S A N G A B R I E L VA L L E Y CONNECTION A
P U B L I C A T I O N F O R M E M B E R S O F T H E W E S T S A N V A L L E Y A S S O C I A T I O N O F R E A L T O R S ®
G A B R I E L
FALL 2013
Location, Location, Location How RPR’s ESRI Tapestry Data Application is helping Commercial REALTORS® find the best Location for their clients Page 6
Global Real Estate What are the five factors motivating global investors? Page 9
WSGVAR Golf Tournament WSGVAR held its 2nd Annual Golf Tournament for Charity and Scholarship Page 10
Charity/Scholarship Auction See how you can take part in raising money with WSGVAR for higher education scholarships and for other wonderful organizations Page 5
1039 E. Valley Blvd. 205B, San Gabriel, CA 91776. Office: (626) 288-6212. Fax: (626) 288-7658. Email: info@wsgvar.com Web: http://www.wsgvar.com/
S a n Ga b r i e l Va ll ey C o n n e c ti o n OFFICERS LEE LIEBERG President MEL WONG President-Elect TOM BERGE, JR Vice President
West San Gabriel Valley Association of REALTORS®
V o lu m e
, Is s u e
FALL 2013
1039 E. Valley Blvd, #205B San Gabriel, CA 91776
Inside this issue :
President’s Message 3
Office: (626) 288-6212 | Fax: (626) 288-7658
Create a Home Inventory for Insurance
4
MARGARET SHIEH Secretary
Scholarship/Charity Auction
5
DIRECTORS
Location, Location, Location
6
Commercial Summit
7
Five Factors Motivating Global Investors
8-9
WSGVAR 2nd Annual Charity/ Scholarship Golf Tournament
10
Global Business Council
11
KEVIN KWAN Treasurer
Monday-Wednesday and Friday: 9AM - 5PM & Thursday: 8AM - 5PM www.wsgvar.com | info@wsgvar.com
THOMAS O. BERGE BRIAN CHEN
LING CHOW LORRAINE CLARK SUZI DUNKEL-SOTO NANCY LIN CECELIA "CYL" RUDAR GIUSEPPE VENEZIANO
WSGVAR Association Staff
Upcoming Education Schedule
Albert Tran Executive Officer albert@wsgvar.com
September
Barbara Yelinek Office Manager barbaray@wsgvar.com Susan Krogstad Membership/Supra susan@wsgvar.com
27th 10:30 AM– Broker/Owner Session – A Risk Management Panel Discussion
October 4th
11 AM to 12 PM- Brown Bag Lunch & Learn Series– Hands-on Training on HP-10BII+ Financial Calculator
Lanie Kwok Customer Service Representative lanie@wsgvar.com
15th 8:30 AM to 5 PM– Mortgage Loan Originator (MLO) Continuing Education Comprehensive Course
Jamie Nomura Technology Coordinator jamie@wsgvar.com
16th 8:30 AM to 5:30 PM– CCIM CI Intro: Introduction to Commercial Investment Real Estate Analysis
Karen Snow Bookkeeper karen@wsgvar.com
17th 10 AM to 6 PM– CCIM CI Intro: Introduction to Commercial Investment Real Estate Analysis
VINCE VENEZIANO LARRY YANG
IMMEDIATE PAST PRESIDENT YIN BIHR
EXECUTIVE OFFICER
Lauren Palfrey Communications Coordinator lauren@wsgvar.com David Liu Education/Events Coordinator david@wsgvar.com
November 4th
19th 9 AM to 5 PM- Military Relocation Professional (MRP) Certification
3rd Editor-in-Chief, San Gabriel Valley Connection Lauren Palfrey, lauren@wsgvar.com
13 Affiliate Panel Discussions & New Member Orientations
Real Estate Sales Transaction Apps
14
Young Professionals 15 Network
Installation
December
ALBERT TRAN
Page 2
9:30 AM to 12:30 PM– BRE 45 Hour License Renewal
Real Estate Nostalgia 12 (The Bus)
16
8:30 AM to 5 PM– Notary Public 6-Hour Continuing Education Course and Exam
September 2013 | San Gabriel Valley Connection
P r e s i d e n t ’s M e s s a g e - S e p t e m b e r 2 0 1 3 Wow, can you believe we are already in September? We have accomplished a lot this year at the Association and still have many exciting events planned through the end of the year. “Rise to New Heights” at the 2013 National Association of REALTORS® (NAR) Conference and Expo in San Francisco from November 8th-11th. This year’s Conference and Expo features Former Secretary Hillary Rodham Clinton as the keynote speaker, has 100 education sessions, over 400 Expo exhibitors and is a great place to learn new ideas, build referrals, connect with REALTORS® from around the world, boost your business and sales, and much more. This is a fantastic REALTOR® event that you don’t want to miss! Lee Lieberg 2013 WSGVAR President
Click here to register and for more information on the NAR conference in San Francisco
Click here to register and for more information on the C.A.R. Expo in Long Beach
This year the 2013 California Association of REALTORS® Expo will be held in Long Beach from October 8th -10th. This event is FREE to all C.A.R. members and we highly encourage you to take advantage of this great member benefit. The Expo features educational, networking, and professional development opportunities. WSGVAR is funding bus transportation for our members each day of the Expo. If you would like to reserve your seat on the bus please click here for more information. We have many great education events planned this Fall to help further your business. On Friday, September 27, 2013, WSGVAR will host a Broker/Owner Session– A Risk Management Panel Discussion. This educational session focuses on brokers, owners, and managers to learn the integrity of a real estate transaction, problem issues most commonly asked on C.A.R.’s legal hotline, hot issues at the Bureau of Real Estate and their position on these issues and BRE property management investigations and how to avoid them. On Saturday, September 28, 2013, WSGVAR will host a “State of the Market: Selling Your House Today” forum to educate the public about the current trends of the real estate market. This forum is being planned by our YPN committee and is open to the public. On August 24, 2013, WSGVAR held a one-day Commercial Summit for members to learn a variety of commercial topics. The session was streamed live over the Internet and over 120 members participated in this educational event. Please see page 7 for details. WSGVAR would like to congratulate the following Directors on their new committee leadership positions at the California Association of REALTORS®: Lorraine Clark- Vice Chair of Credentials Committee; Yin BihrChair of Educational Services Advisory Committee; Tom Berge Jr.- Vice Chair of California REALTOR® EXPO Advisory Committee; Thomas O. Berge- Member of C.A.R. Scholarship Foundation and CREPAC Trustee Committees; Mel Wong- Member of Association President and Leadership Forum Committees; Ling Chow- Regional Representative of Nominating Committee and WSGVAR Executive Officer Albert Tran- Member of the Standard Forms Advisory and Association Executive Advisory Committees. Congratulations on being selected and for proudly representing WSGVAR! West San Gabriel Valley Association of REALTORS® invites you to attend the 91st Annual Installation Dinner for 2014 President Mel Wong and 2014 Officers and Directors on Friday, December 6, 2013. The Hawaiian inspired Installation will take place at St. Luke’s Church in Temple City. Please see page 16 for details. We encourage you to attend these wonderful events and look forward to seeing you there! Sincerely Yours,
WSGVAR 91st Annual Installation
Lee Lieberg 2013 WSGVAR President Page 3
September 2013 | San Gabriel Valley Connection
Create a Home Inventory for Insurance
By Gwen Moran, House Logic
Experiencing a theft, flood, fire, or other casualty loss is devastating enough. Now imagine trying to list from memory for your insurance claim every single item that was damaged or destroyed. The task becomes less daunting if you create a home inventory in advance and keep it in a safe place. Creating a home inventory can be done with pencil and paper alone, but a digital camera and camcorder make the job easier. Set aside enough time to review your insurance policies, dig up receipts, document your possessions, and figure out where you’ll store your records. One day should be sufficient.
A home inventory is essential From appliances, plates, and glasses to collectibles, rugs, and furniture, the average home is packed with an array of items collected over the years. And while you may be able to list many of them in a pinch, chances are you’d miss Don't rely on your memory to keep track of your some important possessions if you ever needed to reconstruct your home’s possessions. Create an inventory so you can know what's contents from memory, says Mark Goldwich, founder of GoldStar Adjusters, a missing if you ever need to file a claim. Jacksonville, Fla., claims adjusting firm. “Home inventories are a must no matter what the value of the home’s items are,” says Goldwich. “If you’re going to insure your property and pay for that insurance, you really should be able to document the ownership and the value of the items that you’re insuring. If you don’t have proof of the items you owned, it makes filing your claim much more difficult.” Your job doesn’t end once you’ve compiled a home inventory, a detailed list of everything in your household. Be sure to compare estimated values to your policy’s coverage to ensure that you’ll be able to replace your belongings in case of damage or theft, says Goldwich, who is the author of “Uncovered: What Really Happens After the Storm, Flood, Earthquake or Fire.” In some cases, he says, you can purchase additional coverage if the value of your possessions exceeds the limits on your home owners, flood, or other disaster policy. Take photos and video of possessions Jack Hungelmann, author of “Insurance for Dummies,” says a picture can be worth more than just a thousand words—it can add up to thousands in cash if you ever need to file an insurance claim. Hungelmann recommends using a digital camcorder or camera to take pictures of each room to document your belongings. “I recommend that people open up their cupboards and drawers. Be sure you have a record of all the things you own,” he says. Goldwich says that creating such a home inventory might seem daunting, but digital video—you can pick up a decent camcorder for about $150—can make the task much easier. Home owners can literally walk from room to room and record narrative descriptions of items. You should note whether something is an antique, for example, or if it has other qualities that make it especially valuable such as the size of a television screen or the type of stones in a piece of jewelry. Get close-up shots of serial numbers on electronics, power tools, and the like. Filling in a printed checklist with serial numbers, brands, quantities, and estimated values will prove indispensable if an insurance claim ever needs to be filed. The adjuster will likely ask for such a list, and you can use the video or photos as proof of ownership. Download our free home inventory checklist to create your own. Keep your home inventory safe Of course, such documentation is useless if it’s destroyed in a natural disaster, consumed by fire, or stolen along with your personal computer. Hungelmann says that using digital media allows you to store the files on online backup services like Carbonite.com or iBackup.com in case your home is destroyed.If you’d like to save the $10 or more per month these services typically cost, you could also save the files on a USB drive that’s kept in a safe-deposit box, at a relative’s home, or in your emergency bag. The bag should include essentials your family needs in case you’re forced to flee on short notice. It’s also a good idea to keep a file with receipts and any appraisals of valuable items you own. Store these documents off-site as well. Goldwich says that the more documentation you have to prove what you owned and what it was worth, the easier the claims process will be. Read more: http://www.houselogic.com/home-advice/home-inventories/home-inventory-for-insurance/#ixzz2cRTyeeuN
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September 2013 | San Gabriel Valley Connection
Scholarship/Charity Auction On June 20, 2013 the West San Gabriel Valley Association of REALTORS® held a “Charity and Scholarship Auction” and 100% of the proceeds benefited our Charity/Scholarship Committee. The Auction was presented by the Scholarship/ Charity Committee, with Yolanda Martinez-Arenas as the Auctioneer. The items auctioned consisted of dinner at the Magic Castle with President Lee Lieberg, an elegant dinner prepared by chef Jimmy Wang at Hot Stuff Café with Immediate Past President Yin Bihr and David Fu, a 7-course homemade Japanese dinner by Sandy Saijo, and items that were donated such as paintings, clothing, home goods, toys and more. The Charity/Scholarship Committee would like to give a big thank you to all of the donors, bidders, helpers and other participants that contributed to make the Auction a success!
Two wine pairing dinners for successful bidders Nancy Chan and Gigi Lee and their guests
Dessert at Hot Stuff Café – Duck Fat Cracker Jack with Sweet Polenta, Corn Ice Cream and Polenta Chip
Elegant dinner at Hot Stuff Café donated by Immediate Past President Yin Bihr and David Fu, Esq.
Winning bidder Nancy Chan with guest Lorraine Clark and host David Fu
Chef Jimmy Wang of Hot Stuff Café explaining each of the 7 courses
Winning bidder Gigi Lee with guest Jasper Lee
There will be another Auction held on November 14, 2013, just in time for holiday shopping! We encourage you to donate items and to attend the Auction. Also, in the upcoming weeks there will be tickets auctioned off to the USC-Stanford football game held on November 16th and tickets to the USC-UCLA game on November 30th, both benefiting Charity and Scholarship.
Charity/Scholarship Auction on June 20, 2013
Cecelia “Cyl” Rudar showing items at the Auction
Some of the items that were up for auction
Marian Cavataio showing a painting at the Auction
With the money raised, each year the Charity/Scholarship Committee is able to award scholarships to students at 15 high schools in Alhambra, Monterey Park, Rosemead, San Gabriel and Temple City. These students have excellent grades, extracurricular activities, and perseverance in attaining their goals. Last year the charity money was awarded to organizations including the Salvation Army, People to People, Boys and Girls Clubs, Wounded Warriors, victims of “Sandy” and the San Gabriel Humane Society. Another way to be involved is to join the Century Club. The Century Club is the backbone of our scholarship. It is composed of people who value the importance of education and want to make a donation directly to scholarships. To join, all one has to do is write a check in the amount of $100 or more to WSGVAR Foundation and write Century Club in the memo. Page 5
September 2013 | San Gabriel Valley Connection
Location, Location, Location B y Kr i s t i n H e r n a n d e z , R P R M a r k e t i n g
You’ve heard it before: it’s all about location! In real estate, to close a deal, you must find the absolute best location that meets and exceeds your clients’ expectations. You need up-to-date, detailed information. You need to stand out from the competition. How can you accomplish all this without spending extra time and money?
So what does this information really mean? Well, a REALTOR® who The answer is simple…ESRI Tapestry specializes in commercial real estate Data from Realtors Property has the ability to help a business Resource® (RPR®). Through the RPR owner find a location with a heavy Commercial application, all REALTORS® concentration of ideal customers, now have access to creating Trade locate the right type of business for a Area Reports that detail activity within space, and find the best space for a a specified geography using client. Just ask Deena Zimmerman, a demographics, psychographics and REALTOR® located in Chicago who consumer spending. With RPR specializes in commercial real estate, Commercial, the REALTOR® can specifically commercial leases. Deena measure, predict, and target the right has a client in Florida who is looking to location for their client or customer, expand their business model in whether representing a client looking Chicago, by opening a sushi franchise to start or expand a business or a that caters specifically to a young, hip, family looking to relocate to a new foodie crowd. This restaurateur likes community. ESRI’s Tapestry Data to think ‘outside the box’ and didn’t combines the “who” of the lifestyle want just another ‘downtown’ demography with the “where” of the location. Even though Deena is local neighborhood to create a model intimately familiar with the Chicago of various lifestyle classifications.
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area, she turned to RPR to take a look at the tapestry data to see if there was a demand for a restaurant like this, as well as the customers nearby that would likely enjoy a unique sushi experience. Sure enough, the data in RPR confirmed her assessment that her client’s business would be well suited for the “West Loop” neighborhood. For REALTORS® specializing in residential real estate, RPR allows them to continue to be ‘the’ source of information for their clients. For example, a client who purchased a house in the past is now ready to invest in a small business. Who will they choose to represent them? Naturally, the client contacts their trusted REALTOR® first who provided them with invaluable information when buying their home. RPR Commercial can give REALTORS® a way to continue to provide data to clients and be their ‘go-to’ source for real estate information. Written by Kristin Hernandez, RPR Marketing
Looking to get started? Create your RPR account today by visiting www.narrpr.com. The best part? RPR is an exclusive benefit for REALTORS® already incorporated into REALTOR® dues. There is absolutely NO extra charge to access this vast amount of data. Want to learn more? Register for a webinar on RPR Commercial: http://blog.narrpr.com/ commercial/. In just 30 minutes you will learn best practices for harnessing the power of RPR Commercial and be on your way to helping customers find the best location for their business. September 2013 | San Gabriel Valley Connection
COMMERCIAL SUMMIT
On August 24th, the West San Gabriel Valley Association of REALTORS® held a Commercial Summit focusing on 5 important topics today: Commercial Economic Outlook, Going Green, EB-5 Immigrant Visa for Foreigners, Real Estate Investing to Syndication, and 1031, 1033, 1051 Exchanges. For the first time, WSGVAR streamed the Summit live to viewers through livestream.com. The WSGVAR Education/Commercial Committee organized this wonderful event that had 120 attendees. Dr. Eugenio Alemán, a Wells Fargo Economist, spoke about the Commercial Economic Outlook, John Shipman of Energy Efficiency Management Inc. spoke about Going Green, Honorable Mike Eng from Eng and Nishimura Attorneys at Law spoke about EB-5 Immigrant Visa for Foreigners, Brandon Chen from Asia Pacific Capital spoke about Real Estate Investing to Syndication and Phil Atwan from Exchange Resources, Inc. spoke about 1031, 1033, 1051 Exchanges. Thank you to everyone who came and supported this great event!
Education Co-Chair Suzi Dunkel-Soto and speaker Dr. Eugenio Alemán, Wells Fargo Economist
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Speaker John Shipman, Energy Efficiency Management Inc., and Education Co-Chair Suzi Dunkel-Soto
Education Co-Chair Suzi Dunkel-Soto and speaker Honorable Mike Eng, Eng and Nishimura Attorneys at Law, and his co-speaker, Carol Huang
Speaker Brandon Chen, Asia Pacific Capital, and Yin Bihr, Education CoChair
Speaker Phil Atwan, Exchange Resources, Inc., and Education Co-Chair Suzi Dunkel-Soto
September 2013 | San Gabriel Valley Connection
FIVE FACTORS MOTIVATING GLOBAL INVESTORS Is the prospect of a great return what drives all investors? When the investment is real estate, this is certainly one important factor, but far from the complete story. Like other major life decisions, people enter real estate transactions with their own unique set of needs and wants. Here are some of the major factors driving today’s global transactions. visas designed to woo international investors. Some programs Global investors often look for are structured to attract specific more than an investment vehicle types of investors, for example when choosing a destination for entrepreneurs, while others seek their money. The right to stay cash flow into sectors the governand travel in a country for exment most wants to encourage. tended periods is a powerful Countries may require applicants motivator for certain individuals. to meet net worth requirements, Many countries recognize this others require certain standards and have created visa programs of language proficiency and that offer additional benefits to management experience. foreigners investing in properties A particularly attractive incentive or businesses in their countries. in many Eurozone countries is the ability to travel freely in the The EB-5 Visa Schengen Area, created in 1995 Many foreign-born investors under an agreement signed in would like to live and travel in Schengen, Luxembourg. Twentythe U.S. for extended periods, six European Union countries but can’t because of visa refunction as a single country for strictions. The EB-5 visa is a pow- international travel purposes, erful tool for attracting foreign- creating open common borders. born entrepreneurs and investors Of the Eurozone countries, only who are looking for a fast path the U.K. and Ireland have opted toward U.S. citizenship and the out of the agreement. Several ability to live here on a condiEuropean nations seeking intertional permanent basis. national investment in their deThe program’s central focus is job pressed property markets have creation. Foreign-born individuals leveraged their rights under the Schengen Agreement to attract who can invest $1 million, or as global funds. Latvia, Spain and little as $500,000 in some instances, in commercial enterprises Portugal, for example, either that generate at least 10 Ameri- have or are in the process of can jobs over two years can re- announcing programs that dictate ceive a green card. In addition to minimum investments in residential job creation, the program bene- properties for attainment of a visa good throughout the fits the U.S. real estate market because EB-5 card holders must Schengen Area.
1. Investment Visas
maintain a U.S. residence. Investment Visas in Other Countries Many other countries also offer
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sports, health or education; or invest in a new or existing Irish business; or invest in a low-return five-year immigrant bond; or in residential property and a government bond. However, because Ireland is not part of the Schengen Agreement its visa only offers travel to Ireland and the U.K.
year Cambodia received more FDI per person than did China. As China’s wages have risen and the labor force has begun shrinking due to the “one child” policy, multinational companies have shifted manufacturing further south to reduce labor costs. People in the Mekong Delta are being lifted out of poverty as employment has grown.
Australia’s investor visa program is more similar to the U.S. model. In return for a sizable investment in the nation’s economic growth, investors gain residency so they can enjoy the Australian lifestyle and quality of life.
“Phnom Penh is hot right now,” reports Herb Jahnke, a real estate attorney and broker with China United Global Real Estate Group who is seeing large companies snap up space in the center of the city. Cambodia’s rising GDP, expected to grow 7.2 perReturn on Investment cent in 2013, and inflow from Most investors expect to achieve foreign investors is driving supply some level of return on the mon- and demand in the city’s office ey they commit. For some, realiz- center. Most space in the city has ing the greatest return for their been Grade C, but developers risk preference is the primary are working on increasing Grade purchase driver. Markets across B space and will soon introduce the globe offer many choices. prime Grade A properties.
2.
ROI-driven buyers often look for opportunities in residential properties they can rent year-round including single family homes, condos and townhomes. They may be interested in properties in distressed markets which provide appreciation over short- or medium-term timeframes. Commercial office or retail space in hot or up-and-coming urban areas can offer great returns. Hotels and restaurants may appeal to investors with deeper pockets.
Other countries maintain higher requirements in return for fewer benefits. For example, to earn an Cambodia, for example, has Irish visa you must contribute to a seen huge increases in foreign public project benefiting the arts, direct investment. In fact, last
Appreciation and income potential are not the only factors determining ROI. Exchange rates can greatly affect expected return depending on which currencies are exchanged between the buyer and seller, and the strength of one currency versus another. In Turkey, it’s common to transact in multiple currencies like euros, dollars, pounds or the Turkish lira.
(continued on page 9)
September 2013 | San Gabriel Valley Connection
FIVE FACTORS MOTIVATING GLOBAL INVESTORS (continued from page 8)
Buyers and sellers agree to deal in a mutually advantageous currency instead of being tied to one set of exchange rates. Of course the tax environment also plays heavily into calculating expected ROI. Property, income and estate taxes, as well as the cost of repatriating funds to the buyer’s home country could make Latvia more attractive than the U.K., for instance.
3. Higher Education Wealthy buyers may decide to invest in areas where they would like their children to go to school. For example, buying a house or a condo for four or more years in the depressed American market could be a smart move for the parents of an international student. They may save on boarding expenses while also expecting the property’s value to appreciate. “U.S. universities and colleges are considered among the best in the world,” says Jahnke. “Additionally, the current weakness in the dollar may make schools in the U.S. more attractive to some buyers.” However, price may not even be a consideration for high net worth individuals (HNWIs). Families with several generations of wealth may prefer one school over another simply based on family tradition. Status is another factor. HNWIs may want their sons or daughters to attend one of the world’s most prestigious universities to help establish their connections within the upper tiers of international society.
4. Quality of Life Factors that make life more en-
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joyable, safer and more stable can be primary motivations for selecting an international destination, particularly during certain stages of life. For example, middle-class families looking for holiday and second homes might be driven by climate, proximity to nice beaches, availability of shopping, entertainment and restaurants, the cost of living, a clean environment and low crime rates.
Russia now has a vast middle class that is investing in international real estate. A surge in personal income and newly available consumer loans and mortgages has created a group of buyers that now accounts for the majority of Russian overseas investment transactions (though not total amount invested). The Russian middle class has been primarily interested in holiday accommodations for family use. In Turkey, Spain, Latvia and Bulgaria they are buying flats ranging from $150,000 to $500,000 and many seek credit from local banks. Quality of life is a major driver in the decision to buy abroad. Russian buyers often look for good climate, vacation or seaside locations, low crime rates and peaceful settings in which they may retire later. Retirees around the world are motivated by quality of life factors. They may be searching for a location with good weather, services and transportation for older adults, a reasonable cost of living, recreation suitable to a less active lifestyle, safe and secure properties, and the availability of health care. “Medical costs in the U.S. are driving retir-
ees to Mexico where they can find great hospitals and quality medical services at affordable prices,” says Linda Neil, ABR, PIC, President’s Liaison to Mexico, and co-founder of Mexico’s first escrow provider The Settlement Company® in Michoacan, Mexico.
Status at an Affordable Price Immensely popular in the early2000s, fractional ownership programs reached a peak of $2.3 billion in 2007 but were hit hard by the recession. Since then investment has migrated to the top end of the market toward luxury and resort ownership.
For a relatively small investment, a buyer purchases title to a fraction of the ownership in a luxury Prestige of location and/or size hotel, resort or development for of property may be more ima fixed time. The buyer is part portant to some buyers than ROI. owner of a company which owns Especially where luxury residenc- the property. Under the fractiones are concerned, international al ownership agreement, invesbuyers are a significant portion tors can also use the property of the market. annually for vacations, rent out Properties in New York and Lon- their share of time, and can sell their share of ownership at any don provide cases in point. The most expensive resale property time. sold in New York last year went “It’s a different concept than a to an international buyer for the timeshare,” says developer Robin full asking price of $88 million. Barrasford of Barrasford and London’s highest price topped Bird Worldwide. “The buyer acNew York at $121 million, also tually purchases and has title to paid by an overseas buyer. bricks and mortar. They are not
5. Status
Trophy properties in major international cities continue to rise in price even when other parts of those markets fall in value. The luxury residential real estate market has followed trends in the luxury goods market, which emerged from the global recession largely unscathed and reaching new heights.
buying the right to stay in a property for fixed time periods over a given number of years.”
Understanding International Investor’s motivations, including these and other factors, is one way agents with the Certified International Property Specialist (CIPS) designation distinguish themselves on the world stage. As international investments flow to There is strong demand for and a worldwide properties from more scarcity of high-end inventory in people and more countries than the most attractive international ever before, global agents are cities, the largest of which tend to increasingly likely to discover a piece of real estate somewhere be at the crossroads of capital, in the world that may be perfect technology and culture. HNWIs for a future client. buy in these locations for cultural and leisure purposes, not appre- Click here for more information ciation when the property is sold. September 2013 | San Gabriel Valley Connection
WSGVAR 2nd Annual Charity/ Scholarship Golf Tournament
1st Place
3rd Place
2nd Place
The West San Gabriel Valley Association of REALTORS® hosted it’s 2nd Annual Charity/Scholarship Golf Tournament at the California Country Club in Whittier on September 5, 2013. Teams of 4 golfers competed in a scramble format and the tournament was followed by dinner and an awards banquet. First place was won by Steve Young, Kevin Kwan, Simon Wong and Peter Chang. Second place went to Roland Bevans, Don Walsh, Lat Santong and Patrick Techakanokboon. Third place went to David Fu, Toshiko Anan and Gloria Goh. Congratulations to all our winners! Thank you to everyone who participated, donated, sponsored and helped make this event a success. Each year we award scholarship grants to graduating high school seniors who will be attending a school of higher learning the following year. With the generous support, donations and money raised we can continue to give the gift of education to these deserving students. Thank you for helping us raise money and for making a difference in someone’s life.
Tournament Chair Bob Cheou with “Closest to the Pin” winner David Fu Page 10
Thank you to everyone who helped support the WSGVAR Scholarship/Charity Golf Tournament!
Tournament Chair Bob Cheou with “Women’s Longest Drive” winner Gloria Goh
September 2013 | San Gabriel Valley Connection
Global Business Council Join us on October 25, 2013 for a Global Education Evening with Karaoke. Dinner will be served and there will be presentations from several members on real estate related topics in Vietnam, Taiwan, Malaysia and Japan. Following the presentations will be a fun night of Karaoke. Come ready to eat, learn, and sing! For more information and to purchase a ticket please click here.
On June 28, 2013 the Global Business Council hosted an International Food Tasting Night that featured food from different countries around the world. Following the food tasting was karaoke singing and networking. It was a great event!
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September 2013 | San Gabriel Valley Connection
Real Estate Nostalgia (The Bus) By Thomas O. Berge, Sr.
Would you be interested in riding a caravan bus today?
To find out about new listings, a REALTOR® had to come to the weekly MLS meeting to pick up your listing sheets for your loose leaf notebook (later a bound book) together with a "hot sheet" showing listings taken in the past week. Then after the meeting if you wanted to see listings "on caravan", a large chartered bus was waiting at the door of our old auditorium on South Palm Avenue to take 25 to 35 agents on tour. All brand new agents were "required” to ride the bus once in order to qualify for MLS membership. The bus had a large banner on the side which indicated that it was the Alhambra District Board of REALTORS® (our old name) home tour. After stopping at each listing, (there were a dozen or less), the riders were asked by the listor to estimate the ultimate sale price of each home. They were totaled by the Board office, averaged, and the listing agent received a letter from the Board which he could use in marketing or to get a price reduction. In later years, lawyers told the Board that this "averaging" was not legal. The caravan bus would alternate going one week to Alhambra and Monterey Park and then the next week to San Gabriel and Temple City. Rosemead could be put on either week. Occasionally, if there was room, the bus would go to a home in Arcadia or San Marino but San Marino would give us a bad time (permits) and so we discontinued that.
Thomas O. Berge, REALTOR® and Chairman of the Ethics and Professional Standards Committee of WSGVAR, C.A.R. Director for Life, 1997 C.A.R. Distinguished REALTOR® Award Winner and 1975 WSGVAR President
Agents would vie to get their listings "on caravan" as it was a great marketing tool and impressed the sellers, as well as the neighbors. Sitting on the bus was a great opportunity to network with other agents and to learn from the old timers. Unfortunately, the bus was discontinued in the eighties for economic reasons. Several later attempts to revive it failed. Anyone interested today? Thomas O. Berge, Sr. 35 year member of the WSGVAR Board of Directors, Past President, C.A.R. Director for Life, 1997 C.A.R. Distinguished REALTOR® Award winner
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September 2013 | San Gabriel Valley Connection
Affiliate Panel Discussions We would like to recognize and give a special thanks to all of our affiliates who
participated in leading panel discussions at our MLS Breakfast meetings this summer. Please remember your local affiliates during your transactions!
JUNE 2013
JULY 2013
AUGUST 2013
On June 27th Phoebe Lew, East
On July 25th Mary Kay
On August 29th Gus
West Bank; Patricia Chen, Chase Bank; Hilda Lee, Citibank; Emily Luan, Wells Fargo; Chris Huan, GEM Mortgage led a Lending Panel Discussion.
Keshishian, Advance Group
Contreras, Golden Financial
Property Inspection Company and Robert Thurman, California Gold Cost Home Inspections led a Home Inspection Panel
Insurance Services Inc. and Mark Wu, Allstate Insurance led an Insurance Panel
Discussion.
Discussion.
New Member Orientations July 2013
August 2013
Congratulations and welcome to all of our new West San Gabriel Valley Association of REALTORSÂŽ members! We are proud to have you here at WSGVAR. Page 13
September 2013 | San Gabriel Valley Connection
Real Estate Sales Transaction Apps By Albert Tran, Executive Officer Conducting real estate business is getting easier every day. Thanks to the advent of technology, you can now work on real estate transactions from anywhere, anytime, and on any device. The real estate transaction consists of the finding of a property, prequalification, offer submission, counter and acceptance, inspections and appraisals, and pending and closing. With that said, today’s technology not only helps improve your ways of doing business, but also takes stress and guesswork out of the process for you, the buyers and sellers. Following are some online tools that can help you accelerate your transactions from start to finish. Finding a Property The first step in a real estate transaction is finding a property that your clients are interested in buying. Not too long ago, you had to flip through a big Multiple Listing Services (MLS) book to find listings that fit your clients’ needs. Today, you can use CRMLS Matrix (crmls.org), HomeSeekers.com and REALTOR.com, or use iPhone or Android Apps (HomeSeekers or realtor.com) to search for properties in the right locations with great values and price ranges that would fit within your clients’ buying power. To save your clients’ time and money in the long run, you may conduct a thorough research on any property prior to scheduling a viewing of the home. Prequalification You may contact a lender to conduct a prequalification for your buyers as to determine the maximum loan amount that they can afford before making an offer.
Albert Tran, Executive Officer of WSGVAR since 2010, MBA, M.S., CIPS
Offer Submission, Counter and Acceptance Once you have found a property that your clients would like to make an offer on, you will need to prepare a purchase agreement, Agency Disclosure forms, and any other related forms. Not too long ago, you had to fill out C.A.R. standard forms in paper format. Today, you can prepare the entire transaction with zipForm® Plus and/or zipForm® Mobile with e-Signatures* capability. Your clients can conveniently sign on his/her tablet or computer. Once signed, an e-mail will be sent to the listing agent for his/her review and signature. The listing agent will then submit the offer along with the disclosure forms and any related forms to his/her sellers. Once accepted, the listing agent will then open an escrow. Inspections and Appraisals In California, a buyer has at least seventeen days from the date of acceptance to have inspections and appraisals performed. Based on the results of these inspections and appraisals, adjustments can be made to the property specific repairs requested. At the end of the contingency period, if all aspects are agreed upon and accepted by the buyers, the transaction will move forward into a pending status. Pending and Closing During this pending stage, the lender is processing all finalized requested documents for the transaction and is preparing those documents for the escrow company. The escrow company will act as a third party to the transaction and will prepare all of the deed and finalized loan documentation as well as any necessary documents for the buyers and sellers of the property. At this time, the seller will sign the grant deed to the buyers, which is notarized by the escrow officer. Once all documents have been received by the escrow company, the buyer and seller are issued a clear to close on the property and can schedule a closing date. Once the grant deed is recorded at the county, the escrow company will be notified with a confirmation number and the lender will wire the funds to the escrow company to complete the purchase. The escrow company will disburse the money accordingly to the seller and any parties involved in the transaction. At this point, the home has now transferred ownership from seller to buyer and the buyer will receive their keys, and the transaction is considered closed. At the end of the day, technology helps real estate professionals improve the process, but they should not forget about the relationship between themselves and their clients and should continue building relationships with them. * WSGVAR members can access zipForm® Mobile Web Edition at no charge. zipForm® Mobile Web Edition is the on-the-go companion application to zipForm® Plus - allowing you to keep important real estate transactions readily available from your tablet! Click Here for more information.
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September 2013 | San Gabriel Valley Connection
Young Professionals Network Save the date! SIX different YPNs from all over Southern California are getting together for a huge Halloween Social for Charity! The networking event of the YEAR is happening October 30th from 710pm at the Noor Ballroom in Pasadena, CA located at 260 E. Colorado Blvd. Relax and enjoy some drinks, unlimited Hors D'oeuvres, and a DJ. This will be a great environment to get to know REALTORSÂŽ you will be working with down the road! We expect the event to sell out so please contact Joseph Haggerty at (626) 340-6496 or at joeh4title@gmail.com to secure your spot!
You asked us to bring this event back, so HERE IT IS! We're SUPER EXCITED! The Second Annual "Let's Go Bowling" Tournament is happening in November! Get your team together, tie up your laces, polish your ball, and start practicing now! Only one team can take home the trophy and get their names etched in history! Yes, we now have a legacy trophy for the winners to display in their office! Come join us to network, have tons of fun, win great prizes, and raise funds for a great cause! Contact William Tong or Teresa Dang at ypn@wsgvar.com for more details or to help plan the event!
Want to get involved with what happens in your association? Join the YPN or any other committees and directly influence the events we put on!
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September 2013 | San Gabriel Valley Connection
West San Gabriel Valley Association of REALTORS® Cordially Invites You to Our
91st Annual Installation Dinner and Celebration
Ohana Ho’olaule’a (Family Celebration)
Friday, December 6, 2013 St. Luke’s Catholic Church 5605 Cloverly Ave. Temple City, CA 91780 5:00 P.M.—11:00 P.M. Social Hour: 5:00 P.M. Dinner: 6:00 P.M. We will be installing
Mel Wong, 2014 President And
2014 Officers and Directors Dress: Hawaiian Attire
Ticket Price: $50.00 Please Tear Off at Perforation & Return the Bottom Portion to Reserve Your Tickets Today!
Yes, Count Me In on the Celebration! Name: __________________________________________________Contact Phone #: ____________________________ Company: _______________________________________________ E-mail Address: _____________________________
______ Tickets x $50.00 = _________________ Payment: ( ) Visa®
(
) Mastercard®
(
or
) Discover Card®
______ Tables x $400.00 = ___________________ (8 people per table) (
) American Express®
(
) Cash
(
) Check
Card # ____________________________________________________ Exp. Date: _______________________________
Authorized Signature: _________________________________________________________________________________
Please mail this reservation form to: West San Gabriel Valley Association of REALTORS®, Attention: Barbara Yelinek 1039 E. Valley Blvd., #205B, San Gabriel, CA 91776 Fax to 626-288-7658. For info call (626) 288-6212. ToP reserve a g e 1 6 your tickets online: https://wsgvar-installation2013.eventbrite.com/ Page 16
September 2013 | San Gabriel Valley Connection September 2013 | San Gabriel Valley Connection
