a
It’s Wedding Season! 8 Things YSK / China’s US Real Estate Gold Rush / Better Communication for Better Sales Spring 2016 SPRING 2016
Proud sponsor of the AREAA Global & Luxury Summit We can connect you to tools and resources to help grow your business.
Let’s work together. Whether your clients meet with a mortgage specialist in person or go online, with a Bank of America mortgage, your clients will know where they stand every step of the way.
Get inspired to grow your business, using market insights including TILA-RESPA Integrated Disclosures information and more on our online Agent Resource Center.
Help clients build financial know-how with our free financial education webinars at bankofamerica.com/webinars, or through engaging, self-paced videos at BetterMoneyHabits.com.
Work with an experienced mortgage specialist who understands your local market and will help your clients every step of the way.
Find out about local down payment and cost savings programs that can be combined with most home loans to help make home buying more affordable for your clients at bankofamerica.com/ downpaymentcenter.2
We offer loans at competitive rates to meet your clients’ needs, from loans with a low down payment to jumbo loans.1
Contact a Bank of America mortgage loan specialist and learn more; visit bankofamerica.com/ neighborhoodlending today.
For jumbo loan amounts used to purchase a single-family residence on a loan amount of less than $1 million, borrower must provide documentation totaling a minimum reserve of 6 months of principal, interest, taxes, homeowners/hazard insurance and assessments (homeowner’s association fees/dues/special assessments) – (“PITIA”) related to subject loan/property. For loan amounts greater than $1 million and up to $2 million, documentation totaling a minimum reserve of 12 months of PITIA is required. Interest-only payment option, property and/or occupancy type may require a higher level of reserves, please ask for details. For loan amounts greater than $2 million and less than or equal to $3 million, borrower must provide documentation of reserves totaling a minimum of 24 months of principal, interest, taxes, homeowners/hazard insurance and assessments (homeowners association fees/dues/special assessments) related to subject loan/property. For loan amounts greater than $3 million, the same reserves are required and must be held in a Bank of America and/or its affiliates (Merrill Lynch and/or U.S. Trust) account. Two separate full appraisals are required. Excellent credit required, including proof of recent consistent mortgage payment history. Loan to value and property type restrictions apply, ask for details. Not available on all loan programs. Other restrictions apply. 2 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. ©2016 Bank of America Corporation. ARYSHVWX 02-2016 AD-02-16-1029 THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION. 1
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Upcoming Online Courses: Disposition Analysis for Commercial Real Estate
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April 11-13, 2016
April 18, 2016 To May 2, 2016
Learn when to hold and when to dispose of investment real estate by analyzing available alternatives. Determine the money an investor has invested at any point in time and make an effective investment decision based on analytics.
Learn how to analyze leases and investment value, and create a personal and property marketing plan. Through real-world case studies you will learn how to analyze leases and investment value, and develop a plan to kick-start your career.
Real Estate Financial Analysis Using Excel
Communication Skills for Business Professionals
April 12-26, 2016
April 19, 2016
Access step-by-step instructions for creating an accurate proforma for analyzing the financial performance of commercial and investment real estate. Learn to develop your own spreadsheets that allow you to quickly and effectively model a variety of real estate investment scenarios.
Improve your speaking, listening, telephone, email, texting, and presentation skills, and, in the process, make yourself more profitable. Learn how to turn initial interest into a lasting business relationship and close more transactions.
Improve Retail Investment Return Using GIS April 25-27, 2016
Visit: www.ccim.com/AREAA416 or Call: 800-621-7027 (Opt 2)
Learn a more effective process for acquiring existing retail properties and maximize the return on investment. This course uses the latest GIS tools including BAO (Business Analyst Online) and ARCGis.
CI 101: Financial Analysis for Commercial Investment Real Estate: CI 101 serves as your introduction to the CCIM Cash Flow Model. Learn to apply the CCIM Cash Flow Model to make your investment decisions based on wise investment fundamentals. Some of the concepts you will explore include IRR, NPV, Cap Rate, Capital Accumulation, and the Annual Growth Rate of Capital.
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Upcoming Dates: April 11-14, 2016 Chicago, IL – Classroom April 12, 2016 to May 9, 2016 Englewood, CO – Blended Learning April 12, 2016 to May 13, 2016 Portland, OR – Blended Learning April 12-15, 2016 Austin, TX – Classroom April 18-21, 2016 Las Vegas, NV – Classroom April 25-28, 2016 Orlando, FL – Classroom April 25-29, 2016 Honolulu, HI – Classroom April 25-28, 2016 El Paso, TX – Classroom
The premier provider of commercial real estate education 1
SPRING 2016
S P RIN G 2 0 1 6 Vo l u m e 8 , I s s u e 1 ON THE COVER (L to R): Winnie Davis, Mike Bui, Allen Okamoto, Dionne Cuello, and Dick Lee discuss the "No Other" campaign, aimed at creating a distinct AAPI racial category in the Census' influential quarterly homeownership reports. Portraits by Ken Jacques. 26
F E AT U R E S 26
Like No Other AREAA’s ambitious advocacy campaign to disaggregate AAPI data in the Census’ Quarterly Homeownership reports has far reaching implications across multiple industries, and we’re just fine with that. By Scott Berman
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China’s Gold Rush China has been pouring billions of dollars into US real estate lately, but with a shaky economy, should we expect that to slow down? In short – don’t bet on it.
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By John Wong
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Traveling with the Bohemian Vagabond: Mystical India Love it or hate it, which will be one of your opinions, India is a sensory overload in every way. By Jacki Ueng
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Private Mortgage Banking
Good news for buyers who need a jumbo loan 10.01% down payment and no mortgage insurance
Wells Fargo now provides a 10.01% down payment financing option with no mortgage insurance requirement on jumbo loans up to $1,000,000. This new option could make the difference for credit-qualified customers who may not have the funds for a 20% down payment. This option can only be used when your buyers are purchasing primary residences with a jumbo mortgage.
We’re ready to help Our nationwide network of professionals is dedicated to helping you and your clients in every market across the nation. To connect with your local team, contact your divisional diverse segments manager today. Brigitte Killings, Southeast AL, AR, DC, DE, FL, GA, Kansas City (MSA), KY, LA, MD, MO, MS, NC, SC, TN, VA brigitte.killings@wellsfargo.com
Mandala Jones, West AK, AZ, CO, ID, KS, MN, MT, ND, NE, NM, OK, SD, TX, UT, WA, WY mandala.c.jones@wellsfargo.com
Carmen Luna, Pacific CA, HI, NV, OR carmen.e.luna@wellsfargo.com
Olin Chamberlain, Northeast CT, IA, IL, IN, MA, ME, MI, NH, NJ, NY, OH, PA, RI, VT, WI, WV olin.c.chamberlain@wellsfargo.com
This information is for real estate, legal, and financial professionals only and is not intended for distribution to consumers or other third parties. Credit is subject to approval. Some restrictions apply. Consult a home mortgage consultant for details. This information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS1772980 5/2016 3
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Connect with us to find your path home. Citibank brings together a wide array of options for home financing: n
A free SureStart® Pre-approval1 provides your clients a purchase price range
n
An On-Time Closing Guarantee2 helps clients plan with confidence
n
A wide variety of mortgage options to fit clients’ needs
n
Relationship pricing can reduce mortgage costs for eligible Citibank clients with qualifying accounts3
n
Home lending teams provide best-in-class service from application to close
For more information, please visit a Citibank branch or call 877-287-1433. Be sure to mention offer code 13253. Terms, conditions, and fees for accounts, products, programs, and services are subject to change. This is not a commitment to lend. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. 1 SureStart is a registered service mark of Citigroup Inc. Final commitment is subject to verification of information, receipt of a satisfactory sales contract on the home your client wishes to purchase, appraisal and title report, and meeting our customary closing conditions. This offer is not a commitment to lend and is subject to change without notice. There is no charge for the SureStart pre-approval, but standard application and commitment fees apply. 2 If you are purchasing a home, we guarantee to close by the date specified in your purchase contract, unless prohibited by federal law,* and further provided that the date is at least 30 days after the application date (or for SureStart applications at least 30 days after the date we receive your fully executed purchase contract)and the date of your purchase contract. If your loan fails to close on time due to a delay by Citibank, you will receive a credit toward closing costs of $1,500. Offer not available for refinance loans, co-ops, unapproved condos, residences under construction, community lending programs and government loans. In Texas, the credit may not result in your receiving cash back. (*Federal law requires certain disclosures be delivered to the borrower at least 3 business days before consummation. The Guarantee to close does not apply if such disclosures are required and your closing is delayed due to the 3-business-day waiting period.) Offer may be modified or withdrawn at any time without notice. 3 A Citibank deposit account is required to receive relationship pricing. Ask a mortgage representative for details on eligible balances and the qualifying closing cost credit or rate disclount. Availability of the Citibank mortgage relationship pricing for Citibank account holders is subject to change without notice. ©2016 Citibank, N.A. Equal Housing Lender. Member FDIC. NMLS #412915. Citi, Citibank, Arc Design and Citi with Arc Design are registered service marks of Citigroup Inc.
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CONTENTS 12
What's the Difference US and Chinese Homebuying Process
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Asian American Millennials Shaping Our Future Asian Americans are young, dynamic, and trendsetters. Learn how and why the next generation of AAPI will change the way we do business.
There are many differences between between buying a home in the US, and in China. Some may be obvious, others not so much.
By MJ Watkins
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Take Charge of Your Global Business Learn how to leverage the Proxio platform (free with your AREAA membership) to take your business international – without ever leaving your office.
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8 Things You Should Know – Filipino Wedding So you’ve been invited to a Filipino wedding, now what? From what to wear, what to give, and how long you will be dancing (and you will be) – we’ve got you covered.
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46
In My Neighborhood: Kihei / Wailea Randy Antonio shares what he loves most about his little corner of the world: a beach lover’s paradise on the southwest shore of Maui.
The Merrie Monarch Festival Hawaii hosts the world’s largest Hula Fest every year, but we’re not talking those little plastic hoops you had as a child.
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Communication is the Key By developing your public speaking skills, as daunting as that might seem, you position yourself to be a much more effective agent.
10 Questions with Jessica Ye 2016 International Chair Jessica Ye tells us what advice she would give someone looking to break into international real estate, common obstacles one might face in this lucrative market, and why the Maldives are just so amazing.
By John Peretz
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By Caron Ling
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Developer's Table Home designs from MBK Homes with the Asian buyer in mind, incorporating Feng Shui principles and a live/work philosophy that appeals to other demographic groups as well. By Rick Fletcher
ADVERTISERS
Contact PRAVEEN SHARMA to find out about ADVERTISING OPPORTUNITIES:
a-r-e@prveen.com | 951-514-1053
AREAA Global
areaaglobal.com
59-60
AREAA Austin
areaa.org/austin
39
AREAA National Policy Summit
areaa.org/policysummit
Bank of America
bankofamerica.com/neighborhoodlending
Bank of America
bankofamerica.com/downpaymentcenter
CCIM Institute
ccim.com/AREAA416
1
Citibank
877-287-1433 offer code 13253
5
DFW iRealty / Engvest
dfwirealty.com
4
Gina Duncan, Fine Island Properties
YourMauiRealEstate.com
53
Go Global Realty
grelv.com
14
HSBC
us.hsbc.com/internationalmortgage
Amy Kong, Realty World Advance Group
AmyKong.com
18
Catherine McInnis, Keller Williams Realty Gulf Coast
CatherineMcInnis.com
33
National Association of REALTORS® Global
realtor.org/cipscourses
34
Michael Ring, Go Global Realty
grelv.com
53
Red Leaf Real Estate
chad@chadcreech.com
35
RE/MAX
remax.com
19
RISMedia
rismediacontentsolutions.com
49
Sue Scott, Royal LePage Sussex
suescott@dccnet.com
53
Lena Simpson, Corcoran Group Real Estate
Lena.Simpson@corcoran.com
53
Kenny Truong, #FASTAGENT
kennytruong.com
15
Wells Fargo Home Mortgage
wellsfargo.com/mortgage/agents
William Lyon Homes
LyonHomes.com
25
Betty Sun Wong, Pacific Union
BettySunWong@gmail.com
19
51-52 Inside Front Cover 11
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D E PA RT M E N T S 10
Letter from the Editor
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Taste of a | r | e Spam Musabi – don’t knock the legendary canned meat until you’ve tried it. We give you the recipe for popular and easy to make dish from the Hawaiian Islands.
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International Real Estate 101 Part 2 of Mark Kitabayashi’s simple tutorial on the basics of international real estate.
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Around the Association See what’s happening in the world of AREAA.
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SPRING 2016 Vo l u m e 8 , I s s u e 1
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. Š2016 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 | a-r-e@prveen.com Scott Berman EDITORIAL | sberman@areaa.org Office: Asian Real Estate Association of America 3990 Old Town Avenue #C304 San Diego, California 92110 619.795.7873 Phone contact@areaa.org Previous issues available online at: http://areaa.org/a-r-e
For additional web-based content, please visit: www.areaa.org.
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FROM THE
Director I am not, by nature, a rabblerouser.
T HE R E A R E P E OP L E IN OUR C OMMUNI T Y W HO S UF F E R F R OM E C ONOMIC A ND O T HE R DI S PA R I T IE S . I T I S OUR IN T E N T T H AT T HI S C A MPA IGN W IL L S HE D L IGH T T O T HE NE E D S OF OUR C OMMUNI T Y – E S P E CI A L LY A S I T R E L AT E S T O O W NING A P IE CE OF T HE A ME R IC A N DR E A M.
I’ve been teased and called by others as “being too nice” countless times and some would even attribute my “niceness” to my Asian ethnicity. Whether it stems from my middle-child syndrome or my aversion to conflict or sometimes, a fatalistic perspective that nothing I could say can ever change anything, in many instances, I keep my mouth shut and try to “not rock the boat.” I share this to provide some context as to why a 40 something year old Asian American woman who has not historically been one to raise a voice is on the forefront of our organization’s “No Other” campaign. This initiative stemmed from a group of us who were putting together a report on the state of the Asian American housing trends last fall. In the process of compiling the report, we included the US Census Bureau’s “Quarterly Reports on Homeownership by Race and Ethnicity.” Since the inception of this report, Asian Americans have been excluded as its own category. Instead, Asian Americans have been combined within the “Others” category which includes “people who reported Asian, Native Hawaiian or Other Pacific Islander, or American Indian or Alaska Native regardless of whether they reported any other race, as well as all other combinations of two or more races.” The quarterly report currently breaks down homeownership levels based on regions, age, and income; however when it comes to ethnicity of the homeowners, the Asian American community does not have a stand-alone category. As aptly pointed out by the brilliant Jim Park, the housing quarterly reports have broad influence
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in policy and media dialogue around housing and homeownership trends related to the diverse communities. For instance, the Urban Institute’s Demographics Report doesn’t mention Asian American homeownership level, but rather follows the US Census report’s use of the term “Other” to partially capture the homeownership experiences of Asian American. Even Harvard’s Joint Center for Housing Studies, considered one of the most prominent housing studies center in America, uses the term “Asian/Other” due to the way the US Census defines our community. The result of this lack of definition and recognition results in the lack of coverage about the Asian American homeownership issues. To this effect, we have written and requested for the US Census Bureau to add Asian Americans as a separate category. As this magazine is printed, we would have had dialogues with appropriate agencies to affect this change. Part of this campaign is also to bring clarity on the diversity of Asian Americans as a group and dispel misconceptions about the “model minority myth.” While there are Asian-Americans who are successful, there are people in our community who suffer from economic and other disparities. It is our intent that this campaign will shed light to the needs of our community – especially as it relates to owning a piece of the American dream. It is time for me – for us - to be more outspoken and finally come out of our shell to make sure that we are counted and recognized. Will you join us? Please visit www.areaa.org/noother for more information.
HOPE ATUEL
AREAA Executive Director
Learn about the Down Payment Resource Center A new tool to help you and your clients find programs that may help lower the cost to buy a home. ADVERTISEMENT
By Dottie Sheppick Senior Vice President, Bank of America Home Loans
Almost half of first-time homebuyers cite affordability as one of the key reasons they have delayed the decision to purchase a home. As you may know from your own experience as an AREAA real estate professional, this one factor can be a key barrier that prevents people from becoming homeowners.1 Now you can help overcome that barrier by sharing the Bank of America Down Payment Resource Center with your clients. It’s a web-accessible tool to help homebuyers find down payment and cost savings programs that are offered by state and local housing agencies, nonprofit organizations and employers.2 Programs on the Down Payment Resource Center may help your clients buy their own homes. The Down Payment Resource Center’s searchable database includes information about more than 1,000 programs that could help your clients get the assistance they need. When your clients visit the Bank of America Down Payment Resource Center, they can: • Use the online form to search for down payment and cost savings programs they may qualify for that are offered by local housing finance agencies, nonprofit organizations and employers • Review a brief description of the program they may qualify for based on the search in the online tool
It’s also a good tool for AREAA real estate professionals. The Bank of America Down Payment Resource Center gives you the opportunity to share information that was previously hard to find, in an accessible and easy-to-use way. According to findings from the second annual America at Home Survey commissioned by NeighborWorks America, 70% of U.S. adults are unaware of down payment assistance programs that are available for middle-income homebuyers in their communities.3 The Down Payment Resource Center gives you the ability to quickly find out what programs may be available in your area. Your local mortgage specialist has access to a database of each of these programs, with details and contact information. So, if you want to get the most out of this new online tool, make an appointment with a Bank of America mortgage specialist to get a step-by-step demonstration of how it can help you and your clients. Our specialists are also available to meet with your clients, talk about their home buying goals and walk them through this new online tool. Contact a Bank of America mortgage loan specialist and learn more; visit bankofamerica.com/downpaymentcenter.
• Connect with a mortgage specialist to get more information and learn about their next steps Your clients will also find links to Bank of America webinars and other resources to help them become more prepared for home buying and homeownership.
Bank of America is a proud supporter of AREAA and we look forward to connecting you to resources that can help you grow your business. Bank of America First Time Homebuyer Research 2014. 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. Owneroccupied properties only. Maximum loan amounts may apply. 3 Second annual America at Home Survey commissioned by NeighborWorks America, October 2014. 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. ©2016 Bank of America Corporation. | ARNRQQPB | 12-2015 | AD-02-16-1079 1 2
THE DIFFERENCES BETWEEN THE CHINESE AND US HOME-BUYING PROCESS In recent years Chinese investment in US real estate has exploded. This has led many
brokerages to explore new ways to corner this profitable market. A invaluable tool in doing this is understanding the differences between the home-buying process in China versus the US. By understanding these differences, you can many headaches down the road. Pinnacle Residential Properties in Wellesley, Massachusetts, has created a brilliant infograph that outlines some of the biggest differences in the home-buying process, and a | r | e was fortunate enough to get our hands on a copy. You can find a downloadable copy of the infograph in both English and Mandarin at pinnaclehouses.com.
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KENNY TRUONG | KENNY@CLIMBSF.COM | 510.545.6932
TAKE CHARGE OF YOUR GLOBAL REAL ESTATE BUSINESS WITH AREAA AND PROXIO By John Peretz
Powered to a large degree by Asian buyers, home purchases by international clients continue to rise. U.S. existing home purchases by foreigners reached an all-time high of $104 billion, a 13 percent increase from the previous year, according to the 2015 Profile of Home Buying Activity of International Clients by the National Association of Realtors. That represents a full 8 percent of existing home dollar volume, with foreign buyers generally buying more expensive homes, almost twice the national average.
But how do you really leverage what you know to grow your international client base? You can do it with Proxio, one of your most valuable AREAA member benefits. With Proxio, you can network with other AREAA members and over 650,000 real estate professionals around the world to generate referral income and send listing information to clients in 19 languages and 55 currencies. Mr. Bill Hunt, a member of the board of directors for the Portland, 16
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Oregon, AREAA chapter and the international business consultant with Keller Williams Worldwide, recently opened the country of Costa Rica with business partner Mr. Allen Lungo. “I’ve been telling people for years that if they’re serious about international business, they have to be using Proxio. It’s so easy to build a global network, and being able to send potential buyers listing information in 19 languages is really rocking it … especially when you can weave it into your personal story to get the listing. Clients want to sell their home quickly, and they really respond to
Proxio’s global exposure and translation tools. They get it.” One of Mr. Hunt’s key suggestions to real estate agents is to get to know the people at your local college, especially those in the housing department. “Upwards of 35 percent of all foreign college students will end up living in a house that their family purchased for them. And this market is generally untapped. Proxio makes it easy because you can send their parents information in their native language.” Mr. Hunt tells the story of a Russian student studying in Costa Rica who ended up buying a house there with an English-speaking agent, and with the help of Proxio. Ms. Jenny Cui, who helped found AREAA’s Austin chapter, had a similar story. “I had a Beijing family buy a home in Sugar Land, Texas, because of the highly rated schools, and a client from Shanghai that bought an $800,000 home in Austin, well over double the aver-
age cost for a home in the area.” You can also leverage Proxio Showcase. This exciting and innovative platform allows agents and brokers to follow and promote new home developments and luxury homes, and automatically creates a mobile-friendly website with responsive design so AREAA members can instantly add inventory and start working with local and international clients to earn commissions and referral income. Ms. Cui, who works with Chinese, Vietnamese, Korean and Taiwanese clients, travels to Asia to establish personal relationships with potential buyers and has also helped clients get into the EB-5 program. “I’ve added the Proxio Showcase new developments tab to my own website because it’s multilingual like my website, and it shows properties in such a beautiful way.” Mr. Sean Aske, 2016 president for the Greater Phoenix AREAA
Global Real Estate Upwards of 35 percent of all foreign college students will end (up) living in a house that their family purchased for them. And this market is generally untapped. Proxio makes it easy because you can send their parents information in their native language. BILL HUNT International Business Consultant Keller Williams Worldwide
chapter, is also a big fan of Proxio. “I work with a variety of Filipino, Chinese and Hispanic clients, and Proxio helps me do that more efficiently. I really like the Proxio Showcase product, and have added a tab on my own website so people can search for new developments in Arizona, Mexico and all over the world. And of course it’s free to AREAA members, which makes it even better." AREAA member Mr. Ian Mac Leod, who founded the Vancouver chapter with Ms. Tina Mak, wholeheartedly agrees. He especially prefers Proxio Developer Showcase, which allows agents to select and follow new home developments in Canada, the U.S. and around the world. “We have introduced Proxio Showcase integrated new development listings into our website LuxuryHomes. com, because it fits perfectly with our business model.” Many wealthy foreign buyers, especial-
MARKET HOME DEVELOPMENTS AND LUXURY HOMES BY AUTOMATICALLY CREATING BEAUTIFUL, MOBILE-FRIENDLY WEBSITES ON PROXIO SHOWCASE
ly Chinese and Indian clients, use ProxioShowcase.com and LuxuryHomes.com to discover new developments and luxury listings all around the world. Proxio Showcase allows agents and brokers to market new developments, individual luxury homes and even commercial properties on a brand-new digital platform, complete with lead tracking and crowd sharing features that are unlike anything on the market.
So what other things can you do to really tap into the international market? For one, you should set up your free Proxio account at www.ProxioWorld.com/AREAA or AREAA.org. You can also register for a weekly webinar at www.Proxio.com/webinars. With AREAA and Proxio, there are no borders. You can build your international business without having to worry about language barriers, currency issues or finding the right referral partner. And it’s easier than you might think.
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Your REALTOR for
LIFE
SERVING
SAN FRANCISCO and SAN MATEO COUNTIES
AMY KONG 鄺玉玲 CRB, CRS, CDPE, GRI
(650) 740-9928
CalDRE#01177178
amy@amykong.com
AmyKong.com
Realty World – Advance Group 109 El Camino Real San Bruno, CA 94066
BET T Y SUN WONG CIPS, CRS, PMN, CDPE
Luxury Property Specialist
Betty Sun Wong is one of the Top Producing Realtors across the nation. Fluent in Mandarin, Cantonese, Toisan, and English, she has 20+ years of industry experience and specializes in working with Buyers and Sellers all across the Bay Area and overseas.
©2016 RE/MAX, LLC. Each office is independently owned and operated. 16_73300A
BRE# 00932814
BettySunWong@Gmail.com 415.298.7373
From New York to the World DOING MORE FROM
FOR SALE
For Expertise in the New York Metropolitan Area TO
SOLD
With over 17 years of experience, working with buyers and sellers from around the world, Kathy Tsao has specialized in the sales, marketing, and property management services of luxury condos, single and multiple family homes. From advising developers and investors, to individual buyers, she has the managerial and leadership experience to deliver. That’s the sign of a RE/MAX agent SM
曹凱西專精紐約大都會地區的房地產，從對開發商和投資者提供諮詢，到對個人購房 者提供豪華公寓，單/多戶住宅的購買，銷售，和物業管理，有超過17年專業經驗， 服務來自世界各地的買家和賣家。
Kathy Tsao 曹凱西
575 Madison Avenue, New York, NY 10022
2012 AREAA National Chairwoman ktsao@elliman.com 212.891.7788 COMMERCIAL | LUXURY | RESIDENTIAL
8 Things You Should Know
WEDDINGS 1 Filipino wedding. As the second largest Asian ethnicity in the United States, with over 3.4 million citizens, you may have a family member, friend, or gasp! client invite you to attend their wonderful ceremony. Without further ado, here’s what you should expect:
A typical Filipino wedding will take place in a Catholic church, as Catholicism is the dominant religion of the region.
Deborah Kolb/Shutterstock.com
S
pring has officially sprung, and once again millions of people across the world will be tying the knot in lavish ceremonies with sometimes strange customs and foods you might not be familiar with. Fear not! a | r | e has you covered with our guide of what to expect when you are attending a...
In the House of the Lord
*Editor’s Note: While every ethnicity has their own special wedding customs, we unfortunately are only able to cover one at a time. And even within a single ethnicity, not everyone is the same – some will be less religious, less traditional, spend more/less, etc. This is meant as just a general guide to a traditional style wedding. 20
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Darryl Brooks/Shutterstock.com
The Longer, the Better! Filipino weddings tend to be long, so get comfortable. Weddings typically involve a full Catholic Mass, including communion, before the ceremony even begins! If you aren’t Catholic, do not fret. Just follow along with the standing up and sitting down and standing up and sitting down and standing up…
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Cash is King, Part II
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4
Candles Dress and to Coins Impress After a long processional (sometimes 50 people or more) comes the Candle and Coin Ceremonies. During the Coin Ceremony, the Coin “Sponsors” are asked to bring coins to the priest to be blessed, after which they give to the Groom who in turn offers them to the Bride. The Candle Ceremony has two Candle Sponsors each light a candle to signify the presence of God in the marriage. The Bride and Groom will then typically light a third candle using the previously lit two, to signify their new unity.
One of the most festive parts of the wedding will be when the Bride and Groom don sashes and guests take turns pinning money on them as they dance. Make sure to keep some loose small bills on hand for this.
richardernestyap/Shutterstock.com
5 Cash is King
Well not really. Dress code will vary from wedding to wedding, semi-formal to formal is standard just as in Western cultures. But as a general rule, if you are attending a wedding in a church, keep your shoulders covered.
As far as a wedding present is concerned, cash is the preferred gift to the lucky couple. Give enough to at least cover your food and drink at the reception.
7
8
Enough to Feed a Small Village ronstik/Shutterstock.com
2
johannviloria/Shutterstock.com
A wedding is the perfect opportinuty to taste Filipino cuisine like Pork Adobo (left) and a steamed rice cake known as Puto (right)
Filipino weddings not only have a reception with plenty of food and drink, many times they will have another late night spread! Don’t be surprised to see a whole suckling pig roasted just for this occasion.
Party On, Wayne Almost more important than the ceremony itself is the reception - no one skips the reception. So put your party pants on and get ready to shred the dance floor to that one 1980’s hair metal band you used to like in High School! Rock on!
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21
Dragon Images/Shutterstock.com
EMPOWERING ASIAN AMERICAN MILLENNIALS IS KEY TO STRONG FUTURE FOR AMERICAN HOUSING
We’ve all heard the reports: The “millennial” generation is rapidly reshaping our industry and American society. What you probably haven’t heard much of – but should have – is how Asian Americans are going to be at the center
BY MJ WATKINS Multicultural Business Manager, Radian
of those changes.
Empowering Asian American Millennials
As AREAA members, you already know that Asian Americans represent a highly important and fast-growing segment of American home buyers. In 2011, Asian Americans made up approximately 5.8 percent of the U.S. population1, and were, according to Pew Institute, the fastest growing racial group and largest share of recent immigrants. With a median annual income of $72,797, Asian Americans are the highest-income, best-educated racial group in the U.S. And their buying power will continue to grow, and is projected to reach $1 trillion by 2017. What many people might not realize is that they also tend to be young buyers, with a median home buying age of 36 years old. That already makes a large portion of them squarely in the “millennial” category, a frequently used but often misunderstood descriptor for the emerging generation of adults and young adults born roughly between 1980 and 2000. Millennials make up the most diverse generational share of the U.S. population and a recent report by Pew Research finds millennials are now the largest generation in the workforce. Millennials reached 53.5 million versus 52.7 million Gen X and 44.6 million Baby Boomers (gradually retiring). And, nearly 93% of millennials who currently rent want and plan to own a home. While this is great news for the housing finance sector; it is important to be aware of millennials’ diversity in order to effectively meet their needs as they become the dominant segment of the housing market in the years to come. Understanding this diversity is important because it is going to play a big role in how millennials reshape housing in America. According to the Harvard Joint Center on Housing Studies’ report on the State of the Nation’s Housing2, minorities will constitute nearly 13 million of the 17 million new households formed from 2010 to 2025. That’s a big change from the overall household composition in recent decades, which even in 2012 was less than 30% minorities. It underscores a shift, already well underway, toward a permanently more diverse nation; there are already more minority 1 2
http://www.pewsocialtrends.org/asianamericans-graphics/ http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/sonhr14-color-full.pdf
births than Caucasian births3 in the U.S., and Census researchers believe that the makeup of the U.S. will become “majority minority” in 20444. Of the 17 million new households expected to be created by 2025, it is projected that roughly 41%, or 7.1 million, will be Hispanic; 18%, or 3.2 million, will be African American or Black; and 16%, or 2.7 million, will be comprised of Asian or other minorities. As we work to help develop responsible, sustainable homeownership in America, it is critical that we effectively reach these groups of future home buyers – and to do so, we need to make sure we understand their backgrounds and priorities, adapt our services with those factors in mind, and build strong person-to-person relationships. At Radian, we believe that the key to engaging these growing groups of prospective home buyers is by building strong relationships. That’s why we are proud to have exclusive partnerships with AREAA, as well as other market-focused trade associations. These groups in the real estate and housing industry are staunch advocates of sustainable homeownership in America and powerful representatives for the communities they serve. Working with esteemed groups like AREAA has enabled us to join together in a collective effort to ensure that the new generation of American homebuyers is well informed about their homebuying options, particularly for those low- to medium-income borrowers with limited savings for a downpayment. It has also helped us establish relationships with trusted advisers in these communities, and in turn help foster relationships between likeminded real estate brokers and lenders. Taken together, we believe this work is paying dividends by helping develop the next generation of empowered homebuyers who are educated on their home financing options as well as the community of professionals that can support them. That’s not something that Asian Americans can do alone, nor can any other individual group. We need to all work together to further this effort to advance sustainable homeownership for all. http://www.cbsnews.com/news/census-more-minority-us-births-than-white-now/ http://www.brookings.edu/blogs/the-avenue/posts/2014/12/12-majority-minoritynation-2044-frey
3 4
The Asian American Population
$72,797 MEDIAN ANNUAL INCOME
$1 Trillion PROJECTED BUYING POWER BY 2017
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Years Old MEDIAN HOME BUYING AGE
Minority Household Growth NEW HOUSEHOLDS FORMED FROM 2010-2025 HISPANIC 7.1 million WHITE 4 million
25% 41% 16% 18%
ASIAN or OTHER MINORITIES 2.7 million
AFRICAN AMERICAN or BLACK 3.2 million
Note: White, black, and Asian/other households are non-Hispanic. Hispanic households may be of any race. Source: http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/sonhr14-color-full.pdf SPRING 2016
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SPAM MUSUBI Hawaii is the top consumer of Spam in the US, emptying more than 7 million cans of it per year. According to the company’s website, this love affair began back in WWII when US GIs stationed at Pearl Harbor were served the canned meat due to its lack of needing to be refrigerated and its long shelf life. Today, Spam is a very common ingredient in many unique Hawaiian dishes.
1 can spam Cooked rice (sushi rice, short grain rice) Rice Vinegar Nori sheets
DIRECTIONS
INGREDIENTS
Spam Musubi is a popular Hawaiian snack that is incredibly easy to make. Simply follow our instructions and enjoy a little taste of the islands! Slice and fry spam. Add rice vinegar to rice. Use a mold to press rice into. (Spam can or sushi mold) Add a slice of spam. Wrap with nori sheet. Spam Can: abimages/Shutterstock Rice Vinegar: Warren Price Photography/Shutterstock Bowl of Rice: SOMMAI/Shutterstock Nori Sheets: Andrey Starostin /Shutterstock 24
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Leigh Anne Meeks/Shutterstock
Taste of a | r | e
A HOME FOR EVERY LIFESTYLE D E L I V E R I N G T H E B E S T I N D E S I G N , Q U A L I T Y & VA L U E SERIES I AT VILLA SERENA Mountain Falls • 1,514-2,102 Sq. Ft. From the mid $100’s • 775-751-3278 SERIES II AT TIVOLI Mountain Falls • 2,055-2,741 Sq. Ft. From the low $200’s • 775-727-0429 TIERRA ESTE North Las Vegas • 1,696-2,434 Sq. Ft. From the low $200’s • 702-778-3600 BROOKSHIRE HEIGHTS Southwest • 2,757-3,178 Sq. Ft. From the mid $300’s • 702-685-2911 BROOKSHIRE ESTATES
LYON ESTATES Northwest • 2,639-4,440 Sq. Ft. From the low $400’s • 702-476-6119 ALLEGRA The Paseos in Summerlin • 2,964-3,323 Sq. Ft. From the low $500’s • 702-604-1353 BROOKSHIRE ESTATES Limited Lots Remaining Southwest • 3,561-4,199 Sq. Ft. From the high $500’s • 702-906-2150 TUSCAN CLIFFS Southern Highlands • 4,256-4,996 Sq. Ft. From the low $700’s • 702-629-6118
TUSCAN CLIFFS
LAGO VISTA Single-Story Coming Soon Lake Las Vegas • 4,292-5,032 Sq. Ft. From the high $700’s • 702-856-0718 STERLING RIDGE The Ridges in Summerlin • 3,546-4,871 Sq. Ft. From the high $800’s • 702-522-9310 SILVER RIDGE The Ridges in Summerlin • 3,733-4,893 Sq. Ft. From the low $1 Millions • 702-522-9310 THE PEAKS Lake Las Vegas • 2,977-3,399 Sq. Ft. Coming Soon • 702-856-0718
STERLING RIDGE
For community location and driving directions visit LyonHomes.com
*William Lyon Homes reserves all rights to modify or change prices, specifications or incentives at any time.
By Scott Berman / Photos by Ken Jacques
AS SOME OF YOU MAY KNOW, AREAA has launched a new advocacy campaign calling on the US Census Bureau to disaggregate data on Asian Americans and Pacific Islanders (AAPI) in their quarterly homeownership reports. But what does that mean and why does it matter? Simply put, data disaggregation is the separation of specific data from a larger set. In this instance, data about AAPI housing trends would be separated from the “Other” category and given its own distinct standing. Why this matters is a little more complicated. Firstly, these quar26
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terly reports have great influence over the policy and media dialogue about housing trends. Yes, it is true that AAPI do have their own category in the annual version of the report, but in a market as volatile and important as housing, only having the numbers from last year is simply not good enough. To their credit, the Census isn’t denying this fact. They say that the sample size is too small to justify giving AAPI their own category. We say the solution to that is simple, increase the sample size. There are over 19 million AAPI in the United States and they are the fastest
growing segment of the population. Over the last five years, AAPI are the largest minority participants in the purchase money market, taking out over 2 million loans for a total of nearly $600B. Those numbers alone should demonstrate the need for accurate and timely statistics about the population’s housing trends. But so far they have not. Many Asian Americans and Pacific Islanders have experienced financial and social success in this country. But many others have not. In fact, some of the most impoverished and least educated people in the U.S. are of Asian descent.
These groups – which include the Hmong, Cambodians, Vietnamese, Mongolian, Bangladeshi, and many more – face some of the highest rates of homelessness, sickness due to lack of insurance, and hunger in the nation. Yet rarely do any political or social advocacy groups seek to help them because of the far too accepted notion of AAPI being the “model minority”, i.e. a group of people who do not need assistance or protection. The damage this stereotype has caused is virtually immeasurable. We are not saying that disaggregating housing data on these quarterly reports will fix these
problems - but it’s a start. By giving AAPI a distinct category, more research can be done. That research in turn can help identify some of the trends and issues facing the AAPI community in housing, which in turn can lead to better policy decision-making, and ultimately, greater homeownership. There is one last reason why this is so important: it’s a recognition of American identity that seems to evade so many in the AAPI community. Long considered the “perpetual foreigner,” many have been made to feel like outsiders, like they don’t really belong
here and aren’t “real” Americans. Simply being counted, having your voice heard by your government, is a major step in correcting this longstanding injustice. In launching this campaign, a|r|e has asked some of our members to tell us why they are “No Other”, and what the movement means to them.
READ THEIR RESPONSES
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What does the No Other campaign mean to you? This goes far beyond what was asked, but coming from a family, where my grandfather lived in a dirt floor hut and worked his way to building an empire, smuggling his children onto a boat to Hong Kong and then eventually getting to Taiwan. Finally making it into America to only leave his legacy of creating a 60 year old company, one of the very first Chinese English Dictionary and Educational Companies. Being a part of this history, adversity, and knowing nothing is impossible to overcome is just the start of a long path for me and for my children. What it means to me is everything. Ignorance and changing mindset is crucial as my children are the future of “No Other�. Being able to identify and belong since they are of a bi-racial family is just the start of making a difference and paving the path.
DIONNE CUELLO Current Residence
TEXAS Profession
VP NATIONAL DIVERSE MARKET, CITIBANK Generation American
1
st
Generation (Mother's Side)
28
SPRING 2016
Year Family Arrived in the US
1967
Ethnicity Half Chinese Half German/ Irish
Favorite Hobby
COOKING
ALLEN OKAMOTO Current Residence
SAN FRANCISCO, CA Profession
REAL ESTATE BROKER Favorite Teams
GO WARRIORS! GO NINERS! What does the No Other campaign mean to you? When I started in real estate, not only was there “No Other”, we weren’t even called Asian Americans – we were called Orientals.
We were systematically discriminated against, sometimes subtly, sometimes blatantly, through deed restrictions, eminent domain, and other processes used to destroy our neighborhoods. To me, the push to be recognized is about more than simply having the data required for businesses and government alike to study our community and create beneficial policies that help us increase homeownership rates. To me, it’s about being considered an American. To be counted, and heard, and have our voices matter as much as any other citizen of this great nation.
Generation American
3
rd
Generation
Year Family Arrived in the US
1895
Ethnicity Japanese
SPRING 2016
29
MIKE BUI Current Residence
SAN JOSE, CA Profession
HUSBAND, FATHER, CEO, TEAM LEADER, CAREER VOLUNTEER Favorite Team
RAIDERS
What does the No Other campaign mean to you?
Generation American
2nd Generation
30
SPRING 2016
Year Family Arrived in the US
1982
Ethnicity Vietnamese
As a child we learn how to count, whether it’s crayons, rocks, sticks or etc. Each crayon belongs and if one is missing then it causes disruption when you need it. As an adult, everything we do, counts, if we wake up a few minutes late, we can miss the train, we can miss a big meeting and potentially have a fall out with a client, which affects our livelihood and income. As a homeowner and an American citizen, if we aren’t counted when we make what could be the single largest investment of our lives then that’s disruptive to our very own existence. We aren’t looking for a pat on the back, we are here when it counts and need to be counted.
What does the No Other campaign mean to you? As a tax paying citizen and business owner, having a “box” with Asian next to it on the census will be a big deal!! Chinese Americans helped build the railroads, connecting the country as we see it today. The residential mortgage application (Form 1003) has an “Asian” box that is used to track HMDA data. Separating “Asian” from “other” will help the US Government better serve tax paying citizens. For me personally, I will finally feel like I am an American and no other.
DICK LEE Current Residence
NEWTON, MA Profession
PRESIDENT OF A MORTGAGE COMPANY, LICENSED LOAN ORIGINATOR Favorite Team
THE HATERS WILL HATE - THE NEW ENGLAND PATRIOTS WHO ELSE? Generation American Depending on how you look at it, my great grandfather came to the US in 1928.Then my grandmother (his daughter) came later. While my mother and father were both born in China. So…I am either 4th gener-
ation or 1st.
Year Family Arrived in the US
1928
Ethnicity Chinese
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What does the No Other campaign mean to you? The US Census Bureau publishes quarterly reports on homeownership by race and ethnicity. Asian Americans have been excluded as a distinct category since the inception of the report. Asian Americans have been combined within the "Other" category. We deserve to be included in a category like other groups to have identity and recognition.
WINNIE DAVIS Current Residence
NORTH LOS ANGELES, SAN FERNANDO VALLEY Profession
REAL ESTATE SALES, DIRECTOR AND MENTOR Favorite Team
DODGERS Generation American
1
st
Generation
32
SPRING 2016
Year Family Arrived in the US
1968
Ethnicity Chinese
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Alabama’s Gulf Coast is home to many luxurious gated communities, and with our low property tax rates and relatively lower home prices, your investment dollars can go much further than other, more developed areas along the coast. As the region continues its rapid economic growth and attracts more and more tourism, now is the time to invest in the South’s Best Kept Secret.
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MULTIPLE LISTING SERVICE
REALTOR®
GULF COAST
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Uninterrupted views and 500’ on the Gulf! Luxurious 3BR/3.5BA unit with high end appointments including hot tub and grill on the Gulf front balcony, Subzero & Wolf appliances, full surround sound, floor to ceiling glass windows, and more. This upscale complex features saltwater indoor and outdoor pools, lazy river, playground, sauna/steam rooms, and gym. Offered at $1,300,000. Projected rental income for a 3BR unit is $65,000+ net. Four bedroom units are also available with projected rental income of $100,000 net.
Catherine McInnis
Associate Broker 251.233.9273 CatherineMcinnis@yahoo.com www.CatherineMcInnis.com Certified Real Estate Specialist Accredited Buyers Representative Resort and Second Home Specialist Asian Real Estate Assoc of America
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 3,000 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.
Put the Power of Experience to work for you TURN to us for Professional Advice Providing real estate services throughout Florida. Whether you are looking to buy or sell a home, commercial property or business, we provide a full range of real estate services. Looking to immigrate to the US? We can help. Buying a business? We can help. We will help you make the right choice, provide knowledgeable, professional advice and guide you through every step of the transaction, saving you time, money and aggravation.
Residential and Commercial Real Estate New Construction, Vacation Rentals, Investment, second home, and more
We pay referrals. Put over 20 years of experience to work for you.
407.610.SOLD 813.398.8048 Tampa Office 407.614.7892 Mobile chad@chadcreech.com
/ChadCreech
Chad Creech
Real Estate Broker and Instructor REALTOR©, ABR, AHWD, BPOR, CIPS, E-PRO, REOS, RMC, SFR President and Co-Founder- AREAA Greater Tampa Bay Past President and Co-Founder- AREAA Central Florida
©
©2016 Chad Creech. Equal Housing Opportunity. Independently Owned and Operated Real Estate Brokerage. Main office: Florida, United States
International Real Estate
CHINA'S GOLD RUSH By John Yen Wong
“WHEN OPPORTUNITY KNOCKS, SHAKE IT BY THE LAPELS UNTIL THE GOLD FALLS OUT.” This quote widely attributed to Mark Twain, is the reveille call for the reverse gold rush China has created for real estate agents in North America. Tales of all cash buyers with Chinese surnames paying more than asking prices for properties have become legend across the continent, and there is basis for this legend. According to the National Association of Realtors’ “2015 Profile of Home Buying Activities for International Buyers,” the dollars spent by Chinese nationals has grown from $7 Billion in 2011 to $28.6 Billion in 2015. 2015 data is available because NAR uses February through March calendar for calculations. The study also reports that the average price of the properties was $831,800 and that approximately 69 percent of the purchases were reported as “All Cash.” There is gold in “them thar hills.” The question then is when will the gold ore run barren. When will Chinese nationals stop buying North American real estate? Not anytime soon. Let’s look at two factors:
First, let us take a look at immigration patterns. Are Chinese nationals continuing to want to relocate to North America? The answer according to a U.S. Census Study prepared by Eric Jensen entitled “The Place-of-Birth Composition of Immigrants to the United States: 2000 to 2013” is a resounding yes. “In 2013, China became the top sending country for immigrants to the United States, replacing Mexico.” The chart at right shows the trend.
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SPRING 2016
Source: Bloomberg
International Real Estate
There has been much buzz that this almost $4 Trillion lost in value is 10 times the Greek debt, so it will definitely collapse the purchase of North American real estate by Chinese Nationals. It’s going to be the United States Great Recession all over again. This gut wrenching reaction does not take into account the nature and nuances of China’s stock market collapse. While huge in the amount of money lost and horrific for individual Chinese investors, even at the peak, the amount invested in the stock markets was about 1/3 of GDP. Many other countries have 100% plus invested in their securities exchanges. Less than 15% of Chinese households have money invested in the stock market. A major component of China’s bull market was a huge infusion of capital from smaller mom and pop investors, very similar to the U.S.’s experience with the phenomenon of regular people “day traders” in the late 1990s. Many regular people have tragically lost their savings in China’s stock market crash. This Chinese market segment is not the same segment who had the millions able to purchase real estate in North America. Note: The ACS did not include the group quarters population until 2006. The time series from 2000 to 2005 represents immigration for the household population while the time series from 2006 to 2013 represents immigration for the resident population. Source: U.S. Census Bureau, Population Division, 2000 to 20013 Single-Year American Community Survey. For information on sampling and nonsampling error in the ACS, see https://www.census.gov/programs-surveys/acs/methodology.html
Betty Sun Wong of Pacific Union Christies International Real Estate in San Francisco says more than 60% of her current business is comprised of buyers from China. “None of them have told her that they can no longer buy because of the Chinese Stock Market
Second, let us take a look at the impact of the recent stock market crash in China’s securities market. China’s stock market had soared 150% last year and has
crash.” Instead, Betty says that they are even more anxious to buy because
come crashing down 30% in the month of July with little indication that
Mr. Twain’s advice and grab this opportunity firmly by its lapel and “shake,
despite government intervention, that the volatility has subsided.
shake, shake.”
of the stability of the United States. Chinese buyers are continuing to buy North American real estate. Heed
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37
International Real Estate 101 with Mark Kitabayashi
UNDERSTANDING the CULTURE My first tip was “Starting Local”. My second tip is to understand the culture of your client. What does it me an to understand the culture?
1. UNDERSTAND THE GENERAL CULTURE – Food, Family System, religion, etc. 2. UNDERSTAND THE BUSINESS CULTURE – Business Etiquette, Negotiating Strategies, Protocol (a good reference book is Kiss, Bow or Shake Hands by Terri Morrison & Wayne A. Conaway”) MARK KITABAYASHI is long time member of AREAA and CIPS instructor for NAR. He lives and works in the Seattle, Washington area for Windermere Real Estate. You can reach Mark at 360-888-2210 or Mark@windermere.com.
38
SPRING 2016
3. RESEARCH HOW REAL ESTATE TRANSACTIONS ARE CONDUCTED in the client’s country and try to adapt as much as you can
4. LEARN A FEW SIMPLE WORDS IN THEIR LANGUAGE: Greetings, Thank you, etc. You would be amazed at how much people appreciate this. Feel free to ask questions, if done in a tactful way this is not offensive and perfectly acceptable. As some of you might now, I LOVE food, and I always use it as an ice-breaker for clients from a different culture. Food is usually a non-threatening topic and puts smile on their faces. Talk about your favorite dishes, ask them for local restaurant recommendations, etc. A great side effect of this is I have received many unique recipes and cooking tips from my clients. Hopefully the above will help you create trusting relationships, which is must for all real estate transactions in any culture.
Howdy
from
Austin, TX is…
#1 America’s Next Boom Towns – Forbes, Jan 14, 2016 #2 Most Stable Housing Market – Freddie Mac Mimi, Dec 5, 2015 #7 Best Buy Cities: Where to Invest in Housing– Forbes, Jan 27, 2016 Contact the 2015 – 2016 AREAA Austin Board of Directors!
RELA MANIGSACA 512.694.4183 relarealtor @gmail.com
CHRISTINE CHAU 512. 293.2700 cchautur @gmail.com
LILY LYNN 512. 771.5865 lilylynn @realtyaustin.com
PRIYA RAM 512.576.8017 priyaramrealtor @gmail.com
HELENA KWEE 512.705.5578 helenakwee @gmail.com
HONG LEE 512.293.4663 hlee@bridgepoint investmentgroup.com
MICHAEL SCHWARTZ 512.731.4626 mschwartz @ctot.com
ALKA SHAH 512.925.1982 s98.shah @gmail.com
MARLEY KETCHUM 512.627.0850 mketchum @trinitytitletx.com
HEM RAMACHANDRAN 512-970-6336 hem@indusrealty.com
with
JESSICA YE
10 QUESTIONS
1. You have worked with many international clients over the years, do you remember how you got your first? My first international client was a referral from a past investor client from California.
2. What is something that maybe not a lot of people know about working with international buyers? Not all foreign buyers pay cash for properties. Depending the market, there may be loans available for these international clients. Some of them may want to use leverage to buy more than one property or to buy a more expensive property.
with
JESSICA YE
America Real Estate Summit in China with the China Real Estate Association. A trade mission to Thailand and Cambodia is also in the plans.
5. What is one trend in real estate you think everyone needs to be paying attention to? I am noticing more and more interest from both international and domestic clients in acquiring commercial real estate. The price index for US commercial property is up 15% in 2015 and up 110% since 2000 with offices located in central business district posting the largest gains. I think this is something that we need to pay attention to.
6. What is one piece of advice you wish you could go back in time and give yourself when you first began your real estate career? Treat your real estate career as if you are running a business from day one. So start your real estate career with a database, build it, add to it daily and nurture it. Put a system in place for business expansion.
3. What is a common obstacle you encountered with an international client, and how do you overcome it? The biggest challenge when working with international client is client loyalty. In most Asian countries, exclusive agreements are not widely used, therefore, these clients usually don’t understand how real estate agents work in the US and think that the more agents they work with, they would have different properties to look at. So I would always make sure they understand that all agents have access to the same MLS, so there is no need to work with multiple agents in hopes of finding different or better properties. I would also educate them the benefit and value of working with an exclusive agent, who will represent them, negotiate for them and look out for their best interest.
4. You are the International Committee Chair for 2016, what are some of your plans/goals for the year? Our committee’s goal is to provide education, resources, and networking opportunities in the international real estate market for AREAA members. To accomplish this, we have planned various trade missions and educational events this year. We have organized a trade mission of over 40 delegates to Taiwan in March and a trade mission to Korea in early June. In late June, we will be co-hosting the China-North
7. Who is a personal or professional role model of yours? I have too many role models. I believe in order to grow continuously, we should always be learning based, so I love to learn from all the successful people that I meet to find out what makes them successful and what I can learn from each of them.
ABOVE: Ye and her family on a big game fishing expedition in the Indian Ocean LEFT: Ye relaxing in her favorite vacation destination: the island nation of the Maldives OPPOSITE PAGE: Ye enjoying views of the Aegean Sea in Santorini, Greece Photos courtesy of Jessica Ye
8. Have any hobbies or interests that people may or may not know about? I love to travel. My goal is to travel around the world, that’s part of the reason why I am so passionate about international real estate. The best thing is when you can work and enjoy your passion at the same time.
9. Read any good books lately?
The Seven Decisions by Andy Andrews, which is his sequel to The Traveler’s Gift. Both books remind me that we are responsible for our own success and the decisions we make every day leads to where we are today.
10. Favorite travel destination? My favorite place to travel to is the Maldives. The private resort islands are the best hideaway from everything. My favorite activities there are relaxing on the pure white sandy beach overlooking the beautiful crystalline lagoons, snorkeling and discovering their sea world, and chartering a boat to go big game fishing, scuba diving, visiting an isolated island, and having a romantic picnic on a sand dune right in the middle of the Indian Ocean. It is truly paradise on earth! SPRING 2016
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TODAY
India has a rich history, home to the Indus Valley Civilization, that traces back more than 4500 years. India gave rise to ancient religions of Hinduism, Buddhism, Jainism and Sikhism. Later, Christianity and Islam arrived around 1000 AD. The British Empire ruled India from the early 18th century until Mahatma Gandhi led India’s Independence in 1947. The national languages is Hindi, however, English is prevalent due to the former British rule.
Officially known as the Republic of India, it is the 2nd most populated country in the world with 1.2 billion people, only behind China’s 1.3 billion. Between these two Asian countries, they make up 1/3 of the world’s population and are two major economic powerhouses, chasing the United States.
MAHATMA GANDHI, LEADER OF INDIAN INDEPENDENCE 42
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catwalker / Shutterstock.com
HISTORY
India has among the highest concentration of people living below the poverty line in the world with 1/4 of their people living off $1.25 or less per day. Public health, water and nutrition is not at all divided fairly within a country of 100 billionaires (4th highest in the World next to the US, China & Germany) living in massive mansions, in Mumbai, next to the largest slums in India where children pick and sell trash to buy food for their families. Economists have long debated when and if India will catch up to China’s global economic success. India has the resources, manpower, and technology, and currently has the 3rd largest GDP in the world at $8.027 trillion dollars.
THE TAJ MAHAL, "CROWN OF PALACES"
PO PU L ATIO N 1.2
BILLION
GDP
$8.027 TRILLION
Seb c'est bien / Shutterstock.com
Traveling with the Bohemian Vagabond
ndia is either a travel destination you will absolutely fall madly in Love with, wanting to go back time and time again or a destination you will absolutely hate finding it intolerable and dirty. It is a large country that assaults your five senses the moment you step off the plane. India has it all: holy rivers, tea plantations, mountains, wildlife jungles, small villages, rice patties, farms, beaches, lakes, and of course cows every step of the way. BY JACKI UENG
Traveling with the Bohemian Vagabond
PALOLEM BEACH IN GOA
kosmos111 / Shutterstock.com
Anton Jankovoy / Shutterstock.com
VEGETABLE VENDOR AT A BAZAAR IN VARANASI
My absolute favorite part of India. Situated as a Northwest state, bordering Pakistan to its west, Rajasthan embodies the picturesque India most travel so far to experience and see. It is the most colorful state, with women in every vibrant color saris possible and men in colorful turbans. Rajasthan even has cities like the “Blue City” of Jodhpur, where houses are all painted blue, as well as the capital Jaipur known as “Pink City”. This place is so rich in history: it is the land of the kings and Maharajas, Camel tours with desert nomads camping under the stars, majestic longstanding forts and lavish palaces.
f9photos / Shutterstock.com
RAJASTHAN
CAMELEERS IN RAJASTHAN
VARANASI
GOA
MUMBAI
AGRA
The Ganges River is considered the holiest body of water in India and moves through Varanasi, ranked the 7th holiest city to Hindus all around the world. Millions make the pilgrimage to the Holy Ganges to wash away their sins by bathing in it and praying daily on the banks. Importantly, Hindus cremate their loved one’s body and leave their ashes in the Ganges. Many elders spend their final days here awaiting liberation from their body.
Considered the sin city of India, this is the beach party destination for Indians where anything goes. Hippies from around the world have been visiting this stretch of pristine beaches since the 60s. Goa was a Portugese outpost over 500 years, and the colonial influence can still be felt. End your trip to India here for 2-3 days. Rent a motorcycle or hire a local to show you around the small island. Go shopping for souvenirs, enjoy fresh seafood overlooking the water, party all night, have a blast.
(BOMBAY) Formerly known as Bombay, Mumbai is the Cosmopolitan Metropolis and Commercial Capital of India, it is the parallel of Hollywood, named “Bollywood”. If you can make it here, you can make it anywhere! Many make the trek to the biggest city in India for jobs, with a tremendous amount of millionaires (and billionaires) as well as the largest slum population in India. It’s a fun place to stop for a few days, relatively safer than the other big cities like Delhi.
How can we forget to mention the Taj Mahal! The Taj Mahal is an UNESCO World Heritage site built by Emperor Shah Jahan in the 17th century to house the tomb of his favorite wife, Mumtaz Mahal. Mumtaz, a Persian princess, was one of 3 wives and died during the birth of their 14th child. The building is currently valued at approximately $827 million USD!
AISHWARYA RAI, ONE OF BOLLYWOOD'S MOST PROMINENT SUPERSTARS Denis Makarenko / Shutterstock.com
CONTINUED
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Traveling with the Bohemian Vagabond
RELIGION Many of the World’s most popular religions stem from India, as is the case with Buddhism. Siddhartha Gautama, the “Buddha,” attained enlightenment in 6 B.C. in Bodh Gaya, Bihar, which is now a pilgrimage site attracting Buddhists from across the world seeking prayer, study and meditation.
Hinduism, known as one of the oldest religions in the world, has hundreds of Gods that are actually reincarnations of one God or Divine Energy. This leads to a debate of whether Hinduism is monotheist or polytheist. Depending on the region in India
GANESH, REMOVER OF OBSTACLES
where one lives, the emphasis on certain Gods varies. Ganesh, the Re mover of Obstacles, is the most popular and worshipped. Most Hindu’s will have at least one statue of Ganesh in their homes.
Bavorndej / Shutterstock.com
CULTURE
THE GREAT BUDDHA, AN 80 FOOT STATUE IN BODH GAYA Radiokafka / Shutterstock.com
Indian culture focuses strongly on family values. It is common for four generations to live under the same roof and parents to sacrifice everything to give their children a better life. IndianAmericans are ranked by PEW reports in America as the highest educated and highest paid among the Asian Race, with many being Doctors and Engineers.
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ies
/S
hu
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rst
POPULAR INDIAN DISHES
[Clockwise from top left] SAMOSAS: Fried pastries filled with spices, potatoes and veggies. SAAG PANEER & NAAN: A creamy curry made of spinach (saag), fresh cheese (paneer) and flatbread (naan). BIRYANI: Rice mixed with veggies and sometimes meat. DAL: Lentil soup.
ock.com Ashwin / Shutterst
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Esp
Anna_Pustynnikova / Shutterstock.com
Indian Cuisine is most known for “curry” which is a mix of spices and herbs, with the most common spices being Turmeric, Coriander, Cloves, Cinnamon, Fennel Seeds, Cumin Seeds, Cloves and Cardamom. Depending on the region in India, the use of these spices vary, and if you love spicy, South India does it the spiciest.
Paulista / Shutterstock.com
INDIAN CUISINE
Traveling with the Bohemian Vagabond
TRAVEL SAFETY Is it safe to Travel in India? I
will say that it is relatively safe, considering a few precautions:
“Namaste” is a form of greeting where you press your hands together and bow your head gently.
Don’t wander by yourself after dark, especially as a woman.
Pickpocketing happens in certain areas of India. It is best to wear a money belt under your pants. And keep a copy of your passport and documents separately in your luggage.
South India tends to be safer than the North, but remember India is a massive country so it’s hard to generalize.
Dress as modestly as possible. You want to blend in as much as possible. Women, cover your shoulders and wear dresses or pants below the knees.
JACKI UENG is the Bohemian Vagabond, a travel blogger who inspires others to travel and experience the customs, cultures and foods of destinations across the world. Follow Jacki's travels at:
Nila Newsom / Shutterstock.com
Like anywhere else you travel, be aware of your surroundings and don’t wear flashy clothing.
Negotiating while shopping is almost always necessary as they will hike up their prices up to 800x knowing that you are a tourist. But also remember that a few cents to you can mean a lot to them, so shop respectfully but smart.
Vasily Gureev / Shutterstock.com
“The Bobblehead” done by a majority of Indians is a common expression that usually means that they are agreeing with you and listening. Sometimes it means yes, sometimes it means no. Yes, it is confusing.
JackiUeng.com
Rickshaws, also known as “tuk-tuks” in southeast Asia are a common taxi way of getting around. They are cheaper than taxis and faster in some cases as their smaller size makes navigating through traffic easier. Be careful though if your driver insists on taking you to their “friend’s shop” for chai as they are pushing you to a shop for a commission of their own (same case in Thailand). Flights throughout India are relatively inexpensive with local airlines like Indian Airlines, Jet Airways, and Spice Jet. You can also travel by train, as an unforgettable way to see the countryside (always book first class with air conditioning, it will be well worth it). Bring crisp dollar bills as most places will not exchange your money if it is too old or wrinkly. SPRING 2016
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In My Neighborhood with Randy Antonio
I was born and raised in the coastal areas of Southern California, so I've always had an affinity for living near the ocean! And living on an island, well... there you have it...I'm surrounded by it every day! Every day I get to experience clear blue skies, majestic green mountains, and the deep azure tinted emerald waters that bless our island home. I chose specifically to live in the South coastal community of Kihei/Wailea because of its miles and miles of white sandy beaches and gorgeous resorts that line the Wailea coastline. You always feel like you're on vaycay mode! And, YES, we can swim year-round in the ocean, due to our temperate climate ranging in high 70s to 80s year round!
THE WAILEA FILM FESTIVAL, "HAWAII'S ANSWER TO SUNDANCE" 46
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What’s the number one selling point that resident and new buyers rave about? Residents love the laid-back and resort style living in the beach community of South Maui. No high-rises, no billboards (as matter-of-fact, none in the whole state of Hawaii!), no major traffic jams, just simple and natural living under the sunny skies!
What’s a common misconception about the neighborhood you would like to clear up? Some residents feel we are growing at a fast pace and traffic is getting
gnarly. Well, since I lived in Los Angeles for almost 18 years, I always say ''if you only knew'' what real traffic is like. Nevertheless, we have limited land to build thus the high cost of living and real estate. I don't think we'll ever see Maui become like the island of Oahu with its major population growth, highrise living, and freeway systems...at least, not in our lifetime.
Can you share one of the neighborhood’s best kept secrets? Must I? Otherwise it’s no longer a secret, but I do have some favorite beach spots for sure. You really can’t go wrong with any of them.
Randy J Braun
What attracted you to this part of town?
Pierre Leclerc / Shutterstock.com
KIHEI / WAILEA MAUI
RANDY'S
BEST
In My Neighborhood with Randy Antonio ENJOY HAPPY HOUR WITH A VIEW AT 5 PALMS
Best place for a date night? A walk along the beach during sunset, then capping it off with a lovely meal at any of our beachside restaurants. Again, hard to go wrong. Best place to have a beer/cocktail? I personally love a place with an ocean view...so I love Five Palms Grill for their amazing location and tempting happy hour menu. Any good shopping areas or stores? If you're looking for something unique and local crafts, check out the big swap meet every Saturday at the University Of Hawaii, Maui College, in Kahului...and if you got deep pockets, check out the high end shops at Wailea located by all the luxury resorts in Wailea town. We have some funky open air markets, too, along Kihei Road that sell lots of souvenirs and unique handmade crafts and jewelry. Best brunch/coffee spot? Love brunch at Sarrentos on the beach in Wailea! Love their benedicts and Guava Mimosas (Guamosas)! There's a cool little coffee spot, called the Whale’s Tale cafe, along the beautiful Wailea beachwalk path, nestled between the Wailea Marriott Resort and the Waldorf Grand Wailea Resort. Amazing healthy fresh fruit smoothies too!
What is your favorite restaurant in the neighborhood? Tell us a little about it.
Five Palms Restaurant
What types of activities/events does your neighborhood offer? We have a monthly block party where they close off the main drag in town and set up a street festival , it’s called “4th Friday in Kihei”. It has become a big attraction for locals and visitors alike to mix and mingle in a family friendly event with food trucks, live entertainment, local vendors selling crafts, etc. Besides that, Kihei/Wailea offers lots of water sports activities as you would imagine, including surfing, standup paddle boarding, kayaking and canoe clubs, etc. In June, there's a huge film festival called the Wailea Film Festival and has become a star-studded event with visiting celebrities gracing the stage and original screenings. Wailea also hosts the Nissan Xterra Triathlon, and lots of national golf tournaments, of course! Being a year-round summer type environment, we locals love to live the great outdoors type of life! And daily magical sunsets are the icing on the cake!
What is your favorite way to spend an afternoon with friends or family here? Speaking of sunsets...hanging with friends on the beach, sipping a glass of wine, and as we locals call it just “talking story” is a simple ritual and beautiful way to end the day! I live for that! Cheers!
HOUSING MARKET IN WAILEA
$700k Median List Price
$494k Median Closing Price
$662 Price per Square Foot Source: Realtor.com®
One of my favorite lunch spots is a restaurant called Café O’Lei... they serve an amazing fresh fish plate lunch special...with tossed Caesar salad and white rice (or quinoa for the really health conscious) for less than $12! It’s so ONO (“delicious” in Hawaiian) and the best value on the island! I gotta have it as a weekly fix!
Describe the composition of the neighborhood. Who lives there? What do they do? The Kihei/Wailea area is a mix bag of long-time locals who work and live on the island, and then you have the “snowbirds,” residents who live here in the winter through spring time, and then there's the thousands of tourists who flock to our fancy resorts, vacation rental condos, etc., year round. What I love about living on a resort island is you really do feel “happy” just being around “happy” tourists who are spending their holidays on our island. It actually rubs off on you after living here awhile.
RANDY ANTONIO has been a resident of Hawaii since 1996 and professional REALTOR since 1997. You can surf the Maui MLS on his website: RandyAntonio.com
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Alan Poulson Photography / Shutterstock.com
Festivals
O THE WORLD'S BIGGEST HULA FESTIVAL
nce a year, the week after Easter Sunday, the islands begin to stir….or more appropriately, they begin to swirl and stomp and spin. The Merrie Monarch Festival, held in the city of Hilo on the Big Island, is the world’s biggest hula festival. The festival, which began in 1963, honors the last King of Hawaii, David Kalakāua. Known as the “Merrie Monarch”, King Kalākaua’s reign was marked by a resurgence in
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Hawaiian culture, including music, dance, and hula. Denounced as a “heathen dance” by Protestant missionaries in the 1800’s, hula was heavily regulated and at one point was outright banned. However, under King Kalakāua hula made a major reappearance, even being performed at his coronation. Today, hula is as synonymous with Hawaii as surfing and noisy tourist shirts.
WHO
Thousands of people throughout Hawaii and the world WHAT
A week-long festival honoring Kalakāua, the last reigning king of the Kingdom of Hawaii, through the perpetuation, preservation, and promotion of the art of hula and the Hawaiian culture through education
Hula isn’t just simply moving your hips in such a fashion as to keep your hoop from falling, it’s a very complex dance with many movements and many meanings. Movements can represent the swaying of trees, the crashing of an ocean wave, or even emotions. Hula dance pulls from a basic library of movements including the kaholo, ka'o, kawelu, hela, 'uwehe, and 'ami.
Ready to Hula?
WHEN
The week after Easter WHERE
Hilo, on the Big Island
Learn the basics: wikihow.com/Dance-Hula
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I once saw a billboard sign featuring Lionel Messi, world-famous Argentine soccer player, he was quoted saying, “It took 17 years and 114 days to become an overnight success.” It takes practice, dedication, and building habits to become good at anything. Imagine what it takes to be great. Messi is known as one of the greatest soccer players of all time. Wouldn’t you want to be the greatest real estate agent of all time? Or perhaps, you’d just like to make a lot of money doing it. To be a great real estate agent, I believe you need to constantly develop your communication, speaking, and leadership skills. Joining a club like Toastmasters is a great way to improve your communication skills.
COMMUNICATION Poor communication is the number one complaint clients have about their real estate agent. Do you think that better communication will lead to better opportunities? More clients? Fewer lawsuits? Of course. Believe it or not, our clients want to hear from us — provide updates on their listing, their escrow, sometimes, they just need to hear our voice. However, it’s not just the follow up; the next thing that separates us is being able to communicate properly. Toastmasters clubs meet at least monthly, with many meeting weekly or twice a month. This gives members the opportunity to continue to practice and develop skills. I always say it’s a place where you can completely bomb in order to practice for your real life “Super Bowl” moments.
PUBLIC SPEAKING Reaching out en masse helps you gain a following and builds relationships; networking on a greater level. I once spoke on a panel with a wellknown owner of an international real estate company who does not attend conventions or conferences unless he’s speaking. I was curious about that 50
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and decided to attempt it as a social experiment. I stayed for only the portion that I was speaking at a convention and left the same day I spoke. I spent quality time with my friends and family and headed back home. I received many cards that day, reached out to each person individually and connected with them. I’m looking forward to building those relationships and partnering up with amazing people.
LEADERSHIP Being in a leadership position gives you “street cred,” and clients will look to you as an authority on any subject. I’ve had incredible opportunities to lead within Toastmasters, Catholic Charities and Hawaii Life. I have taken a leadership role as an Area Director, where my job is to inspire other club presidents to lead their clubs to gaining individual awards.This is similar to my current position as broker in charge —- leadership is a transferable and valuable skill allowing us to coach and inspire our agents to success. What I’ve learned in over a decade with Toastmasters, is that everything you learn translates to real life. Strong public speaking skills and the ability to communicate effectively have helped me become the leader I am today and allowed me to achieve success not only in the real estate industry but in life.
FIND A TOASTMASTERS CLUB NEAR YOU: toastmasters.org
2016 AREAA POLICY SUMMIT
MAY 3-5, 2016 WASHINGTON DC
IT’S TIME TO STAND UP AND BE COUNTED. ALL 19 MILLION OF US.
WE ARE REGISTER NOW WWW.AREAA.ORG/POLICYSUMMIT
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BRITISH COLUMBIA
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NEVADA
NEW YORK
INVEST IN MANHATTAN TODAY! Specializing in residential and investment properties in New York City Lena Simpson
Licensed Associate Real Estate Broker Global Real Estate Advisor
Lena.Simpson@corcoran.com 917.664.6617
888 Seventh Avenue, New York, NY 10106
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CONTACT US to find out about ADVERTISING OPPORTUNITIES To Stay Current and access exclusive discounts, Follow AREAA!
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S U E RIT
We want to hear from you!
To have your news, awards, good work and accomplishments considered for publication in future editions of a | r | e Magazine, contact Scott Berman at:
sberman@areaa.org
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Developer's Table
HOME DESIGNS HAVE CROSSOVER APPEAL MBK Homes designs with the Asian buyer in mind, incorporating Feng Shui principles and a live/work philosophy that appeals to other demographic groups as well.
By Rick Fletcher, MBK Homes
Photos: Jeffrey Aron / Aron Photography
F
or more than 20 years, MBK Homes has designed and built communities that appeal to California’s large Asian population. By incorporating Feng Shui principles, a live/work philosophy, and many sustainable features, we’re attracting Asian buyers as well as other demographic groups. MBK acquires properties in infill locations and master-planned communities where it can build a variety of housing types, including single-family detached homes, townhomes, and rental apartments. We believe these housing types are most accessible and relevant to a broader range of people and lifestyles. Two of our recent communities in Gardena, Calif., 1500 Artesia Square and its predecessor 1600 Artesia Square, illustrate how successful infill developments can be. The adjacent communities offer urban lifestyle and at-home business options to buyers in Southern California’s South Bay. At press time, 1600 was sold out, and there was one home left for sale at 1500. Both communities are setting a new standard for successful high-density, thoughtfully designed, mixed-use development, and they’re solar-ready.
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Most homes at Artesia Square have an outdoor patio off the first floor. Three separately owned retail buildings on the property cater to residents, who can also walk to nearby restaurants, shops, and public transportation, including the popular Marukai market. Those who work outside the home have easy access to three major freeways.
Withee Malcolm Architects of Torrance, Calif., designed these three-story townhomes at Artesia Square with open floor plans that still adhere to strict Feng Shui design principles, with the kitchen, dining room, living room, den, and powder room located on the second floor. Bedrooms are located on the third floor, away from the entertaining areas, and have private baths. Features like granite countertops, USB charging stations, high ceilings, and more casual living spaces appeal to a wide variety of buyers.
Developer's Table
Shared community spaces attract buyers who are considering attached housing. Artesia Square’s onsite amenities include a dog park, a Tai Chi garden, and outdoor entertaining spaces with fireplaces, barbecues, and seating.
Artesia Square’s high-density residences deliver unique living options to professionals seeking contemporary architecture, urban amenities and flexible office and/or home-based business space. Open floor plans provide generous living space and every home has a two-car attached garage.
This townhome at 1500 Artesia Square has a first-floor den with an optional warming kitchen and a private patio, appealing to multigenerational households.
Live/work units are a first for Gardena, although the concept is familiar to the neighborhood’s Asian residents. Several of the first floor space plans at Artesia Square are devoted to flexible office and home-based business space, while the upper floors serve as private living quarters.
Before finalizing the floor plans at both communities, we asked Feng Shui master Angi Ma Wong to review them and make recommendations. One change we incorporated was to relocate showers so they were not over the kitchen stovetops below, avoiding a classic Feng Shui clash of fire and water. For the same reason, we repositioned kitchen stovetops and sinks so that they were not directly across from one another. Toilets were designed not to be directly over the primary entrance to the house. This forestalled a potential Feng Shui calamity in which wastewater is figuratively dumping on the beneficial energy and prosperity of residents and guests. RICK FLETCHER is Vice President of Sales and Marketing for MBK Homes (mbkhomes.com) in Irvine, Calif. SPRING 2016
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rates begin at $200/issue email a-r-e@prveen.com for details
AROUND
the
A S S O C I AT I O N
DAVID LEGAZ AREAA NEW YORK EAST CHAPTER PRESIDENT
Legaz has been elected as the Long Island Board of REALTORS® 2016 President Elect and President in 2017. LIBOR is the third largest local Realtor® Board in the Country with over 20,500 Realtors® in ten chapters that cover the North Shore, South Shore and Central areas of Nassau, Suffolk and Queens Counties of New York.
EUGENE PAK SAN FRANCISCO, CALIFORNIA Climb Real Estate agent Eugene Pak was installed as the president of the San Francisco Association of REALTORS® (SFAR) for 2016.
Through volunteering at SFAR and CAR and other real estate organizations, I am constantly reminded of why Realtors matter. Machines and technology do not advocate for the real estate community and property owners’ rights, Realtors do.
TIM HUR ATLANTA, GA Tim Hur has been recently appointed to the Executive Board for the Georgia Assocation of REALTORS® (GAR). As the largest trade association in the state with over 29,000 members, Tim was appointed by the 2016 President, Ryan Brashear, to serve under his term. He also serves as the 2016 Chair of Equal Opportunity and Cultural Diversity for GAR as well. Congratulations to Tim and his continued representation of AREAA to the REALTOR family.
Pak with AREAA San Francisco Peninsula leadership at his installation event
TOM TRUONG
Carrington Real Estate Services, LLC (www.carringtonrealestate.com), a corporately owned and operated national brokerage, is pleased to announce that Tom Truong, AVP/Local Office Leader for the Boston, Wellesley, and Westborough offices, has been appointed to the Greater Boston Association of REALTORS® (GBAR) and has been elected as the secretary and treasurer for the Asian Real Estate Association of America (AREAA).
BOSTON, MA
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AR E A A BOSTO N I NSTALL ATI O N GAL A
AROUND
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A S S O C I AT I O N
The Boston AREAA Chapter hosted its fourth annual Gala. It was a spectacular night of networking, dancing and more at Granite Links, overlooking Boston's picturesque skyline. There were over 300 attendees, including Keynote Speaker and AREAA National Chair Vicky Silvano. Key sponsors included Hingham Savings Bank, RCN Capital, Prime Motor Group, and The Law Office of Alex J. Seifart. Highlights included a video on the chapter's community work with Habi tat for Humanity and a beautiful presentation by Filipino dancers, as well as a preview of the chapter's upcoming trade missions to Taiwan, Vietnam, and Korea. Outgoing President Tom Truong introduced the 2016 President Dick Lee. The new Board of Directors was installed and has grand plans for 2016, including expanded community involvement and membership growth. The Board of Directors being sworn in by Vicky Silvano
AR E A A GR E ATE R E A ST BAY I NSTALL ATI O N The AREAA Greater East Bay (AREAA GEB) installation of our 2016 president elect, Mony Nop and the 2016 Board of Directors, was held at the Oakland Asian Cultural Center on January 7, 2016. The spectacular event kicked off 2016 for our chapter with traditional lion dancing, nine course meal, an amazing band and raffle prizes. The event was well attended with over 200 Realtors and affiliates whose conversations, laughter and support filled the room as they witnessed John Wong and Allen Okamoto swear in the GEB Board of Directors. Additional highlights included, recognition of our supportive annual sponsors, Most Valuable Member Award, and raffle prizes (a member winning 6/8 Warriors tickets for 2016 games). In addition, we raised several hundred dollars for our Community Outreach Fund! 2016 marks the 5th anniversary of AREAA GEB as a chapter. With the momentum and vision of the 2016 GEB Board, the Installation Gala was a preview of what’s to come for AREAA GEB in 2016. We are No Other!
President, Dick Lee (2nd from left); Vice President, Don Choi (3rd from left); and 2015 President, Tom Truong (2nd from right) brought high energy and fun to the night!
AR E A A AUSTI N STAY I N G BUSY Guests at the AREAA Austin's Winter Lantern Gala on January 30 were all smiling as they welcomed the Year of the Monkey. The newly installed 2016 Leadership led by Rela Manigsaca are pumped. The Silent Auction raised more funds than needed for Rebuild ing Together Austin! Special guests Mayor Steve Adler, Sari Pearce (violinist), Vicky Silvano and Roger Chan, inspired everyone! And of course, the obligatory Lion Dance was anything but that - cameras galore were out! Most importantly though, guests have a deeper understanding of the AREAA's history, mission and passion! Everyone had a great time as the event lived up to the promised exciting fusion of Asian chic and Italian elegance at the newly opened Granduca Hotel Austin. AREAA Austin visits the City Hall to introduce the organization on January 19. We met with Mayor Steve Adler and Assistant City Manager Rey Arellano separately and talked about topics that were dear to our hearts - Asian American Quality of Life, Affordable and Intergeneration Housing, EB-5 program, The State of Asian America and the No Other campaign. AREAA Austin participated in the Asian American Quality of Life Conversations on February 17. Lily Lynn, Secretary and Rela Manigsaca, President were part of the conversation about our lives as Asian Americans in Austin - our experiences, goals and successes, obstacles and struggles, and even our highest visions of being an Asian American in Austin. It is a first step in awakening our own thoughts to the question of what is AAQOL and hearing our own voices. There will be more of these conversations and together with the surveys that are being collected, will be analysed, summarized and prioritized for presentation to the AAQOL commission and Austin Council by the end of the year. 58
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L-R: Vicky Silvano, Rela Manigsaca, Christine Chau, Lily Lynn, Priya Ram, Michael Schwartz, Alka Shah, Marley Ketchum, Hem Ramachandran, Hong Lee, Helena Kwee, Jenny Cui, Pablo Wong
Hem Ramachandran (Membership Committee CoChair) Alka Shah (Community Outreach Chair), Mayor Steve Adler, Helena Kwee (Past President) Rela Manigsaca (2016 President). Hong Lee (Commercial Chair)
REACHING
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With the right set of tools, preparation, and dedication, anything is possible. Whether you are looking to promote your listings or projects to investors across the world, or you are seeking to find a potential home for your investment capital – AREAA Global can help. Our global network of real estate professionals and advisors ensures that we have someone with the local market knowledge you need to find the right investment opportunity. Don’t leave your investment goals hanging off the edge of a cliff – leverage our assets and take your business to new heights.
Wholly Owned by the Asian Real Estate Association of America (AREAA) 100% of Profits are Reinvested in AREAA National CA BRE 01938588
CONNECTING CAPITAL AND OPPORTUNITY www.areaaglobal.com Whether you are seeking to invest in a Napa Valley vineyard, a luxury residential tower in Tokyo, or anything in between, AREAA Global provides you with the local market expertise you need to make sure your international investment is a wise one. Having a partner on the ground with intimate knowledge of the local market is key. After all, you wouldn’t take sailing advice from someone who has never been on a boat. To learn more about contacting or becoming an AREAA Global partner, please visit www.areaaglobal.com.
Wholly Owned by the Asian Real Estate Association of America (AREAA) 100% of Profits are Reinvested in AREAA National CA BRE 01938588