a | r | e Spring 2017 by Asian Real Estate Association of America (AREAA)

Explore the City’s Meteoric Rise from Playground for the Rich and Famous to Global Business Powerhouse a

Stop Using Jargon! / The Effect of Airbnb on the Hotel Industry / The Mobility of Wealth / Travel to Semaná Spring 2017 SPRING 2017

The Affordable Loan Solution® mortgage A down payment as low as 3% with no mortgage insurance required1 The Bank of America Affordable Loan Solution® mortgage is a fixed-rate loan that offers a competitive rate and a down payment as low as 3% with no mortgage insurance requirement.¹ This responsible home loan is designed to help make buying a home more affordable, especially for your low- and moderate-income clients. It was developed in partnership with Self-Help Ventures Fund and Freddie Mac. More details about the program: • Applicants cannot own additional properties at closing • Homebuyer education may be required for first-time homebuyers through a HUD-approved counseling provider or Connect to Own,® Bank of America’s nationwide network of counselors¹ • Maximum income and loan amount limits apply (varies by location) • Up to 97% loan-to-value/103% combined loan-to-value (CLTV > 95% requires secondary financing to be a Community Second)

Get personal guidance from a dedicated lending specialist Buying a home is an important financial decision. A Bank of America lending specialist can help guide your clients through the process so they’ll feel confident every step of the way. To learn more about how an Affordable Loan Solution mortgage can help your clients, contact us today.

More help for homebuyers Your clients may qualify for down payment or cost savings programs that can be combined with an Affordable Loan Solution mortgage to help make buying a home even more affordable.² To search for programs, visit bankofamerica.com/ downpaymentcenter

Get started today. Visit mortgage.bankofamerica.com. 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.

Available for fixed-rate purchase loans with terms of 25 or 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at time of closing. Maximum purchase loan-to-value is 97% and maximum combined purchase loan-to-value is 103%. For loan-to-values >95%, any secondary financing must be from an approved Community Second Program; ask for details. Homebuyer education may be required. Restrictions apply regarding co-borrowers. Maximum income and loan amount limits 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. THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION. 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. ©2017 Bank of America Corporation. ARQS8N6Q 00-62-3337D AD-03-17-0270.B 03-2017 1

SPRING 2017

S P RIN G 2 0 1 7 Vo l u m e 9, I s s u e 1 ON THE COVER: Miami Rising, photograph by littleny / Shutterstock.com.

F E AT U R E S 34

Miami Rising A new star has appeared on the world stage in international and luxury real estate. Miami has positioned itself a true global gateway over the last decade with state-of-the-art air and sea ports, attracting some of the worldâ&#x20AC;&#x2122;s most skilled laborers and largest corporations to call the Magic City home. The numbers reveal just how quickly and thoroughly Miami has solidified itself among the most desirable cities in the world to work and play.

By Rebecca Stella

Secret California: Seaside Located just south of Monterey, CA, on Highway 1, Seaside offers an eclectic mix of surf, style, and, most importantly, amazing investment opportunities. By BB Wong

Traveling with the Bohemian Vagabond: Dominican Republic a|r|eâ&#x20AC;&#x2122;s resident globetrotter Jacki Ueng takes us on a journey through the gem of the Caribbean to discover waterfalls, secluded beaches, and, of course, rum.

SPRING 2017

Private Mortgage Banking

Dedicated to serving the needs of affluent clients Your affluent clients deserve the attention of a team of professionals, dedicated to understanding and meeting their needs. Discover how our selection of home financing options and our exceptional service enable us to deliver the unrivaled experience your clients deserve including: • Competitive financing options for primary, second, vacation, and investment properties including a full range of fixed- and adjustable-rate options and jumbo loans available • Full-service source for buyers with complex income or asset management situations • Financing options and services for international borrowers moving to the United States • Local market experience to help them find options that complement their wealth building strategies Whatever your clients’ home lending needs and wealth management goals may be, we’re here to help — with options and services that meet a sophisticated level of needs and preferences.

To connect with your local team, contact: diversesegments@wellsfargo.com

Information is accurate as of date of printing and is subject to change without notice. Information is for real estate professionals only and not intended for distribution to consumers. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2015 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS3222979 Expires 5/2017

IT'S ALL ABOUT ATMOSPHERE ariaonthebay.com Site Location 1770 North Bayshore Drive Miami, FL 33132 info@ariaonthebay.com

Sales Center 250 NE 25 Street, Suite 101 Miami, FL 33137 305 573 0666

1 to 4 bedroom residences starting from the low US$390,000’s to over US$2,000,000 PH details and pricing upon request

• Private elevators on select residences • Over 21,000 sq. ft. dedicated to game room and library, theater, pool deck, spa, business center, gym, yoga room, teen lounge and kids’ playroom • Deep, spacious terraces • Spectacular 14th floor pools and amenity deck • Impressive views to Biscayne Bay, Miami Beach and Downtown • Designed by world renowned and award-winning Arquitectonica

Architecture by

Exclusive Marketing & Sales by

Obtain the property report required by federal law and read it before signing anything. No federal agency has judged the merits of value, if any, of this property. Oral representations cannot be relied upon as correctly stating the representations of the Developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by a Developer to a buyer or lessee. This offering is made only by the prospectus for the condominium and no statement should be relied upon if not made in the prospectus. This is not an offer to sell, or solicitation of offers to buy, the condominium units in states where such offer or solicitation cannot be made. Prices, plans and specifications are subject to change without notice. The Developer is BAYSHORE PLAZA I, LLC (“DEVELOPER”) which has a license to use the trademarked names and logos of The Melo Group pursuant to a licensing agreement. The graphics and text reflected are the copyright property of the Developer. The renderings illustrate and depict a lifestyle; however amenities and attractions are subject to change. While there are water views at the property, views may vary. The sketches, renderings, pictures, illustrations, and statements are proposed only, and the Developer reserves the right to modify, revise or withdraw any or all of same in its sole discretion.

CONTENTS 14

Ask Mehta AREAA’s Guru-in-Residence Rob Mehta answers your questions about all things real estate. This quarter we’re talking about how virtual reality is changing the game in real estate and making it easier for you to show listings to clients around the world.

The Mobility of Wealth The world’s wealthy are on the move, do you know where they are going? Where they are coming from?

By John Peretz

Understanding Home Programs to Qualify More Buyers Most real estate agents search for and show their clients homes that fit within the budget determined by their income and savings for down payment. You can widen that search by being familiar with programs available in your area. By Dottie Sheppick

No More Jargon! Realtors can hurt their own messaging sometimes by assuming the average person understands the technical or legal language of real estate. Don’t make that same mistake. By David Siroty

SPRING 2017

Why the 1% Rule Needs to Go Student Debt. Two words that make millions across the United States shudder with fear and dread. Learn about new underwriting requirements regarding deferred student debt and how it unnecessarily prevents millions of Americans from securing a home loan.

By Kurt Nishimura

How Proxio, AREAA, and Developers Do Global Business Proxio allows AREAA members to open their business to the world by providing an international listing platform and elegant websites for listings

The Sharing Economy, as it’s been dubbed, is upending many traditional industries such as transportation (Uber, Lyft), staffing (TaskRabbit, Fiverr), and now hospitality.

by Laurent Demeure

The Effect of Airbnb on the Hotel Industry

By Don Choi

From Korea, With Love Korea’s economy has slowed in recent years, and the country was recently overtaken as the largest source of Asian capital to the US by China. Take a deeper look at some of the internal and external factors driving the country’s economy to understand some of the factors influencing their own real estate markets, as well as their investments around the world. by Peter Park

ADVERTISERS

D E PA RT M E N T S 12

Letter from the Director AREAA’s Hope Atuel reflects on the power of social media and networking

AREAA Austin

areaa.org/austin

AREAA Global

areaaglobal.com

AREAA National Convention

areaa.org

AREAA National Policy Summit

areaa.org/policysummit

Aria on the Bay Miami

ariaonthebay.com

Bank of America

bankofamerica.com/neighborhoodlending

Bank of America

mortgage.bankofamerica.com

Cervera Real Estate

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Coldwell Banker Real Estate, LLC.

coldwellbanker.com

DFW iRealty / Engvest

dfwirealty.com

The Fite Group Luxury Homes ERA Powered

FiteGroup.com

Gina Duncan, Fine Island Properties

FineIslandProperties.com

HSBC

anthony.j.masseria@us.hsbc.com

Inside Back Cover 4 17 Inside Front Cover

a / r / eats! This issue we are cooking up a legendary LA restaurant’s Massaman Oxtail Curry Stew.

International REALTOR® Conference

IRC2017.com

Perry Martin, RE/MAX 1st Choice

eRealEstateAgent.net

Around the Association

National Association of REALTORS® Global

realtor.org/global

Paramount

PARAMOUNTmiami.com

Phan Hall Property Group

PhanHall.com

RE/MAX

theremaxcollection.com

RISMedia

ace.rismedia.com

The Ritz‑Carlton Residences, San Francisco

ResidencesSF.com

Kenny Truong, #FASTAGENT

climbsf.com

Sterling Bank

Sterlingbank.com/careers.html

Stonecrest Financial

stonecrest.net

Warmington Homes

HomesByWarmington.com/realtors

Wells Fargo Home Mortgage

diversesegments@wellsfargo.com

See what all AREAA chapters across the US and Canada have been up to! From galas, to fundraisers, to community service, we’ve been pretty busy lately - did your chapter make the cut?

Contact SCOTT BERMAN to find out about ADVERTISING OPPORTUNITIES:

ads@areaa.org | 619-794-2016

Back Cover

9 13, 15 39

SPRING 2017

SPRING 2017 Vo l u m e 9, I s s u e 1

ED ITOR Scott Berman

CREATIVE D IRECTOR Praveen Sharma

D ESIG NERS Jazz Miranda Paul Louly 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. ÂŠ2017 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: Scott Berman | 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.

SPRING 2017

REAL ESTATE

CLIMB

IT'S MORE THAN A HOME. IT'S YOUR LIFE. {J/;,,..,/,r/ vi-,..,

DIRECTOR OF INSIDE SALES

KENNY TRUONG

Portland, OR is one of the most popular places to move to in the country Odds are, you know someone who is coming to the area! When you send a client to us, you can rest assured they will be in good hands. We honor a 25% referral fee for all clients in OR and WA. 

With Phan Hall, you don’t just hire a Realtor—you hire a whole team of marketing and real estate professionals to work for you!

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Our buyer specialists are top–notch negotiators and will represent your client’s best interests.

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We have over 40 years of cumulative experience in the real estate industry working with various specialties.

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We’ve done over $134.5 million in sales!

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As members of the Keller Williams network, and thanks to Alexander Phan’s participation on the board of PMAR, we have resources for Vietnamese, Mandarin, Korean, Japanese, and Hindi clients to best suit their needs.

Phan Hall Property Group

Office: (503) 546-9955

9755 SW Barnes Rd. Ste 560

Alex Phan & Scott Hall

Direct: (503) 985-6670

Portland, OR 97225

Principal Brokers in OR, WA

info@phanhall.com www.phanhall.com

CANOPY AT ESENCIA

DRIFTSONG AT WALLIS RANCH

VISTAVIEW IN LAS VEGAS

Warmington has long been a broker-friendly builder and we rely upon and appreciate the partnerships we have forged with a network of real estate professionals. At all of our new home neighborhoods we welcome brokers and their agents and pay commissions. We strive to offer new homes and neighborhoods that you will be proud to present to your clients. And we make it easy! When you sign up and become a Preferred Real Estate Professional at HomesByWarmington.com/realtors, you can register your clients online before they visit.

MESQUITE, NEVADA

LAS VEGAS, NEVADA

Desert Ridge Single Family Homes Mesquite From the low $200,000s

Westbury Single Family Homes Southwest Las Vegas From the $280,000s

Ridgehaven Single Family Homes Southwest Las Vegas From the $270,000s

Rockpointe Single Family Homes Southwest Las Vegas From the $230,000s

Vistaview Single Family Homes Southwest Las Vegas From the $330,000s

Canopy at Esencia Single Family Homes Rancho Mission Viejo From the low $700,000â&#x20AC;&#x2122;s

the E.R.B. Mixed-Use + Single Family Homes - Los Angeles Coming Soon

the Glen LA Single Family Homes Los Angeles Coming Soon

Tablelands* Single Family Homes Costa Mesa Coming Soon

SOUTHERN CALIFORNIA

Opus at Beacon Park Luxury Flats Irvine From the low $700,000â&#x20AC;&#x2122;s NORTHERN CALIFORNIA

Driftsong at Wallis Ranch Single Family Homes Dublin From the low $1,000,000s

Trestle at Wallis Ranch Courtyard-Style Attached Homes - Dublin Coming Soon

Realtors welcome. HomesByWarmington.com is the registered domain for Warmington Residential and represents its new home communities 11

throughout California and Nevada. *In partnership with MWCH. Models depicted do not reflect racial preference. Prices effective date of publication and subject to change without notice. 03.20.17 SPRING 2017

FROM THE

Director

For AREAA, we know the power of social networking as evidenced by the deluge of support that went to Anne Thai, one of our members, who was hospitalized late last year. Support came from all over the country and funds were raised almost immediately after a social media campaign was posted.

SPRING 2017

Social Connections. For a lot of Americans, social media has become as essential as living and breathing. While it functions similarly to any other media such as the television or newspaper, its use is far more about sharing information or ideas. Companies like McDonald’s or Boeing use social media platforms to control or redefine brands – it’s also being utilized to reach an audience that are not consumers of traditional media. Nowadays, there are more eyeballs looking at online ads – intentionally or tangentially. The potential reach of social media keeps on growing and is not expected to slow down any time soon. For AREAA, we know the power of social networking as evidenced by the deluge of support that went to Anne Thai, one of our members, who was hospitalized late last year. Support came from all over the country and funds were raised almost immediately after a social media campaign was posted. Beyond the financial and medical support, Anne received regular communications from members, loved ones and friends through social media. It was also the medium that kept everyone informed of her health progress – all the way to when she was finally able to fly back home. On the business side, AREAA members have made referrals coast to coast and have even extended real estate referrals across the

Pacific Ocean. Ask anyone from AREAA who’s been part of the AREAA international network and directory as they’ve usually been on the frontline for these international referrals that show up on AREAA’s Directory (P.S. if you haven’t updated your profile – DO IT NOW !). Also, ask anyone who’s attended an AREAA event and have made business connections through networking onsite and online. Case in point: Amy Kong from San Francisco and Tina Mak from Vancouver were first introduced to each other at an AREAA event years ago. Now, they regularly refer clients to each other. All of this is to say that a huge benefit of being part of AREAA is making connections. Take advantage of this. If you’re not part of our family yet – I invite you to try us out. I’m quite certain you’ll find value in joining, but more importantly you’ll find that the connections you make are those that last for a lifetime.

HOPE ATUEL

AREAA Executive Director

Residential Loan Officer,

are you interested in earning $20,000 or more per month?

We are

SBT Advantage Bank.

We have an exciting opportunity for a well-qualified, dynamic professional who is seeking an amazing Residential Loan Officer opportunity in New York City!

Our niche Advantage Home Loan Program with flexible income verification has helped more

than 3,500 families in the San Francisco Bay Area and Los Angeles communities purchase a home. This program is a great loan option for self-employed individuals or foreign nationals on either a primary residence or an investment property.

We have the most competitive rates in the industry in addition to our own niche programs!

We are a full service Lender with in-house processing, 48 hour underwriting, documentation, and funding. SBT Advantage Bank is a leader in the TIC market and we are also a leader in the Advantage Home Loan Program. We offer competitive lending options in conforming and alternative financing programs too.

Candidates who are bi-lingual in English and another language is a plus. Here are just some of the benefits you’ll enjoy: • • • • • •

An Aggressive Compensation Plan. Top producers are earning $20,000 or more per month! Quick Turn Around Times On Your Loans Seamless Operational Support Innovation in Products, Programs and Services Full Benefits include: Dental, Medical, Vision plus paid time off and holidays 401K Plan with Match

For more information and to apply for this position candidates should apply at www.sterlingbank.com under Careers. EOE Minorities/Women/Disabled/Vets VEVRAA Federal Contractor

??? Ask ? MEHTA EDITOR’S NOTE – Tech Talk with Rob Mehta has received a bit of a makeover. We’ve decided to open our resident guru up for questions asked by you, the reader! If you have a question you would like Rob to answer, simply email it to Editor@areaa.org and then check the next issue to see if your question was chosen!

How do you see the future of real estate showings changing with the emergence of virtual reality, especially for international buyers? How can the average agent take advantage of these technological advances to expand our business? Asked by: CHRISTINA / PEMBROKE PINES, FLORIDA

The modern buyer purchasing real estate in the United States, regardless of where they may be located, already has a wealth of real estate data at their fingertips - including past sales history, tax records, days on market with price changes, among other quality data. These buyers are already able to access this from multiple sources. What consumers have not yet been able to do until recently is virtually see and “walk through” the property. Many of us already rely on presenting offers and negotiation utilizing virtual tools, why not conduct initial showings that way too? Virtual reality technology is an absolute game changer in this regard - as it enables the buyer and the agent to preview the property before they physically view it. It can also lead to a shorter

sales cycle and minimize “missed” opportunities. From a seller perspective this is brilliant because when buyers are able to virtually tour the listing at their convenience it reduces the disruptions sellers experience when their home is on the market. Now sellers need only leave if the buyer is a serious one having already previewed the property virtually. Further, the need for the agent to physically meet the buyer at the property is no longer an issue, a 30 minute virtual showing can be held while the agent sits in their office in Miami while the buyer might be located in Mumbai, Manila or Macau - which is a tremendous benefit to the international buyer who has limited time to see properties.

...the need for the agent to physically meet the buyer at the property is no longer an issue, a 30 minute virtual showing can be held while the agent sits in their office in Miami while the buyer might be located in Mumbai, Manila or Macau...

Another added benefit of VR technology Imagine this: Your relocation client has moved, taking all their furnishings with them. We all know the effect that great staging can have on a listing - but that can be expensive. With the help of VR technology, now you can virtually “stage” the listing and make an empty home come alive again. Just think of the possibilities when it comes to new home construction and commercial property build outs! Developers can now present a model before construction even begins. There are many companies competing for marketing dollars in this space, but in many cases the cost to shoot and implement the technology keeps it limited to a small percentage of adopters, or focused on the upper-bracket market. Recently I had the chance to test out a new player in this space. Immoviewer (immoviewer.com) is taking the concept to a new level, with photography gear and a cloud-based software solution that is focused on equipping the agent with the tools needed to pull together some amazing VR. (By the way, if you check it out and decide to take the plunge, use my code-MEHTA2017-to save a few bucks). VR’s success, as with any technological advance in any industry, will depend upon widespread adoption. The technology will only serve those who choose to participate and invest, and only time will tell us how real estate practitioners will do that.

Rob Mehta is the owner of Rob Mehta+Partners, and specializes in education and consulting with a focus on business development, brokerage operations, marketing, agent recruiting and retention, and international development. He has served as President of the Minnesota Association of REALTORS, Director for both AREAA and NAR, Chair of NAR’s Young Professionals Network and a member of AREAA’s Inaugural "A-List." www.robmehtapartners.com 14

SPRING 2017

Residential Loan Officer,

are you interested in earning $20,000 or more per month? We have an exciting opportunity for a well-qualified, dynamic professional who is seeking an amazing Residential Loan Officer opportunity in San Francisco and Los Angeles areas in CA and in Bellevue and Seattle areas in WA!

Our niche Advantage Home Loan Program with flexible income verification has helped more than 3,500 families in the San Francisco Bay Area and Los Angeles communities purchase a home. This program is a great loan option for self-employed individuals or foreign nationals on either a primary residence or an investment property. We have the most competitive rates in the industry in addition to our own niche programs! We are a full service Lender with in-house processing, 48 hour underwriting, documentation, and funding. Sterling Bank and Trust is a leader in the TIC market and we offer competitive lending options in conforming and alternative financing programs as well. Candidates who are bi-lingual in English and another language is a plus. Here are just some of the benefits you’ll enjoy: • • • • • •

For more information and to apply for this position candidates should apply at www.sterlingbank.com under Careers.

EOE Minorities/Women/Disabled/Vets VEVRAA Federal Contractor

T H E M O B I L I T Y O F

By LAURENT DEMEURE

Living near Paris and running a large real estate operation in France and Monaco probably gives me a different perspective on things than some of you. I am not alone in the world’s business community when I report that we are very aware of what happens in America, from politics to business. But we are also drawn to know what is happening elsewhere in the world.

didate, are having an impact. China, Brazil and Turkey joined France at the wrong end of the Research and Markets list.

You may have recently seen some highlights from the “Global Health Review: Worldwide Wealth and Wealth Migration Trends”, created by Research and Markets, which showed there ...world were more than 13.5 million in the world wealth is with net assets of more than $1 million in 2016. expected The report also showed to rise by that more than 82,000 of these left their home 35% over countries in 2016, a 28% the next 10 jump over the previous year. Australia was the years with top destination for the Vietnam, second year in a row, drawing 19,000 millionChina, aires combined over the last two years. The U.S. India, was second with 17,000 Mauritius combined followed by Canada, UAE and New and Sri Zealand.

This report is another in a series that is showcasing how the world’s wealthy are changing.

It appears my country is expected suffering from an exit of those with high wealth. to be top France had the greatest number of flight at performers. 12,000 last year. Although our economy showed improvement in the last quarter of 2016, there is no doubt that recent terrorist attacks and a coming election featuring Marine Le Pen, an outspoken far-right can-

I am convinced they are going to be more and more willing to live away from home and experience the world with more than one home.

Lanka

This movement may be a surprise, but it shouldn’t be. We really do live in a world economy today and the affluent have the greatest opportunity for mobility. The report also indicated that world wealth is expected to rise by 35% over the next 10 years with Vietnam, China, India, Mauritius and Sri Lanka expected to be top performers.

Midway through 2016, Wealth X and NFP shared that ultra-high net worth individuals, those with $30 million or more, are expected to transfer an astounding $3.9 trillion to their kids over the next 10 years. And guess what? This type of wealth is divided throughout the world. Last year’s World Wealth Report from Capgemini showed that half of the nations with the most millionaires were in Europe. And if you want to go into the billionaire stratosphere, they are also well spread out with four of the top 11 in Europe according to Wealth X. All of this shows a huge amount of money will continue to be shared with younger generations who clearly have grown up with a world view led by the growth of multi-national companies. They have travelled, studied, and worked in countries beyond where they were born.

While there is certainly plenty of wealth in the United States, I think it is very important for U.S. real estate agents who want to be truly global to understand what is happening elsewhere in the world in terms of where the world’s most affluent want to live and play.

EDITOR’S NOTE: This article contains links – go to areaa.org/magazine to find an interactive version of this article. 16

SPRING 2017

Proud supporter of the AREAA Global Luxury Summit We can connect you to tools and resources to help serve your clients better.

Let’s work together. Whether your clients meet with a lending specialist in person or go online, with a Bank of America mortgage, your clients will know where they stand every step of the way. Work with an experienced lending specialist who understands your local market and will help your clients every step of the way.

Help clients better understand the home buying process and build financial know-how with engaging, self-paced online videos and articles at BetterMoneyHabits.com

Home Loan Navigator™ is an interactive tool clients can use to keep up to date on the status of their home loan application, upload and sign certain documents electronically, and more. Not available on certain loan types.1

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.3

We offer loans at competitive rates to meet your clients’ needs, from loans with a low down payment to jumbo loans.2

Learn about the Affordable Loan Solution® mortgage, a fixed-rate loan for low- and moderateincome homebuyers with a down payment as low as 3% to help make buying a home more affordable.4

Contact a Bank of America lending specialist, or visit bankofamerica.com/neighborhoodlending today.

Home Loan Navigator is not available on certain loan types. Your clients can contact a lending specialist for more information. Minimum down payment requirements vary by property type and location. Loan amount, interest-only payment option, loan-to-value percentage, property and/or occupancy type may require a higher level of reserves and/or post-closing liquidity. Two separate full appraisals may be required. Excellent credit required, including proof of recent consistent housing payment history. Not available on all loan programs. Other restrictions apply, ask for details. 3 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. 4 Available for fixed-rate purchase loans with terms of 25 or 30 years and on primary residences only. Certain property types are ineligible. Borrower(s) must not have an individual or joint ownership interest in any other residential property at time of closing. Maximum purchase loan-to-value is 97% and maximum combined purchase loan-to-value is 103%. For loan-to-values > 95%, any secondary financing must be from an approved Community Second Program; ask for details. Homebuyer education may be required. Restrictions apply regarding co-borrowers. Maximum income and loan amount limits 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. ©2017 Bank of America Corporation. ARK5HJTV AD-02-17-0579.B 02-2017 THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION. 1 2

Aria on the Bay, a glamorous enclave of grand residences in a 53-story tower in Miami

Real Stories from the Trenches

HOW PROXIO, AREAA, and DEVELOPERS DO GLOBAL BUSINESS BY J OHN PERE T Z

The synergy is there, and the results are remarkable. It’s no secret that Proxio and AREAA attract the best agents in the industry, especially when it comes to leading the way in international business and luxury transactions. It certainly fits that this year’s luxury summit is in Miami. That’s because Miami, and most of Florida, has led its own kind of revolution in attracting the upscale, luxury buyer. But that wasn’t always the case. Ms. Teresa Kinney, CEO of the Miami Association of Realtors, and her counterpart, Ms. Deborah Boza-Valledor, COO and CMO, recognized the trend long before most others did. At the time, a lot of people thought they were crazy for going big into the international market, especially South America. But now, they’re far ahead of the curve. You just have to take a look at the makeup of their membership. They have members from all over the world, and Miami is now the international gateway from Latin America. 18

SPRING 2017

But it’s not just Latin American buyers who have taken notice. Asian buyers are making a real impact in the market as well. Mr. Gary Kenny, CEO of the Feltrim Group and the developer of several large developments in the Orlando area, says his business is growing from international buyers. “We attract a lot of buyers from the U.K., China, and South America, but the Chinese buyers are really coming on strong. They’re attracted to the lower price points that they might not find in some West Coast destinations, and already know Orlando because of the theme parks,” Kenny states. “We’re seeing a lot of business not only from Beijing, Shanghai, and Guangzhou, but lately, we’re getting traction in It’s a natural some of the second-tier cities like fit as we bring Xian, Chengdu and Shenzhen.” in more and And Proxio and AREAA are in more buyers the center of a lot of those transactions. “We’ve found that the from Asian leads that come in from Proxio countries. The and AREAA members are of a lot ability to do better quality,” Kenny explains. cross-border He’s been on the latest Chinese transactions trade mission with AREAA, is facilitated augmenting the AREAA meetings by these with ones of his own. And so far, connections. he’s gotten a couple of buyers from the trip. Mr. Kenny was on this way to Vietnam for a business trip when a | r | e magazine caught up with him. Mr. Jesse Ottley, president of the Development Division JESSE of Cervera Real Estate, loves OTTLEY what Proxio and AREAA bring Cervera together. “It’s a natural fit as we Real Estate

Aria on the Bay, a glamorous enclave of grand residences in a 53-story tower in Miami

Balmoral At Water's Edge, a luxury resort and community in Central Florida

bring in more and more buyers from Asian countries,” Mr. Ottley explains. “The ability to do cross-border transactions is facilitated by these connections.” It’s not just the developers and builders who love what’s happening. Of course, AREAA agents are front and center throughout the entire process. Mr. Neal Oates is a great example of the synergy between organizations. “I had 11 transactions in 13 months, directly from Proxio.” And he was well aware that his Proxio member benefit was the direct result of his affiliation with the Miami Association of Realtors. Mr. Aaron Rice, a key AREAA member in the Wash-

ington, D.C., area, completely agrees. “I don’t just like Proxio and AREAA, I love them. When I go out on a listing presentation, I make sure my sellers know that I have 2,380 Proxio connections, No. 7 in the world. And I show them how I’ll market their home, with a dedicated, mobile-friendly website with translations and currency conversions.” Mr. Rice, who does an average of 40 to 50 transactions a year, states, “I’ve

never lost a listing presentation when I’ve shown my connections and the website they’ll get from Proxio.” Of course, Proxio is a benefit available to all AREAA members. AREAA members can use Proxio to make crucial local and global connections, translate listings into 19 languages and 55 currencies, and have commission opportunities with new developments in the U.S. and a growing international base. Through Proxio Showcase, AREAA members can select the specific developments to follow, and send clients beautiful HTML emails with property information, all with the agent’s branding. Agents can also post to social media with a few clicks, and all leads come back directly through you. Mr. Juan Jose Aguero sold several Cervera developments, including ARIA on the Bay, to international clients as well. “My clients love the big pictures and information I send them,” Mr. Aguero has stated. And AREAA member Mr. Bill Hunt uses Proxio not only in his daily business practices as a KW GPS agent but also in his KW master franchise that he co-owns in Costa Rica. “Proxio provides the technology platform that our master franchise runs on, and it helps us do significantly more business. It’s at the forefront of our local and international transactions,” Mr. Hunt explains. So, what’s on the horizon for international business? Expect to see a growing number of borderless transactions, both from resident-foreigners already in the U.S., and other coming from abroad. And, with the dollar at near-record highs against other world currencies, you could also expect to see people taking the profits from their U.S. real estate and moving back to their native countries. With Proxio and AREAA, you can (and should be) at the center of more international transactions. SPRING 2017

THE SECRET OF SEASIDE, CALIFORNIA

iStock.com/Serbek

BB WONG

Seaside, California is an underexposed development gem. As its name would indicate, it is located next to the sea, nestled in the Monterey Bay along Highway 1. As such, Seaside is neighbor to the city of Monterey. By car, it is 20 minutes away from Carmel-by-the-Sea and two hours away from San Francisco. The city largely grew up out of the Fort Ord World War II military base. When the base closed, the city inherited a great deal of property, but with some environmental segregation that needed to be solved. Much of it has been, thanks to Californiaâ&#x20AC;&#x2122;s CEQA laws. This makes Seaside a city with a plethora of major development opportunities.

Seaside has an extremely advantageous location, and not just because of its beautiful beaches and perfect weather. It is near Pebble Beach, which has the highest rated golf course in the US, and also hosts the Concours d'Elegance, which is the top-ranking collector car competition in the world. Additionally, it is in an area with a $4.5 billion dollar agricultural

CONTINUED 20

SPRING 2017

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THE SECRET OF SEASIDE, CALIFORNIA

industry that is leading the nation in the newest of farming technologies. It has the cleanest air in the US according to the American Lung Association’s "State of the Air 2016," and its waters are designated as a National Marine Sanctuary, due to the abundance of marine life that exists within them. Appropriately, many advances in marine science are made here, thanks to the internationally renowned Monterey Bay Aquarium and its accompanying research institute. Most recently they were able to capture the mysterious blue chimaera (also known as the ghost shark) on tape for the first time. This area attracts around 8 million visitors per year, and is conveniently located just ten minutes away from the Monterey airport, which has nonstop flights to San Francisco, Los Angeles, Phoenix and San Diego. The educational facilities in Seaside’s area are superb: the Middlebury Institute of International Studies and the Defense Language Institute are two of academia’s most recognized and prestigious language schools. There is also the Naval Postgraduate School nearby, as well as the Chartwell School, which specializes in teaching children with learning variations. The campus of California State University, Monterey Bay is located in Seaside, and since it is one of the fastest growing universities in the state (it’s predicted to become the second largest), it is currently looking to work with private developers

SPRING 2017

This area attracts around 8 million visitors per year, and is conveniently located just ten minutes away from the Monterey airport, which has nonstop flights to San Francisco, Los Angeles, Phoenix and San Diego.

iStock.com/Pgiam

in order to expand. The university hopes to add new soccer fields, a baseball facility, and an indoor athletics facility with an aquatic center and a gymnastics studio. Additionally, many of the hallmarks of a college town have not yet been developed in Seaside, leaving open another opportunity for investment; there is no brew pub near the university, no student hangout spots or entertainment centers. Because the real estate market in Silicon Valley has skyrocketed in price, many are looking to invest elsewhere. Seaside expects to receive a large portion of this demand. Housing prices average at $500 per square-foot in Seaside — about half of the per square-foot price in the Bay Area. In addition, the California Polytechnic State University and the University of California, Santa Cruz produce some of the world’s finest industrial

designers; designers who want to stay near California’s warm, sunny beaches, but who don’t want to spend a fortune doing so. Seaside allows them to have the best of both worlds. Plus, an agreement with Optic Access is in the works to bring fiber optics to the city, making this beach town an excellent place to foster Silicon Valley’s overflow. The current vacancy rate for rentals is 0.4%, with rents per square-foot at $2.00. The sale price per square-foot is $3.25; in newer homes, it’s $4.50. Demographically speaking, about ⅓ of the population is comprised of commuters, ⅓ of people living and working locally, and ⅓ of young people starting new households. The city is looking for a development team it can be proud of.

BB WONG has been loving her professional challenges in commercial, residential, luxury, and international real estate for the last 40 years. Her area of expertise is the sunny, seaside counties of Santa Cruz and Monterey in California. An AREAA member since 2010, she was named Century 21 China's first Certified Overseas REALTOR of Choice last year. Contact BB at: 831.818.2300 wongrealtor@gmail.com

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The Commercial Brief

THE SHARING ECONOMY

THE EFFECT OF AIRBNB ON THE HOTEL INDUSTRY By

KURT NISHIMURA

uch has been made of the new Sharing Economy on how it has harmed certain industries. What do I mean when I refer to the Sharing Economy? It is companies like Uber, Lyft, Turo and Airbnb where a company uses a technology platform to allow individuals use their asset to become an entrepreneur. While it has hurt certain parties, I would argue it has helped level the playing field to the benefit of the consumer by successfully diverting a portion of the demand from one party to another. Technology has allowed a way of lowering the cost structure so consumers have a lower priced alternative to the status quo. It is giving the singular entrepreneur a way of competing against larger companies where initial capital requirements used to be a huge barrier to entry. The sharing concept has made it possible to lower costs and increase the utilization of assets and spawn new companies like work staff (TaskRabbit), taxi services (Uber and Lyft), car rental (Turo) or hotels (Airbnb and VRBO). The most successful sharing companies are in the transportation industry with companies like Lyft and Uber. Their platforms have been a game changer in how we view driv-

SPRING 2017

...over $450 million in gross revenues has been lost due to a shift in demand which in turn translated into over 2,800 lost jobs in the hotel industry. 2M media / Shutterstock.com

ing and owning a own car. Airbnb is starting to have a similar effect on the hospitality industry. This has forced hotel owners and union leaders ( formerly opposition parties) to start working together to try to put legislation to restrict the use of this popular alternative to renting a hotel room. In New York City and San Francisco, city officials are also jumping on board because they have seen declines in the bed taxes the cities receives from the hotel industry. It is much easier for cities to collect from hotels than it is from hundreds (or even thousands) of homeowners or investors who are more difficult to remit bed taxes back to the local municipalities. While Airbnb has made significant inroads into the hospitality industry, the trend has not been established long enough to say that demand has permanently shifted or impaired demand from hotels to Airbnb. It has made enough of an impact where hotel consulting giant HVS now tracks its activities and found that over $450 million in gross revenues has been lost due to a shift in demand which in turn translated into over 2,800 lost jobs in the hotel industry. One area where the hotels still hold a significant advantage is they have two very well established independent rating systems

which let the consumers know the service levels and amenities they can expect before choosing a hotel. One rating system is the Diamond created by AAA and the other is the star rating system by Mobil. The Diamond rating system focuses more on the experience expectation of a group or corporate traveler versus the star system which focuses more on the leisure traveler. While Airbnb tries to establish some consistency in their rating system, the ratings are derived from the individual hosts and travelers who rate one another. This is an area Airbnb really needs to improve upon in order to effectively compete and be seen as an equal to the hotel industry. It cannot rely solely on individual owners and their guests to properly rate themselves. This is probably one of key measures needed where consumers who have been reluctant to try Airbnb to try the service and compare. The full effect of Airbnbâ&#x20AC;&#x2122;s impact on the hotel industry is still being played out, but the initial impact is certainly worth noting. In the next couple years, we will know if Airbnb is simply a fad of the new sharing economy, or a real player in the hospitality industry. SPRING 2017

UNDERSTANDING HOME PROGRAMS TO QUALIFY MORE BUYERS By

DOTTIE SHEPPICK Managing Partner Specialty Mortgage Product Solutions, LLC

Potential home buyers have resources that are often overlooked and you can demonstrate great value to clients by knowing where to find them. Most real estate agents search for and show their clients homes that fit within the budget determined by their income and savings for down payment. You can widen that search by being familiar with programs available in your area. Per Rob Chrane, CEO of Down Payment Resource, there are more than 2,400 programs across the nation and not all are limited to first time home buyers. You can find the programs on the Down Payment Resource web site at downpaymentresource.com/are-you-eligible. There are programs for veteran and military families, first responders, and even some for employees of large companies and universities. There are programs for first time homebuyers, tax credits for moderate income buyers and grants to help buyers pay closing costs. Eligibility for a program is generally determined by the property location and sometimes the income of the buyer. As a real estate agent, you can use specific knowledge of programs available in your area to build a loyal pipeline of clients. Start by going to the Down Payment Resource website. Learn which programs are available in your area. If you need more information, call the program provider and ask if training is available; if not, get a brochure and read about the program. You can also talk to a loan officer that has successfully used the program, then form a team with that LO and you will capture even more business.

DOTTIE SHEPPICK is a founding partner of Specialty Mortgage Product Solutions, LLC (SMPS.) SMPS serves lenders and others focused on affordable, builder, first time homebuyer, CRA and other niche products. Dottie spent 27 years in the niche lending business with her last corporate position as Bank of America’s Senior Vice President, Affordable Housing Executive. Prior to that she was Director of Housing Impact in Fannie Mae’s Western Regional Office. Dottie is well known for her entrepreneurial approach to develop products and programs that meet client’s needs.

SPRING 2017

Here is a simple example of how these programs reduce the income required to qualify, or increase the value of the home the buyer can responsibility afford to buy:

$300,000

n ow m t d ogra u tho pr Wi ent ym pa

With down payment program

4.25%

$2,000 payment

$1,600 payment

required annual income

The standard purchase of a $300,000 home with a 30-year fixed rate at 4.25% will have payments of just over $2,000 PITI and MI. The borrower will need just over $70,000 a year in income to qualify at a 35% housing expense ratio. In some high cost areas, there are second mortgages with very favorable terms that can buy down the first mortgage to 80% and eliminate the mortgage insurance payment. In this case, the monthly mortgage payment would be reduced significantly to just under $1,600 and assuming a 35% ratio, a buyer with an income of only $55,000 could buy the same house. In addition, some homeownership programs will reduce the amount of the borrower’s own funds required for the down payment to 1% or less. In the example above, that would reduce the cash required from the borrower from 5% or $15,000, to $3,000. There are so many forms of assistance that they cannot be easily explained in this short article. However, if you learn about the programs in your area, you can become the known expert and just like you are sought after and respected for your knowledge of property values, mortgage products and local business, you are also the “go to” person for all housing assistance programs.

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BY DAVID SIROTY

I recently wondered how much money the real estate industry spends on advertising. I knew it had to be an absolutely staggering amount considering there are 1.2 million Realtors®, and thousands of local companies and brands of all sizes.

According to an Inman article citing a report from Borrell Associates the number is a whopping $9.3 billion. That’s a lot of money chasing the two sides of 5.5 million transactions. I wanted to share two local New Jersey examples that combined to be at least $1000 of the $9.3 billion pie, and both made the same mistake of relying on industry jargon which contributed to a poor end-user experience. Both pieces came in the mail. One was a postcard from a local agent; the second was a half-page ad

Where do real estate agents spend their advertising dollars? http://bit.ly/agents-ad-spending

in local “shopper” newspaper. Both used MLS statistics to show consumers that homes were selling with the assumption that potential sellers would “connect the dots” and contact the agent. Unfortunately both failed to tell a story. While they may have been positive branding exercises, the intended message did not resonate. The first was a two-sided mailer that had a beautiful picture of our downtown on the front. The back was filled with

Look at all that jargon:

“H Baths” “Bedrms” “Days on Market” “% Diff List vs. Sold Price” “F Baths”

Please Stop 30

SPRING 2017

Remember, the average consumer is not invested in real estate all day like we are. and all of us want to convey? The second example is even more of a jargon-fueled mess. The agent team (blocked out to protect the innocent) spent money on an advertisement and tried to also explain the benefits of a sellers’ market. But that clearly did not shine through. For example, 44 properties sold in the market in the last 90 days. Is that a lot? I also do not 44 properties sold in the market in understand what the last 90 days. Is that a lot? the “market share” column means. And clearly we should never use I showed the postcard to others outside of “absorption rate” in an ad - unless you’re real estate, I got a lot of blank stares. talking about paper towels. The agent seemingly “cut and pasted” Remember, the average consumer is not the chart from the MLS and left in such invested in real estate all day like we are. jargon as “Bedrms,” “F Baths,” and “H They do not speak our language and likely Baths.” He also used “% Diff List vs. Sold do not want to. Price” and “Days on Market.” I am not suggesting we remove statisAs you can imagine, the communicator tics as an effective marketing tool. I am in me was not very happy. The agent had a communication person and stats can plenty of room to tell the story and didn’t be powerful, but almost always need a need to shorten “bedroom,” “full,” and supporting story. “half.” He also never explained what listIt is critical to make certain your mesto-sale percentage ratio means, nor put sage makes sense. that stat or days on market in context. The easiest way to ensure success is Blank stares are not going to convince utilize a close friend who is a real estate a potential seller to recognize that prices novice. They should be able to easily recite have risen dramatically, they likely have what you are trying to say. increased equity in their home and that If they can’t, then go back to the drawpeople are succeeding in sellers their ing board and simplify even more. homes. Isn’t that the message the agent details of recent sales in our specific neighborhood. As veteran of the real estate industry, I quickly understood the agent was trying to show that homes were selling at or above listing price. But when

Real Estate Fundamentals

DAVID SIROTY founded Imagine Productions, an integrated communication and content marketing firm, in December 2016. He has more than 30 years in public relations and has earned a stellar reputation within the real estate and public relations industries. Most recently David was VP, Public Relations, for Coldwell Banker Real Estate. He was responsible for all internal and external communication, cause marketing, MarCom, sponsorships and partnerships, including leading Coldwell Banker’s leadership in the Smart Home space. He can be reached at: david@imagineprstrategy.com Visit Imagine Productions online: imagineprstrategy.com

the Jargon! SPRING 2017

A DVE R T O R I A L

SPEAKING THE LUXURY LANGUAGE By

CHARLIE YOUNG President and CEO of Coldwell Banker Real Estate LLC.

SPRING 2017

eeting the needs and desire of the affluent requires a consistent eye toward how the luxury real estate market continues to grow and change. In particular, the luxury real estate market has become increasingly international with more than $100 billion in U.S. real estate transactions coming from foreign buyers. Success in this interconnected market requires luxury real estate agents to operate beyond the boundaries of their own country. Their everyday business now requires a modern, global approach to marketing and networking to reach the worldâ&#x20AC;&#x2122;s most affluent buyers. Coldwell Banker Real Estate recently rebranded its luxury real estate program and introduced Coldwell Banker Global Luxury, the new expression of luxury real estate. The Coldwell Banker Global Luxury program embodies the appreciation of what it takes to consistently exceed the expectations of buyers and sellers worldwide. Enhancements for agents include elevated education, a new global website, global networking opportunities for agents and new marketing instruments to reach the worldâ&#x20AC;&#x2122;s wealthy buyers and best serve their needs. Property Specialists agents are backed by the Coldwell Banker network, which spans 49 countries and over 88,000 agents worldwide. The expertise of the Coldwell Banker network is unmatched in the luxury real estate arena with agents handling an average of $130 million in luxury transactions every day. This unparalleled approach to global real estate is what will set Coldwell Banker Global Luxury apart and will poise agents for international success.

BY HELPING YOUR BUSINESS DO WELL, YOU HELP US DO GOOD When you do business with AREAA Global, you are supporting AREAAâ&#x20AC;&#x2122;s mission of increasing homeownership in the AAPI community. AREAA Global is 100% owned by AREAA, and 100% of any profits made are reinvested into AREAA. Because of this, you can be assured that our only goal for your business is to help it succeed as much as possible. Visit www.areaagloball.com today to learn more about how we can help make your business dreams become reality.

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BY REBECCA STELLA

Compared to the other top cities in the U.S., Miami is quite young, and yet, has accomplished so much. In a little over a century, Miami has progressed from a sleepy town on the Miami River, to a popular tourist destination known almost exclusively for its hotels, beaches and nightlife, and now to one of the most desirable international cities in the world. In the last decade, Miami has seen myriad trendy neighborhoods blossom, the arts and entertainment landscape has exploded, and the skylines of Brickell, downtown Miami, and the Biscayne Corridor have filled with some of the most luxurious and architecturally impressive condominium towers the world has ever seen.

REBECCA STELLA is the Senior Marketing & Communications Associate for ISG Asia, a division of ISG World. All research and data sourced from the ISG World Miami Report

Miami’s ability to evolve in every major sector of the market, from education, the arts and its medical facilities, to technology, sports and entertainment, supports its strength as a real estate market. It’s undeniable that it’s an exciting time in the world of real estate. Amer-

ica’s housing market is the world’s largest asset class, worth $26 trillion, more than America’s stock market. So

Miami’s

Miami

incredible

When it comes to the condominium market, real estate developers have retained some of the most high-profile residential “starchitects” throughout the world to design stunning highrise condos for the Miami market, making Miami architecture a topic of conversation amongst high-net-worth individuals, real estate developers, architects and financiers around the globe.

Greater Miami

6 million residents

$300 billion

gross regional product

growth and progress

SPRING 2017

Top markets in the U.S. for investors looking to buy retail assets in the next 3 years Source: Reis, Tex-X Report - 2016

over the last 120 years has proven that it has what it takes to redefine what it means to be a world class city.

Source: Miami's Great Inflection – FIU-Miami Creative City

Fort Lauderdale

what is Miami’s role in the largest asset class in the world? Attributed to the proven desirability of the Miami market, as well as other factors, the city’s core real estate sectors are on the rise. From all-time low vacancy rates in the office, retail and industrial markets, to an influx of mixed-use projects slated for the commercial space, to historically low mortgage rates driving solid residential sales, we can expect to see continued growth in Miami’s fundamental real estate segments.

Global Appeal There are a number of factors that lure foreigners to buy in Miami. A market that offers incredible value compared to other popular destinations in the U.S., South Florida also

boasts an amazing climate, diverse cultural landscape, and a secure economic and political environment. The combination of these factors makes buyers feel confident in investing here. Chinese investors continue to expand their footprint on U.S. and South Florida real estate, leading all nations in international investment in the country. The dollar volume of

Chinese real estate investment in the country is up 19 percent year-overyear according to the Wall Street Journal, while the percentage of Chinese residential purchases in South Florida doubled from 2012 to 2015. Interest, population and investment in South Florida from China will continue to increase with the recent expansion of the Panama Canal and the promise of a nonstop, scheduled service flight from China to Miami in the very near future. Downtown Miami is expected to be the fourth-fastest-growing neighborhood in America over the next five years. A surge of commercial, residential and retail develop-

WHY FOREIGN BUYERS INVEST IN MIAMI

MIAMI

#4 Weather Miami's fantastic eather attracts foreign buyers looking to get away from the cold winter in their homeland. Luxury Lifestyle A global city with world-class amenities, shopping, dining, and nightlife, Miami offers international buyers a unique place to live, work, and play.

ment, as well as a growing number of jobs in the city’s business and financial sector, has brought tens of thousands of new residents to the area.

(Left) Shutterstock.com / ImagePixel / (Right) Shutterstock.com / Ditty_about_summer

Transportation and Shipping Miami’s population growth and demand for real estate is also greatly impacting the development and enhancement of the city’s transportation and shipping infrastructure and offerings. Serving 4.3 million passengers a year, PortMiami is the world’s busiest cruise ship port, and ships more than 7.4 million tons of freight around the world. PortMiami’s $2 billion-plus renovation has prepared it for the growth in traffic resulting from the Panama Canal expansion. It is now the only port south of Virginia that can accommodate mega-cargo vessels.

In Asian investments among U.S. Markets

Healthy Living From its abundance of green space and good air quality, to the excellent quality of life it offers, Miami appeals to those seeking a setting that supports health and well-being.

Source: CBRE

Favorable Tax Climate With no personal income tax, no property taxes, and countless other tax breaks, Florida's stable and highly favorable tax climate make Miami a desirable location for investors, business owners, and homebuyers alike.

Industrial Sold Price PSF Analysis 2013-2016

$181

Miami International Airport ranks second only to New York’s John F. Kennedy Airport in the number of international flights departing the U.S. It also serves as the hub for the region’s growing aviation cluster, which includes more than 466 companies offering services in airfreight, flight simulators, flight training, aircraft parts and assembly. All Aboard Florida’s Brightline is a great step forward at compressing time traveled and distance. The express train service beginning this summer will connect Miami, Fort Lauderdale, West Palm Beach and eventually Orlando, essentially making this mega-region one integrated economic unit and commuting shed. Envision the power that could

2016

$125

2015 Price PSF

Financial Security International buyers view Miami as a safe, secure place to invest their money, offering physical, legal and economic security.

$115 2014

come from an integrated Southern Florida economy the size and scale of the Netherlands.

$105

2013

The tight supply of homes paired with the exponential population growth in the region has resulted in a South Florida real estate economy that has never been as robust as it is now. More ultra high-net-worth individuals are discovering Miami as a place they want to live, work and play, and this is only the beginning. Miami’s incredible growth and progress over the last 120 years has proven that it has what it takes to redefine what it means to be a world class city. Its transition from an economy traditionally based solely on tourism, hospitality and real estate development, to one that’s expanded and become more rooted in business creation, technology, banking and the arts, positions Miami for a bright and diversified economic future. The city is becoming increasingly recognized for its international, creative and progressive talent pool, making Miami one of the most attractive cities in the world to not only live and play, but to do business in as well.

$50

$100

$150 $200

Source: Costar and Loopnet

SPRING 2017

a/r/eats! INSTRUCTIONS: 1. Scoop out the top creamy part of the coconut milk. Weâ&#x20AC;&#x2122;re going to call this part the coconut cream. 2. Sear the oxtail on medium heat. When all sides are brown, remove.

MASSAMAN OXTAIL CURRY Recipe courtesy of

ÂŻ Ayara Luk

Los Angeles, California

INGREDIENTS:

3. In the same pot, add the curry paste on medium-high heat, let it sizzle for 10-20 seconds, and then add the coconut cream. 4. When it begins to bubble, add the oxtail back into the pot and stir to coat the oxtail. Add the rest of the coconut milk and add water to cover the oxtail. 5. Turn up the heat until everything comes to a boil. Then lower the heat to allow it to simmer for at least 3-hours. For fall-of-thebone oxtail, let it simmer in a slow cooker or overnight. 6. 30-minutes before you want to serve the curry, add potatoes and pearl onions.

++ 2 lbs of oxtail

++ 5 oz of Massaman curry paste

++ 1 can of coconut milk (13.5-ounces, we prefer Chaokoh)

++ 3 tbsp of tamarind juice

++ 1 lb of baby Dutch potatoes

++ Palm sugar, to taste

7. 10-minutes before serving, season with tamarind juice, palm sugar and fish sauce. Adjust to taste.

++ 5 oz of pearl onions

++ Roasted peanuts, to taste and optional

8. Add peanuts before serving with jasmine rice.

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++ Fish sauce, to taste

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A DVE R T O R I A L

Lu x u ry Living in Pa l m Beach The iconic symbol Palm Beach Island, the coconut palm, is actually not native to Florida – or the United States. A ship carrying coconuts from Cuba wrecked off the coast of Florida in 1878 and the coconuts were salvaged and then planted, giving rise the lush grove of palm trees that the island is now named after. Also synonymous with Palm Beach is luxury. And in the luxury real estate space, The Fite Group Luxury Homes ERA Powered serves high-net worth clientele living along the famed 16-mile barrier island, residents of the dynamic city and cultural hub of West Palm Beach, outdoor enthusiasts in the premier seaside community of Delray Beach and an international community of equestrian enthusiasts living further inland in the Village of Wellington.

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ple over properties. Owners David and Nadine Fite have leveraged their extensive experience in finance and marketing to create a uniquely branded firm with a flair for innovation that is equally focused on business fundamentals and a strong culture of collaboration. “Since establishing our company in 2008, we have worked tirelessly to create a supportive, collaborative team,” said David Fite, Principal of The Fite Group Luxury Homes ERA Powered. “As an ERA Powered company, we are able to attract a broader clientele, both domestically and internationally, through global referral channels, a comprehensive listings distribution strategy and an industry leading technology platform.”

The firm represents a diverse luxury real estate portfolio ranging from ocean to Intracoastal estates to exclusive country club properties to iconic waterfront condos.

“We are both professionally and personally invested in the special places and people of the Palm Beach area and consider it a privilege to help our clients fulfill their plans for their family and future generations,” said Nadine Fite, Chief Marketing Officer.

A market-leading boutique firm with global capabilities, The Fite Group Luxury Homes ERA Powered is known for prioritizing relationships over transactions and peo-

David and Nadine Fite will share their insights on serving luxury clients at the 2017 AREAA Global and Luxury Summit in Miami, April 21-23.

LU XU RY R E S I D E N C E S W I T H T H E

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Your

Hawaii Connection

GINA DUNCAN RB-21124

REALTOR®, Principal Broker/Owner ABR, CRS, e-Pro, GRI, RSPS, SFR Direct: 808-250-9858 | MauiGina@gmail.com 275 W Kaahumanu Ave #2CA1 | Kahului, HI 96732

Co-Founder Chapter President 2016-2017

To Stay Current and access exclusive discounts, follow AREAA!

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855.379.6722 w w w. PA R A M O U N Tm i a m i . c o m D E V E LO P E R E B - 5 P R O G R A M AVA I L A B L E

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ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.

UNDERSTANDING THE EFFECT of

THE 1% RULE – AND WHY IT NEEDS TO GO BY DONALD CHOI

BACKGROUND In a recent June 2016 study published by the National Association of REALTORS®, data show that student debt has adversely affected the ability of homeownership by over 70%. Further, 40% of students with student debt are still dependent on and living with their parents upon graduation. The Federal Reserve Bank of New York has provided a variety of statistics averaging the total amount of undergraduate student debt in the U.S. at approximately $1.28T USD; whereas the total mortgage debt in the marketplace is $8.35T USD. That means student debt is almost 1/8th of the total mortgage debt in the marketplace, a staggering figure. A Federal Reserve Bank study showed that student debt had increased by $20B USD between just the 2nd and 3rd quarter of 2016, whereas home mortgage debt decreased by $12B USD. Combine these statistics with a very modest average salary earned by most young millennials, and this creates a situation where it reduces or in some cases eliminates their ability to purchase a home before the age of 30. Within the past few years, Fannie Mae, Freddie Mac and FHA all have rules requiring their lenders to consider applying certain guidelines to student debt that are in some type of deferment.

WHAT IS STUDENT LOAN DEFERMENT?

“A postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue on Direct Subsidized Loans, Subsidized Federal Stafford Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s).” (Source: Glossary of US Department of Education)

WHAT IS STUDENT LOAN FORBEARANCE? “A period during which your monthly loan payments are temporarily suspended or reduced. Your lender may grant you a forbearance if you are willing but unable to make loan payments due to certain types of financial hardships. During forbearance, principal payments are postponed but interest continues to accrue. Unpaid interest that accrues during the forbearance will be added to the principal balance (capitalized) of your loan(s), increasing the total amount you owe.” (Source: Glossary of US Department of Education)

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WHY WOULD STUDENTS CHOOSE TO DEFER OR FORBEAR? “A postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue on Direct Subsidized Loans, Subsidized Federal Stafford Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s).”

ASIAN AMERICANS VALUE EDUCATION AND HOMEOWNERSHIP

In 2016, based on our own recent State of Asia America 2016 report, the AAPI homeownership continues to be a major catalyst in the US economy and a large contributor to overall homeownership growth. AAPI communities produced over $2B USD in loans, $600B USD in mortgage originations, with an average loan balance of $300,000. According to the Department of Education, 51% of Pacific Islanders and 38% of Asian Americans received a student loan. In a survey by the National Financial Capability

25% of AAPIs over the age of 25 said they felt saddled with student debt and that it was a major obstacle to buying a home. Furthermore, in a 2016 Survey,

WHAT ARE THE CURRENT GUIDELINES THAT ARE PROVIDED BY FANNIE MAE, FREDDIE MAC AND FHA? As of January 2017, all three conventional guidelines have their underwriters using some of calculation of a debt payment structure, despite the student loans being deferred. Guidelines can range from taking 1% of the total student debt, and using that number as an assumed monthly payment when calculating the home borrower’s debt to income (DTI) ratio. Other methods include using a table provided by Fannie Mae to help calculate loan repayment durations with different types of assumed interest rates. The issue is there isn’t a clear, concise way to properly and fairly account for deferred student loans. Because of the different types of payment methods, and some limited discretionary by the underwriters, it could be the difference between qualifying and not qualifying for a mortgage.

study by the US Department of Education and the National Center for Education Statistics, AAPI had the highest percentage increase (20%) of 25 -29 year olds that completed a bachelors or higher degree. AAPI have the highest rates of college graduation at both the bachelor’s (AAPI: 49%; US Avg: 28%) and post-grad levels (AAPI: 21.2%; US Avg: 10%). The US Department of Education College Scorecard asserts that on average, “college graduates will earn $1 million more over their lifetime than high school graduates.” This leads to a conclusion that if given time, and an ability to build wealth through avenues such as homeownership, AAPIs who graduated college with outstanding student debt would have the necessary financial resources to repay their loans. We need to be helping our future earners build wealth and enter the housing market, and this is a simple, common sense way of doing so.

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From Lessons Learned from the Korean Trade Missions by Peter Park

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One of the biggest challenges in Korean real estate is the decreasing population and rapidly increasing senior population. Korea is 220th out of 226 countries in the world for low birth rate. In 2050, there will be 429 seniors for every 100 citizens between the ages of 0 to 14. The challenge is a very serious one, and no one has been able to come up with a magic pill. Currently, Koreans are shifting many billions of dollars into overseas investment funds. Many Koreans feel the glory days of Korean real estate are over, specifically due to decreasing population and ever increasing economic uncertainties. So why don’t we see more Koreans investing in U.S. then? What we have is a bottleneck situation. The fund managers tend to be very conservative and there simply aren’t enough of them to understand and

cover all the overseas real estate investment opportunities (it also means employment opportunities in Korea if you’re interested!). Two major steps to help alleviate that and make each other feel comfortable enough to invest. The first is learning each other’s real estate infrastructure, the main goal of our trade missions. In this regard, we are very different from each other - everything from taxes, commissions, documentation, and more simply work differently there. The second step is what we call the ‘Trust factor’ - building trust worthy relationships around education and a continuous exchange of joint events and communication. During the past several years, some of the major Korean developers have tried investing in nearby South East Asian countries with mixed results.

Currently, Koreans are shifting many billions of dollars into overseas investment funds. Many Koreans feel the glory days of Korean real estate are over, specifically due to decreasing population and ever increasing economic uncertainties. Distance and familiarity matter, which is one of the biggest reasons why Asian funds are yet to flow to Central and South America, or emerging US markets such as Miami. Slowly but surely U.S. is being reaffirmed as the real estate investment haven of the world.

Seoul, South korea

Korean fund managers still prefer the major gateway cities of the US. For the last two years the K-funds began venturing into second tier cities for higher yields, but still would likely go back to Manhattan or L.A. if given a low but reasonable yield. These funds are looking for class A, office buildings, national tenant occupying warehouses, and financing opportunities. There is not much interest in multifamily and retail due to management challenges. As recently as 2014, Korea was the largest Asian investor in US real estate (a designation since taken over by China). There are still ample opportunities for investment between Korea and U.S. We can facilitate the capital flow by building trust worthy relationships between people and by creating a professional, stable and efficient investment platform. The same is true of most Asian countries, which is why trade missions such as our to Korea are so vital to fostering good relations and business.

TOP CITIES FOR KOREAN INVESTMENT New York City, New York Los Angeles, California San Francisco, California Seattle, Washington Dallas, Texas Washington D.C Jersey City, New Jersey Chicago, Illinois

Busan, South korea

Distance and familiarity matter, which is one of the biggest reasons why Asian funds are yet to flow to Central and South America, or emerging US markets such as Miami.

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A L I T T L E P IEC E OF

CARIBBEAN PARADISE

DOMINIC A N R E P UBL IC

Sun, Sand, Surf, Holistic Spas, Friendly Locals, Turquoise Green Water + Rum...

What else do you need?

Paradise can be found virtually

Shutterstock.com / Maciej Czekajewski

By JACKI UENG

in every corner of the world. You don’t have to travel far to the Maldives or Bora Bora to find it. Samaná, Dominican Republic may have just everything you’re looking

Shutterstock.com / Vlad G

for, and won’t break your bank.

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Dominican Republic is a sovereign state just a 2 hour flight south from Miami, and is home to approximately 11 million people. The country occupies the eastern two-thirds of the island of Hispaniola in the Greater Antilles archipelago in the Caribbean region. The western one-third of the island is occupied by the nation of Haiti, which makes Hispaniola one of two Caribbean islands, along with Saint Martin. Spanish is the majority language, and Christianity the dominant religion. The capital of D.R. is Santo Domingo.

T R A V E L I N G with THE BOHEMIAN VAGABOND

Chasing Waterfalls

Shutterstock.com / mandritoiu

Baseball is by far the most popular sport in the Dominican Republic. The #1 destination for golf in the Caribbean and Latin America, the Dominican Republic delights visitors with 25 designer golf courses amid breathtaking coastlines with mountain backdrops and lush green fairways. Dominican native David "Big Papi" Ortiz, one of America's most beloved professional athletes

Hidden Gem of the Caribbean

Situated on a peninsula surrounded by white sand beaches and mountainous terrain on 330 square miles, Europeans and Canadians have had Samaná on their radar as their go-to beach destination and certainly do not want to spoil the secret! But I’m here to share that secret with you: Because if you are looking for a quieter, more secluded, off the beaten path destination, this is it. A little piece of paradise in the world tucked in the Caribbean. It did take a bit of journey to reach there, but it was very well worth the ride!

Parker Harrington

Many Americans traveling to the D.R. go to Punta Cana, a beautiful beach town in the Southeast region which is frequented by tourists seeking high-end resorts and party people. But few have heard of this hidden gem known as Samaná on the Northeastern Atlantic coast, featuring astounding nature scenes, intriguing history and rich culture.

On my first day there, we boarded an open-air shuttle with a free-spirited guide for a day of horseback riding as we set out on our journey to chase waterfalls. We weren’t sure where the journey would take us, but the day would end up being unforgettable. The ride was an adventure in itself, passing through local villages, observing everyday life that seems to be untainted by tourism. They waved as we drove by and smiles were exchanged from these warm and hospitable people. Once we arrived to La Cascada Salto el Limon, we each picked a horse most appropriate to our height and size. We rode on a slow trot through the

CONTINUED

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lush green jungle passing through various medicinal plants, rivers, lakes, wildlife, streams, birds and coconut trees with our own local guide. Along our 1.5 mile ride, we would pass through half a dozen of soothing waterfalls, each with it’s own uniqueness. We then took a break to sip some Mamajuana, before making the trek of about 200 stairs to the master waterfall we had been chasing all day. The waterfall stands at 130 feet, or roughly 40 meters, from the top of the Sierra Samaná. Locals, travelers and children jumped in from various cliffs doing backflips. We all stripped down to our bikinis and dived in for the most rewarding, refreshing swim ever.

Getting There

Shutterstock.com / Leksele

There are flights to Samaná (AZS), but they are limited and usually with a layover. Best recommendation is to fly to Las Américas International Airport, an international airport located in Punta Caucedo, near Santo Domingo and Boca Chica in the Dominican Republic. Hire a taxi or hotel pickup to Samaná and enjoy a 3 hour scenic drive up the coast.

18+ ADULTS-ONLY HOTELS

WHERE to STAY Bahia Principe Resorts have 14 properties in Dominican Republic, 4 of which are in Samaná. Luxury hotels starting at $70/night allinclusive with lovely spas.

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Luxury Bahia Principe Samana Don Pablo Collection

Luxury Bahia Principe Cayo Levantado Secluded resort, only reachable by boat from Don Pablo Collection hotel.

Highest Luxury, Most Romantic / Adults only resort in the heart lush nature of Samaná with an Allaround Wellness program

T R A V E L I N G with THE BOHEMIAN VAGABOND

Shutterstock.com / Leonard Zhukovsky

Soaked with tree bark and herbs, Mamajuana is said to be an herbal medicine that cures the flu, aids digestion and circulation, and cleanses the blood, liver and kidneys.

What to Drink RUM, RUM…and more RUM! The Local drink is “Mamajuana”, made of Dark Rum, Red Wine, Honey and various spices/roots/herbs. Urban legend has called this drink an Aphrodisiac, or the local slang of “El Para Palo (‘lift the stick’).

Nightlife Dominicans love to dance, party and get their drink on. You will always be able to find some locals having a fun time! Take a taxi from Samaná to Las Terrenas, the laid back expat downtown of Samaná with lively bars and restaurants along the beach front. You can

find a variety of local cuisines, bar, and discotecas to move your hips to Merengue and Bachata ( forms of dance similar to salsa). There are numerous beach bars at the Bahia Principe Resort hotels, which are always tons of fun.

FAMILY HOTELS Grand Bahia Principe Cayacoa

Grand Bahia Principe El Portillo

Massive resort, family-friendly, a bit more secluded in the lush green scenery of Samaná.

JACKI UENG is the VP in Business Development for Ticor Title in Los Angeles. When she’s not issuing Title Policies, she is traveling the globe in search of her next exotic food dish and cultural encounter. As the Bohemian Vagabond, she's 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:

JackiUeng.com Connect with Jacki:

AREAAnewsNetwork

Family Resort on the Samaná Coast with a Chil‑ dren’s water park, mini club with a playground, 6 restaurants, 8 bars, volleyball court, 2 major swim‑ ming pools, gym, theatre with a diverse movie line up throughout the week and a lovely spa.

@JackiUeng

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AREAA CENTRAL FLORIDA The Asian Real Estate Association of America (AREAA) Central Florida Chapter Installs 2017 Board of Directors The Asian Real Estate Association of America (AREAA) Central Florida Chapter recently celebrated the Lunar New Year and held its Board Installation Gala at the brand new Balmoral at Waters Edge Club House in Haines City. The festivities began with a tour of the model homes at Balmoral and followed by Chinese entertainers and performers. The event was attended by members of the local Central Florida Chapter as well other chapters. Special guests included Vicky Silvano, past chairwoman of AREAA National, who installed the new Board, and Maria Grulich, Director of Global Business of Florida Realtors. Special thanks to Garrett Kenny, President of Feltrim Group, AREAA Central Floridaâ&#x20AC;&#x2122;s Dragon Sponsor.

For more information, visit areaa.org/centralflorida.

AREAA GREATER CHICAGO The AREAA Greater Chicago chapter had their annual inaugural ceremony and gala on Thursday, February 9th, at the unique and versatile Artifact Events space, known for its high ceilings, warm timber and exposed brick. The event started with an hour of networking, followed by remarks from local government dignitaries, Deputy Mayor, Andrea Zopp and Commissioner on Human Relations, Mona Noriega. Alan Okamoto and Hope Atuel from AREAA National installed the incoming board members. Aside from the decadent chocolate fondue fountain, dining and entertainment 50

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conveyed the Bollywood theme and guests dined on samosas, kabobs, watched Bollywood dance and musical performances, and received complimentary tattoos from the henna artists on hand.The colorful and festive event was made possible by our 2017 annual sponsors, Wells Fargo Home Mortgage, Bank of America, Scott Weer - State Farm, Chase, Fifth Third Bank, Century 21 S.G.R., Chicago Title, Illinois Association of Realtors (IAR), HomeBridge Financial Services, Illinois Mortgage Bankers Association (IMBA), and industry partner, Chicago Association of Realtors (CAR).

AROUND

the

AREAA DC METRO

A S S O C I AT I O N

AREAA DC Metro Chapter 2017 Installation Gala was held on March 1, 2017 at Woo Lae Oak in Tysons Corner. Thanks to AREAA National 2017 President Angie Lee who came to install our new Board members for the chapter. Virginia State Delegate Mark Keam was our Guest of Honor. Delegate Mark Keam is the first Asian American House Delegate of VA. AREAA DC Metro would like to thank to our wonderful Sponsors - Wells Fargo, Bank of America, CitiBank, HSBC Bank and Flagstar Bank for their generous support throughout the year. And thanks to all members and business partners for attending the wonderful event and for being a part of this wonderful Association. We will keep working together with other organizations, professionals and our sponsors to help growing our businesses, supporting sustainable home ownership for our clients and building better communities.

AREAA TWIN CITIES AREAA Twin Cities New Year’s kickoff Gala event was on January 19, 2017. It was a successful event with over 80 attendees. CEO of Minnesota Realtors Chris Galler along with St Paul Councilman Dai Thao were speakers. We would like to thank our sponsors Aces Movers, Liberty Title, Bonfe, MN Housing, Partners Title, Running Aces, and Wells Fargo for the partnership.

AREAA GREATER TORONTO

AREAA Greater Toronto Chapter proudly hosted the Lunar Chinese New Year’s Celebration Luncheon at Royale Fine Dining on February 1st, 2017. It was a joyous, entertaining and auspicious Banquet where our members & guests celebrated The Year of the Rooster, dined on delicious cuisine, networked and gained valuable insight into the 2017 local and global real estate market via Master Paul Ng. We would like to thank our generous sponsors Tridel, Shirley Yee Law Office and Jacco Tours for contributing to the huge success of this special event enjoyed by our members! Toronto was ranked in 2016 as one of the Best City’s in The World to live in! We welcome you to visit and would love to show you what our world class city is all about!

AREAA SAN FRANCISCO PENINSULA

AREAA SF-Peninsula was proud to host its 2nd Annual Realtor Summit Event with its partner Union Bank on February 15th at the Omni Hotel in San Francisco. Over 200 members and guests showed up to hear Oscar Wei (Chief economist from C.A. R.) and attorney William Jansen share their insights into the market and address risk management. Area Manager Jenifer Burns from Union Bank shared their portfolio product and how they can assist more clients with their niche products. After the education portion, the guests move into the reception are to enjoy food and drinks and network. We are grateful for the continued support of Union Bank and agreed the event was a huge success, and have started planning the 3rd annual for February 2018. SPRING 2017

AROUND

the

A S S O C I AT I O N

AREAA MIAMI

AREAA Greater Miami Chapter was excited to share the educational POWER HOUR, geared toward providing specific marketing knowledge and skills needed to define, launch, manage or reposition Realtor’s Brand and business on a fast, direct track for success by saving costly, time-consuming trial and error. The exiting and highly practical topic of Realtor Branding was presented by Irina Kim Sang, an author of the published book “REALTOR BRANDING: Marketing Yourself for Real Estate Success”, and the AREAA Board Member, and was hosted by our AREAA Miami chapter board of directors John Reza Parsiani at Aria On The Bay.. We would like to express special thanks to our supporters at ARIA on the Bay Miami Luxury Development and Citi Bank. The Chapter is committed to empowering its members through value of education.

AREAA SILICON VALLEY

AREAA Silicon Valley hosted a remarkable Installation Gala in San Jose City Hall’s Rotunda, an iconic 110-foot high circular glass dome building. The gala’s theme honored our nation’s veterans. The Salute to Service theme was selected by incoming President Thomas Duong who is an Air Force veteran, and $2000 was raised for AREAA Foundation’s Welcome Home Heroes program. Numerous veterans from around the nation attended the event. Highlights of the night were amazing performances from the legendary jazz band, Hiroshima, and an incredible rendition of the Star Spangled Banner by Devon Schreiner. We would like to thank our sponsors Wells, Fargo, Union Bank, Citibank, Bank of America, and Intero Real Estate for helping us create night to remember for our guests.

AREAA ALOHA The Aloha Chapter's first event of

the year was a luncheon with the topic: Solving the Affordable Home Issue with guest speaker County Council member Elle Cochran who recently chaired the Temporary Investigative Group on this issue for Maui County. This group looked at ways to increase supply and ways to make housing prices affordable. Her presentation on the outcome and subsequent report was well received by our members, community leaders and business groups at the event. We were encouraged by Ms Cochran to be involved in our county government on issues of housing and that our voices would make a difference. Our second speaker was Susie Thieman of Lokahi Pacific who addressed our group on the good work of her non profit organization. Lokahi Pacific builds homes on leasehold land with County grants and donations. They offer these homes at a substantial discount over traditional fee simple homes. She spoke to their frustration of the County permitting process and infrastructure issues and the high cost of development in the islands.

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AREAA NORTHERN NEW JERSEY AREAA Northern New Jersey hosted their 2017 Lunar New Year Dinner & Board Installation on February 2 at Lan Garden 88 in Ridgefield, New Jersey.

U WRITE

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

Last Year We Made History with the No Other Campaign With your help, we can do it again. Join us in Washington DC to meet face to face with members of Congress and housing agencies to discuss AAPI Housing.

MAY 15 - 17

RSVP at areaa.org/policysummit

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