SAN GABRIEL VALLEY CONNECTION A PUBLICATION FOR MEMBERS OF THE WEST SAN GABRIEL VALLEY ASSOCIATION OF REALTORS®
SPRING 2014
9 Surprising Things That Add Value to Your Home A home’s value is dependent on many things. Here are nine factors you might not have thought about Page 4
What’s New with the EB-5? Commercial Economic
Updates on the EB-5 Visa Investment Program Pages 8 & 9
Outlook: Positive but Moderating NAR’s Commercial Real Estate Forecast Page 14
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
San Gabriel Valley Connection OFFICERS Volume , Issue
MEL WONG
SPRING 2014
President
Inside this issue: TOM BERGE, JR. President-Elect
1039 E. Valley Blvd, #205B San Gabriel, CA 91776 Office: (626) 288-6212 | Fax: (626) 288-7658
KEVIN KWAN
www.wsgvar.com | info@wsgvar.com
Vice President
Upcoming Education Schedule
YIN BIHR Treasurer SUZI DUNKEL-SOTO Secretary
DIRECTORS THOMAS O. BERGE BRIAN CHEN LING CHOW LORRAINE CLARK GIGI LEE HELEN MARSTON CECELIA "CYL" RUDAR GIUSEPPE VENEZIANO STEPHEN WALKER LARRY YANG
May
WSGVAR Association Staff Albert Tran Executive Officer albert@wsgvar.com Barbara Yelinek Office Manager barbaray@wsgvar.com
Page 2
8:30 AM to 5 PM- Notary Public 6-Hour Continuing Education Course and Exam
9th
11:30 AM to 12:30 PM– Brown Bag Lunch & Learn– iPad Advanced Training
12th 9:30 AM to 3 PM– CRMLS Training 30th 9:30 AM to 12:30 PM– CalBRE 45Hour License Renewal
Jamie Nomura Technology Coordinator jamie@wsgvar.com
3rd
9 AM to 5 PM– Military Relocation Professional (MRP) Certification
5th
9:45 AM to 11:30 PM– 2014 Legal Updates
6th
11:30 AM to 12:30 PM– Brown Bag Lunch & Learn– iPad Basic Training
Lauren Palfrey Communications/Education Coordinator lauren@wsgvar.com David Liu Global/Events Coordinator david@wsgvar.com Phong Ton Store Coordinator phong@wsgvar.com
June
9th
9:30 AM to 12:30 PM– zipForm® Plus Training
13th 11:30 AM to 12:30 PM– Brown Bag Lunch & Learn– iPad Advanced Training 30th 8:30 AM to 5 PM– Council of Residential Specialists (CRS) Designation Course #201– Listing Strategies for the Residential Specialist (Day 1)
1st
Editor-in-Chief, San Gabriel Valley Connection Lauren Palfrey, lauren@wsgvar.com
3
9 Surprising Things That Add Value to Your Home
4
Outgoing President and Holiday Party
5
YPN White Elephant Re-Gift Exchange
7
Global: What’s New with the EB-5?
8-9
10 Certified International Property Specialist (CIPS) Designation Course 11 Resort & Second-Home Property Specialist (RSPS) Certification Course
Lunar New Year Celebration at WSGVAR
12
Lunar New Year Celebration at NBC Seafood Restaurant
13
11th 10 AM to 3 PM– CRMLS Training
July
LEE LIEBERG
ALBERT TRAN
6th
Susan Krogstad Membership/Supra Coordinator susan@wsgvar.com
Karen Snow Bookkeeper karen@wsgvar.com
President’s Message
WSGVAR Market Statistics 6
2nd 11:30 AM to 12:30 PM– Brown Bag Lunch & Learn– iPad Basic Training
IMMEDIATE PAST PRESIDENT
EXECUTIVE OFFICER
Monday-Wednesday and Friday: 9AM - 5PM & Thursday: 8AM - 5PM
8:30 AM to 5 PM– Council of Residential Specialists (CRS) Designation Course #201– Listing Strategies for the Residential Specialist (Day 2)
Commercial: Commercial 14 Real Estate Outlook Positive but Moderating Affiliates
15
16 Council of Residential Specialists (CRS) Designation Course Click here for a complete education class schedule. New classes regularly added.
Spring 2014 | San Gabriel Valley Connection
President’s Message Spring 2014 It is my honor to be your 2014 President. I would like to thank Lee Lieberg, 2013 President, for his leadership and vision for the West San Gabriel Valley Association of REALTORS®.
Mel Wong 2014 WSGVAR President
As the economy keeps improving, our real estate market is still having some challenges. According to the California Association of REALTORS®, “a shortage of available homes for sale, rising interest rates, and higher home prices kept prospective home buyers on the sidelines in December, pushing California pending home sales lower for the second straight month.” We have seen the same phenomenon in the San Gabriel Valley area, compared to the rest of California. Regardless of the current economic state, the Association continues to provide exceptional member benefits for all of our members. This year the Board of Directors approved to continue offering the zipForm® Mobile software to our members at no charge. Please click here to sign up for this wonderful free member benefit.
Thank you to Education Chair Suzi Dunkel-Soto for organizing terrific education classes such as the 2014 Jump Start class to motivate our members for profitability and productivity, the 2014 Tax Updates class to inform our members with up-to-date tax knowledge so that they can help their clients be successful, and the Seniors Real Estate Specialist (SRES) Designation Course educating our members to serve the needs of the fastest growing market of clients 50+. I am looking forward to our upcoming designation and certification courses such as the Military Relocation Professional (MRP) Certification, Seller Representative Specialist (SRS) Designation, Certified International Property Specialist (CIPS) Designation, Resort Second-Home Property Specialist (RSPS) Certification, and Certified Residential Specialist (CRS) Designation being offered to our members at low costs. Please click here to visit our Education Calendar to register for these great classes. The Lunar New Year Celebration on February 8, 2014 was a huge success. Thanks to over 150 attendees, affiliates, brokerage firms, our sponsors, along with government officials and the media for their support. See page 13 for more details. Between January 22, 2014 and January 25, 2014, our C.A.R. Directors attended the 2014 C.A.R. Winter Meeting Conference in San Diego. During these meetings many important topics were discussed including Business Technology, Scholarship/Foundation, Education, Legal Action, Legal Affairs, Local Government, and much more. President-Elect Tom Berge Jr. speaking at the 2014 C.A.R. Winter Meeting Conference in San Diego
Lastly, I encourage each of you to get involved with the Association. Getting involved in Association Committees is rewarding and a great learning experience. There are many ways to get involved including joining committees at WSGVAR, participating in C.A.R.’s Call-for-Action, attending the Legislative Day in Sacramento, attending the C.A.R. Expo in Anaheim and many more opportunities throughout the year. I challenge each and every one of you to get more involved in 2014! Best Regards,
Melvin K. Wong, CRS, SRES 2014 WSGVAR President
Page 3
Spring 2014 | San Gabriel Valley Connection
9 Surprising Things That Add Value To Your Home A home’s value is dependent on many things. Here are nine factors you might not have thought about. What do surf breaks, Walmarts, and public transportation have in common? Being near any of them can add thousands to your home’s value. At least that’s what various university researchers have found based on their evaluation of variables that could be influencing home prices. Their conclusions might surprise you. Here’s what they found: 1. Surf Breaks Being within a mile of a surf break (a spot where surf-able waves happen) adds about $106,000 to a home’s value, according to surfonomics experts at the Monterey Institute of International Studies. Reality check: Mother Nature makes surf breaks, so it’s not like you could build your own DIY break to boost your home’s value. 2. Parks and Open Spaces A desirable public park or other recreational open space boosts the property value of nearby homes by 8%20%. One study looked at 16,400 home sales within 1,500 feet of 193 public parks in Portland, Ore., and found these boosts to home values: Natural areas: $10,648 Golf courses: $8,849 Specialty parks: $5,657 Urban parks: $1,214
Reality check: A park that’s not maintained and overcrowded can drag down nearby home values.
they’re still rather pricey at $15,000-$40,000, added two sports stadiums. depending on the size of your house. Reality check: If a stadium is proposed, home values can decline a bit until the project is 5. Walkability Being able to stroll to schools, parks, stores, complete. And if you live really close to a stadium, you may encounter traffic and and restaurants will raise your property value anywhere from $4,000-$34,000, says a parking issues. 2009 study from CEOs for Cities. 8. Community Gardens Reality check: The biggest boost in walkability values occurred in large, dense Planting a community garden raises the value cities. of homes within a 1,000-foot radius by 9.4% within five years, according to research by the Office of the Comptroller of the Currency and New York University School of Law. The impact increases over time, and high-quality community gardens have the greatest positive influence. Poor neighborhoods saw the biggest gains in home values.
Trees in your yard and on your street can be valuable assets and increase the worth of your home value.
Reality check: Gardens on privately owned land and in higher-income neighborhoods don’t have the same beneficial influence. 9. Trees No real surprise here — whether trees are in your yard or just on your street, they’re a valuable asset you should be aware of. Here’s a gauge of how much trees are worth to your home value according to a University of Washington research survey:
6. Accessory Dwelling Units Whether it’s a granny flat, an in-law 3. Living Near a Walmart apartment, or a carriage house, having a Along with making it easier to run out for a gallon of milk at midnight, researchers at the separate unit can increase your home’s value by 25%-34%, according to a study of 14 University of Chicago concluded that living Mature trees anywhere in your yard: 2%. within a mile of a Walmart store could raise properties with accessory dwelling units in Mature trees on your street: 3%. Portland, Ore. You can also get a steady your home’s value by 1%-2%, and living stream of income from a second unit. Trees in your front yard: 3%-5%. within half a mile could boost your property value by an additional 1%. For an averageReality check: Local governments often ban Mature trees in high income size home, that’s an uptick of $4,000-$7,000. accessory dwelling units, so check zoning neighborhoods: 10%-15%. Realty check: What you gain in home value, laws, building codes, and homeowners Reality check: Trees usually mean work — association rules before you add a unit. you may end up spending at Walmart. raking leaves, trimming branches, and 4. Solar Photovoltaic Systems California homes with solar photovoltaic (PV) systems sell for a $17,000 premium over homes without solar systems, according to research from the U.S. Department of Energy’s Lawrence Berkeley National Laboratory. Reality check: Although costs for residential solar power systems are falling, Page 4
keeping roots out of sewer lines. 7. Professional Sports Arenas A new pro sports stadium can raise Written by Dona DeZube, HouseLogic property values in a 2.5-mile radius by an Contributor. average of $2,214. The closer you are to the new facility, the larger the increase in home To read more please click here. value. Researchers from the University of Illinois at Urbana-Champaign and the University of Alberta examined house sales in Columbus, Ohio, before and after the city Spring 2014 | San Gabriel Valley Connection
Outgoing President and Holiday Party
On Thursday, December 19, 2013 the West San Gabriel Valley Association of REALTORSÂŽ held its annual Holiday Party and Outgoing President Celebration in honor of 2013 President Lee Lieberg. President Lieberg was recognized by several city officials for his great service and leadership at WSGVAR. Accolades were presented to him by U.S. Congresswoman Judy Chu representing the 27th District, Field Representative Violette Ruiz on behalf of Assemblyman Ed Chau representing the 49th District, City of Alhambra Mayor Stephen Sham, City of San Gabriel Mayor Juli Costanzo, and Government Affairs Director Laura Olhasso presented certificates on behalf of Senator Dr. Ed Hernandez representing the 24th Senate District, the City of Monterey Park, the City of Temple City, Michael D. Antonovich Supervisor of the 5th District and a U.S. Flag that was flown over the State Capitol.
Certificates of Appreciation were presented to the 2013 Board of Directors, 2013 Committee Chairs and Vice-Chairs and WSGVAR and C.A.R. Honorary Members for Life. Also recognized were all 2013 award winners: 2013 Affiliate of the YearMarcus Jacques, 2013 REALTORÂŽ of the Year- Yin Bihr, 2013 Good Neighbor Award- Cyl Rudar, 2013 Special Recognition Award- Cesar Aviles, 2013 Distinguished Service Award- Nancy Lin and 2013 Presidential Award- Tom Berge, Jr. WSGVAR members enjoyed photos with Santa, a delicious hot breakfast served by our Affiliates, live holiday singing, a gift raffle giveaway and lots of holiday spirit.
During the Holiday Party the final attendance drawing for 2013 was drawn. Congratulations to Sindy Yuet Wong from Mandarin Realty Company who won $1,255! Page 5
Spring 2014 | San Gabriel Valley Connection
WSGVAR Market Statistics
*All of the below information is comprised from CRMLS. For a full year report including Condos/Townhomes please visit http://wsgvar.com/Newsstand/MarketStatistics
Alhambra, Monterey Park, Rosemead, San Gabriel, Temple City
Alhambra
Single Family Homes Average List Price Average Sale Price Median List Price Median Sale Price Units For Sale Units Sold Months Supply of Inventory
12-Dec $450,000 $426,560 $425,000 $405,000 39 26 1.5
13-Dec $596,053 $539,512 $599,000 $525,000 43 19 2.3
% Change 32% 26% 41% 30% 10% -27% 53%
13-Jan $463,193 $466,941 $435,000 $440,000 36 17 2.1
14-Jan $627,853 $560,292 $592,000 $547,500 49 12 4.1
% Change 36 % 20% 36% 24% 36% -29% 95%
13-Feb $632,300 $444,364 $638,000 $439,000 39 12 3.3
14-Feb $559,450 $566,400 $532,000 $535,000 47 17 2.8
% Change -12% 27% -17% 22% 21% 42% -15%
Monterey Park Single Family Homes Average List Price
12-Dec 13-Dec % Change 13-Jan 14-Jan % Change 13-Feb 14-Feb % Change $500,378 $758,575 52% $516,820 $694,355 34% $575,644 $568,735 -1%
Average Sale Price Median List Price Median Sale Price Units For Sale Units Sold Months Supply of Inventory
$466,912 $450,000 $415,000 59 17 3.5
$554,789 $569,900 $555,000 39 19 2.1
19% 27% 34% -34% 12% -40%
$472,595 $449,950 $455,000 62 20 3.1
$559,250 $628,500 $559,500 44 14 3.1
18% 40% 23% -29% -30% 0%
$512,605 $577,000 $471,000 56 19 3
$468,773 $570,000 $436,500 44 11 4
-9% -1% -7% -21% -42% 33%
Single Family Homes Average List Price Average Sale Price Median List Price Median Sale Price Units For Sale Units Sold
12-Dec $429,984 $396,496 $388,000 $370,500 55 24
13-Dec $463,038 $497,958 $475,000 $496,250 50 12
% Change 8% 26% 22% 34% -9% -50%
13-Jan $468,427 $369,983 $436,500 $352,500 57 12
14-Jan $515,419 $428,810 $485,000 $425,000 48 21
% Change 10% 16% 11% 21% -16% 75%
13-Feb $521,327 $433,719 $472,500 $395,250 55 12
14-Feb $486,891 $462,091 $464,999 $490,000 48 11
% Change -7% 7% -2% 24% -13% -8%
Months Supply of Inventory
2.3
4.2
83%
4.8
2.3
-52%
4.6
4.4
-4%
12-Dec $649,064 $601,611 $628,000 $590,000 63 26 2.4
13-Dec $722,713 $697,116 $699,500 $654,000 52 29 1.8
% Change 11% 16% 11% 11% -17% 12% -25%
13-Jan $619,934 $553,244 $559,000 $492,500 56 18 3.1
14-Jan $832,042 $687,286 $692,000 $625,000 53 21 2.5
% Change 34% 24% 24% 27% -5% 17% -19%
13-Feb $662,726 $556,594 $569,000 $535,000 61 16 3.8
14-Feb $722,051 $634,929 $638,888 $655,000 54 17 3.2
% Change 9% 14% 12% 22% -11% 6% -16%
13-Jan $614,320 $658,233 $546,000 $692,500 51 15 3.4
14-Jan $734,931 $860,616 $619,000 $730,000 42 19 2.2
% Change 20% 31% 13% 5% -18% 27% -35%
13-Feb 14-Feb $735,730 $685,733 $586,809 $722,510 $628,000 $648,000 $562,500 $655,000 50 34 18 19 2.8 1.8
% Change -7% 23% 3% 16% -32% 6% -36%
Rosemead
San Gabriel Single Family Homes Average List Price Average Sale Price Median List Price Median Sale Price Units For Sale Units Sold Months Supply of Inventory
Temple City Single Family Homes Average List Price Average Sale Price Median List Price Median Sale Price Units For Sale Units Sold Months Supply of Inventory Page 6
12-Dec $619,020 $630,880 $527,450 $525,000 55 20 2.8
13-Dec $726,553 $785,857 $698,000 $722,500 47 18 2.6
% Change 17% 25% 32% 38% -15% -10% -7%
Spring 2014 | San Gabriel Valley Connection
What’s New With The EB-5? 10 full-time jobs for U.S. workers. The The USCIS no longer requires an investor Regional Center EB-5 visa requires investment to restart the entire application process if in USCIS approved regional centers creating at the business plan materially changes after least 10 direct, indirect or induced jobs per conditional residency has been approved, investor. The investor is usually a limited but before permanent residency is partner or member of an LLC and is free to granted. live anywhere in the United States, and can EB-5 Market Matures work or not work as the investor wishes. See Applicants must commit $500,000 to In recent years the number of EB-5 visas uscis.gov for more information. $1,000,000 to a new business or project that issued has more than doubled, from 3,463 in will create at least ten jobs over a specified Recent Adjustments FY 2011 to 7,641 in FY 2012. The increase has time period and submit a detailed business Several steps have helped the EB-5 program been driven by investors from mainland plan to be approved by the USCIS. Upon manage its growth pains. In September 2012, China, who make up more than 80% of EB-5 approval of the application process, an President Obama renewed the program for a investors. Earlier this year EB-5 professionals investor receives conditional U.S. residency. three-year period, eliminating some degree of feared the program would reach its limit of Permanent residency can be granted after a 2- hesitancy among potential investors with 10,000 visas per year for the first time in year conditional period if the employment what had previously been termed a “pilot 2013. That did not happen, but the risk that it objectives are fulfilled. program”. could raised new questions and concerns. The USCIS has also reorganized its EB-5 processing unit to help it deal with a surge in applications during the recession. To tackle its processing backlog, an additional EB-5 unit was hired in Washington, D.C. and more personnel were added, which hopefully will improve wait times for approval or denial of I-526, the initial EB-5 petition. Launched in 1990 by the U.S. Citizenship and Immigration Service (USCIS), the EB-5 visa program helps the U.S. compete for international capital against other countries that offer similar programs. It is designed to attract foreign investment in projects that create jobs for U.S. citizens.
The EB-5 visa program benefits both applicants and the marketplace:
Investors receive conditional green cards for themselves, their spouse, and any children under the age of 21. U.S. developers gain access to low-cost international capital.
Economically depressed Targeted Employment Areas (TEAs) get jobs.
Real estate agents may also benefit because EB-5 visa holders must establish a U.S. residence, and therefore may become prospective home purchasers.
There are two main types of EB-5 visas. The Individual EB-5 requires direct investment in any for-profit of business that creates at least Page 8
Some of the most significant changes in the EB-5 arena resulted from a memorandum issued by the USCIS in May 2013. It clarified the USCIS’ position on key issues that were causing delays and inconsistencies, and which were most likely to result in denials. Clarifications and policy changes included the following:
EB-5 funding may be used to replace initial bridge funding in Regional Center projects. This means that an investor can join a project after it has moved beyond its speculative pre-construction stage, reducing financial risk and the risk of the project failing to meet USCIS requirements.
The market has also evolved in terms of the types of projects that utilize EB-5 funding. In the mid-2000s many EB-5 projects were run by small developers who were crowded out of the credit market. The EB-5 program gave them access to low-cost capital they couldn’t find elsewhere. For example, Jay Peak, a ski resort in northern Vermont, used foreign funding in 2008 to expand its ski facilities.
Since then very large developers have begun utilizing the EB-5 program. Major hotel developers like Marriott, Hilton, Hyatt and Starwood have tapped it for large projects throughout the country. Hotels are a particularly good fit to the programs because they generate so many jobs. Now smaller EB-5 projects find it hard to compete for EB-5 The USCIS recognized the “fund model” investors against large ones which have a so that an investment in a single Regional lower risk of non-completion. Center enterprise can fund a portfolio of approved projects, reducing investor risk. Spring 2014 | San Gabriel Valley Connection
What’s New With The EB-5? SEC, or any other government agency has approved the investments offered by the In October 2012, the USCIS announced plans business, or has otherwise expressed a view to work with the Securities Exchange on the quality of investment.” Commission (SEC) in identifying and prosecuting fraud in EB-5 Regional Centers. Regional Center projects must now issue Private Placement Memos (PPMs) that follow strict SEC securities guidelines. The SEC charged two EB-5 projects with securities fraud in 2013.
Fraud and the SEC
In SEC v. Marco A. Ramirez, et al., the USA Now Regional Center is alleged to have solicited investors prior to receiving its Regional Center designation. Its PPM promised investors a five percent return. Further, funds that the owners should have escrowed were put to personal use. Investors received no visas from their investment in the USA Now Regional Center. In the high profile SEC v. A Chicago Convention Center, et al., the SEC halted a project that had brought in $156 million in overseas funds. The developer is alleged to have falsely promoted the project as the “World’s First Zero Carbon Emission Platinum LEED-certified” hotel and conference center in Chicago, and to have falsely claimed that all necessary building permits had been acquired and that it had the backing of major hotel chains including Hyatt and Starwood. “This case received widespread media attention in China,” reports Adel Elmankabady, ALC and Principal of Georgia Center for Foreign Investment and Development in Suwanee, Georgia. “It left a bad taste in the mouths of Asian investors. They have become more cautious.” Both cases underline the need for investors to do due diligence, and to work with experienced, well respected professionals. An Investor Alert released jointly by the SEC and the USCIS states that “the fact that a business is designated as a regional center by the USCIS does not mean that USCIS, the Page 9
Implications for Global Real Estate Agents The EB-5 visa may be a good fit for those who seek entry to the U.S. and the opportunity to buy residential property, including individuals, couples and families who prefer to live and school their children in the U.S.; foreign nationals on long waiting lists for other visas; entrepreneurs who want to start a U.S. business; and affluent buyers who want a second home in the U.S. and more flexibility to use it. If you have prospects who fit these descriptions, consider learning more about EB-5 visas and expanding your professional contacts so that you are able to discuss the program with knowledge and refer your clients to experts who can advise them on next steps.
Identifying EB-5 Professionals Applying for the EB-5 visa is a complicated process requiring an extraordinary amount of paperwork as well as due diligence on the project. The applicant needs experienced advisors with strong backgrounds in EB-5 projects to navigate the process, including immigration attorneys specializing in EB-5 law. They can explain more about the
process and current waiting times. Immigration attorneys with EB-5 experience do not have to be local. In fact, they probably won’t be. Go to the websites for the American Immigration Lawyers Association (aila.org) and the Alliance of Business Immigration Attorneys (abil.com) and contact their EB-5 committees.
Beyond the Investment In some cases person pursuing an EB-5 visa may be willing to make such an investment as a vehicle to achieve residency. Returns on EB-5 funding are very low compared to other investment products. The main goal is residency, which is only granted unconditionally if the EB-5 project fulfills its job creation requirements. Successful project execution is of the utmost importance. Urge your client to hire advisors to do due diligence and to examine the soundness of the developer’s business plan. If overseas investors are looking for higher returns, they may also be able to invest in the non-EB-5 funded part of the project. “I had a client who wanted to invest more than $500,000 which was earning one percent as EB-5 money,” recalls Elmankabady. “The developer let her invest an additional $2,000,000 in the general fund which returned 12%.” The EB-5 visa program is a great way to help affluent overseas buyers obtain residency and spend more time in their U.S. properties. Be prepared to suggest it where it fits, but avoid presenting yourself as an investment advisor. Caution your clients that you are not recommending any particular program and urge them to discuss the EB-5 with their attorneys and investment advisors prior to making any decisions. If you point the way to a successful transaction, these new residents will very likely tell their friends, creating opportunities for additional referral business. For more information visit www.realtor.org. Spring 2014 | San Gabriel Valley Connection
Your Real Estate Market Just Got A Lot Bigger
Nearly one million unique global visitors are searching properties on REALTOR.com®, and Los Angeles, CA is one of the U.S. cities these visitors are looking at the most. Spend a week in Southern CA learning about this growing buyer group. The Certified International Property Specialist (CIPS) designation helps you develop the skills and knowledge to serve your new global customers. Attend the CIPS Institute in Southern California Instructor David Wyant (2009 & 2012 NAR CIPS Instructor of the year) will spend the week with you discussing global transactions and how California REALTORS® (and REALTORS® from across the country) can profit from becoming a Certified International Property Specialist. Taking the full Institute fulfills the classroom requirements for the CIPS designation. In each course, you will: Course Schedule The Course Fees for All 5 days: Monday, July 21, 2014—Day 1 Global Real Estate : Local Markets Tuesday, July 22, 2014—Day 2 Global Real Estate : Transaction Tools Wednesday, July 23, 2014—Day 3 Asia/Pacific and International Real Estate
Thursday, July 24, 2014—Day 4 Europe and International Real Estate Friday, July 25, 2014—Day 5 The Americas and International Real Estate
Date: July 21 to July 25, 2014 (Monday to Friday) Time: All classes are from 9AM—5PM (except Thursday from 9:30AM—5PM) Location: West San Gabriel Valley AOR 1039 E. Valley Blvd. #205B San Gabriel, CA 91776 Contact Info: Education Department Office: (626)288-6212. Fax: (626) 288-7658 E-mail: education@wsgvar.com Page 10
Early-Bird Special before 6/2/2014 $399 for REALTOR® members $499 for non-REALTOR® members On or After 6/2/2014 $499 for REALTOR® members $599 for non-REALTOR® members The Course Fees for Day 1 Thru Day 5: Early-Bird Special before 6/2/2014 $100/day for REALTOR® members $125/day for non-REALTOR® members On or After 6/2/2014 $125/day for REALTOR® members $150/day for non-REALTOR® members
Gain an understanding of
the global marketplace Learn how to analyze and apply market data Develop skills to facilitate global transactions Discover how to build relationships with clients and other REALTORS® And Much More!
By attending Day 1 Global Real Estate: Local Markets you earn 16 elective credits towards your CRS Designation! See page 16 for more details.
To register for the Certified International Property Specialist (CIPS) Designation Institute online please click here. You may also contact the Education Department at (626) 288-6212 or email education@wsgvar.com.
Spring 2014 | San Gabriel Valley Connection
Be a part of this exciting opportunity to learn about the resort
area and second-home specialty and fulfill one of the core certification requirements for the RSPS Certification! This one-day course from NAR focuses on the essentials of assisting customers and clients in tourist-driven areas and other second-home markets, including: How to take advantage of community resources and tourism bureaus How to prepare to act when laws that directly affect the resort business are
scheduled to change
How to handle the media – rather than being handled by it The benefits and challenges of second homeownership
The Resort & Second-Home Markets course is one of the core education requirements for the RSPS certification and fulfills the elective course requirement for the ABR® designation. It also fulfills 8 elective credits towards the CRS Designation (see page 16 for more details). About the Instructor: David Wyant, CIPS, ABR®, AHWD, e-PRO®, NAR 2009 International Instructor of the Year, has represented multiple international corporations on every continent. He has bought and sold property, lived, and operated his own company, internationally. He has taught and lectured across the world on topics ranging from marketing and strategy development, to international finance and business planning. The course fee is:
Course Information Date: Monday, July 28, 2014 Time: 9AM to 5PM Location: West San Gabriel Valley AOR 1039 E. Valley Blvd. #205B San Gabriel, CA 91776 Contact Info: Education Department Office: (626) 288-6212. Fax: (626) 288-7658 E-mail: education@wsgvar.com Page 11
$150 for REALTOR® Members $175 for non-REALTOR® Members
To register for the Resort & Second-Home Property Specialist (RSPS) Certification Course online please click here. You may also contact the Education Department at (626) 288-6212 or email education@wsgvar.com.
Spring 2014 | San Gabriel Valley Connection
The West San Gabriel Valley Association of REALTORSÂŽ held its annual Lunar New Year Celebration during the MLS Breakfast meeting on February 6, 2014. This year was in celebration of the Horse. A delicious dim sum breakfast was served and enjoyed by all. During the celebration California Association of REALTORSÂŽ Directors gave updates of their Winter Meetings in San Diego and the celebration concluded with a gift giveaway.
Page 12
Spring 2014 | San Gabriel Valley Connection
WASHINGTON (February 24, 2014) – Market fundamentals in commercial real estate continue to improve but at a slower pace, according to the National Association of Realtors® quarterly commercial real estate forecast.
Presently, markets with the lowest retail vacancy rates include San Francisco, at 3.1%; Fairfield County, Conn., 3.8%; Long Island, N.Y., 4.8%; San Jose, Calif., 5.2%; and Northern New Jersey and Orange County, Office rents are projected to increase 2.3% in Calif., at 5.3% each. 2014 and 3.2% next year. Net absorption of Lawrence Yun, NAR chief economist, said office space in the U.S., which includes the Average retail rents are forecast to rise 2.0% fundamentals are still on an uptrend. leasing of new space coming on the market in 2014 and 2.3% next year. Net absorption of “Growth in commercial real estate sectors as well as space in existing properties, is likely retail space is likely to total 14.6 million continues at a moderate pace from a very to total 44.6 million square feet this year and square feet this year and 20.9 million in 2015. slow pace of absorption, despite job additions to the economy. Companies appear hesitant 50.0 million in 2015. Multifamily Markets to add new space,” he said. The apartment rental market – multifamily housing – should see vacancy rates edge up “Office demand is expected to see only slow from 4.0% in the first quarter to 4.1% in the and gradual improvement. Demand for retail first quarter of 2015, with additional supply space is benefiting from improved household helping to meet growing demand. Generally, wealth, while industrial real estate is stable vacancy rates below 5% are considered a with increasing international trade, which landlord’s market, with demand justifying requires warehouse space. Of course, the higher rent. apartment market fundamentals are the strongest, as nearly all of the new household Areas with the lowest multifamily vacancy “The apartment market formation in the past 10 years has come from rates currently are New Haven, Conn., at fundamentals are the strongest, renters, and not homeowners,” Yun said. 2.1%; Minneapolis and New York City, 2.3%; as nearly all of the new and Oakland-East Bay, Calif., and San Diego, National vacancy rates in the coming year are at 2.5% each. forecast to decline 0.2 percentage point in household information in the the office market, which has the highest level past 10 years has come from Average apartment rents are projected to of empty space, 0.1 point in industrial, and rise 4.3% this year and 3.5% in 2015. Multirenters, and not homeowners.” 0.3 point for retail real estate. With rising family net absorption is expected to total Lawrence Yun, NAR Chief Economist apartment construction, the average 204,900 units in 2014 and 112,500 next year. multifamily vacancy rate will edge up 0.1%, Industrial Markets but this sector continues to experience the tightest availability and strongest rent growth Industrial vacancy rates are anticipated to fall Media Contact: Walter Molony / 202-383of all the commercial sectors. from 9.0% in the first quarter to 8.9% in the 1177 / Email first quarter of 2015. NAR’s latest Commercial Real The Commercial Real Estate Outlook is pubEstate Outlook offers overall projections for The areas with the lowest industrial vacancy lished by the NAR Research Division. NAR’s four major commercial sectors and analyzes rates currently are Orange County, Calif., with Commercial Division, formed in 1990, quarterly data in the office, industrial, retail a vacancy rate of 3.7%; Los Angeles, 3.8%; provides targeted products and services to and multifamily markets. Historic data for meet the needs of the commercial market Miami, 5.8%; Seattle at 5.9%; and San metro areas were provided by REIS, Inc., a and constituency within NAR. Riverside/Bernardino, Calif., at 6.1%. source of commercial real estate perforAnnual industrial rents should rise 2.4% this mance information. The National Association of Realtors®, “The year and 2.6% in 2015. Net absorption of Voice for Real Estate,” is America’s largest Office Markets industrial space nationally is seen at 106.1 trade association, representing 1 million million square feet in 2014 and 110.6 million Vacancy rates in the office sector should members involved in all aspects of the next year. decline from an expected 15.8% in the first residential and commercial real estate quarter of this year to 15.6% in the first industries. Retail Markets quarter of 2015. Retail vacancy rates are expected to The markets with the lowest office decline from 10.2% in the first quarter of this vacancy rates presently (in the first year to 9.9% in the first quarter of 2015. quarter) are New York City, with a Page 14
vacancy rate of 9.5%; Washington, D.C., at 10.2%; Little Rock, Ark., 11.6%; Birmingham, Ala., 12.7%; and San Francisco and Nashville, Tenn., at 12.8% each.
Spring 2014 | San Gabriel Valley Connection
WSGVAR Affiliates Do you know someone who is interested in joining as an affiliate of WSGVAR? Share our affiliate benefits with them! As an affiliate you can:
-Attend our weekly MLS Breakfast meetings and introduce yourself in front of our REALTORS速 -Opportunities to teach your area of expertise to REALTORS速 at weekly Lunch & Learn classes -Participate in all Association activities including our Holiday Party, Halloween Party, Lunar New Year Celebration, Cinco de Mayo, Installation and many more activities throughout the year!
-Company information is included in our Affiliate handbook distributed to REALTORS速 -Attend the annual Affiliate Appreciation Luncheon -Sponsor large events and classes at the Association. This is a great opportunity to get your name out into the real estate community!
Thank you to all of our affiliates who do an amazing job supporting our REALTORS速, helping with events and sponsoring great classes! You are a vital component to WSGVAR! Page 15
Spring 2014 | San Gabriel Valley Connection
Council of Residential Specialists (CRS) Designation Courses The West San Gabriel Valley Association of REALTORS® is offering 3 Council of Residential Specialists (CRS) Designation Courses! When you earn the CRS Designation, you become part of a network of more than 30,000 Certified Residential Specialist Designees and Candidates/General Members.
CRS 201: Listing Strategies (16 credits) – Listing Strategies for the Residential Specialist will help you identify the motivations and concerns of today’s sellers– and help them close the deal. - Learn to price effectively in the current market and get a faster sale - Access scripts to work with your clients and get their house sold at a fair price - Communicate with your clients and create a dynamic of trust and loyalty WHEN: Monday, June 30, 2014 & Tuesday, July 1, 2014 from 8:30AM to 5PM (check-in begins at 8AM) REGISTRATION FEE: Early-Bird-$120 for all REALTORS® by Monday, June 9, 2014 Regular Sign-Up- $149 for all REALTORS® on or after Tuesday, June 10, 2014 CLICK HERE to register online!
CRS 206: Technologies to Advance Your Business (16 credits) – This course from the Council of Residential Specialists will help you get a handle on technology and tools that work for you and your business. - Learn about technologies that streamline the way you handle contacts and follow-up systems - Access the technologies that make sense for you and your business so you don’t waste money on gimmicks - Market yourself via websites, blogs and other communication tools to attract, keep and close the Internet buyer - Create effective multimedia technologies and develop enhanced listing and buyer presentations WHEN: Tuesday, July 29, 2014 & Wednesday, July 30, 2014 from 8:30AM to 5PM (check-in begins at 8AM) REGISTRATION FEE: Early-Bird-$120 for all REALTORS® by Tuesday, July 8, 2014 Regular Sign-Up- $149 for all REALTORS® on or after Wednesday, July 9, 2014 CLICK HERE to register online!
CRS 200: Business Planning & Marketing (16 credits) - The Business Planning & Marketing for the Residential Specialist course will help you create a strong business that will withstand any market condition– while making a profit. - Develop a business plan to focus your business and start making educated financial decisions - Determine financial goals to create a budget and increase your profits to last through retirement - Create a marketing plan that works with your objectives to get your listings sold - Identify action plans to implement that will work for you to achieve long-term personal and professional goals WHEN: Wednesday, August 20, 2014 & Thursday, August 21, 2014 from 8:30AM to 5PM (check-in begins at 8AM) REGISTRATION FEE: Early-Bird-$120 for all REALTORS® by Wednesday, July 30, 2014 Regular Sign-Up- $149 for all REALTORS® on or after Thursday, July 31, 2014 CLICK HERE to register online! A Cut Above The Rest Compared with the average REALTOR®, Certified Residential Specialists are more successful. Annually, CRS agents earn more than double the income of the average REALTOR®, and CRSs complete nearly twice as many transactions each year. Out of more than 1 million REALTORS®, less than 3 percent are Certified Residential Specialists. That little percentage equals a huge advantage for agents looking to expand their real estate business, differentiate themselves from a million other agents, and put themselves on a proven path to success. For more information on other CRS Courses or obtaining the CRS Designation, the premier Designation for residential real estate professionals and for a complete list of all approved elective courses please visit www.CRS.com and click on “How to Become a CRS” under the “Membership” heading.
Page 16
To register for the Council of Residential Specialists (CRS) Designation Courses online please click here. You may also contact the Education Department at (626) 288-6212 or email education@wsgvar.com.
Spring 2014 | San Gabriel Valley Connection