a | r | e Winter 2015 by Asian Real Estate Association of America (AREAA)

CHAMPION CHANGE Carmen Chong’s Amazing Journey

From WAR TORN NICARAGUA, to YOUR NATIONAL CHAIRWOMAN

WINTER2015

Talking Tech: Apps You Should Own / In Review: National Convention / To Korea, With Love / Tina Balch’s Mira Mesa

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Learn more about working with Bank of America. Visit bankofamerica.com/neighborhoodlending today.

Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, or repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest, and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A., Member FDIC. Equal Housing Lender. ©2014 Bank of America Corporation. ARVRYNWR 07-2014 AD-07-14-0033 THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION.

In an increasingly diverse marketplace,

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

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

Certified International Property Specialist Designation (CIPS) The CIPS designation includes five full days of study focusing on international real estate transactions. By earning the designation, you become part of an elite referral network of over 2,300 professionals worldwide.

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

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

WINTER 2015 Vo l u m e 6 , I s s u e 4 ON THE COVER: CARMEN CHONG, 2015 AREAA NATIONAL CHAIR (PHOTO: RAY ALAMO)

F E AT U R E S 30

Champion of Change: Carmen Chong’s Amazing Journey From War Torn Nicaragua, to Your National Chairwoman 2015 National Chairwoman Carmen Chong has overcome a tremendous amount of adversity in her lifetime. After immigrating to Nicaragua from China as a child, a savage civil war in that country ripped apart her family and forced her to flee to the United States, where, despite discrimination and obstacles such as having to learn a third language, she established herself as a successful entrepreneur in the real estate industry.

In Review: The 2014 National Convention From discussing the economics of fish tacos with CEO Wing Lam of Wahoo’s Fish Tacos, to being mesmerized by the impossible dancing of the famed Jabbawockeez at new Chairwoman Carmen Chong’s installation, the 2014 National Convention at the ultraluxurious Bellagio Casino and Hotel in Las Vegas was truly a spectacle to behold. By Michael Kelly 22

CONTENTS 14

10 Questions with Andrew Lee

D E PA RT M E N T S 36

We caught up with the always energetic and gregarious Andrew Lee, AREAA’s Community Outreach Committee Chair, to ask what makes him tick.

Ready for Revival: Korea’s Real Estate Market Undergoing Changes After years of stagnation, the Korean government is stepping up efforts to revive the once red hot real estate market.

An extensive guide to the everchanging and expanding world or Real Estate apps. What are the latest apps every Real Estate pro needs to own? Find out here.

By Thomas Yu

Networking Corner: Time to Get Specific Having a broad network is always going to be a great way to find new business, but new social media sites are becoming more targeted than ever, and that may be the best networking innovation since the ‘mixer’. By Tom Rossiter

WINTER 2015

Letter from the Editor Looking ahead in 2015

In My Neighborhood with Tina Balch From how to spend a lazy afternoon to the best options for date night, take a tour of Mira Mesa, one of San Diego’s most ethnically diverse neighborhoods with resident and Realtor Tina Balch.

Non-Profit Spotlight For over four decades, Asian Americans for Equality (AAFE) has fought for the civil rights of Asian Americans in the US. With their latest initiative, they are once again breaking the mold of what a Non-Profit can achieve.

To Korea, With Love a | r | e caught up with Peter Park, one of the organizers of the 2014 Korean Trade Missions conducted on behalf of AREAA. From meeting with top government officials, making waves in Korean newspapers, to simply enjoying the finer things Korean life has to offer, find out more about this wildly successful trip.

By Michael Kelly

By Cynthia Fauth

Tech Talk: A Look at Coldwell Banker’s ‘AppThology’ White Paper

Commercial Update Jacki Ueng brings you up to date with the latest news from AREAA Commercial.

Around the Association From San Diego to New York, AREAA Chapters have been very busy these last few months. Read up on what’s been happening Around the Association from coast to coast.

ADVERTISERS AREAA Global + Luxury Summit www.areaa.org/summit

AREAA National Convention www.areaa.org/convention

AREAA National Policy Day www.areaa.org

Bank of America www.bankofamerica.com/neighborhoodlending

Chicagoland Foreign Investment Group, LLC (CFIG) www.chicagoeb5.com

Gina Duncan, Maui Real Estate Advisors, LLC www.FineIslandProperties.com

National Association of REALTORS® Global www.realtor.org/cipscourses

National Community Outreach Day www.areaa.org

Wells Fargo Home Mortgage www.wellsfargo.com

Cindy Wu, Keller Williams Luxury Homes International www.CindyEstates.com

CONTACT PRAVEEN SHARMA to find out about ADVERTISING OPPORTUNITIES:

psharma@areaa.org | 951-514-1053

U.S. GOVERNMENT DESIGNATED REGIONAL CENTER

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Back Cover

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Inside Front Cover, Page 11

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Chicagoland Foreign Investment Group, LLC (“CFIG”) is a U.S. government designated EB-5 Regional

Center since 2009. It is part of the United States Citizenship and Immigration Services (“USCIS”) Immigrant Investor Program, commonly referred to as the “EB-5 Regional Center Program”.CFIG combines a devotion to ethics and integrity, an expert knowledge in immigration and investments, and one-onone personal service with its foreign national clients. CFIG’s achievements include: 

Raised $100 million+ EB-5 funds for 8 Assisted Living and Memory Care Facilities in US.

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Subscribed 250+ immigrant investors and their families.

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Received successful I-526 approvals for 120+ investor families.

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100% approval rate for Chinese investors.

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Helping to create an estimated 3,000+ new, full-time jobs in the United States.

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Designation area including the entire States of Illinois, Wisconsin, Indiana, Michigan, and Minnesota

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Strategic cooperative agreement with American Enterprise Pioneers, Inc. (“AEP”) in 2012

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ASSISTED LIVING FACILITIES Page 5

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CFIG’s mission is to create interactive communities for seniors, especially Alzheimer’s patients, who are needing assisted living care services and memory care services. With building a new concept in senior living that emphasizes “living” and taking it to a new level, CFIG’s assisted living facilities provide thoughtful meals, laundry, housekeeping, transportation, social educational and cultural curricula, and a menu of health care services delivered in the privacy of each resident’s apartment. CFIG has 5 new communities under development in the Chicagoland area. In addition, AEP is currently developing 5 communities in Florida with plans to grow 20 more in the southeast region of US.

CONTACT SCOTT BERMAN to discuss EDITORIAL CONTRIBUTIONS:

sberman@areaa.org | 760-918-9162

Photos: Aurora Memory Care Rendering

WINTER 2015 Vo l u m e 6 , I s s u e 4

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

is a publication of the Asian Real Estate Association of America (AREAA), a national nonprofit trade organization dedicated to increasing sustainable homeownership in the Asian American community. For more information visit: http://areaa.org. ÂŠ2015 by the Asian Real Estate Association of America. Reproduction in whole or part without permission is prohibited. Opinions expressed by individual authors are not necessarily the opinions held by AREAA. Interested in advertising or contributing? Contact us: Praveen Sharma ADVERTISING | psharma@areaa.org Michael Kelly EDITORIAL | mkelly@areaa.org Office: Asian Real Estate Association of America 5963 La Place Court, Suite 314 Carlsbad, California 92008 760-918-9162 Phone 760-585-1397 Fax Previous issues available online at: http://areaa.org/a-r-e

For additional web-based content, please make sure to download the application.

WINTER 2015

FROM THE EDITOR

When we began this magazine, we did not wish to become just another trade organization infomachine. We wanted to give our members, and anyone who picked it up, relevant and useful information about the Asian real estate market. This year, we will be expanding upon that goal. With myriad new cultural pieces to be featured over the course of the year, a | r | e will begin to encompass the entire Asian American experience. From stories covering ethnic festivals around the world, articles on proper business etiquette when dealing with various foreign investors, to an expanded focus on food and the arts, a|r| e Magazine will have something for everyone.

First and foremost, I hope everyone had a wonderful holiday season. While 2014 was certainly one for the ages at AREAA, this year we aim even higher. We have many amazing events, missions, and goals for this year that we hope will further cement our legacy as the premiere Asian trade organization in the nation. What an incredible year 2014 was. In September, we conducted a large scale trade mission to Korea under the guidance of Charlie Suh, Ed Koo, Peter Park, Young Ahn, Aaron Yu, James Park, Clara Paik, Mike Lee. The mission was an overwhelming success, helping further establish the AREAA brand overseas as a prominent resource for overseas clients seeking to invest here in the US. You can read more about this mission later in this issue. We have overseen the creation of chapters not only here in the United States, but Canada as well, with the most recent being in the Greater Toronto area. These expansions are the lifeblood of our organization, as the more cities we expand to, the greater our network of resources becomes. We do not seek to rest on our laurels, however. What we have in store for 2015 is as exciting and ambitious as this organization has ever seen. AREAA will be hosting its very first event in the beautiful city of Chicago this April, with our annual Global and Luxury Summit to be held at the Trump International Hotel and Tower. This year’s Summit is shaping up to be one of the biggest in our organization’s history, bringing together some of the best and brightest minds in the industry to share their knowledge with our members. In May, we will once again be going to Capitol Hill to directly lobby members of Congress on the causes of the Asian American and Pacific Islander community. We are working very hard to make policy advocacy a much bigger part of what we do, as it is fundamentally important to our cause of increasing sustainable homeownership in our communities. Also in May, we will be doing something that AREAA has never before attempted. The brainchild of our new Chairwoman, Carmen Chong, we will be asking every chapter across the nation to participate in AREAA’s Build a Community Day (ABCD). Every chapter will spend the day performing some form of community service, so that we may better give back to the ones we serve. Whether helping a neighborhood clean-up a bit, or building a new playground, or just help-

ing someone fix their home, for this one day, we will give back. It is truly an inspiring initiative, and one in which I personally very much look forward to participating. We are also gearing up for another amazing trade mission, this time to Honk Kong and Macau (and possibly even Taiwan). As I said before, these missions are the lifeblood of our organization, as they help our members increase their business network and gain access to the exponentially expanding foreign investment market. These are just a few of the highlights of what is to come in 2015 for AREAA. But there are also some pretty exciting changes coming to this magazine. When we began this magazine, we did not wish to become just another trade organization info-machine. We wanted to give our members, and anyone who picked it up, relevant and useful information about the Asian real estate market. This year, we will be expanding upon that goal. With myriad new cultural pieces to be featured over the course of the year, a | r | e will begin to encompass the entire Asian American experience. From stories covering ethnic festivals around the world, articles on proper business etiquette when dealing with various foreign investors, to an expanded focus on food and the arts, a | r | e Magazine will have something for everyone. AREAA’s determination for affecting change in our communities has never been stronger. From a renewed focus on influencing policy, securing new business opportunities through our trade missions, to hosting World Class events in World Class cities, our time is now, and our mission is clear. We have the honor and privilege of representing one of the hardest working and innovative segments of the population. The more people we have united in our mission, the stronger our voice becomes. I have no doubt that when we look back on this year, it will be apparent to all that it was the most successful year we have ever had. I look forward to seeing my old friends and meeting new ones throughout the year. Thank you, and God Bless.

Ivan Choi Editor-in-Chief

AREA A BUSINESS NETWORK

CALIFORNIA

HAWAII

LOS ANGELES CONNECTION Cindy Wu, Realtor® 吴孟蓁 CalBRE #01788483 CIPS, PMN, CDPE, SFR, CHS, PSC, TRC, ePro, BPOR, QSC

CEO - The Estates Group Keller Williams Luxury Homes International 19300 Rinaldi St Ste L Porter Ranch-Northridge, CA 91326 +1-818-491-4557 Office +1-626-203-2904 Text CindyEstates@gmail.com www.CindyEstates.com | WeChat ID: CindyEstates Serving San Fernando Valley & The Greater Los Angeles Full Service For Your Real Estate Needs in United States and Globally, #1 Female Agent, KW Porter Ranch 2013

PRAVEEN SHARMA psharma@areaa.org | 951-514-1053

WINTER 2015

QUESTIONS for

ANDREW LEE

HUSBAND | FATHER | BROKER for AFFINITI REAL ESTATE

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How would you describe yourself? Easy-going, compassionate, and fun-loving!

Who or what has served as your greatest inspiration? My former boss at Fidelity Financial in San Francisco, Ernie Smith. He showed me how to motivate people and staff through encouragement and making everyone feel special. He was truly one of a kind.

What was a life experience that helped shaped you into the person you are today? I would have to say growing up in a church environment during high school. It helped me gain an understanding of the importance of serving others. Do unto others as you would have them do unto you.

What is your greatest achievement, professionally or otherwise? Being a good parent, and a good husband.

What is something no one is talking about, but should be? How hedge funds are taking over most of the real estate industry. Because banks and Government Sponsored Entities are so heavily regulated, instead of foreclosing they would rather just sell their assets to less regulated hedge funds.

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Recommend a book everyone should read. I just finished Heaven Is For Real, it really helps you understand the true meaning of life. Also, It’s Your Ship, which is a great book on leadership and taking responsibility for your actions.

Tell us something that no one would ever guess about you? When I came to America, I didn’t speak any English. I learned by watching my two favorite television shows: Soul Train and the Three Stooges.

Given all of the experience and knowledge you have gained throughout your career, what is some advice you would like to go back and give to college student Andrew Lee? Network. Network. Network. Join clubs, be versatile. Get off your butt and go to those mixers, go to those meet ups. They are invaluable.

Favorites time. List your fav orite: Band, Movie, Sports team.

>> Earth, Wind and Fire, Usher, Bruno Mars, or any kind of soul or R&B. >> Anything with Tom Hanks. >> Love my Sacramento Kings.

If you could travel anywhere in the world, where would you go and why? Israel, because of its historical and biblical significance.

WINTER 2015

COUNTRY PROFILE

KOREA BY CYNTHIA FAUTH

READY FOR REVIVAL:

KOREA’S REAL ESTATE MARKET UNDERGOING CHANGES

orea’s real estate market has been rather stagnant in recent years, due in part to some cooling measures that were established back in 2006. Now, the government is keeping its promise to loosen regulations in an effort to revive the sluggish real estate market.

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Inside Korea’s property market Rising home prices, increased demand, and impending policy changes are all positive factors contributing to Korea’s recovery efforts. Government-imposed controls on housing loans and increases in capital gains taxes were implemented in 2006 to cool the pricing boom taking place in Korea. As time went on, however, Asia’s fourth-largest economy found itself in a mini-slump, with steady housing declines in both 2009 and 2013, causing the government to re-evaluate the restrictions. Now, Finance Minister Choi Kyung Hwan and President Park Geun-hye are both committed to easing these limitations in an effort to revive the stagnant property market. In August, the government increased the loan limit for homebuyers to 70 percent of a property’s value from as low as 50 percent. Borrowers can use up to 60% of their income for mortgage payments (up from 50 percent for homes in Seoul). “I will drastically boost the property market and loosen up unnecessary regulations so that the economy can be revitalized,” President Park Geun-hye recently assured. “Many measures adopted to prevent property market overheating turned out to be obstacles after the market went down. These need to be loosened up a bit,” she added. Since then, mortgage loan applications have been on the rise. According to Standard Chartered Plc’s Korean unit, as reported in a recent Bloomberg article, applications received almost tripled from July to August. The reason? The easing of the loan-to-value and debt-to-income limits as well as a cut in interest rates.

A tale of two special economic districts: Incheon and Gangnam There are relatively few restrictions for foreigners to purchase property in Korea. In fact, some areas are free enterprise zones, which incentivize foreign investors. An example of a potentially attractive investment destination is the city of Incheon, which borders Seoul and Gyeonggi, and is home to 2.9 million people. Since opening its port to the outside world, the city was designated in 2003 as Korea’s first free economic zone and has since welcomed large local companies as investors, including Samsung. In 2007, Incheon declared itself an “English City,” with the goal of becoming an English-speaking city (similar to Hong Kong and Singapore), and ultimately establishing itself as a commercial and business hub of Northeast Asia. The city is currently putting resources toward developing a high-tech, modern experience with condos, shopping, and entertainment complexes to compare with other large-scale Asian cities. Another example is the Gangnam District of Seoul, which is undergoing similar developments. Already known as one of the most affluent areas in Korea, Gangnam District is often compared to Beverly Hills. The average home price in the Gangnam area is almost twice as high as the rest of Seoul (already known for high home prices). Efforts are currently underway to expand Gangnam as a business center, bringing in large companies such as Hyundai, GS Group, KEPCO (Korea Electric Power Corporation), and more. Major

©Depositphotos.com/Sepavone

Seoul, South Korea cityscape at the Gangnam District as viewed from Bongeunsa Temple

entertainment complexes are already in place, with more on the way. Peter Park, CCIM, CPM, President/Broker of Prime Properties in Los Angeles, California, suggests taking the time to research and make wise, educated decisions. “If you have a U.S. buyer looking to pur-

chase property in Korea, it will take some time and research to identify which area, find the right property, and locate an agent who can help facilitate,” states Park. The commercial market could be more promising in growth areas such as Gangnam or Incheon, but depending on the size of the

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increase, property values could depreciate. “As a whole, property values will likely remain steady or even depreciate on the residential side, and on the commercial side I would wait until later in 2015 to see how the interest rate develops,” he advised.

Koreans buying in the U.S. Unlike Chinese buyers, Koreans aren’t purchasing mega mansions, which is why you might not see the prolific media coverage, but don’t overlook their buying power in the United States. According to data from Realtor.com® International, South Korea ranked in the top 20 countries searching the site for U.S. properties in September 2014. Topping their search destinations are Los Angeles, New York, Irvine (CA), Houston, and Honolulu. “In Southern California, I see a lot of Koreans purchasing residences for their children attending school in the United States,” says Park. “Condos are most popular because

Source: Realtor.com® International WINTER 2015

U.S. and Korea Property Markets: Building a Bridge

that is what they are used to in Korea. They are used to that environment and are comfortable when they find that in L.A.” In the school year 2013-2014, over 68,000 Korean students came to the United States One factor preventing Korean real estate to attend college, according to the Institute from hitting its prime is lack of transparenof International Education’s Open Doors recy. Properties are not thoroughly marketed, port. This makes South Korea the third leadand foreign buyers are hesitant to purchase ing place of origin for students coming to the there because they just don’t have knowlUnited States, comprising 7.7% of the total inedge of the markets in Korea. The reverse is ternational student population. also true – Korean investment in the United Korean commercial investments are not States is not at a peak due to unfamiliarity producing the returns on investment that can with smaller but potentially more profitbe found in other countries, pushing investors able U.S. markets. There are differences in to seek higher yields elsewhere. The United property availability (lack of MLS in Korea), States has been a safe investment destiagent compensation rates, and even nation for them in the past, and the role of individual agents with attractive metropolis different between the itan areas and higher countries. yields, they continue To that end, efIn Southern California, to invest here. forts are underI see a lot of Koreans “Some Korean way to build purchasing residences for investors who a bridge betheir children attending purchased tween Amerschool in the United during the ican and U.S. economKorean real States. Condos are most ic boom got estate propopular because that is burned when fessionals. what they are used to in the market Park is parKorea. They are used to here crashed,” ticipating in that environment and are Park notes. an AREAA led comfortable when they “Now they are trade mission beginning to reto South Korea in find that in L.A. alize that was just September, where – Peter Park bad timing and I am the 30-person delereceiving many inquiries gation was able to meet from Korean investors. They with high level representahave plenty of capital to invest, and tives from the Korean Association are looking at properties from $100 million to of REALTORS®, academic leaders, and pi$500 million.” oneers of real estate in Korea. “This shows The first preference of major institutional they are eager to connect and understand a investors tends to be A-class office buildings U.S.-Korea relationship,” Park said. because of easy management, followed by hoAs mentioned at the top of the article, tels and shopping malls. They tend to focus on one of the most important aspects to doing major metropolitan markets like San Francisbusiness in or with Korea is establishing co, Los Angeles, Chicago, and New York. connections and building friendships. “In “They have become more comfortable with the United States, you become friends as the U.S. in the last 5-7 years,” Park added. you conduct business. In Korea, you need to “They have come around more slowly than build a friendship before you conduct busithe Chinese, but I expect that to pick up in the ness. That relationship is of tremendous next few years.” value,” Park advises.

WINTER 2015

RESOURCES TO BUILD CONNECTIONS WITH KOREAN REAL ESTATE PROFESSIONALS CITYSCAPE KOREA An international real estate conference, taking place 12-14 June 2015 in Incheon. The event will bring investors, developers, architects, and government leaders/urban planners together to bring transparency and encourage collaboration with Korean professionals. If you are interested in attending, visit the event website at www.cityscapekorea.com. KOREAN ASSOCIATION of REALTORS KAR is the official cooperating association of NAR in Korea, which means the two organizations have signed a bilateral agreement and members of KAR abide by a similar code of ethics. www.kar.or.kr NAR’S PRESIDENT’S LIAISON AREAA member Tim Hur, CIPS, was appointed by NAR President Chris Polychron to serve as his liaison to Korea. tim.hur@gmail.com CERTIFIED INTERNATIONAL PROPERTY SPECIALIST (CIPS) DESIGNATION The CIPS designation is a great first step in building your international business. The five days of classes provide a solid education foundation, and the network of over 2,500 international professionals refers business to each other first. www.realtor.org/global

The 13th World Korean Business Convention

TO KOREA, with

LOVE BY PETER PARK

Trade missions are one of the most important functions of AREAA. These missions expand our brand recognition, increase our credibility, and most importantly, provide our members with an international network that otherwise might have been unattainable. Recently, several members of AREAA completed a sojourn to Korea to establish trade relations with government officials and real estate professionals. We caught up with one of the organizers of this trip, Peter Park of the Greater Los Angeles AREAA Chapter, to discuss how the trip came about, what they accomplished while there, and plans for the future.

Why did the committee choose to go to Korea? The Korean Trade Mission (KTM 2014) was initiated out of necessity, to meet and facilitate the growing demand of Korean investment funds into U.S. and vice-versa. Money will always flow into wherever there is a higher yield, and U.S. offers so many opportunities to foreign investments, especially to Korean institutional and high net-worth investors. Interestingly enough, the very first AREAA International Trade Mission was to Korea, and then to China in 2012. It was led by then the 20

WINTER 2015

chairperson, Kathy Tsao, and attended by 16 other delegate members, none of whom spoke Korean. This time, we had 30 delegate members, many of them fluent Korean speakers.

What was the stated purpose of the trip? KTM 2014 was to understand the needs of our Korean colleagues and to build a long lasting relationship that we could leverage in the future. In the process we promoted the AREAA brand, and ultimately built a bridge of "Real Estate Trade" between the U.S. and Korea. The first thing we had to do was build trust through personal friendships and then make the official connections.

Whom did you meet while there? It was a 5 night, 6 day trip; and it was packed with activities. So much to accomplish and so little time... We were up and running at full speed from the moment we arrived at Incheon International Airport. Just to share the highlights, we met with Congress/Senators of Korea at the Korean National Assembly, held a presentation with city of Gangnam, connected with the President and other top leaders of Korean Association of Realtors, Korean Appraisal Association, KOREIT, 20 plus real estate organizations, over 40 top Korean real estate companies, and myriad professors, attorneys and fund managers. Overall, we met more than 500 of Koreaâ&#x20AC;&#x2122;s top real estate related professionals. With all that "busi-ness", we were still able to taste some of the finest Korean cuisines, visit a "Korean folk village" and attend the annual worldwide Korean business conference, â&#x20AC;&#x153;Hansang", in the International city of Busan.

Taking a walk on the trendy streets of Gangnam city

Attending “Hansang” – worldwide Korean business conference in International city of Busan Charlie Suh presenting the newly signed MOU

The delegates in front of KAPA, the Korean Association of Property Appraisers

What sorts of business was discussed? We held various group meetings and seminars. We discussed foreign investment opportunities in the “Free economic zone” in the city of Incheon, multi-billion dollar projects in the city of Gangnam, the need to learn more about each other through shared education systems, and the logistics of inbound and outbound investments, among other topics. One interesting fact that stayed in my mind was that in Korea, to be an appraiser it takes in average 6 years of full time studying and pass the national test. It’s like getting a PH.D. in the U.S.! Korea and the U.S. have very different real estate systems and procedures. We were able to exchange a lot of information with each other and being able to answer their questions face to face was a very fulfilling experience. We were all very excited and grateful to see so much enthusiasm and the eagerness from our Korean colleagues to better get to know us.

Would you consider this trip a “success”? I believe KTM 2014 was a tremendous success for both AREAA and our Korean colleagues. We signed a MOU (Memorandum of Understanding) with 5 Korean National Real Estate related Associations, held joint seminars with industry professionals, met with many top Korean real estate related government officials who were very excited about meeting with AREAA and promised more collaborative efforts, several Korean newspapers wrote articles about our visit and many internet news sites and blogs talked about our events and about AREAA in general. The highlight of the KTM was an event we hosted, the AREAA-Korea Conference at the beautiful Walkerhill Hotel overlooking the Han River. We had over 200 real estate professionals

come to learn about U.S. real estate opportunities, processes, and to network. The biggest success was that our delegate members had great food, lots of fun and made a lot of great new friends.

Are there plans in the works to return in the future? Even before we left Korea, KTM delegate members were already shouting "KTM 2015"! Why? Because it was so much fun and very fruitful. We cannot have, "out of sight, out of mind" apply to us. KTM plans to go back around the same time in 2015 to continue to build the relationships we forged in 2014. Any and all members of AREAA who are interested in attending should contact myself, or the National Office who can put you in touch with the correct people. Before we finish, I would be remiss if I did not give a special thanks to our KTM Committee members who worked so passionately to make this trip a huge success and to our sponsors who helped KTM so generously: LENNAR International, H.C. Park & Associates, Blank Rome, LLP, United Escrow, and Law Office of Sonja B. Selami, P.C.. Every one of you was vital to the success of this mission, and you have my sincerest gratitude for helping to make it happen. PETER PARK is one of the Top Realtors in Los Angeles, CA, with more than 27 years of experience in Luxury Homes, International Investments, Commercial Real Estate and Property Management, and holds several professional designations including C.C.I.M and C.P.M. He also has extensive experience in the resolution of troubled assets. WINTER 2015

IN REVIEW

THE 2014 AREAA NATIONAL CONVENTION BY MICHAEL KELLY / PHOTOS BY RAY ALAMO

he Asian Real Estate Association of America hosted its largest annual event, the 2014 National Convention, at the Bellagio resort and casino in Las Vegas on September 4-7th. The event converged around the theme Reaching New Heights, which focused on empowering the over 1,200 real estate agents, brokers, and mortgage professionals to elevate their personal and professional business practices. “For over a decade now, AREAA has been providing comprehensive events that offer growth opportunities and knowledge for our membership base”, remarks 2014 National Convention Co-Chair Dionne Cuello “ However, I think this year’s National Convention really took this idea to the next level with the sheer amount of value that each session, workshop, and networking event contained.”

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One such session was the event’s Keynote Luncheon, which featured a special presentation from award-winning journalist, author, and entrepreneur Jennifer 8. Lee. With her experience in writing and producing such works as The Fortune Cookie Chronicles and The Search for General Tso, Lee offered attendees insight on the origin of Chinese-American cuisine and how it led to the creation of an amalgamation of East Asian traditions into larger American society. She then went on to discuss her role as a co-founder of the mobile reading service Rooster and the importance of being an Asian American entrepreneur in today’s economic climate. During the convention, Lee was accompanied by other Asian American and Pacific Islanders (AAPI) who have made profound

impacts in today’s corporate world. One such individual was Wing Lam, the co-founder of the Southern California fast-food chain Wahoo’s Tacos. With over 37 years of experience in the restaurant industry, Lam addressed attendees about the importance of elevating those around you in your professional and personal lives in order to elevate yourself. AREAA’s Immediate Past Chair Ivan Choi remarked, “I think his message resonated with a lot of our Convention-goers. Wing really brought home the idea that success is often found in both a team setting as well as an individual one.” In addition to stressing a teambased approach to professional growth, Lam also highlighted the need to adapt to a number of diverse situations. He underlined this by bringing up his own unique upbringing as an Asian American in Southern California.

OPPOSITE TOP LEFT: Bill Imada speaks at the general session OPPOSITE TOP RIGHT: Jabbawockeez dance at Carmen Chong's Installation Gala TOP: Fred Underwood, Carmen Chong and Ivan Choi ABOVE: I Fei Chang, CEO & President, Greenland US Holding Companies TOP RIGHT: Keynote speaker Wing Lam, co-founder of Wahoo’s Fish Taco

While attending college at San Diego State University, Lam minored in Spanish, noting that it allowed him opportunities he would of not have been able to pursue otherwise. For 2014 National vice Chair Carmen Chong, this message had a special importance. “Being an Asian American raised in Nicaragua, I can relate to a lot of what [Lam] had to say about the subject”, remarked Chong. “I think it brought the multi-cultural composition of our organization to the forefront and really showed how diverse our organization truly is.” In addition to the multicultural aspect of the event, the 2014 National Convention was also significant for Carmen Chong because of her installation as 2015 National Chair of the organization. Chong’s predecessor Ivan Choi stated, “I think Carmen is exactly what this

organization needs right now. With our continued growth and emerging commitment to luxury and international real estate markets, I can’t think of a better leader for AREAA’s promising future.” Vicky Silvano, a long-time member of AREAA’s active Greater Chicago chapter, was also called to be AREAA’s 2015 Vice Chairwoman. “ I’m excited to lead this organization with Vicky because I know that she will bring the passion and dedication that she has always had to the position”, remarked Chong, “ I think our personal strengths and talents will go together very well in order to take the organization to the next level”. In addition to the Chong and Silvano, AREAA welcomed leaders such as Aaron Yu, Angie Lee, Andrew Lee, Tom Truong, Tina Mak, Michelle Lin, and Tim Hur to its Executive Board. WINTER 2015

Because the 2014 National Convention was held in one of the most active high-end markets in the United States, luxury real estate was one of the primary focuses during the event. The convention hosted a number of events that highlighted what the city has to offer in terms of luxury real estate properties. One such event that helped kick off the Convention was a special Chairman’s Reception that was held at the exclusive Paisa at the Venetian Hotel. During this event, guests were given special access to tour a number of the hotel’s luxury penthouses. From the top story of this hotel, attendees were able to network and enjoy a sweeping view of the Las Vegas skyline. During the Convention, the organization also recognized the accomplishments of the members of the latest installment of AREAA’s 24

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A-List, which is an exclusive list that recognizes the organization’s top producers in both total real estate sales volume as well as real estate transactions. Randy Char, who was the 2014 National Convention Chair and top A-Lister in the category of real estate sales volume, explains, “There could not have been a better event to honor AREAA’s best and brightest in real estate. The A-List reception really reiterated the organization’s commitment to the luxury side of real estate.” Additionally, AREAA hosted a reception in which it honored its numerous chapters and exceptional members at a special hangar specifically converted to a networking area. At this reception, guests were able to form professional and personal connections while browsing high-end vehicles and touring a private jet.

As attendees began to leave the Bellagio resort after an action-packed Sunday, they could not help but feel that they were a part of a very unique event. “When taking the networking events, educational seminars, and breakout sessions into account, I feel like guests were really given the opportunity to grow”, explains AREAA Founding Member John Wong, “I walked away with a continued appreciation of my fellow AREAA members and their commitment to provide events like these that really help out our membership as a whole.” At the end of the three-day event, the over 1,200 attendees returned to their professional lives with a nuanced understanding of how to build upon their personal businesses and how to break into the emerging luxury and inter national markets.

THE 2014 AREAA NATIONAL CONVENTION

1. Keynote speaker, author Jennifer 8. Lee 2. Recently installed 2015 AREAA National Chairwoman Carmen Chong 3. Jim Park, Dottie Sheppick, Glenda Gabriel, Caroline Gim and Ivan Choi 4. theEDGE members and advisor Sherry Chris (3rd from left) enjoy a late-night event at Chayo 5. AREAA Person of the Year Alex Perriello, President and CEO at Realogy 6. AREAA San Francisco Peninsula entertains the crowd at AREAA's Got Talent 7. Rodney Hood and Vicky Silvano 8. Doris Canty-Brown and Carmen Luna WINTER 2015

ANNUAL FASHION SHOW WINTER 2015

THE 2014 AREAA NATIONAL CONVENTION

1. Tina Balch and Marvin Athey 2. Angie Lee and Ivan Choi 3. Jenny Cui 4. Joseph Gutierrez representing Fashion Show sponsor Union Bank 5. Trang Dang-Le 6. Kathy Tsao and Kashyap Trivedi 7. Chika Kawahara and Peter Kasama 8. Betty Sun Wong 9. Fashion Show co-host Cathy Vo 10. Nancy Suvarnamani and Pucksi Suvarnamani 11. Carmen Chong is welcomed on stage by her daughters WINTER 2015

FACES in the CROWD

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THE 2014 AREAA NATIONAL CONVENTION

1. Convention Co-Chair Dionne Cuello 2. Tim Hur 3. Juanita Leung and Olivia Chiu 4.Cheryl Travis-Johnson 5. Bill Hunt and Louis Gonzalez 6. Ian MacLeod 7. GieFaan Kim and Caron Ling 8. Convention Co-Chair Randy Char 9. Phillip Greenberg and Vandana Chima-Bhalla 10. Angie Lee 11. Peter Park 12. Wali Molina and Yvonne Batterton WINTER 2015

CHAMPION CHANGE Meet Your 2015 Chairwoman

CARMEN CHONG

You had a very interesting experience immigrating to the US, would you mind sharing a bit about that with us?

morning, my siblings and I would go to school, and in the afternoon we would help out with anything we could. It was a nice time, but we were deprived of much play time. In 1978, the people of Nicaragua were unhappy and slowly the civil war began. It was too dangerous to be in the city, and we had curfews, so we moved to the outskirts of the city and stayed with a family friend. One night in June of 1979, my father decided that my mom and all the kids were going to leave the country with another family, as it was simply becoming too dangerous to stay. Just a few hours before we were to leave, my mom decided to stay behind with my dad and my three younger siblings. She did not want to leave

I was born in Bluefields, Nicaragua. My great grandfather emigrated from Canton, China. He owned an import and export business and would travel back and forth frequently for business. My father returned to China for a while, where he met and married my mother. Though my mother never learned to speak Spanish fully, she learned what was necessary for when she negotiated prices with the vendors. By age seven, I started working for my parents. I began as a cashier at one of the family restaurants, so my uncle my dad and my grandmother behind, but they knew that my older could take his afternoon siestas. From cashier, I moved to helping brother, who was 18, and I, 16 at the time, had to leave. At these in the kitchen, making rice, cleaning chicken for roasting, opening oysters for ceviche, washing dishes, and waitressing (which I enjoyed a lot as I was receiving tips and meeting new people). The life of my parents has been very difficult for as long as I can remember. I remember them always working, but not for anyone but for themselves. They instilled in me the entrepreneurial spirit that I pride myself with to this day. They owned an â&#x20AC;&#x153;abarroteâ&#x20AC;? (a grocery store), a retail shop, and a restaurant. The first major setback my parents faced was an earthquake in 1972, which resulted in our family losing almost everything we owned. We then moved from Managua, which is the capital of Nicaragua, to Leon, about 90 kilometers away. My parents opened a new restaurant and began to rebuild their life again; not knowing that just a few years later, the restaurant and all our belongings would be lost once again in a huge fire that burned through half the block, destroying many family businesses, including the restaurant that my parents Chong's maternal grandfather (seated, middle) Photo courtesy of the Chong Family had rebuilt. That did not stop my parents, as they opened another restaurant just six months later. ages, we ran with the risk of being taken away to fight in the war. It In the meantime, we stayed with a friend of the family, and as a took almost a month for us to arrive to the US. token of appreciation, I helped this family at their retail store. I was When we left the country, our plane was the last one out. I often exposed at a very young age in dealing, negotiating and knowing think about what could have happened if I had stayed behind. We the value of money. Things began to stabilize for my family. In the flew to El Salvador to apply for visas to enter the US, but

Ray Alamo

Imagine being a teenager, having no idea when or if you would ever see your family again.

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Ray Alamo Zar Zanganeh, Chong and Ivan Choi at the 2014 AREAA National Convention

were denied. We drove to the US Embassy in Guatemala, where we thankfully got the visas to enter the US. I only have two images in my mind when I think back to then: saying goodbye to my Grandma, telling myself that I will see her soon which did not happen; and looking out the plane window thinking about my family that was left behind, and about who and what I would become. I was confused and afraid about coming to the US with nothing but a few items of clothing. My older brother and I only had letters to give to two family friends whom my parents had written prior to our arrival, requesting them to take us in. Imagine being a teenager, having no idea when or if you would ever see your family again. We were scared. One family made excuses about why they could not take us in; the other family, Carolina and Sam, accepted us and gave us shelter. She was my guardian angel, and her daughter Diana was and still is my best friend. She never made me feel less than a part of the family, but I knew that I had to do my part and help out around the house. I attended Washington High School in San Francisco and was shocked to see so many Asians in one place! I saw Chinese who were called “ABCs” (American Born Chinese), and Vietnamese called “FOBs” (Fresh Off the Boat). There were also Koreans, Japanese, African Americans and Hispanics. I did not feel like I belonged with any of these cultures. I spoke fluent Spanish, but I looked Chinese, so I did not belong with the Hispanic group. I did not speak English well, so I did not belong to the ABC group. So I found my group friends who were immigrants like me. At that time many Vietnamese people immigrated to the US, so I made friends with them. The rest is history; I had lots of friends with different cultural backgrounds. I finished high school and got my Bachelor’s degree at San Francisco State University. I chose a career that would give me a job right away, and that was Business Administration with a concentration in Accounting.

When I came to the US, I was given shelter and I felt safe. I saw that it was really important to own your home; it gives you a sense of stability and security. 32

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How have those experiences shaped you into the person you are today? I had to face many challenges while growing up. Being alone without my parents and younger siblings made me strong and independent. My parents never gave up after facing so much adversity, so I felt I had to follow in their footsteps. I had to prove to them that I could overcome any obstacle in front of me, and most importantly, never give up. When I came to the US, I was given shelter and I felt safe. I saw that it was really important to own your home; it gives you a sense of stability and security. I was received with open arms into my guardian’s home, which helped shaped me into who I am today, and for that I am eternally grateful. So now I want to reciprocate that generosity and give back to those who are seeking a shelter. I want to get back to my roots. My guardian opened her doors for me, and now I want to do the same with those who are immigrating to the US; whether it’s for school or for better life opportunities. What better way than expand this experience into the Real Estate and the Lending business.

You just attended an AREAA Trade Mission to Korea. What is the purpose of these trips, how do they benefit members, and where is the next destination? Trade missions are the safest and fastest way to build relationships and potential business opportunities. We meet with government officials and their association of realtors in the countries we visit. They are very open and share everything, as we are a non-profit organization, and we have successfully increased our brand recognition and reputation abroad for over four years now. A common aspect of these missions is that both cultures are very eager to learn from each other. Japan wants to better their way of doing real estate and adopt the same code of ethics we use here in the US. As for Korea, they want to know how the can reach potential investors to come to Korea to invest and vice versa. For both countries, transparency in real estate is of utmost importance. They have found in AREAA a partner to make this happen sooner rather than later. When you go as a group you are much more powerful. That is why our trade missions have been so very successful. We have signed MOUs (Memorandums of Understanding) with both countries. Hong Kong and Macau are our next destinations, and we will be going there from March 9-16, 2015. All members of AREAA are invited and encouraged to participate in these trade missions. They are so much fun. We discuss our real estate goals with government leaders and local real estate professionals, and get the opportunity to experience the culture of these beautiful countries and cities. It’s a win-win situation. The group that I just went to Korea with is looking to continue to build on the relationships developed there and would like to travel back once every year. The Korean real estate leaders want to have AREAA members teach them about US real estate, in much the

same way we want to learn from them about Korean real estate. I personally would like to see us do a future trade mission to Central America, as we actually have a large amount of members who are Latinos and Chinos.

How do you plan on attracting new talent and leadership to AREAA? Being a founding chapter president gives me an upper-hand on what it takes to bring in new talent. I unBen Droz derstand the good and the bad, and the challenges that a chapter goes through as it develops and tries to grow. We are already attracting and retaining top talent to be part of the AREAA Family. The caliber of our members, sponsors, and affiliates is sky high. Of course we are always looking for new ways to increase membership, and improve our benefits so that people will see our organization as one that will help increase their business, and enrich their lives. I have always believed the best way to attract people to our cause is to be personal and to invite them to our conventions. Once they see what we are all about, they are hooked for life. We have some of the best and brightest young professionals leading some of our committees now. People like Angie Lee, Justin Kim, GieFan Kim, Randy Char and Michele Lin to name just a few, are really going to be the future of this organization. And if our future is in the hands of people like them, combined with our young at heart leadership, we are in very, very good shape. I could not be more excited about the future leaders of AREAA.

Do you have any new goals or initiatives you can share with us? Community outreach is very important to me. Giving back to our community is one of my personal motivations, and I feel it needs to be a larger part of what we do. So we created a new Community Outreach Committee, to which I named Andrew Lee and Tom Truong as Co-Chairs. Andrew and Tom are two amazing people with amazing hearts. I know that under their leadership, we are going to make a big difference in the lives of so many people. Our first step in this direction was taken when we announced our new community outreach day of service: AREAAâ&#x20AC;&#x2122;s Build a Community Day. On May 23, 2015, we are asking each of our chapters to spend

the day in some form of community service; be it restoring or rebuilding distressed homes, fixing up neighborhood parks, or whatever cause each chapter deems the most worthy use of its time. We hope to use our resources as a national organization to strengthen and empower our communities, and to help make the world a better place, even if it is just helping someone fix up their home. To that person, it makes a big difference. And I know personally how much just having a safe place to call home can mean to someone. Courtesy of AREAA Greater East Bay

Cindy Wu, Angie Lee and Chong advocating for AAPI homeowners in Washington, DC

Vinny MaNguyen, David Tran, Chong and Nick Pham joining fellow AREAA members in the Bay Area, doing community service for homeowners in need

Thank you for taking part in this interview and being so open with us today. Are there any final thoughts you would like to leave us with? Absolutely. I would like to express my gratitude and excitement about being named the National Chairwoman for 2015. It is truly humbling and a great honor. Along with our 2015 Executive and Committee Chairs and Vice-Chair, we will elevate even more our commitment to our chapters, members, and most importantly our Asian American and Pacific Islander community. I want to reaffirm our goals and values as the only national organization committed to increasing sustainable and affordable homeownership in the Asian American and Pacific Islander community. I am incredibly optimistic about the coming year. From our Community Outreach Day, our new focus on policy influence, exciting trade missions, and our very first major event in the wonderful city of Chicago, 2015 is shaping up to be one of the best years in our history. I would like to personally invite and encourage all of our members to renew their memberships, spread the word about our cause, get involved with our Policy Day in May, register for our Global and Luxury Summit in Chicago and our National Convention in San Francisco, and last but not least participate in our Community Outreach Day. I am ready. Our leadership is ready. Are you ready? Join us in taking this amazing organization to the next level. 2015 Here We Come! WINTER 2015

IN MY NEIGHBORHOOD with

TINA BALCH

ina Balch has been a Realtor in San Diego for over 13 years. She now specializes in the suburb of Mira Mesa, centrally located in the heart of San Diego. Mira Mesa is widely known for its cultural heritage, vibrant main street, and vast selection of ethnic Asian restaurants.

WHAT ATTRACTED YOU TO THIS PART OF TOWN?

ANY GOOD SHOPPING AREAS OR STORES?

Mira Mesa is one of the most vibrant towns in San Diego because, in recent years, it has become a melting pot of different cultures. Although not officially called an “Asian Town,” I feel like that is what Mira Mesa has to offer -- from Asian grocery stores to restaurants popping up every quarter; let’s just say I love Mira Mesa because “I feel at home”.

A great thing about Mira Mesa is the accessibility to shopping. We have everyday stores like Target, Kohls, Marshalls and Ross; on the other hand, if you want a full mall experience, the UTC Westfield Mall, which has been fully renovated (some still in in construction), is only a few miles away.

ABOVE: Near Miramar Air Force Base, it is not uncommon to see these guys flying around on practice runs or at the annual airshow. LEFT: Mira Mesa is centrally located in San Diego, just minutes away from many attractions such as the PGA rated Torrey Pines Golf Course.

Its convenient location is probably one of the best features Mira Mesa has to offer. It is located between two major freeways that can take you anywhere in San Diego County. And, without paying the high priced value of homes in La Jolla, CA, you can still enjoy what this beach community has to offer in just about 15 minutes. It is also complemented by the accessibility to most things you need – groceries, dining, entertainment, schools and a lot more all available in the heart of Mira Mesa! 34

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WHAT’S THE NUMBER ONE SELLING POINT RESIDENTS AND NEW BUYERS RAVE ABOUT?

CAN YOU SHARE ONE OF THE NEIGHBORHOOD’S BEST KEPT SECRETS? If you’re not a resident, you would miss some hidden gems in Mira Mesa. When my kids were younger, they loved ice skating; Mira Mesa has a full size skating rink that has been serving the community for over 30 years, secluded right in the middle of the residential area! The San Diego Ice Arena is one of the largest ice skating rinks as well as one of the largest recreational skating schools in the country! They not only offer regular skating class but also figure skating, hockey games and of course, one of a kind birthday experiences!

WHAT TYPES OF ACTIVITIES/EVENTS DOES YOUR NEIGHBORHOOD OFFER?

WHAT IS YOUR FAVORITE WAY TO SPEND AN AFTERNOON WITH FRIENDS OR FAMILY HERE?

This is probably one of my favorite things about Mira Mesa - the diverse activities available to its residents in its 3-5 mile radius. You can enjoy bowling, ice skating, indoor car racing, gigantic inflatables or fun with your kids. Hiking trails are also found nearby in places like Los Penasquitos Canyon Preserve, a natural preserve you would not expect in the middle of a busy town blessed with its scenic view, rock formations and some waterfalls to enjoy. We also have many community events to enjoy like street fairs in September, 4th of July parade, farmer’s market every week, Monster Manor “haunted house” every Halloween and a lot more Asian themed festivities throughout the year!

I’m really easy to please! Getting a foot massage has gained popularity in San Diego, particularly in the Asian community, so Mira Mesa caught up with the frenzy and has opened numerous foot massage parlors over the last few years! Because our work can sometimes be physically demanding, I love to start my afternoon with an hour foot massage (by the way, $20 is the average price for 1 hour foot massage, can’t beat that deal!), then end up either at a good Chinese restaurant or having a sip of tea at Tea Station!

WHAT'S THE BEST PLACE TO TAKE SOMEONE FOR DATE NIGHT? I would go off the beaten path and say the Sky High Sports Dodge Ball night. You can really get to know a person well in random places like these.

BEST PLACE TO HAVE A BEER/COCKTAIL? Callahan Pub & Brewery has been a Mira Mesa icon since the 1980s, crediting their success to their loyal customers! With its homey atmosphere, friendly staff, great food and fresh beer, Callahan has been one of the Mira Mesa’s favorite spots for a very long time!

RIGHT: The annual Mira Mesa Festival of Beers attracts thousands of thirsty attendees each year, and features San Diego’s world class selection of craft beers. © doublewanger.com

WHAT IS YOUR FAVORITE RESTAURANT IN THE NEIGHBORHOOD? TELL US A LITTLE ABOUT IT.

DO YOU VOLUNTEER WITH ANY LOCAL ORGANIZATIONS OR CAUSES?

I wear two hats, not only am I Realtor, but my husband and I also own a sushi restaurant here in Mira Mesa which we opened in 2006…I guess that should be my main reason to love Mira Mesa because we love doing business in this town! I would be biased to say I love “Happy Sushi” in Mira Mesa but it is my favorite restaurant because we offer the freshest sushi, Hawaiian food and I get to enjoy anything off the menu! If I were to pick something else though, it would be Korean BBQ and lately we just opened three new Korean places including Manna BBQ, a great BBQ chain in California.

My passion has always been towards the Asian-American communities, particularly Filipino, and I volunteer with GK (Gawad Kalinga). GK’s platform is to rebuild the Philippines by eradicating poverty. Being born in the Philippines, it’s important not to forget our roots and give back to our native country. Almost every year I go back home to immerse myself in GK’s activities and villages because not only does it feel good to help, but it’s a constant reminder that I need to do more. I’ve had the opportunity to come to the US and live a better life! I can make a difference. I love the holistic approach of GK; not only do we build homes for the homeless, but we also provide education, livelihood, value formation seminar, feeding program and a lot more to help eradicate poverty! My ultimate goal is to be able to raise enough funds to build a village of 20 homes in the Haiyan affected area. I’ve started a fund by putting together a couple of events and constantly soliciting contributions from lenders and escrow companies that I have the privilege of working with. My plan is to match those funds and someday meet all those families blessed with a new home. WINTER 2015

REAL ESTATE AGENTS

Coldwell Banker’s ‘App-Thology’ White Paper BY MICHAEL KELLY

In In today’s today’s real real estate estate market, market, calls calls to to adapt adapt to to the the digital digital age age are are nothing nothing new. new.

ways. In this publication, Krishnu-Kamar guides real estate professionals through such tools.

Ever since the dawn of the smart phones in the late parts of the last decade, there have been numerous slogans to “enter the digital age”. Despite this groundswell of advice to move in that direction, a large number of real estate professionals have remained hesitant in embracing the seemingly constant change in technology. With the average age of Realtors in 2013 around 53 years of age, it is plausible that many real estate professionals feel intimidated by these emerging technologies. In order to combat this, the residential brokerage firm Coldwell Banker published a white paper that acts as a guide to the everexpanding universe of online apps. “Our goal in publishing this paper was to help real estate agents across the country understand what’s out there in terms of the latest apps”, explains David Siroty, the Vice President of Communications for Coldwell Banker, “The challenge was to find the apps that real estate professionals would use the most and have them explained so that the majority of our agents can be equipped with the knowledge of utilizing technology to the best of their ability.”

Because the real estate profession carries with it a large social aspect, professionals should familiarize themselves with a number of social apps that are designed to extend one’s possible clientele base. One of the most exciting of such apps is Hootsuite. This ‘one-stop’ app is designed to assist in the managing of an agent’s numerous social media outlets. Hootsuite accomplishes this by providing a central dashboard for apps like Twitter, Facebook, Yelp, and LinkedIn. With this app, you can also have the ability to schedule messages to be sent out across numerous social media sites at the same time, which is useful when trying to share an article or post a listing on the go. The app, which is free, is available on the iPhone, iPad, android phones, and desktop computers.

Kaplana Krishnu-Kumar, Coldwell’s Project Specialist who authored the paper, looks at navigating these tools through the lens of every day real estate professionals. Due to the explosion of functional apps in the last 4 years, real estate professionals have had access to a wide array of apps that could benefit their real estate careers in substantial 36

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Hootsuite

C+ Camera+ Like many real estate professionals know, photographs sit at the top of importance when posting a listing. In years past, this could cause an issue when agents were on site and did not have access to their computers and accompanying editing software. Luckily, mobile technology has caught up to this predicament and there are now apps that aid in taking, editing, and posting photos online. With apps like Camera+, agents can greatly enhance the photos that they take on their iPhones and iPads and link them directly to cloud storage. The app is also equipped with multiple shooting modes,

borders, and a caption-adding feature to add a catchy title to any photo. Although this app carries a charge of $1.99 for the iPhone and $4.99 for the iPad, it provides real estate agents a way to directly post high-quality photos at the fraction the cost of purchasing high-end camera equipment. For agents looking for photo apps that are compatible with android phones, Snapspeed is a free photo app that offers editing features found in similar apps as well as helpful resources to guide beginners to upload excellent photos to their social media platforms.

JumpCam

In addition to the importance of photos when advertising a property, the use of videos for listings has grown extremely popular in the last few years. A popular tool used by such tech-savvy agents is the app JumpCam. With this app, users are able to consolidate video clips with relative ease with a special collaboration tool. With this app, a team of agents are able to record their own clips separately and mold them into a smooth video production. This app is also attractive to many real estate professionals due to the fact that it is both free and available for apple and android operating systems.

Zite

Although the apps described above serve multiple purposes for many different types of real estate professionals, they do not offer agents help in the steps of actual real estate transactions. Fortunately, agents and brokers do not need to look much further for more real estate-focused tools. To David Siroty, the new

app Zite is a revolutionary tool that gives real estate professionals an added knowledge of the intricacies of today’s real estate market. He explains. “For Zite, real estate professionals will get much more DAVID SIROTY help in acquirVice President of Communications ing a broad Coldwell Banker understanding of the real estate industry. of hours rather than days, it is With this application, agents extremely beneficial for agents will get a jump on their clients in to have the ability to submit regard to any questions that they important documents on the fly. may have.” Thankfully, the Camscanner application gives these professionals the opportunity to submit these documents through their mobile devices. To scan a docuAdditionally, the Open House ment using Camscanner, simply Pro is an app designed to mantake a photo of the document age one of the most important and it will be converted to a PDF components of a real estate or JPEG file and will be sent to agent’s job: the open house. With a designated address. With the this app, you can provide the basic plan carrying no cost, this guests to your next open house app is a must when trying to with the not only an online signclose deals before competitors. up sheet, but also a question-

For Zite, real estate professionals will get much more help in acquiring a broad understanding of the real estate industry. With this application, agents will get a jump on their clients in regard to any questions that they may have.

Open House Pro

naire that can be customized to specific property. This allows for the user to gather more information about prospective buyers and add detailed notes for each guest. Even though this app is on the pricey side of the spectrum ($14.99 on the iPad), it is a valuable tool in analyzing and organizing prospective buyers, which will lead to more focused outreach for prospective clients.

Camscanner

ith the sheer multitude of user-friendly applications described in her publication, it is no surprise why Kaplana Krishnu-Kamar believes that real estate professionals have the ability to be the most technologically integrated professionals in the work force. Once real estate agents and brokers take the time to explore the above apps, they will realize that there is nothing to be intimidated about with these time-saving and business-generating digital tools.

Because so many real estate deals are decided within a span WINTER 2015

T I F O R P NON- IGHT SPOTL

ASIAN AMERICANS for EQUALITY AAFE celebrates its 40th anniversary this year, capping off four decades of achievements in civil rights and community empowerment for Asian Americans and all those in need who came through its doors seeking help. Founded by activists who sought greater racial inclusion and equal opportunity for construction jobs in a major NYC Chinatown housing development back in 1974, AAFE evolved to build and own community assets 38

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themselves as a means for the local community to really have control over their own destinies. In 1989, AAFE completed its first housing development project, a 60-unit affordable housing building named Equality Houses. AAFE was one of the first developers in NYC to utilize what was then a little-known financing vehicle, Low Income Housing Tax Credits, to create affordable housing in the City-

A rally AAFE helped lead in front of the Wyndham Garden Hotel in Chinatown, New York City, supporting tenants displaced by the development (Photo: Giovanni Savino)

owned in rem properties of Manhattan’s Lower East Side. This watershed event marked the beginning of the creation of thousands of other low income apartments throughout the City using this model. Since 1989, AAFE has developed over 800 units of housing, leveraging over $100 million in tax credit, bank, and government financing towards the creation of community housing infrastructure. AAFE expanded into homeownership development as well, with a pipeline of 1-4 family homes rehabbed and sold to working middle class families. As a natural extension of community building, AAFE created two CDFIs that fostered homeownership and small business economic development. AAFE helped secure over $300 million in mortgage financing for over 2,000 homebuyers in the past decade. Today, AAFE continues to seek innovative ways to further invest and build

A 1974 protest against discriminatory hiring practices in the construction of the federally-financed Confucius Plaza housing complex in Manhattan’s Chinatown (Photo: Corky Lee)

in its NYC community numbering over 1 million Asian/Asian American residents, as well as for other communities seeking AAFE’s help. AAFE hopes to launch its first EB-5 Regional Center in 2015, the first non-profit CDC-controlled EB-5 investment entity directing foreign investment specifically into community development projects in NYC.

THOMAS YU is the Strategic Development Officer for AAFE and has been with the organization since 1997. Mr. Yu has been recognized by Time Out NY as one of the up and coming new leaders in community activism, and received an Affordable Housing Finance Young Leader Award in 2008 from AHF. Mr. Yu is also currently on the board of the National Coalition for Asian Pacific American Community Development (CAPACD) and Hester Street Collaborative. Mr. Yu received an A.B. from Harvard University and a Masters in Urban Planning from the NYU Wagner School of Public Service, and is also a graduate of the NeighborWorks America Achieving Excellence Program at Harvard Kennedy School. WINTER 2015

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y being involved with both AREAA Vancouver and RESAAS, a social network for real estate agents, I see so many habits of successful real estate agents. Let’s start with the basics. Real estate agents are an inherently social group of professionals. They love to network, to share tips, learn from others, better themselves by surrounding themselves with others in their field, and of course to try and solicit business. Associations such as AREAA exist to allow a group of people with a common interest or objective to take advantage of its network, regardless of borders. Think about the last real estate event or conference you attended. You went there to learn from others about what’s new and what’s hot, and to network with others in your field. You may see friends, you may make new ones, but attending a business event is ultimately about doing business. Using an online network properly allows you to achieve the same goals as these events, but with the ability to reach a truly global audience. We all know the Facebook, LinkedIn and Twitters of the world, but if you’re on the pulse with the intersection of where technology meets business, you’ll have heard about the booming world of vertical specific social networks. Imagine a social network dedicated purely to all things real estate…not a melting pot of all your

friends’ postings, but a world devoted to the business of real estate. This is RESAAS, and thanks to Ivan Choi and Hope Atuel at the AREAA Head Office, access to the network and all the benefits RESAAS gives you is provided at no cost to AREAA members. Everything you seek in networking at real estate events, or from large associations like AREAA, can be utilized online. Discover new agents to connect with, learn how they market their brand and their listings, educate yourself on new trends and tools, share your local knowledge and promote yourself as an expert in your community. This puts yourself in a strong position to acquire new business. I’m involved with AREAA’s Vancouver chapter, and see firsthand that the term “Vancouver is the gateway to the East” is not only true, but growing. Vancouver’s position on the West Coast of Canada lends itself to this, but I hear from contacts throughout the AREAA network about buyers coming from Asia to various parts of the US, not just the West Coast like they are famed for. “Second tier” US cities (as in not the famous icons like NYC, LA and SF) such as Chicago, Boston and Austin are seeing a surge in overseas real estate transactions. Agents in these areas are especially well positioned to benefit from this trend. Get online, get involved in global networking and open yourself up to the world of referral real estate business.

Tom is on the Board of Directors

for the AREAA Vancouver chapter, and is President of RESAAS, a social network for real estate agents. Visit www.resaas.com and establish your profile for free today, thanks to AREAA.

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AREAA Commercial Holiday Luncheon 2014 O

n Thursday, December 11, 2014, AREAA Commercial hosted their 2nd annual Holiday Luncheon at Spear Steakhouse & Seafood. Over 60 professionals attended at 11:30 a.m. in the downstairs fireplace area and mingled for an hour before James Huang, National Commercial Chair, re-announced the mission and future goals of our organization. Then he respectfully introduced Jeffrey Prang, recently elected Los Angeles County Assessor, who gave a speech and thanked everyone for their support. Lunch began around 1:00 p.m. with a delicious set menu, with three long tables filled with some serious power networking between over 40 Commercial Real Estate Brokers from BRC Advisors, Charles Dunn, Jones Lang LaSalle, CBRE, just to name a few, and guests from EB5 companies such as IMMCO, lenders, and AREAA of Greater Los Angeles & Orange County guests. We’d like to graciously thank our supportive ongoing sponsor, JP Morgan Chase Bank, Theo Wong, of the Commercial Term Lending Department. Stay tuned for 2015 line-ups of upcoming Commercial Real Estate Certification Courses/Seminars, Conventions and even more of an influx of International Investors buying Commercial Real Estate – whether it’s Retail, Shopping Centers, Industrial, Office, Warehouse or Apartment Buildings. JACKI UENG, VP Business Development Ticor Title, AREAA Media Correspondent, co-host of “Noodletown". Jacki has specialized in Commercial Real Estate & Luxury Real Estate in Beverly Hills/West LA/Downtown LA for over 8 years and is fluent in Mandarin & English. She is a regular contributor to a | r | e Magazine on topics ranging from “Noodletown”, a show all about Food, Culture & Neighborhood, to coverages in AREAA Commercial Real Estate Events. www.youtube.com/AREAAnewsNetwork

TOP: Jacki Ueng, VP Ticor Title; Peter Oh, Keller Williams Commercial; Michelle Kim, HSBC MIDDLE: Mike Yim, Quantum Capital Partners; Eddie Ha, Manager of BRC Advisors Koreatown; Leo Lu, BRC Advisors BOTTOM: Leo Lu, BRC Advisors; Kerry Moy, Morgan Stanley and Co-Owner of Spear Restaurant; James Huang, AREAA National Commercial Chair and CEO of BRC Advisors; Martin Kim of the LA Dodgers 42

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Pacific Rim Real Estate Summit Presented by AREAA Greater Seattle

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On October 15th, more than 200 guests and members of the Greater Seattle Chapter attended the 2014 Pacific Rim Real Estate Summit at the Kirkland Branch Office of Realogics Sotheby’s International Realty. The much anticipated, members only event was six months in the making and provided an enlightening discussion about the exponentially rising consumption of international home buying and foreign direct investment in the region, most notably by Chinese nationals. The successful event bolstered enrollment of approximately 100 new members to the chapter. “We are thrilled to host such a dynamic series of industry experts exploring the Seattle/Bellevue metro area’s emergence as a global city on the rise and a US gateway for Asia,” said Justin Kim, President of the local AREAA chapter. “This is a timely subject now that international home buying trends here in the Pacific Northwest are headline news, not to mention our lifestyle is exhibited overseas in the hit Chinese movie Beijing Meets Seattle.” Industry experts presented their market observations, followed by a panel discussion moderated by Dean Jones. SPEAKER LINEUP Angela Bi – Principal, Visa Consulting Group of Shanghai & Vancouver, BC Kevin Brown – Senior Vice President & Global Real Estate Advisor, Sotheby’s International Realty I Manhattan Tere Foster – Managing Broker, Premier Executive Director, CRS, GRI for Windermere Wendy Lister – Vice President, Managing Broker for Coldwell Banker Bain Tom Chang – SVP, Director of Pacific NW Region at East West Bank Title sponsor Merrill Lynch Wealth Management presented keynote speaker Mauricio Umansky, CEO of Los Angeles-based The Agency to present trends on international home buying, global citizenship and emerging gateway markets. Among the VIP appearances was Leah Li, former Miss Chinese Seattle Queen representing the Greater Chinese Chamber of Commerce. An “After-Glow” party, presented by Union Bank, was held in the adjacent Maison DeLille wine lounge from and featured select vintages by DeLille Cellars and musical entertainment by Mycle Wastman, a memorable contestant on NBC’s “The Voice” during the 2012-13 season. AREAA Greater Seattle selected Asian Counseling and Referral Service (ACRS) as a benefitting charity for this event. ACRS is a nationally recognized nonprofit organization which offers a broad array of human services and behavioral health programs to Asian Pacific Americans in King County. ACRS is the largest multiservice organization serving all the different Asian Pacific American communities – immigrants, refugees and Americans born in the Pacific Northwest. The event was sponsored by Merrill Lynch Wealth Management, Seattle Magazine, Union Bank, Bank of America Home Loans, Wells Fargo Home Mortgage, Cobalt Mortgage, Seattle King County Association of Realtors, Homestreet Bank, RPM Mortgage, Berkshire Hathaway Home Services, East West Bank, Airfield Estates, Sotheby’s International.

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AREAA San Francisco Peninsula Monte Carlo Night Friday, November 7th, 2014 marked AREAA SF Peninsula’s 3rd Annual A Night in Monte Carlo Event. The event drew over 120 people with a live DJ providing music, contributing to an evening of some casino fun and great raffle prizes ranging from NBA basketball tickets, Beats by Dre Headphones, Fit Bits, and the grand prize being a 40” flat screen HDTV. With craps, black jack, roulette, pai gow poker, and a private poker room, this made for a great Monte Carlo evening filled with industry professionals. This has become an event that people look forward to all year, and this year proved to be another fun successful event. We look forward to doing it all over again next year! Photos by Frank Jang

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AREAA Silicon Valley Run for Wellness On Sunday July 12, 2014, the AREAA Silicon Valley Chapter hosted its very first 5K Run Walk event called Run for Wellness. The event was held at the Kite area at the Shoreline Park in Mountain View. The loopy scenic course through the Stevens Creek Trail is flat and it offers beautiful views of the water ponds, the boat house, birds and green golf course. This timed run event followed by One Mile Kids' Fun Run began with a warm up led by the Jah Bennet, an Olympic athlete and a trainer surrounded by volunteers and family and friends cheering for the runners; Emceed by Carl San Miguel, former president of Santa Clara County Association of Realtors (SCCAOR). Along the scenic course there were mile markers, lots of enthusiastic cheer leaders and a water station. Each finisher received a colorful hi-tech t-shirt and each kid runners received a medal and animal backpack donated by Carmen Chong, our National Chairwoman. At the finish line there were First Aid, complimentary massage, chiropractic treatments, plenty of food and drinks mostly donated by the local stores. The event was a huge success. We drew over 100 registered runners who came from different backgrounds. Some were seasoned runners, but for the majority of people, it was their first attempt to do a formal 5K run or walk. Chris Lee, the top female runner said "it would be nice to have this as an annual event", and she "can't wait" to return in 2015 to "defend her [winning] title". The event was funded by the generous sponsors and partners in the community. A large part of the fund came from NAR diversity grant fund we received with the help of our event partner, SCCAOR. This event not only support wellness for the community, but also to create volunteer opportunity for our members. Through this experience, we hope to nurture future leaders for AREAA Silicon Valley and create a synergy in which we build our unique yet powerful voices at grassroots level to make differences in our community. We raised over $2000 which will be donated to AREAA foundation where we hope to fund leadership enhancement program. We like to thank our partners, volunteers and sponsors for the generous support. Without your help, this event was not possible. Sponsors: Sterns Lending, HSBC, Citibank, and Akimax Our chapter partner: AREAA SF-Peninsula Event Partner: Santa Clara County Association of Realtors / NAR diversity grant fund

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In 2014, AREAA Greater Eastbay (GEB) committed ourselves to strengthening relationships with local businesses while imprinting AREAA's national and local brand throughout the greater Eastbay. Our spring mixer was a collaboration with Discovery Homes in Oakland and our educational programs exposed our members to local businesses, such as accounting firms and restuarants. For our year end event, we wanted to go above and beyond the norm of what we have been doing. AREAA GEB partnered with Mercedes Benz Pleasanton to host a Holiday Mixer on December 4, 2014. Over 100 real estate professionals and affiliates attended this festive event and were introduced to AREAA's mission and goals. By the end of this eventful evening, a lot of business card were exchanged, laughter, celebration and also resulted with a member driving his new Mercedes CLS home! Photos by Bob Henry Photography

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AREAA New York Metro Installation & Holiday Party

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On December 19, 2014, Carmen Chong, National Chair, installed the New York Metro Chapter's 2015 Officers and Board of Directors at the Holiday Party. The festivities were held at The Japan Society on Manhattan's east side. The gallery space was the perfect setting as guests enjoyed a cocktail reception, mingled with friends and colleagues, and had fun with the raffle drawing. The evening was sponsored by Marks Paneth. Cassandra Cho looks ahead to her year, "I am very excited and honored to accept my new position as your Chapter President. The Board and I are working to bring quality events, educational seminars, and networking opportunities to all our members." Visit New York Metro at areaa.org/nymetro for updates and calendar of events.

AREAA Las Vegas Masquerade Ball With 2014 coming to a close, the Las Vegas Chapter of the Asian Real Estate Association of America has been hard at work when it comes to shaping the future of the Las Vegas Real Estate Market! On November 22, 2014, the Las Vegas Chapter hosted the 2nd Annual Charity Masquerade Ball at the Delano Luxury hotel. This event was made possible with fabulous sponsors who included Martell Cognac and Urban Nest Realty. This extravagant event was able to raise over $6,000 in order to help benefit Three Square Food Bank where every dollar coverts to 3 meals and whose mission is “together, we can feed everyone,” as well as USO Las Vegas who is expected to service over 55,000 troops and family members stationed in and transitioning through the Las Vegas region this year!

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

2015 Global Summit April 19-22, 2015 Chicago, Illinois

2015 National Convention October 22-24, 2015 San Francisco, California

VIEW LOCA L AND NATI O NAL EVE NT S O NLI NE AT:

www.areaa.org 46

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AREAA OC Branding in the Vietnamese Community

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AREAA OC sponsored/partnered with prominent business members of the Vietnamese community in search of continued member benefits and to gain awareness and exposure of AREAA into the tight-nit Vietnamese real estate professionals! The goals were to build the AREAA brand, obtain new memberships and networking as Ivan Choi spoke on behalf of AREAA. This event also provided a valuable exposure and networking to our affiliates who otherwise would not have this opportunity in front of such a large group of industry professionals. Therefore, we held an all inclusive Holiday Celebration Event on November 20th, 2014 for over 300 attendee with free dinner, open bar and entertainments! The event was very successful and made lots of new friends with numerous praises from the attendees and sponsors. Other local AREAA chapters also attended as we signed up 11 New Memberships! Not your typical networking event but this collaborated event, we were able to get the attendee numbers and great way to break the ice for future events and memberships. James I. Park VP of AREAA OC

AREAA San Diego Probate Class & Costume Party A sold out class on Probate was organized by the AREAA San Diego Chapter together with iMortgage as their event sponsor on Oct. 30 at the Doubletree Hilton in Mission Valley. Taught by a lawyer and expert in Probate - Paul Horn - his engaging style of teaching educated the attendees to understand our complex court system. He also inspired the agents to diversify in this niche considering the trillions of inheritance that go through this judicial system every year. After the class, AREAA San Diego celebrated Halloween with their sponsors who also dressed up in costumes for the event. It was a fun way to end a very successful event. WINTER 2015