems. According to experts we will still experience these problems for another three years. AREAA has been positioning our members to deal with REOs and short sales by holding seminars and panel discussions at our annual conference and local chapters are doing the same throughout the year. On a happier note, one of AREAAâ&#x20AC;&#x2122;s goals for 2012 is to develop our international outreach so that our members will be able to do more business with Asia.

Link to the press release: http://j.mp/cb11-74 Photo: Choice Photography

Photo: David Ng

San Francisco, California

J o hn W o ng 2004-2005 San Francisco, California

With the changing world economy and ever changing real estate market in the U.S., the biggest challenges for AREAA members are how to navigate and meet the changing demands of the market place and their clients. I am confident AREAA members will be able to overcome these challenges by utilizing and leveraging the many resources and tools our association has to offer. The leadership at AREAA is committed to helping our members prosper and succeed in the coming year. Photo: Choice Photography

Atlanta, Georgia

E mily Mo e r do m o F u 2008

Past chairs share their opinions

A l l en O ka m oto 2005-2006

What is the greatest challenge facing AREAA members in 2012?

Retooling for a real estate industry with loan underwriting guidelines unfriendly to small business owners. An April 28, 2011 U.S. Census Press Release is headlined â&#x20AC;&#x153;Census Bureau Reports the Number of Asian-Owned Businesses Increased at More than Twice the National Rateâ&#x20AC;?1. This 2007 â&#x20AC;&#x153;Survey of Business Ownersâ&#x20AC;? shows Asians owning 1.5 million nonfarm U.S. businesses, an increase of 40.4 percent from 2002, accounting for 5.7 percent of all nonfarm businesses in the United States. Census Bureau Deputy Director Thomas Mesenbourg is quoted as saying â&#x20AC;&#x153;Asian-owned businesses continue to be one of the strongest segments of our nationâ&#x20AC;&#x2122;s economy, bringing in more than half a trillion dollars in sales in 2007 and employing more than 2.8 million people â&#x20AC;? Our challenge will be to help these qualified contributing members of society into homeownership when they cannot get a home loan.

Photo: David Ng

As the number of residential real estate transactions continues to fluctuate, practitioners face the real challenge of increasing their transactional market share. Today, the real estate industryâ&#x20AC;&#x2122;s evolutionary velocity continues to accelerate. The current environment mandates that smart practitioners, especially leading-edge AREAA members, integrate technology as one of the most significant competitive advantages available. Most of us know about Facebook, Twitter and LinkedIn, but how many of us have incorporated Docusign, Dropbox, Tumblr, Yelp, Verisign, Pulse, Google+, Join.Me, FollowUp.cc and/or Keynote into our daily real estate routines? The ability to create and advance, efficiency, connectivity (both personal and technological), brand recognition, customer service separation and time management proficiency might just be the best way to face the challenges in the coming year. The days of not having your personal calendar or a clientâ&#x20AC;&#x2122;s updated contact information synchronized real-time and available to you on your smartphone, laptop, tablet, desktop and music player are long gone.

Photo: Choice Photography

J o h n Fukuda 2010 Las Vegas, Nevada

K e n Li 2011 Houston, Texas

I am glad 2011 is ending and I would like to thank AREAA for giving me the opportunity to serve as your 2011 chairman. The greatest achievement that AREAA made in 2011 was probably expanding our mission internationally by sending trade missions to South Korea, China, Taiwan, and Vietnam and forming the first international AREAA chapter in Canada. The ultimate goal is to bring benefits to our members by creating global networking opportunities and doing international real estate transactions for the worldwide customers. 2012 presents opportunities for U.S. real estate buyers. NAR reports indicate the majority of the real estate homebuyers will be first-time homebuyers and over 60% are under the age of 34. As real estate professionals, are we ready for these buyers? With the affordability of U.S. real estate, there will be a record number of international buyers in 2012. Are we ready to assist and serve these buyers? The biggest challenge AREAA members will face in 2012 is doing business with all these new buyers and to assisting these buyers in buying U.S. properties regardless of what the local economy and the media say. I believe this is the best time to buy and to invest and we will help these buyers to achieve their expectations and help the U.S. economy.

Photo: Choice Photography

A l l e n C Hia ng 2009 Los Angeles, California

The greatest challenge is that many AREAA members will likely have to expand their business to incorporate more aspects of the industry with which they may not have much experience or comfort. This is especially true of those earlier in their careers who have not been through a full real estate market cycle yet. The professionals who take the time to seek more education and training opportunities will come out of this market successful and better-prepared for future prosperity in the industry.

J o h n Y e n Wo n g

First Asian American Inducted into the CR B H a l l o f L e a d e r s

here is a short list of individuals who have impacted the real estate industry the way AREAA Founding Chair John Yen Wong has. He is the embodiment of AREAA’s mission; blazing trails in organized real estate for Asian Americans and teaching REALTORS® how to effectively serve Asian American homebuyers. He has received numerous accolades throughout his career and served as a vocal leader at the local, state, national and international levels. His personal mission has always been to empower people and create opportunities for others. This fall at the National Association of REALTORS® Convention and Expo in Southern California, Wong was the recipient of another honor, perhaps one of his greatest yet: induction into the Council of Real Estate Brokerage Managers’ Hall of Leaders. Wong’s induction marks the first such honor for an Asian Ameri-

can. The AREAA founding father now joins the ranks of some of the profession’s finest who have made a significant impact on the real estate industry, both locally and nationally. Given his dedication to redefining the real estate industry, one would not be surprised to hear that he now stands among this esteemed group in the Hall of Leaders, but not Wong. As he humbly stated in the November/December issue of Real Estate Business, “The other people who have received the award before me are the mentors I’ve always thought about and looked up to. To be in the same category with them and share this award with that caliber of people is mind-boggling.” To read more about Wong’s beginnings and his impact on the real estate industry, read the feature “A Mission to Empower” in Real Estate Business: http://j.mp/wongcrb. Photos by Oscar Einzig Photography

John’s daughter, Charissa and his wife, Betty Sun Wong join him on stage following the award presentation

John Yen Wong accepts the CRB Hall of Leaders Award

Brian Matza presents John Yen Wong with the CRB Hall of Leaders Award

Vinh Nguyen

Na m e d N A R P r e s i d e n t ’ s liaison to Vietnam and N V A R 2 0 1 1 RE A LTOR o f the Year

Wife Betty Sun Wong and daughter Charissa with John Yen Wong at the CRB Dinner

AREAA leadership turned out to celebrate Wong’s achievement: National Chair Kathy Tsao, Director Lidia Yun and Orange County Chapter Director Rita Chen

cknowledging his leadership and close ties to Vietnam, the National Association of REALTORS® has appointed AREAA DC Metro Founding President Vinh Nguyen 2012 NAR President’s Liaison to Vietnam. The main objective of the role is to establish and maintain NAR’s partnership with their Vietnamese counterpart, the Vietnam Real Estate Association. Some of Nguyen’s ongoing goals will include: increasing international REALTOR® membership, promoting international listings on the new Realtor.com international website, developing business opportunities for NAR membership and promoting NAR’s education program. In addition to the President’s Liaison role, Nguyen has been named Chairman of NAR’s Mega Board Subforum, where he will conduct meetings with leadership and staff of local REALTOR® associations of 7,000 members or more to share ideas on how to run their respective associations and effectively help membership. Nguyen will report the findings of these meetings to NAR’s Executive Committee. On the local level, the former AREAA chapter president was recognized by the Northern Virginia Association of REALTORS® as their 2011 REALTOR® of the Year. The award honors REALTORS® who have exhibited outstanding leadership in community and volunteer service. Nguyen has served on the Virginia Association of REALTORS’® Strategic Planning Work Group, Information Management Committee and Leadership Academy. At the National Association of REALTORS®, he has served on the Board of Directors and the Risk Management Committee. Beyond his continued involvement in AREAA, Nguyen has served on the Board of Directors for MRIS, the country’s largest Multiple Listing Service. A supporter of local charities, Nguyen contributes to programs that assist Northern Virginia residents with urgent housing challenges.

eU t i r W

To have your news, awards and accomplishments considered for publication in future editions of a|r|e magazine, contact us at:

a-r-e@areaa.org

J o u r n e y

To h o k u By Allen Okamoto

n early November of 2011 my wife and I traveled to the Tohoku area on the Northeast Coast of Japan to witness the aftermath of the enormous earthquake and tsunami that devastated that area on March 11, 2011. Watching the tsunami destroy everything in its path on our televisions and the Internet was frightening enough, but visiting the areas, one can truly appreciate the fact that Japan suffered one of the greatest natural disasters in recorded history. We spent two days on the Northeast Coast, visiting Sendai City, the capital, and being driven through the Miyagi Prefecture where entire towns, villages, farms and fisheries were completely destroyed. Driving though these coastal areas, one can see huge areas where the houses/buildings are no longer habitable, as well as mountains of debris that have been collected and piled high. We saw a four story office building turned on its side from the force of the tsunami and were told that the workers inside had rushed to the rooftop of that building for safety, only to be swept away. A hospital that was built half-way up on the side of a cliff had water flood the entire first floor. And the cars with their drivers who sought refuge/safety in the hospital parking lot also lost their lives. Everywhere one visits, there is another tragic story.

lions of dollars and will take decades to rebuild. The loss of lives number in the tens of thousands and the lives of many of the survivors will have been forever changed, as children lost parents, parents lost children, and untold thousands will be burdened with the loss of property and their livelihood. The untold story is the psychological damage inflicted upon so many. Along with the incredible cleanup and recovery efforts that have taken place in the eight months since March 11th, temporary housing has been created for some of the homeless citizens of the area. We saw communities of prefab cubicles but no longer any structures big enough for groups of 20-30 people to meet. Also, winter will bring cold weather and snow and a slowdown in the cleanup. But when we talked with the people of Sendai and Ishinomaki, we found an unbelievable spirit and belief that with hard work, they will rebound. We learned that hundreds of thousands of volunteers from other areas of Japan have traveled to the devastated areas to assist with the cleanup and recovery effort. The non-governmental organizations (NGOs) and non-profit organizations (NPOs) in Japan, such as the Japan YMCA and Japan Platform, have mobilized and made strides in helping with the many needs of the people. We met with the Miyagi Prefectural Government and learned about their long-range

The untold story is the psychological damage inflicted upon so many. The affected area stretches 350 miles along Japanâ&#x20AC;&#x2122;s Northeast Coast and in some cases the water destroyed property and farms for miles inland. The physical damage to homes, buildings and infrastructure can be counted in the hundreds of bil14

plans to protect the area against future tsunamis. But their current recovery and rebuild process will take decades and Japan will need continued help. The Asian Real Estate Association of America (AREAA) Foundation, of which I am the Chair, has raised approximately $500,000, thanks to the generosity of AREAA members and other donors. The money will be designated for the rebuilding of lost homes in Japan or other similar structures. However, according to NPOs, NGOs and government officials, the rebuilding of permanent housing is still years away as there are so many physical and social issues to be addressed. The instability of

Allen Okamoto with Major League Baseball Hall of Famer, Cal Ripken, Jr

the coastal land and the fear of future tsunamis must be researched. Also, many farmers and fishermen have lived in the same towns and villages along the tsunami-hit Coast for generations and refuse to relocate. Organizations throughout the USA are helping in various ways to support the people of Japan’s devastated Northeast Coast. While in Japan, we attended a very special event at the residence of U.S. Ambassador John Roos in Tokyo. Three organizations from the U.S. have donated funds to rebuild the damaged baseball fields in the Tohoku area. They include Major League Baseball (MLB), the U.S. Japan Council (USJC), and the Northern Japan Earthquake Relief Fund (NJERF), which is administered by the Japanese Cultural and Community Center of Northern California (JCCCNC). Representatives of the three organizations were on hand to announce this project. I had the honor of representing the Northern

Japan Earthquake Relief Fund. Cal Ripken, Jr. led the delegation for Major League Baseball. The U.S. Japan Council was represented by Board of Directors members Henry Ota, James Higa, and Paul Yonamine. AREAA’s good friend, Congressman Mike Honda, was also in attendance as were some of the top players in the Japanese Baseball League, including Commissioner of Japan Baseball, Ryozo Kato. I hope to see smiles, like the ones I saw on the young student baseball players who were in attendance at the celebration at Ambassador Roos’, on the faces of the families that will be helped by all of your efforts. To know that our program will lift the spirits and morale of families and the communities to which they belong is something that AREAA can be proud of. Thank you to everyone who has generously supported our Japan Rebuild effort to help the victims of the March 11th earthquake and tsunami in Japan.

G e t I n vo l v e d Okamoto with Cleveland Indians right fielder Kosuke Fukudome, wife Pat and Commissioner of Japan Baseball, Ryozo Kato

From volunteering time, to spreading the word through social media, to making a financial contribution, there are countless ways you can get involved in the relief effort. Visit the links below to find out how you can help. AREAA Foundation Japan Rebuild Fund

http://areaafoundation.org/japan-rebuild.php

Northern Japan Earthquake Relief Fund http://www.jcccnc.org/giving/index.htm

Okamoto with wife Pat; U.S. Ambassador to Japan, John Roos; and U.S. Congressman Mike Honda (D-CA) 15

F lo r i da R e ta i n s a Discriminatory Constitutional P r ov i s i o n Against Asian American Homeowners By: Christine M. Ho, Esquire

Baker, Donelson, Bearman, Caldwell & Berkowitz, PC Orlando, Florida Chair of the Alien Land Law Committee, Greater Orlando Asian American Bar Association

In November of 2008, the voters in Florida voted on a ballot initiative known as “Amendment 1.” Amendment 1 was entitled “Declaration of Rights” and had the following language: Proposing an amendment to the State Constitution to delete provisions authorizing the Legislature to regulate or prohibit the ownership, inheritance, disposition, and possession of real property by aliens ineligible for citizenship. Until that day in the voting booth, most Floridian voters had never heard of Amendment 1. This lack of knowledge compounded with the ballot initiative’s ambiguous language resulted in confusion over Amendment 1. In addition, the voters saw the term “aliens ineligible for citizenship” and assumed that it had something to do with illegal immigration. As a result, Amendment 1 failed by a vote of 47.9% (3,369,894 votes) to 52.1% (3,669,812 votes). What exactly are “aliens ineligible for citizenship”? The term “aliens ineligible for citizenship” actually refers to Asian immigrants, and it has nothing to do with illegal immigration. What most Florida voters did not know was that Amendment 1 sought to repeal a provision that was added to Florida’s Constitution in 1926 and was designed to prohibit Asians immigrants from owning real estate. While Article I, Section 2 of the Florida Constitution guarantees that all natural persons are “equal before the law and have inalienable rights,” it also provides that “the ownership, inheritance, disposition and possession of real property by aliens ineligible for citizenship may be regulated or prohibited by law.” Art. I, § 2 of FLA. CONST. (emphasis added). This provision of the Florida Constitution became known as the “Alien Land Law,” because it targeted Asian immigrants, who, at that time, were known as “aliens.” Asian immigrants were also described as being “ineligible for citizenship” because during this time period, federal law did not allow Asian immigrants to become citizens through naturalization even if they were in the United States legally. The first federal naturalization statute of 1790 limited naturalization to “any alien, being a free white person.” After the Civil War, persons of “African nativity or descent” were added to the category of those eligible for citizenship through naturalization. Thereafter, various courts ruled that various different ethnic groups, mostly those of Asian origin, were ineligible for citizenship since they were not white or of African nativity or descent. These types of racist naturalization laws remained in place in the United States until the Immigration and Nationality Act of 1952 eliminated the racial restrictions found in earlier immigration statutes. Accordingly, although the term “aliens ineligible for citizenship” is today confused with illegal immigrants, it was actually meant to refer to Asian immigrants, regardless of whether they were in the United States legally. During the early twentieth century, with anti-Asian sentiment at an all-time high, many other states in the United

The term “aliens ineligible for citizenship” actually refers to Asian immigrants, and it has nothing to do with illegal immigration. 16

Does the term “alien” influence voters?

Year

Measure

Outcome

2002

New Mexico attempted to repeal its alien land law with a ballot initiative that stated: “...aliens cannot own land or any interest in land in the state unless otherwise provided by law.”

Failed

2006

The state attempts once again to repeal the law, “to protect the right of all persons to acquire and possess real property”

Passed

(with no mention of “aliens”).

States also passed similar alien land laws. In 1913, California passed the first alien land law due to the racial animosity against Japanese farmers who had recently started acquiring and owning agricultural land. By the end of World War II, Arizona, Washington, Louisiana, Oregon, Idaho, Montana, Kansas, Wyoming, Utah, Arkansas, and New Mexico had followed suit and passed their own versions of the alien land law. Gradually, all of these states repealed their respective alien land laws. In 2002, New Mexico attempted to repeal its alien land law with the following ballot initiative: “Proposing to repeal Article 2, Section 22 of the Constitution of New Mexico, which states that aliens cannot own land or any interest in land in the state unless otherwise provided by law.” It is noteworthy that this ballot initiative also contained the term “aliens.” Similar to what happened in Florida in 2008, this New Mexico ballot initiative failed to obtain sufficient votes to pass.

repeal its alien land law seemed to have worked in New Mexico. As a result, Florida is currently the only state in the United States to retain its discriminatory Alien Land Law. Even though the Alien Land Law has never been enforced in Florida, it remains as a racist and discriminatory blot in the Florida Constitution. Moreover, due to the

potential misunderstanding and confusion surrounding the Alien Land Law, foreign investors may be deterred from investing in the Florida real estate market. With the real estate market in Florida suffering tremendously from the economic downturn, any possible barrier to investors owning real estate in Florida is unacceptable. The Alien Land Law, although never enforced, may in fact contribute to further depressing the Florida real estate market. As a result of these very real economic consequences, it is time to remove this provision from the Florida Constitution. Although Amendment 1 failed as a ballot initiative in 2008, supporters of the repeal of the Alien Land Law from throughout the State of Florida are currently working together to get another ballot measure before Floridian voters in November 2012. The lesson to be gleaned from New Mexico is that in Florida’s next ballot initiative, Florida needs to use more neutral language and not refer to Asians as “aliens ineligible for citizenship.”

(“GOAABA”) received a grant from the Florida Bar Foundation in order to educate the public about Florida’s Alien Land Law. Funded by this grant, GOAABA hosted a breakfast event on August 24, 2011 in order to reach out to community leaders throughout the State of Florida and start a dialogue about the Alien Land law. GOAABA, in association with these community leaders and other bar associations in Florida, is committed to repealing Florida’s antiquated Alien Land Law once and for all.

If you have any further questions concerning Florida’s Alien Land Law or would like to assist in the efforts to repeal it, feel free to contact Christine M. Ho, at cho@bakerdonelson.com.

In June 2010, the Greater Orlando Asian American Bar Association

Not to be deterred, in 2006, the New Mexico ballot contained an initiative providing, “Proposing to repeal Article 2, Section 22 of the Constitution of New Mexico, in order to protect the right of all persons to acquire and possess real property.” This 2006 ballot initiative passed with a vote of 69.9% (330,309) for yes and 30.1% (97,095) for no. Not using the term “alien” in its second attempt to 17

HELP PROTECT HOMEOWNERS FROM LOAN M O D I F I C AT I O N SCAMS

or many real estate professionals, the relationship with the homeowner continues well beyond the closing date. Some homeowners continue to reach out to their real estate professionals with questions, for advice and sometimes with mortgage problems. It is no surprise that some of your clients may be struggling to pay their mortgage. With foreclosures remaining high, more people than ever are at risk of losing their homes. Making matters worse, homeowners are also more vulnerable to loan modification scams. Real estate professionals can help protect homeowners if they know the signs and get the facts about loan modification scams. Scam artists across the country are preying on homeowners facing foreclosure. They pose as loan modification or foreclosure consultants and usually represent that they can negotiate special deals or agreements with lenders. They make contact by phone, by mail, online or even in person. They often seem legitimate and make big promises to modify loans and guarantee that they will save a home from foreclosure. They usually charge fees and then disappear although they provided little or no service. Unfortunately, many victims lose money and their homes. Simply put, a loan modification does not require any costs and a scammer knows that most people don’t know this fact. Homeowners can work with their lender or a HUDapproved counseling agency for free. Scammers also know the desperation that comes from the prospect of losing one’s home and that victims will sign just about anything that even resembles an offer to help. Representatives from NeighborWorks® America have been educating homeowners about the warning signs of loan modification scams, a wave of fraudulent activity connected to the foreclosure crisis. The effort is an extension of Loan Modification Scam Alert, a national public education campaign launched in October 2009 to help homeowners protect themselves against loan modification scams, find trusted help and report illegal activity to authorities. The campaign brings together NeighborWorks® America, the Department of Housing and Urban Development (HUD), the Federal Trade Commission, the U.S. Department of the Treasury and other government and non-profit partners including 235 community-based affiliates. Together, they have been alerting thousands of homeowners in hundreds of communities through real-life scam stories, fliers, postcards, e-cards, posters, print and radio advertising, local public service announcements, events, and social media activity. Most of these resources are available in English, Spanish, Chinese, Korean and Vietnamese on www.LoanScamAlert.org.

Simply put, a loan modification does not require any costs and a scammer knows that most people don’t know this fact.

Real estate professionals can play an important role in preventing homeowners from being scammed. Through various communications to homeowners, a real estate professional can provide clients with a valuable service - helping them keep their home and their money. If you have clients seeking foreclosure prevention assistance such as a loan modification, please make them aware of these 10 tips to help homeowners:

Top 10 Tips to Avoid Foreclosure and Scams your lender first as soon as you get concerned about 1. Contact paying your mortgage. your options by speaking to your lender’s loss 2. Determine mitigation department. but persistent with your lender, because getting a 3. Beloanpatient modification takes time. the Homeowner’s HOPE Hotline at 1-888-995-HOPE. 4. Call Trained counselors are available 24 hours a day to provide assistance in multiple languages.

with a local HUD-approved counseling agency for 5. Connect free by calling 1-888-995-HOPE or visiting www.LoanScamAlert.org.

of loan modification scams. Some companies and 6. Beware individuals are out to take advantage of homeowners seeking loan modifications.

anyone who asks for a fee prior to providing any loan 7. Avoid modification service, including companies, individuals and even some lawyers.

a foreclosure, because nobody has the power to make 8. stop this promise. Avoid anyone who guarantees to get your loan modified or

companies that tell you to stop paying your mortgage 9. Avoid and to pay them instead. This is a sure sign of a scam. loan modification or foreclosure scams at any time 10. Report by visiting www.LoanScamAlert.org or calling 1-888-995- HOPE (4673).

These sources can also connect homeowners to free, HUD-approved counseling agencies and other helpful information that can help protect homeowners from scams.

Know the signs. Get the facts. Protect homeowners from loan modification scams. For more information about the campaign or to become a partner to access materials in English, Spanish, Chinese, Korean and Vietnamese, please visit www.LoanScamAlert.org. To access resources diretcly in-language, follow the links below: 中文 (Chinese): http://www.loanscamalert.org/chinese.aspx

한국어 (Korean): http://www.loanscamalert.org/korean.aspx

Tiếng Việt (Vietnamese): http://www.loanscamalert.org/vietnamese.aspx You may also visit http://www.loanscamalert.org/media-resources.aspx for recorded public service announcements that can be downloaded or http://www.loanscamalert. org/getting-started.aspx to register to become a partner of Loan Modification Scam Alert. It is free to register. Visit www.LoanScamAlert.org today.

To access resources in additional languages, follow the links below:

中文 (Chinese):

http://www.loanscamalert.org/chinese.aspx

한국어 (Korean):

http://www.loanscamalert.org/korean.aspx

Tiếng Việt (Vietnamese):

http://www.loanscamalert.org/vietnamese.aspx

Helping you answer your clients’ questions about homeownership Bank of America provides consumers with homeownership information, education and resources to become successful homeowners. We want to assist you in answering some frequently asked questions as you work with clients in your community. Here are some typical questions and how you can respond:

Q: How do I know if I’m ready to buy a home? A: First, decide whether homeownership fits

into your larger financial plan. Consider asking yourself the following questions: Do I have a budget and can I comfortably afford homeownership? Would buying a home mean stretching my financial limits?

Where can I make changes in my budget to keep it more balanced?

Q: What should I do to improve my credit? A: Obtaining your credit report and knowing

your credit score is the first step to improving your credit. A credit score is calculated using five key factors from your credit report: The amount that is owed on your debt The timeliness on paying your debts The length of your credit history, taking into account the age of your oldest account New credit accounts and inquires

Will I still be able to save enough money for other opportunities or unexpected emergencies?

The types of credit in use, whether credit cards, installment loans or other accounts

In my current situation, is now the right time for me to buy a home?

Q: What are the steps I need to consider when applying for a home loan?

Where can I take a homebuyer education course to ensure I am ready for homeownership and understand the home loan process?

A: In general, there are three steps:

Q: What factors will lenders consider when I apply for a home loan? A: Lenders consider a variety of factors; however, there are three main areas lenders review when prequalifying you for a loan: Debt-to-income ratio Credit score Down payment funds

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

Knowing your budget and what you can afford Understanding how your credit may affect you and your interest rate Learning about the different types of loans that may be available to you It’s also very important to understand the various documents you will need to submit at the time of application. A Bank of America mortgage loan officer can assist you through the process. Also, the Home Loan Guide, located at bankofamerica.com/myhome, can be a helpful resource to guide you through the home loan process.

Equal Housing Lender.

© 2011 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. ARY2G4Y0 11-2011

Q: When should I reach out to a mortgage loan officer? When I’m looking for a home or after I’ve found a home to purchase? A: While our mortgage loan officers (MLOs) are always available to help you with your home buying journey, we encourage you to reach out to an MLO before starting your home search. The MLO will be able to help you determine how much of a house you can comfortably afford. Not only can the MLO walk you through the home loan process, but the MLO can also tell you about resources that may be available for financial assistance and/or educational resources and tools that may be of benefit when purchasing a home. Q: Where can I find contact information to locate a local Bank of America mortgage loan officer? A: You can go to bankofamerica.com/myhome to locate a mortgage loan officer near you. You can choose to speak to someone via phone or meet with a mortgage loan officer in person. Q: If I can’t buy a home right now, what should I do to prepare myself? A: You should save up for a sufficient down payment and consider setting up a separate savings account for your down payment fund. You should also make a habit of depositing money on a regular basis into that account.

Save Your Clients and Yourself Time with an iPad b y G e r e m y Ya m a m o t o ( p h o t o s b y K a r a O k a m o t o )

Do you remember watching The Jetsons cartoon show and thinking how easy life would be if you owned your own robot? Well, that robot is here in 2012 and is about the size of a small notepad. Though it is not yet capable of folding your laundry or babysitting your kids, the iPad is here to make your life easier and improve your efficiency. As our clients’ expectations evolve, so must our technology and service to meet their demands. Imagine showing five houses to a young savvy couple. Each of the listings is at your fingertips including all photos and sales history from Realist Tax (www.realist.com). You take detailed notes vigorously as the couple is explaining what they like and dislike about each property. The notes are taken on each MLS printout with a stylus and stored in your client’s folder in Dropbox

(www.dropbox.com). This folder can be shared and accessed with the couple so they can go back and view each of the potential homes and your detailed notes. You get to house number four and they say, “This is it, this is the one!” You reply, “Great, have a seat on the couch and soak in the feeling of this home while I draft the contract.” You go to zipForm® Mobile (www.zipform.com/zfmobile), write up the offer and open it in iAnnotate (www.ajidev.com/iannotate), which takes roughly two minutes. The young couple reviews the offer and signs it with the stylus right there at the house. Then you simply draft an email to the listing agent, attach the executed offer along with the buyer’s proof of funds and preapproval letter (accessed from Dropbox) and you’re done! Not only are those soon-to-be homeowners impressed, but you just saved your-

and your clients. Not only are sharp buyers’ agents using their iPads to help service their clients but top listing agents are discovering ways to use this device as an edge on their competition as well. Hosting an open house? A funny FREE RESOURCE thing happens Go to http://marketing.realtor.com/ipad/ when you have potential hometo download a free listing presentation buyers sign in on from Realtor.com. your iPad rather than the old school guest registry…instead of writing in self the trouble of taking them back “Mike Tyson” with a bogus number, to the office, printing the Residential they input their valid and true Purchase Agreement and having information. There is something them sign it the old fashioned way. intriguing to consumers about the You saved two hours for yourself Sign documents on the go with DocuSign®

iPad (and by the way, the app for an open house is Open Home Pro www.openhomepro.com). With this app, emails are sent to everyone that attended your open house automatically so you don’t have to spend your Sunday following up on prospects. Aside from showing off to your clients that you’re a “techy” geek, the iPad can be utilized to manage all aspects of your real estate business. There are apps to manage your bank accounts and keep track of all business expenses. Whistle (www.whistlephone.com) is a free app that allows you to make conference calls right from your iPad. SoundNote (www.soundnote.com) is a simple app that can be used in the boardroom or at the next AREAA conference. Use this app to take notes while the meeting or presentation is simultaneously being voice recorded. Need to communicate with your international clients? Download Skype (www.skype.com) and enjoy face-to-face video conference calls with your client in Taiwan even when you’re out on the road. One of the key benefits to owning an iPad is MOBILITY. Your little robot gives you the freedom and flexibility to conduct business wherever you are. Still not convinced that the iPad is right for you? Then stick to your yellow notepad and fax machine. It’s ok if you still have a VCR in your living room but if you want to embrace technology then get your own little robot that was left to us by the Great One, Steve Jobs. It will bring simplicity to your complicated life. If you already own an iPad be on the lookout for more classes and tips from theEDGE to help you utilize your iPad to its fullest potential.

Stay connected with theEDGE, AREAA Young Professionals, on Facebook and Twitter: www.facebook.com/areaaEDGE www.twitter.com/areaaEDGE

Helpful iPad Apps for Real Estate Professionals

D r o p b o x is a free service that lets you share photos, documents and videos anywhere. Applying this to real estate, you are able to provide your clients with a free transaction management system, sharing access to copies of all your contracts via the Web. This also allows instant access to all your transactions, leaving behind the need to be at your office computer to access files. www.dropbox.com D o c u S i g n ® is a software service for electronic signature and electronic contract execution. Getting contracts signed and sent out becomes a breeze with the click of a button, and best of all, the iPad app lets you use this service on the go. www.docusign.com zipForm® Mobile W e b E d i t i o n is designed specifically for the iPhone and iPad. This is not an app, rather online software that allows you to write up your contracts on your mobile device. The software is a vast improvement over the zipForms® app, making contracts easy to write on your iPad. www.zipform.com/zfmobile

O p e n H o m e P r o is a free app designed to manage your open houses. After answering a few basic questions, your open house attendees will receive automatic follow up emails and be sent price reduction notices. It also allows you to make individual website pages for your listings. www.openhomepro.com i A n n o t a t e is an app for reading, annotating and reviewing PDF files on your iPad. It allows you to highlight areas of your contracts, make notes and allow your clients to physically sign your PDFs using your iPad and stylus. www.ajidev.com/iannotate Pages, Numbers a n d K e y n o t e are Apple’s versions of Microsoft Word, Excel and PowerPoint. These apps all work wonderfully on the iPad, and have an elegant aesthetic to the preloaded templates, allowing you to make beautiful property brochures and listing presentations in minutes. Easier and better looking templates than Microsoft Office, these apps will save you time and make you look like a design professional. www.apple.com/iwork

” e k i L “

n o A

A E AR

facebook.com/areaa.national

What you need to know about Real Estate in

CANADA At

this year’s AREAA National Conference in San Francisco, it was announced that AREAA has launched its first international chapter. AREAA Canada will be chaired by John Geha, president of Coldwell Banker Canada. Asian Real Estate magazine recently had a conversation with John to gain an understanding of the Canadian market and the opportunities it presents for AREAA professionals and their customers.

a|r|e magazine: Welcome John. Perhaps the first question our members might ask is why a Canadian chapter of AREAA? John Geha: Although individual transactions occur locally, today real estate is truly a global business. When AREAA decided to expand its presence inter nationally, Canada was the natural choice. There’s already a great synergy between real estate professionals in the U.S. and Canada since many aspects of our business are very similar.

I nte r n ati o n a l

Feature

The potential for networking is incredible. Equally important, there is a tremendous interest in Canadian real estate on the part of Asian homebuyers. The Asian mar ket already represents a significant segment of the Canadian market overall, and that impact is growing.

a|r|e: Why are so many Asian buyers being drawn to Canada right now? JG: Buyers from mainland

China are leading a new wave of Asian investment in Canadian real estate as China tries to dampen property speculation at home. As many of our members will know, the Chinese government has taken steps to curb property speculation within its borders by placing curbs on mortgage lending, boosting minimum down payments and limiting the number of purchases of property within China. As the Chinese get more and more prosperous, they are looking to diversify their assets outside of China. Canada -- and in particular, Vancouver -- is very high on their list.

Recently, Australia, which has been another ‘hotbed’ market for Asian homebuyers, has tightened its regulations to limit foreign owner ship, making Canada an even more appealing option for foreign buyers. If you look at the cost per square foot in Canadian cities, even in our most expensive market of Vancouver, it’s a bargain here compared to Chinese markets. In Beijing, a buyer could easily pay over $1,000/sq. ft. for housing. That price would be very top end in Vancouver, for the best you can get. Other major Canadian cities are even more affordable.

a|r|e: What are the ‘hot spots’ in Canada for Asian buyers? JG: The Chinese community in Canada is highly concentrated in Ontario and British Columbia. In fact, according to a national Census conducted a few years ago, 82% of people who reported Chinese origin lived in one of these two provinces. There were over a half a million people of Chinese origin living in the province of Ontario, and close to 375,000 25

©iStockphoto.com/dan_prat

ent from what we’re experiencing here in the U.S.?

The city of Vancouver, which boasts the second-largest Chinese population in Canada

in BC. The numbers have increased since then, especially in BC. Vancouver is the ‘hot spot’ for offshore buyers, offering good schools, a moderate marine climate and a large, established Asian community. Another factor is relatively easy access by air with daily direct flights from many Asian cities to Vancouver. The city of Vancouver has the second-largest immigrant Chinese population in Canada after Toronto. In fact, people of Chinese or South Asian ancestry make up more than 60% of the population of Richmond, BC – a community bordering Vancouver’s south side. This city was a hub of the ‘first wave’ of Asian immigration, from Hong Kong during the 1990s. Vancouver’s popularity with Asian buyers is a big factor in why the city is currently Canada’s most expensive market, by far. Vancouver’s average house price on the MLS tops $750,000. In 2010, Vancouver had the third-highest housing costs among English-speaking cities worldwide. Only Hong Kong and Sydney -- another magnet of Asian immigration -- were more expensive.

a|r|e: How does Canada’s immigration policy impact foreign buyers? 26

JG: Canada’s liberal immigration

policy makes real estate here very attractive to foreign buyers. Canada has the highest per capita immigration rate in the world, and this is reflected in Canada’s ethnic diversity. According to Statistics Canada, over 16% of Canada’s population belongs to visible minorities. The most numerous among these are South Asian, representing 4% of Canada’s population, and Chinese was a close second with over one million people. And those numbers are growing. It’s projected that by 2031 -- just twenty years from now -- the number of visible minorities will double and make up the majority of the population of cities in Canada.

in major markets across the country. According to the most recent statistics released by the Canadian Real Estate Association, the national av-

JG: Canada benefits from a much more conservative and closely regulated financial system. The subprime mortgage meltdown in the U.S. and subsequent housing market downturn were not experienced in Canada. The Canadian banking system is the envy of the civilized world. In fact, the World Economic Forum has named the Canadian banking system as the best in the world the last three years in a row. Strict Canadian mortgage regulations are designed to support the stability of the housing market here. The Canadian government is keenly aware of what has taken place in the U.S. housing market. Learning from what’s happened in the U.S., the federal government continues to enact legislation to help protect consumers and keep the housing market on solid footing.

Vancouver is the ‘hot spot’ for offshore buyers, offering good schools, a moderate marine climate and a large, established Asian community.

a|r|e: Can you give us a brief overview of the Canadian real estate market right now? JG: Canada has been enjoying a

strong and fairly stable real estate market for a few years now, with just a few minor variances along the way. We’ve seen both record-breaking sales levels in recent years, and record-breaking or near-record prices

erage house price in Canada stood at just over $350,000 in September. Vancouver was far and away Canada’s most expensive city, with an average residential price surpassing $750,000. Over 360,000 homes traded hands via Canadian MLS® systems in the first nine months of this year, just slightly above levels for the same period in 2010. The national market is firmly entrenched in balanced territory, with a sales-to-new-listing ratio hovering just above the 50% mark for the last few months. Inventory remains fairly tight, holding at about six months, which keeps upward pressure on prices. Overall, it’s a strong, stable market.

a|r|e: Why is the current Canadian market so differ-

And that’s very attractive to foreign buyers thinking of investing here.

a|r|e: Can you give us some examples of these mortgage regulations and how they protect consumers? JG: It will probably be most helpful if I tell you about some of the more recent changes. First of all, Canadian homebuyers are required to put at least 5% down on a residential property. That requirement helps keep the market stable. Last year, the Federal government tightened restrictions on mortgages even further. First-time buyers now have to qualify for a five-year mortgage, regardless of what term they may ultimately apply for. This helps

Residential average price* // Canada $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 Jan 2011

Jan 2010

Jan 2009

Jan 2008

Jan 2007

Jan 2006

Jan 2005

Jan 2004

Jan 2003

Jan 2002

Jan 2001

Jan 2000

$100,000

*actual (not seasonally adjusted) // Source: The Canadian Real Estate Association (CREA)

erty, Canadians cannot typically deduct mortgage payments from their income tax, as you do in the U.S. Also, the term of a mortgage loan in Canada tends to be much shorter than you’re used to in the U.S. Canadian mortgages are typically for a term between one to five years. Although the payment schedule may be based on an amortization of say, twentyfive years, the mortgage concludes at the end of its term, and then it comes a|r|e: Are there any other points of up for renewal at current rates. Also, difference regarding mortgage financ- there are no points applied to mortgages in Canada. ing in Canada? Right now, interest rates in Canada are at near-historic lows, and a fiveJG: Yes, there are a few differences that real estate professionals need to know. For a residential prop- year closed mortgage is offered at around 5%. ensure that buyers won’t get overextended when mortgage rates start to rise. In Canada, if a property is purchased with less than 20% down, mortgage applicants are required to carry government-backed insurance that protects the lender against default. This year, the maximum amortization period for these governmentbacked insured mortgages was reduced from 35 years, down to 30. This results in the homeowner paying off their mortgage faster, and protects them from becoming overextended financially.

a|r|e: What about Canadian buyers looking for property in the U.S.? Is the real estate market here seen as a good investment? JG: Many Canadians are recogniz-

ing that there is great opportunity in the American housing market right now. The dramatic decline in U.S. home prices in many markets over the last few years, combined with a very strong Canadian dollar which is now hovering above par with the U.S. dollar, has resulted in U.S. prices not seen by Canadian buyers in decades.

Vacation and retirement properties are particularly appealing to the Canadian buyer, many of whom are ‘baby boomers’ looking for second homes. I know of examples where single family homes in sunshine state destinations are selling for around $100,000. Here in Canada, people are paying three times that for a summer cottage. AREAA members might be interested to know that Canadians often choose to refinance their principal residence in Canada and then buy property for cash in the U.S. It gives them a stronger negotiating position, and there’s no concern over changing exchange rates or the availability of financing. As in the U.S., the ‘baby boomer’ population in Canada is aging and reaching retirement age. By 2016, one in every five Canadian adults will be over 65, so demand for ‘Snowbird’ destinations in the U.S. should stay strong for years to come. 27

Trade Mission Journal

AREAA goes to

Taiwan

A “Back to the Future” Moment By John Yen Wong

In a world

rapidly becoming “virtual”, a need emerges to reengage “actual”. In today’s real estate industry, where electronic communication is the norm, the opportunity for face-to-face interaction takes on increased importance. This is particularly true for circumstances where cultural and business differences exist for practitioners from different nations. It is in this context that AREAA designed its 2011 Trade Mission to Taiwan. The success and relevance of a trade mission depend on three critical variables. First, the core purpose of the mission must be precise and clear. Second, the delegate composition must include the varied skill sets needed to fulfill the mission. Third, the trade mission’s schedule must balance maximizing opportunities to meet influential leaders with generating opportunities for the delegates to learn and experience the cultural nuances of the country they are engaging. The purpose of AREAA’s trade missions is singular, “To position AREAA as a key connect point for anyone in Asia interested in United States real estate and for anyone in the United States interested in Asian real estate.” The AREAA delegation included delegates experienced in association affairs as well as those who were primarily practitioners. They included residential and commercial practitioners; resale brokers and new home developers; practitioners from Northern California, Southern California, New York, and Texas. The delegation included delegates who were born in Taiwan and those who were seeing Taiwan for the first time. The delegation met with government officials

who regulated development in Taiwan, developers who built commercial and residential projects, as well as owners and brokers of real estate companies and the real estate associations that supported these companies and agents. The AREAA delegates circumnavigated the entire island country of Taiwan and experienced urban, rural and undeveloped natural Taiwan and its citizens.

Taiwan Trade Mission Log October 6th and 7th: Delegates boarded their respective EVA Air flights from across the United States and began their 14 to 19 hour journeys to Taiwan. Some slept, some watched movies, some read. All eagerly anticipated representing the Asian Real Estate Association of America in the country of Taiwan. The timing of the trade mission could not have been better. The delegates gathered in Taipei, Taiwan’s

capital city, on the morning of October 9th, one day before 10/10/11, the 100th anniversary of Taiwan’s Independence Day. It would be the equivalent of having been in Washington, D.C. on July 4th, 1976, the bicentennial of the signing of the Declaration of Independence. This milestone had particular meaning for the delegates born in Taiwan.

October 9th: Delegates awoke from their beds in the Grand Hotel, the Grand Dame of Taipei hotels, and prepared for their first official duty, an 8:00 a.m.

(L to R) Betty Sun Wong, John Yen Wong and Chair Kathy Tsao with Alex Lee, 2012 President of the Taiwan Association of Real Estate Brokers Bullet train from Taipei to Kaohsiung. Catching 30 winks on the 90-minute ride. Could have caught 1500+ winks on the typical 8-hour train ride Chair Tsao with government real estate officials

The purpose of AREAA’s trade missions is singular, “To position AREAA as a key connect point for anyone in Asia interested in United States real estate and for anyone in the United States interested in Asian real estate.”

(L to R) Julie Sun, David Tran, Sisko Luopajarvi, Rita Chen, Betty Sun Wong, John Yen Wong, Chair Tsao, John Sweeney and Shen-Yi Michelle Chang at Danshui Fisherman’s Harbour bridge on the North Shore of Taiwan

Shopping in Nine Villages Aboriginal Theme Park, Taiwan (Mandarin translation is “nine shares” referring to the land of nine families being consolidated into a town), preserved as a historical town with much of the original village intact

The delegates with Ronald Wong, Century 21 Master Franchisee for Taiwan, and his IT team who are working on ways to display their properties worldwide

Meeting with the Kaohsiung Association of Real Estate Brokers and Immediate Past President Wang of the Taiwan Association of Real Estate Brokers (standing)

Banquet with Kaohsiung Association of Real Estate Brokers. Many delicious courses of Chinese delicacies interspersed with many toasts of Kaoliang, a 126 proof spirit distilled from Sorghum

meeting with Ronald Wong, the owner of Century 21 Taiwan, and part of his IT staff. Discussions centered around the global nature of the real estate business and their clients’ great interest in U.S. properties. The IT staffers outlined their strategies on connecting information about properties for sale and guidance for how real estate transactions are conducted in different parts of the United States. Delegates also learned that the real estate market in Taipei is very strong with appreciating values. There is insulation from collapse for the market because most properties are transacted with loans of less than 50% loan to value.

October 10th: This 10/10 was the 100th Anniversary of the Chinese Independence Day, and the pride of the country’s citizens was palpable. Some of AREAA’s delegates attended the National Day ceremonies where President Ma Ying-jeou addressed the audience. President Ma’s relationship to and connection with the United States include his Master of Law (LL.M) from New York University Law School and his Doctor of Juridical Science (S.J.D.) from Harvard Law School. Others in the AREAA delegation elected to experience other parts of life in Taipei. These activities ranged from visiting the Taiwan National Museum, to watching a World Cup Rugby match in a Taipei pub, to visiting the Shilin Night Market. The night markets in Taiwan 30

are bustling bazaars of endless blocks of street vendors and food concessions. AREAA delegates who were in Taiwan for the first time learned how to bargain that evening.

October 11th: Out of bed with a 7:00 a.m. morning call, delegates devoured a scrumptious Grand Hotel breakfast and departed for their 9:00 a.m. meeting with the Taiwan Association of Real Estate Brokers, the equivalent of the National Association of REALTORS® in the United States. President Alex Lee of the Taiwan association shared a history and information on real estate business practices in Taiwan. Of particular note, is that all licensees in Taiwan are required by law to be a member of the association and that there must be a supervising broker for every 25 agents in a company. AREAA and the Taiwan Association of Real Estate Brokers formalized arrangements to meet again in Anaheim during the November 2011 NAR meetings. The AREAA delegation boarded a bullet train from Taipei (in the Northern part of the island country) to the city of Kaohsiung (in the southern part of the country). It is interesting to note that the 90-minute trip by bullet train down the western coast of the country used to take eight hours by rail. In Kaohsiung, the AREAA delegation met with the Kaohsiung Real Estate Association of Brokers, an association parallel to a local associa-

tion of REALTORS® in the United States. Information was exchanged and the AREAA delegates learned that Kaohsiung, which had been historically viewed as solely an industrial city because it is the largest port in Taiwan, has in recent years diversified its industry and now boasts a number of upscale residential developments. After the formal meeting, the Kaohsiung association hosted a banquet where the AREAA delegates learned the art of toasting with Kaoliang jiu, a fiery spirit distilled from Sorghum and boasts 63% alcohol by volume, which is 126 proof. Who says Asians can’t drink?

October 12th: The delegation boarded a bus and began its return to Taipei via the winding roads of the more rural eastern shore of Taiwan. There are stops along the way at the British Consulate at Takao and at the Shi-Hzuwan Bay, famous for its eco sculptures, which result from the elements (wind, rain and tide) carving out beautiful natural sculptures. The bus also stopped at the southernmost tip of Taiwan at Macbitou (Cat’s Nose) point and the Eluanbi lighthouse in Kenting. After an eight-hour bus tour, the group checked in to the Luminous Hot Springs Resort and Spa in Taitung. This hotel sits over natural hot springs and the deep stone bathtubs in each of the rooms are connected to these natural hot springs. Every delegate relaxed with a private natural hot spring bath.

The waterfall descending from Eternal Spring Shrine in the Taroka Gorge on the Eastern Shore of Taiwan

October 13th: The delegation continued up the east coast from Taitung to the beautiful city of Hualien, known for its marble mountains. Stops were made at Luyeh Hill and the Guang Fu Sugar Factory, but the absolute highlights of the day were visits to Bunan Village, a preserved example of an aboriginal village still occupied by the natives who have deep kinship to other aboriginal peoples of the South Pacific, and to Lintiensan, a lumber camp that traces its history to the Japanese occupation of Taiwan.

October 14th: The bus made the final leg of the journey up the east coast of Taiwan back to Taipei with a memorable stop at the Taroko National Park through Jincyudong (the Tunnel of Nine Turns). The natural scenery of the mountain peaks, covered in green and dropping steeply to the meandering river, was breathtaking. The natural scenery all along the eastern shore of Taiwan was imprinted in our memories as we drove through the Syeshan (Snow Mountain) Tunnel back to Taipei. This tunnel took 15 years to build and at 8.042 miles is the longest tunnel in Taiwan. The passageway connects

The eco sculptures at Shi-Hzuwan Bay, shaped by nature with the chisel of the wind and the brush strokes of the tides

the rural east coast of Taiwan to the west coast, where 95% of the people live. It is somehow fitting that this marvel of engineering reconnects us from the natural and rural beauty of Taiwan to the modern metropolis of Taipei.

October 15th: The final day for the delegation included a formal visit to the Taiwan National Museum and Taipei 101, the second tallest building in Asia. Following a thirty-five-minute ride to Taipei’s Taoyuan International Airport, many of the delegates departed for home to the United States. A few of the delegates who have relatives in Taiwan remained behind a few extra days to be with family and friends.

Recap: The purpose of an AREAA Trade Mission is “to position AREAA as a key connect point for anyone in Asia interested in United States real estate and for anyone in the United States interested in Asian real estate.” AREAA does this by making connections, gaining and giving know ledge and experiencing the culture. On all levels, Trade Mission accomplished.

Chair Tsao enjoys a ride down a hill in TaTung in Central Taiwan. Innovative entrepreneurs taking sledding to the summer

ÂŠiStockphoto.com/WEKWEK

Snapshot of an International Transaction

China by Gene Shi

1. The Process of Locating a Property In China, customers obtain property sales information from mobile media, real estate project shows, and real estate brokerage companies. For new properties, the deals are made mainly through the sales department of the developers or the consulting companies acting on behalf of the developers. The promotion and sales of properties are made through advertising in the media, project shows, or other channels. For resale properties, the transactions are mainly made through local real estate brokerage companies, local advertising, and the Internet resale service platform currently in pilot.

2 . Wo r k i n g w i t h Agents Chinese brokerage companies mainly provide services in the fields of resale property sales, listing, title transfer registration, and finance. The brokerage companies assign brokers to provide service to the buyers and sellers in the property sales, so the transaction is completed smoothly. It is customary for the buyers to pay 2% of total purchase price to the brokerage companies as an agent fee.

3. Understanding the Process and Legalities 3.1 Understanding the Process

i. The brokerage company reviews the buyerâ&#x20AC;&#x2122;s qualification. 1 ii. Three parties sign the property purchase contract. iii. When the buyer selects to buy the property with a mortgage loan, the real estate guaranty company selected by the brokerage company provides the loan services for the buyer. iv. The buyer pays tax to the tax authorities. v. Three parties go to Beijing Construc- tion Committee Title Transfer Hall to transfer the title. Beijing Construc- tion Committee supervises the resale. vi. Deliver the property. The brokerage company supervises the property delivery. 3.2 Understanding the Legalities

In order to be a part of a resale transaction, a broker must pass the national qualification exam sponsored by the Ministry of Construction and the Ministry of Human Resource. The qualification exam is held

Beijing Property Purchase Restriction Order: Beijing authorities have a law prohibiting the sale of residential properties to the following families starting 20 Feb. 2011: a) A family with Beijing Hu Kou who owns two or more residential properties in Beijing; b) A family with no Beijing Hu Kou but having owned one or more residential properties in Beijing; c) A family who can not provide valid Beijing Temporary Residence Certificate, Beijing social insurance payment certificate, or Beijing individual income tax payment certificate of over five years (inclusive). By issuing these orders, Beijing authorities aim to avoid the property purchase price from increasing too rapidly.

every year. People can become brokers only after passing the exam and receiving a brokerâ&#x20AC;&#x2122;s certificate. Each year, only 10% of the people who take the exam pass. The tax policy includes that the buyers shall pay individual income tax, business tax and deed tax. All of these taxes are applicable to property resale, according to laws and regulations. The Beijing Construction Committee supervises the property resale. Property delivery shall comply with Chinese laws and is supervised by brokers.

4 . Ty p e s o f Investments

A R e a l E s t a t e Tr a n s a c t i o n i n C h i n a

Check purchase qualification

Three parties sign purchase contract

Most real estate investments are made in big or medium-sized cities, such as Beijing and Shanghai. Typical projects that attract investments include residential properties such as villas, apartments and courtyards, with 70-year leases, and commercial properties with 40- or 50-year lease terms. In August 2011, only 5506 transactions of residential properties (70-year leases) were made in Beijing, a drop of 16.42% compared with August 2010. Except for Beijing, the residential property transactions in August in the first-tier cities such as Shanghai, Guangzhou and Shenzhen were less than those in August 2010. Shanghai dropped 24.61%, while Guangzhou dropped 9.89% and Shenzhen 15.15%. With the continuous affect of the purchase restriction orders, the total number of residential property transactions in 43 big- or medium-sized cities over the nation dropped 8.99% in August 2011, in comparison to August 2010. Commercial property transactions (50year lease, office inclusive) have not been as affected in the cities mentioned above compared to residential transactions. The area of commercial properties sold in August 2011 also increased, compared with August 2010. Inter alia, the area of commercial properties sold in August 2011 in Chengdu reaches 492,000 sq.m., followed by Beijing at 482,800 sq.m., and Shanghai at 391,000 sq.m. In August 2011, there were four cities where average sale prices were above RMB20,000/sq.m. They are Sanya (RMB24,575/sq.m.), Beijing (RMB23,377/ sq.m.), Shanghai (RMB21,816/sq.m.) and Shenzhen (RMB20,376/sq.m.). The average residential property sales price in August 2011 increased on a year-to-year basis in about 90% of cities in the nation.

Purchase with full payment

Guaranty company provides loan service to purchaser

Purchase with a mortgage loan

Loan drawdown by bank

Purchaser pays tax

Title transfer in construction committee

Supervised by construction committee

Property delivery

Supervised by broker

The Found

ation

A RE AA chapter presidents lead a grassroots effort to increase Asian American homeownership in communities across the country Interviews by Juan Gutierrez

fter a year filled with many changes, challenges, and opportunities for REALTORS and consumers, a|r|e magazine checked in with some AREAA chapter presidents to get their views on 2011. Carmen Chong of the San Francisco Peninsula chapter, Heather Chong of the Greater Los Angeles chapter, Christine Kim of the Silicon Valley chapter, John Geha of the Canadian chapter, Joseph Lai of the Las Vegas chapter, and Aaron Yu of the Orange County (CA) Chapter shared their perspectives on the Asian real estate market and the importance of being affiliated with AREAA.

Opposite Page: 1st row (standing, L to R) James Chen (Dallas/Fort Worth), Kayin Ho (Central Valley), Ric Manalo (San Diego), Joseph Lai (Las Vegas), Vinny MaNguyen (Greater East Bay), Tim Le (Greater Atlanta), David Tran (Greater Sacramento), Christine Kim (Silicon Valley), Andrew Lee (Greater Sacramento) 2nd Row (seated, L to R) Grace Choi (DC Metro), Shinglian Chu (Southern California Tri-County), Jennifer VanTrojen (Arizona), Vicky Silvano (Greater Chicago), Carmen Chong (San Francisco Peninsula) / Photo by John Photography

a | r | e : As the Asian American/ Pacific Islander community grows, what opportunities do you see that would help more first-time homebuyers in your market? Heather Cho ng : Education

outreach is the key. For example, I conduct free first-time homebuyer workshops GPS the Korean community every month and realize that educated buyers are much better prepared as to what they can afford, whether they will be mortgage-ready, what type of home they need, and understand the home-buying process, which makes it productive for both parties.

J ohn Geha :

Helping our sales representatives professionally and in giving them the data on how to deal with the migrant buyer. Educating real estate professionals on how to communicate properly, provide correct documentation, and guide them to the right professionals to help through the transition.

I also believe helping the Asian buyer understand the differences between the way real estate is conducted in Asia and Canada is key.

A ar on Yu:

The greatest opportunities that Asian American/ Pacific Islanders can obtain now compared to years before are the wealth of information and programs being offered to first-time homebuyers. Unlike my parentsâ&#x20AC;&#x2122; generation that immigrated to the United States back in the late 1970s, when loan programs and information were primarily written in English. Now, many banks and real estate companies have brochures and marketing material in several languages that target Asian American homebuyers.

J oseph L ai: With the AAPI community growing, it gives our association and our practitioners a chance to set up seminars to give out correct information on the home-buying process. We want them to learn about why it is better to own than rent and give out information to help the Asian community feel more comfortable with

the process. With house prices at an all-time low in our market, it opens up more opportunities to allow people to become homeowners.

Chri stine Kim: Generally,

our price points have stayed fairly stable. There are some opportunities with foreclosures and first-look programs that banks are offering on REO properties for owner-occupant buyers. Interest rates have helped affordability rates and I am seeing a lot of homeowners jump off the fence even if it is with a little help (parents helping out).

Carmen Chong :

Opportunities are tremendous for real estate practitioners and associates. First, we must find out or learn more about Asians/ Pacific Islanders not only to speak the language (may not be necessary), but understand their culture to better serve them. We should focus on educating the younger generations through training (homebuyer seminars), emphasis on homeownership as opposed to renting.

a | r | e : Tell us about your local market and what drives the majority of the real estate activity. Joseph Lai: We are ground zero for

foreclosures and short sales. Anywhere from 60 to 75 percent of our county is upside down on their home. Mostly all of the activity in our market is driven by REO and short sale. In addition, half of the transactions each month are cash, which has led to a heavy concentration of investors coming in to our housing market.

Chri stine Kim: Our local market is still in the majority of resale or non-distressed. Overall, the market has held fairly well and what drives the market here are schools and jobs. The areas hit hard are where schools are not as strong and where subprime lending and 100 percent financing are prevalent. People may not have as much equity as before, but in places with good jobs (i.e. Facebook, Zenga, Google, etc.) the affordability index in comparison to the rest of the nation is still relatively low. The weather here is awesome and is also a factor. Carmen Chong : Right now, the Bay Area market varies from short sales, REO sales, and trustee sales. There are a lot of distressed properties/homeowners that have been impacted by the economy and therefore let their homes go.

John Geha : The banking system in Canada is relatively healthy and the mortgage industry is governed by different laws than in the United States. The mortgage industry is also healthy and driven by very low interest rates, a stabilized economy with relatively low unemployment, immigration friendly laws, job opportunities (recently, Halifax signed a $25 billion ship building contract creating 10,000 jobs), the education system, and free health care. All of these factors combined drive Canada’s real estate market. Aaron Yu: Price drives real estate activi-

ties. However, many Asian Americans sometimes look past the price if they feel the home is in a good neighborhood with a good school district. Asians have always valued their family’s well-being and children’s education overall. Just because the home is a good value does not necessarily mean that it’s the right home for them.

a | r | e : What trends have impacted your market over the last 12 months? Carmen Chong : The difficulties in lending have made it hard to qualify. Consequently, Asians find it difficult to buy because a large percentage of the community is self-employed or own a business. They may not qualify or cannot show income even though they may have excellent credit and savings which they can put on a large down payment. Heather Chong : First-time

homebuyer boost, investor purchases, short sales, and auctions have become more prevalent. The fact that homeowners are not able to obtain loan modifications is an issue. For the homeowners who are able to receive temporary loan modification terms, a huge percent of the borrowers end up defaulting again, which in turn, becomes a short sale transaction or ends up being foreclosed. AREAA has brought out the best in me. I think building a chapter with a clear vision and putting my heart into it were the keys to success. Well-designed, well-coordinated events, and a balanced mix of Lina Chu dynamic educational Inland Empire and community (California) outreach events provided a good platform for networking and new business opportunities for our members. At the same time, this mix allowed us to fulfill our mission by helping our communities. These events, combined with a group of passionate directors, were the key ingredients to a successful chapter.

Christine Kim: The Silicon Valley

is a high-tech area and the consumers are a lot savvier. In some cases the consumers are a lot more educated than the average REALTOR. They often do online research (i.e. Zillow and Trulia for historical information or REALTOR Q&A and advice columns etc.), collect data and track trends. Search engines are really helping consumers get the information they need.

Aaron Yu: The tight lending practices

have had an overwhelming impact on Asian American communities. Many Asian Americans are entrepreneurs and may not show the right documentation to be approved for the loan. Unfortunately, many do not fully understand their FICO scores and other credit factors. Many Asians still primarily purchase products with cash and don’t understand how to build a good credit score. Therefore, when they apply for a loan, sometimes they get denied due to their credit history.

Joseph Lai: We have seen a slowdown in the foreclosure process due to new state laws, which in turn has slowed the release of inventory. We have also seen an increase in cash buyers. Many investors see great rates of return and feel Las Vegas is currently undervalued. John Geha : Historically low interest rates, the stabilization of prices in Canadian markets, and the job market are the driving forces. One thing you also see in the purchase of Canadian real estate is that it is a localized, lifestyle decision. You cannot write off the interest or your taxes on your primary home. So, it is strictly lifestyle and the desire to buy. In this economy, many homeowners are suffering in the housing market and don’t know where to turn to for help. Especially for Asian American/ Pacific Islanders, pride plays a big part and they feel ashamed to let others know when Kayin Ho they are facing forecloCentral sure. Besides that, many Valley AAPI are also facing tough ( Ca l i f o r n i a ) times, not being able to show proof of their credit and income to purchase their first home. This is especially prevalent in the Central Valley of California, where many of the AAPI are farmers and with very minimal education. As a leader, broker, REALTOR, and AREAA member, I believe it’s our responsibility to reach out to them in all their real estate needs. Don’t ever let them give up the American Dream of being a homeowner.

Joseph Lai: They face a lack of inventory, no second-chance financing option for those who have faced a hardship, and continued negative housing press and data on our housing market. Aaron Yu: Prices are still very high in Orange County compared to the rest of the nation. A first-time homebuyer will have a difficult time buying a home in this area when the median price range is $450,000 to $550,000.

Christine Kim: Financing guidelines

Andrew Lee Greater Sacramento

to us real estate practitioners to educate homebuyers. Also, there is a lot of fear considering what has been going on. First-time homebuyers are being outbid by investors, making it difficult to buy at a good price. Often times, they might not even get the chance. Photo: John Photography

are the biggest challenge overall. Because average prices for our clients are still significantly higher,

I hope AREAA Greater Sacramento will be the light and voice of the Asian Community in the years to come. We will continue to market our Job Fair, Home Rebuilding Projects, Foreclosure Prevention and other programs that benefit the community.

first-time homebuyers still have to come up with a significant down payment and face stringent qualifying guidelines. In some cases, homebuyers may be getting pushed out of the market because they need a larger down payment.

Carmen Chong : Getting a home loan is difficult, lenders are so strict that it discourages people from applying for home loans. More than anything, I think that it is up

Vicky Silvano Greater Chicag o

Photo: John Photography

a | r | e : What challenges are homebuyers facing?

a | r | e : What impact has AREAA made in your community?

May 2010). I feel now there is a voice for the Asian practitioner. We currently have more than 200 members and continue to grow. AREAA has made an impact on sharing how Asian consumers buy and sell with other groups. Resources are now available and this market serves a significant Asian population.

Heather Chong :

Aaron Yu: AREAA Orange County

Through AREAAâ&#x20AC;&#x2122;s vast education and networking opportunities, it has broadened, increased, and diversified the level of business opportunities for many of the local real estate professionals An opportunity exists to in my community. help a young generation of AREAA has also Asian Americans, aged 25 brought awareness as to 35, to purchase their first to why homeownerhome. Many of them have ship sustainability had two or more years of is important in our employment record and a communities and good credit history so they how we as professhould not have problems sionals need to securing financing and proactively work taking advantage of FHAâ&#x20AC;&#x2122;s together to ensure its first-time buyer program. importance. Shinglian Chu Southern California Tri-County

As the AAPI community grows, opportunities abound. The community outreach events, via educational seminars that our local chapter holds, help first-time buyers understand the intricacies of purchasing a home. From choosing the right REALTOR, to financing options, to closing, we provide guidance and direction to this growing segment of the purchase market. As an Asian American, I can connect and get a better understanding of their needs and wants during their home selection. As such, I make them become a more responsible homeowner today and in the future.

John Geha :

If you are a member of an AREAA chapter, we want to make sure we have a level of communication, a level of networking, a level of education, and support for each other. We want to make sure that anyone who is a member of our chapter here in Canada has a great opportunity to network around the world and educate and bring them up to speed on what is taking place globally. When you are a member of AREAA, we want to make sure you have the opportunity to increase your level of professionalism.

Christine Kim:

AREAA Silicon Valley is a fairly new chapter (started

serves the surrounding communities by providing free educational seminars and resources to its members and homebuyers. In addition, it helps inform many real estate professionals with current information and legislative issues impacting our communities. We work closely with major companies like Bank of America, Wells Fargo, and Chase Bank to broadcast any relevant information and products that will benefit or help our members and communities.

Carmen Chong : The chapter was just launched in August and it came at just the right time. We have been able to put together a great network and educate our members on opportunities for betterment. It has created great partnerships. Joseph Lai: AREAA has done a great job educating our real estate professionals. In turn we put out better agents into the community. Our market is comprised of many smaller real estate offices that do not provide a regular education curriculum for their agents. AREAA Las Vegas prides itself on helping educate and empower real estate professionals in serving the Asian and nonAsian home-buying communities.

a | r | e : How has your participation in AREAA impacted your business? Heather Chong : Being proactive with AREAA National and the Greater Los Angeles chapter and being able to serve as an AREAA leader in my community has helped me to develop into a well-respected professional. Through my AREAA affiliation and leadership, I am identified as trustworthy through the eyes of the consumers and fellow real estate professionals. Aaron Yu: My personal business has been helped tremendously. The contacts that I have

Locally, AAPI homebuyers are facing challenges in qualifying for mortgages, especially for new immigrants. Since most foreigners don’t have credit history, they have to a wait minimum of two to three years to build credit and to establish employment history. Unless the underwriting G race Ch oi guidelines change, the best we can do in the community is to DC Metro educate the future homebuyers on the homeownership process so that they can become homeowners sooner.

Christine K im: It has definitely offered

a great level of exposure being in a leadership role as president and founding president. AREAA brightened my horizons for business opportunities that I never would have thought of and helped with networking in the community. It has also given me a better understanding of the industry overall. I gained a broader perspective and also made contacts with major leaders and brokerages. Personally, I have been lucky enough to develop lasting business and personal relationships with some incredible individuals.

Carmen Ch o ng : It has expanded my networking. I have made great, long-lasting relationships in the business, and have met great new people to help me with areas that I may not be as familiar with. I can now pick up the phone and talk with someone from the AREAA OFUXPSL if I need help. J oseph L ai: Volunteering with AREAA

helped increase my business by making myself more visible in the community. I have always been a successful practitioner, but not well-known. By working with AREAA and being in the public eye, I became more well-known as I was out speaking and coordinating many community events.

a | r | e : What has been the key to your success as an AREAA leader? Christine K im: The absolute key to the success of this chapter and as a leader is the incredible support of a strong local board. I am so appreciative to be a part of such an incredible team. There is no way we could have grown as fast as we have without full participation from each board member. Also, strong support from the national level has been helpful. 38

The Visit USA Act is presently proposed legislation for three-year residential visas for foreigners willing to purchase U.S. residential real estate over $500,000 in case. This proposed legislation as written presently has requirements that offer very little benefit to potential applicants. However, if this legislation can be amended and modeled after similar Canadian legislation enacted in the early 90’s, our housing sector would see great benefits in demand, as evidenced in Vancouver, British Columbia and Toronto, Ontario. J oseph Ho Washin gton State

H eather Ch o ng : The key to success

most successful minority organization group in Los Angeles and having a local non-profit housing counseling agency for the consumers in the area.

J o seph L ai: The key to success is being able to balance family, work, and AREAA. Knowing how to give attention to the three has made it possible to excel in each part of my life.

J oseph L ai: Double the membership size!

is constantly reminding myself that I am a servant to my members and the organization.

A ar on Yu: The key to my success as an

AREAA leader is putting my members first. A good leader leads by his examples and not by his title.

Carmen Ch ong : Responsibility, com-

mitment, and passion. I believe in homeownership, supporting a multicultural community, and educating and empowering real estate professionals.

a | r | e : Where do you see your chapter five years from now? J ohn G eha :

As the AAPI community grows, I see more opportunities in outreach through workshops through our partners and community organizations. Education on the homebuying process and market will help the community to move forward and take advantage of today’s opportunities.

I hope that it continues to grow and that when people look at the opportunity to be a part of this chapter, they see it as a real benefit to them. I Ric Manalo would love to have a San Diego very high percentage of real estate professionals as members. What I also hope to see is a real solid education plan on not just how to deal with the public, but how to run your business and structure it properly.

H eather Ch o ng : I hope the Greater Los Angeles chapter will have the highest membership within all AREAA chapters nationwide. I also hope that it will be recognized as being the

Carmen Ch ong : I want to see growth, and see the AREAA San Francisco Peninsula become the “It” organization for empowerment, education, and networking. I want it to be a great platform for our members and bring community involvement as well. Christine K im: I see our chapter with

a huge member base and eventually a place that Asian buyers and sellers can access as a resource for issues that they face as real estate consumers. I expect this chapter to be top-of-mind and branded as an organization for the industry to access for anything dealing with Asian real estate issues.

A ar on Yu: I hope that AREAA

Orange County will have grown by more than 500 members by then. Photo: John Photography

made over the last three years could not have been achieved without AREAA support. AREAA is an organization that cares about its members and provides business opportunities via networking and educational events.

Legislation that will impact Asian homebuyers

Yoshiko Fujimori MetroDetroit

a | r | e : What is the best piece of advice you would give an aspiring young professional who wants to enter the real estate world? Heather Chong :

Through the AREAA network I have had the privilege of meeting with other real estate professionals from Japan, Hong Kong, Taiwan, Indonesia, and Malaysia, in addition to real estate agents from all over the United States. This exposure has given me the opportunity to gain knowledge and to share ideas and unique experiences related to real estate and the Asian American clients that we serve. As the AREAA chapter president I am able to use my position within our local REALTOR board to distribute information specifically related to the Asian American community. Including but not limited to sending fundraising opportunities to hundreds of REALTOR members for the collection of donations for victims of the recent tsunami disaster in Japan.

You need to join a successful group like AREAA in order to become the best.

Joseph Lai: Whether

you are a REALTOR, loan officer, appraiser, or escrow officer, always have a value proposition of why people want to do business with you and be able to separate yourself from your competition. Everyone can say they return phone calls, give great customer service, or they are a top producer. But what separates you from your competition, and what is the value of working with you? Once you are able to answer those two

questions to your clients and customers you will be successful in this industry.

Christine Kim: Do

not expect it to be easy because the doors do not close at 6 p.m. in real estate. You need to treat it like a business from day one. Work smart, know your niche, and know your product!

John Geha : Be a

student of the business, but do not get into a tunnel and only look at how many listings or how many sales you are going to get. Be knowledgeable of your surroundings and run it as an entrepreneur. You will deliver value to the consumer by exposing the home in as many ways that you can, whether it is on YouTube or sharing the information with a fellow real estate professional. Have a business plan, a budget, a marketing plan, a time-management plan,

and an activity plan. The most important thing is to enjoy yourself. Have fun because it is one of the greatest professions that we have.

Aaron Yu: Join

AREAA! I know I sound like a poster child but it is the best and quickest way to meet top real estate professionals that can help mentor and navigate you through this complex industry. The days of door knocking and cold calls are over. Real estate is ever changing and you need to have the right tools to become successful and AREAA can help you achieve that success.

Carmen Chong : My

advice is to have a passion for real estate and a commitment to help people. You must educate yourself at all times because everything changes. You must be flexible to be able to adjust to all of these changes.

BELOW: AREAA Chapter Presidents at the 2011 AREAA Leadership Summit in Marina del Rey, California 1st row, seated Kayin Ho (Central Valley California), Shinglian Chu (Southern California Tri-County), Kathy Tsao (2012 National Chair), Kenneth Li (2011 National Chair), Michelle Chang (Arizona) 2nd row, standing Grace Choi (DC Metro), Albert Salon (San Diego), Christine Kim (Silicon Valley), Joey Lai (Las Vegas) Aaron Yu (Orange County), Andrew Lee (Greater Sacramento), Joseph Ho (Washington State), Lina Chu (Inland Empire), James Chen (Dallas/Fort Worth), Heather Chong (Greater LA), Vicky Silvano (Greater Chicago), Dawn Tsien (NY Metro)

Tim Le Greater Atlanta

A Conversation with HUD was my favorite event in 2011. It was a collaboration of three minority trade associations: AREAA Greater Atlanta, NAHREP, and Empire Board of Realtists, working together to promote homeownership. I had a great opportunity to meet Mr. Edward Jennings, HUD New Southeast Regional Administrator, and to work together with influential and passionate leaders from both NAHREP and Empire Board of Realtists.

In My Neighborhood Vinny MaNguyen with

Name: Vinny MaNguyen Title: AREAA Greater East Bay Chapter President City: Oakland, California Neighborhood: Temescal Resident Since: ‘92 Photos by MaNguyen except where noted

What attracted you to this part of town? I believe in opportunity! Oakland is truly one of the Bay Area’s best kept secrets. I was attracted to this part of the Bay Area due to its thriving community. It offers city life along with the calm of the suburbs.

What’s the number one selling point that residents and buyers rave about? When it comes to real estate, buyers rave over our prices and rates of return. Owneroccupants emphasize the affordability in family-oriented neighborhoods. Investors come to Oakland for its high rate of return on investment. Demands for rentals are up in Oakland, while real estate is at its all time low.

Can you share with us one of the neighborhood’s best-kept secrets? When being a member of Oakland’s community, one can’t help but notice the vibrant and diverse atmosphere. From downtown Jack London Square’s waterfront to the breathtaking views of Montclair and Piedmont, Oakland has a few best-kept secrets!

What is your favorite way to spend an afternoon with the family here? My favorite afternoon with the family starts off with a bike ride over to Joaquin Miller park in the Oakland Hills. We ride down to one of the famous restaurants in the Diamond District area for lunch. Then, we cruise around Lake Merritt where we enjoy the sun at its luscious park. We then end the day by watching a movie at the historic Grand Lake Theater!

What is the predominant architectural style? Oakland has many different architectural flavors when it comes to real estate designs; the predominant being Victorian.

What is your favorite restaurant in the neighborhood? Tell us about it. There are too many to list. This all depends on your mood. If I must mention one, I would say Kincaid’s Seafood in Oakland’s Jack London Square. This venue offers an intimate view of the bay along with exceptional five star service. The seafood is fresh and the steaks are cooked to

perfection with every order. The mood is perfect for a romantic setting and classy to conduct a business meeting of any sort.

Estuary Cove

What types of outdoor activities does your neighborhood offer? You can find practically all of your outdoor activity needs here around Oakland. You can take a Jet Ski out to Martin Luther Park in industrial East Oakland; bike or hike one of the many trails in Joaquin Miller; go swimming and fish at Lake Temescal; or play baseball, football, or basketball around the Lake Merritt area. These are all family friendly areas open to the public.

View of the Golden Gate and Bay Bridges

Is there a community or cultural center that you often visit? Yes, I often visit the Chinatown Cultural Center and Ca Mau Plaza in the New Chinatown area during Vietnamese New Year. This plaza offers great food, great fun, and is family-oriented.

Do you volunteer with any local organizations/ causes? A group of friends and I came together to research ways we

Ca Mau Plaza

could address Oakland City’s Asian American social issues. Finding few established options to help, we took matters into our own hands. Our initiative is growing with volunteers but has not yet reached the level we need. This outreach program is dedicated to working with local Asian Americans in need of technical work studies and career development.

Anything else you’d like to share about your neighborhood? Oakland has a Mediterranean climate with an average of 300 sunny days per year. Lake Merritt, a

large estuary centrally located east of Downtown, was designated the United States’ first official wildlife refuge. Jack London Square, named for the author and former resident, is a tourist destination on the Oakland waterfront. Progress has been made in reducing the city’s high crime rate; violent crime is primarily concentrated in certain neighborhoods, although property crime remains problematic throughout the city. Oakland is continually listed among the top cities in the United States for sustainability practices, including a #1 ranking for usage of electricity from renewable resources.

More of Vinny’s Best We’d like to know more about some of the institutions that give your neighborhood its character. Where do you like to… Get a cup of coffee?

Gaylord’s Caffe Espresso Piedmont Ave

Read a book?

Behind Jack London’s Estuary Cove

Get some peace and quiet? Lake Temescal

Shop?

Emeryville Shopping at Bay Street

Find a good deal?

College Ave Shopping Area

See live music?

Yoshi’s Jack London Square

Watch the big game?

The Grand Oaks Restaurant & Sports Lounge Lake Merritt / Photo by Mon King

Go out for date night?

Scott’s Seafood in Jack London Square Grand Lake Theater / Photo by Mon King

Watch a play/show?

Oakland’s Grand Lake Theater

Have fun for free? Lake Merritt

Have a beer/cocktail?

Luka’s Taproom & Lounge

2011 AREAA

N a t i o na l C o n v en t i o n

P a l ace H o t e l | S an F ranc i sc o Photos by John Photography

Kathy Tsao is installed as 2012 AREAA National Chair

Keynote speaker Michael Tchong, founder of Ubercool

Attendees share a moment of silence and reflection for the victims of the tsunami and earthquakes in Japan, led by Reverend Ronald Kobata of the San Francisco Buddhist Church

AREAA Person of the Year, Assistant Secretary of Fair Housing and Equal Opportunity for HUD, John Trasviña

AREAA Founding Chair John Yen Wong

Mayor Edwin Lee of San Francisco, the city’s first Asian American mayor

2011 AREAA

N a t i o na l C o n v en t i o n

P a l ace H o t e l | S an F ranc i sc o Photos by John Photography

Raquel Quinet, Geremy Yamamoto, Tom Tran, David Tran, and Eric Tran attend the International Welcome Reception

AREAA Director Cindy Lui and Past Chair Emily Moerdomo Fu

AREAA DC Metro leadership: Song Hutchins, Uma Redwine, John Lin, Vinh Nguyen and Grace Choi

AREAA leaders Caron Ling, Ric Manalo and Stephany Oliveros

Betty Sun Wong, Allen Okamoto, Kathy Tsao, Congressman Mike Honda (D-CA) and John Yen Wong

NAR 2011 Vice President and Liaison to Government Affairs Vince Malta with AREAA Directors Allen Chiang and Fred Underwood

2012 AREAA National Chair Kathy Tsao with Congresswoman Judy Chu (D-CA)

AREAA Director and Senior Vice President of Multi-Cultural and Affordable Lending for Chase, Donna Miller

Alex Perriello, President and Chief Executive Officer of Realogy Franchise Group

2011 AREAA National Chair Kenneth Li and John Geha, President of Coldwell Banker Canada Operations ULC, sign an agreement to develop AREAAâ&#x20AC;&#x2122;s first international chapter, AREAA Canada, for which Geha has been appointed chair

Bank of America Neighborhood Lending Executive, Glenda Gabriel

2011 AREAA

N a t i o na l C o n v en t i o n

P a l ace H o t e l | S an F ranc i sc o Photos by John Photography

Herman Chan, President & CEO of Better Homes and Gardens Real Estate Sherry Chris, David Tran and Christophe Choo enjoy theEDGE event at Fluid Ultra Lounge

theEDGE members recognize Outgoing Chair Kara Okamoto (L to R): Ryan Asao, Caron Ling, Okamoto, Thai Hung Nguyen, Kai Ito, 2012 EDGE Chair Geremy Yamamoto and Rachel Turner

The 2011 “A” List, presented by theEDGE, AREAA Young Professionals: (L to R) Raquel Quinet, GieFaan Kim, Alisha Chen, Kenneth Chan, Frank Chu, Ryan Edwards, Thai Hung Nguyen, Alvin Lee and Angeline Wu. (Not pictured: Rocio Duty)

AREAA Arizona chapter President Jennifer VanTrojen and AREAA National Director Andrew Lee

theEDGE event was sponsored by Better Homes and Gardens Real Estate, who offered up a signature cocktail, the Bettertini

AREAA San Francisco Peninsula chapter President Carmen Chong and a |r|e Editor-in-Chief Dan T. Shanyfelt

AREAA Dallas/Fort Worth Directors Kelley Liu and Dionne Cuello

Harry Lu, Co-Founder and Vice Chairman of Century 21 China Real Estate, loosens up on the dance floor

Introducing: AREAA S a n F r a n c i s co Peninsula

Photos by Frank Jang

e are the newest and fastest growing addition to the Asian Real Estate Association of America (AREAA), the San Francisco Peninsula Chapter! Based out of San Mateo, our board members are the most ambitious and aspiring real estate practitioners in the San Francisco Bay Area. Our overall mission is to close the homeownership gap and barriers facing the Asian Pacific American (APA) community throughout the United States. To celebrate our addition to the international organization known as AREAA, we hosted a phenomenal kickoff party. The purpose of the event was to celebrate the launch of our new chapter and to create a community space where real estate professionals could come together and network. We also wanted to let all these potential members know that we care about their professional and personal development and are planning educational workshops on a variety of topics including: short sales, default services, iPads, social media and international business, as well as monthly mixers and community events in San Francisco and San Mateo.

HUD Assistant Secretary of Fair Housing and Equal Opportunity, John Trasvi単a

After an extensive search, our local leaders decided to host our chapter kickoff party at the prestigious Pacific Athletic Club in Redwood Shores, known for its food and ambiance. After two months of preparation and promotion at recurring happy hour mixers, the event took place on the evening of Friday August 25, 2011. Through an extensive outreach campaign of personal phone calls, emails and newsletters, we were able to create a buzz about the hot new chapter. In the midst of all this, we still had to orchestrate the details of establishing that new chapter. Needless to say, this took many latenight meetings and Starbucks runs. We owe special thanks to our sponsors for the generous support that enabled us to achieve our goal of signing up over 100 new chapter members, in addition to registering 60 individuals for the 2011 AREAA National Convention in late September. In recognition of Wells Fargo Bank’s Double Diamond Sponsorsip, Grace Mejia, Assistant Vice President, Regional Diverse Segments Manager, presented a check for $10,000 to our chapter that evening. Other equally important Diamond Sponsors are: Bank of America, represented by Angelina Ornelas, Vice President, Product Manager, and JP Morgan Chase, represented by Duane Webb, Vice President, Business Development Manager, with a $5,000 sponsorship each. Not only did the party boast a great turnout and support of current and new members, but we were also joined by leaders from the National Association of Hispanic Real Estate Professionals (NAHREP), Chinese Real Estate Association of America (CREAA), National Hispanic Organization of Real Estate Associates (NHORA), San Francisco Association of REALTORS® (SFAR), San Mateo County Association of REALTORS® (SAMCAR), the U.S. Department of Housing and Urban Development (HUD) and affiliates from HSBC, Sterling Bank, Citibank, MetLife, First American Title, North American Title, Fidelity National, Chicago Title and Old Republic Title. Also present was Bridges Stewart, Regional Area Manager from HomeSteps, a unit of Freddie Mac. The sensation for the night was our special guest, John Trasviña, Assistant Secretary for Fair Housing and Equal Opportunity from HUD, who flew in from Washington, D.C. and talked about preventing housing discrimination against minority communities. He also discussed how we as real estate practitioners can help be the voice for the Asian community and how we can inform the White House when we see discrimination happening within our community. He was nominated by President Obama to make sure all Americans have equal access to the housing of their choice. Our kickoff party would not have been as successful without the presence of our AREAA Founding Chairs, Allen Okamoto and John Yen Wong; AREAA National 2011 Chair Kenneth Li; and theEDGE, AREAA Young Professionals, Chair Kara Okamoto, who gave a brief background of what AREAA is all about and what the future holds for the association. 49

In addition to the presence of our prestigious guests, each new member entered their business card into a raffle upon registering. The winner of the raffle received an iPad 2! At the end of the night, Robert Childs from Financial Credit Advisors was the big winner. Our chapter is led by strong leaders in the community. Founding President Carmen Chong talked about how we came together in such a short time and the vision she had for the local chapter. She thanked all the special guests and everyone present and was pleased at the successful outcome of this kickoff event. Vice President Debbie Wong talked about membership and Education/Sponsorship Chair Jasmine Cheng talked about the educational events and the importance of having our members voice their opinions on topics of interest for our educational workshops. David T. Chan, Vice President for San Francisco area; Christie Vo, Treasurer; Merly Bojorquez, Secretary; Yvonne Batterton, Co-Chair Education/Sponsorship; Marla Wong, Special Event/Marketing Chair; Stephanie Lau, Networking Events Chair; Francisco Chong, Technology Chair; Michelle Lin, Advisor; Anh Pham, Director; Merry Yen, Director; and Chinh Vo, Esq., Director; networked the room and welcomed all the guests. We invite all practitioners in the San Francisco Peninsula area to be part of our dynamic and fun AREAA chapter. We are looking for great talents who want to participate in our committees and carry out our mission. We encourage you to become our next leaders for the chapter. We promise that it will be fun! Please visit www.AREAA.org/SFPeninsula to become a member and look out for our future events. You can also email us at AREAASFPeninsula@gmail.com. Marla Wong and Anh Pham

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