Recounting harrowing journeys to the United States to reunite families and seek new life opportunities
LA’s Sawtelle Neighborhood: shaped by Asian immigrants of yesterday and today AAPI Advocacy: Speaking up for home owners on Capitol Hill Market Showcase: Austin, Texas is hot thanks to education and technology Summer2013
Resources that help build your business
Find what you need at the Agent Resource Center If you’re looking for information that can help you keep on top of today’s market, visit the Bank of America® Agent Resource Center. It’s a quick and easy way to find resources that can help you manage and grow your business. With the Agent Resource Center, you’ll have convenient access to: • • • • • •
Market updates and newsletters Information about upcoming events Instructional videos, tip sheets and step-by-step guides Bank of America mortgage product and service overviews Training and resources for short sale and REO process Information about affordable housing assistance programs
Information on the site is updated frequently, so you can easily find the most current industry information to help both buyers and sellers move successfully to their closing date. You’re just one click away from your one-stop resource. Learn more today at bankofamerica.com/neighborhoodlending
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. ©2013 Bank of America Corporation. 05-2013 AD-04-13-2273.A3 AR8E7B5D
It’s clear that companies and clients are more likely to seek out experts who possess the CCIM designation. Let CCIM Institute’s Cultural Diversity Education Program help you earn your CCIM pin.
CCIM conveys the highest level of trust and credibility in the commercial real estate industry. CCIM Institute developed the Cultural Diversity Education Program to help qualified minority real estate professionals accelerate their careers and positively impact their communities. Apply now for significant course discounts and specialized networking opportunities on your way to earning the coveted CCIM designation.
Learn more at CCIM.com/cdep or by calling Charmaine McKeever at 312.321.4492.
Sell a house “as is” based on the home it could be Our Purchase & RenovateSM loans can help
Our Purchase & Renovate loans can be used to purchase and improve most any property, including damaged or move-inready REO and short sale listings. Qualified buyers can finance a primary, second or investment home purchase, plus wanted or needed improvements — all with one loan. Let our specialized renovation lending team work with you to market your listings, serve more buyers’ needs, and sell more homes.
Contact your divisional diverse segment managers to locate a renovation specialist near you. Brigitte Killings Southeast AL, AR, DC, DE, FL, GA, KS (Kansas City), KY, LA, MD, MO, MS, NC, OH (Cincinnati), SC, TN, VA brigitte.killings@wellsfargo.com
Mandala Jones Central AK, AZ, CO, ID, KS (except Kansas City), MN, MT, ND, NE, NM, OK, SD, TX, UT, WA, WY mandala.c.jones@wellsfargo.com
Carmen Luna California CA, HI, NV, OR, WA (Southern) carmen.e.luna@wellsfargo.com
Olin Chamberlain Northeast CT, IA, IL, IN, MA, ME, MI, NH, NJ, NY, OH, PA, RI, VT, WI, WV olin.c.chamberlain@wellsfargo.com
Information is for real estate professionals only and is not intended for distribution to consumers or other third parties. Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2013 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS980861 3/13-6/13
Summer 2013 Vo l u m e 5 , I s s u e 2 O n t h e C o v e r : Family photos courtesy of Carmen Chong, "Immigration" artwork by Praveen Sharma
f e at u r e s 30
30
The Impact of Asian Immigration in America We look back on the history of Asian immigration in the United States, including the role of legislation, and how six individuals each left Asia in search of a new home and opportunities in America By John Peretz
22
Noodle Town's 1st Episode: Authentic and Hip Sawtelle Blvd Jacki Ueng explores the food and culture of the increasingly popular Little Osaka neighborhood in West Los Angeles, which has been shaped by Asian immigrants both past and present
18
22
Looking To Tap Into International Homebuyers? It’s Time to Go to School. A look at the growing international student population in American universities and the opportunities it presents to real estate professionals By John Peretz
18
4
Summer 2013
C o m m e r c i a l
“Over 50 Shopping Centers in our Portfolio” 7005 Chase Oaks Blvd Suite 200 Plano, TX 75025 w w w. e n g v e s t . c o m
C O M M E R C I A L R E A L E S TAT E I N V E S T M E N T S Daniel C. Eng | CCIM, CPM® President 469.916.8828 ☎ 214.926.3666 mobile daniel@engvest.com
王 順 榮
Calvin Wong | CCIM Senior Director 469.916.8888 x902 ☎ 972.904.2888 mobile calvin@engvest.com
吳家盛
D A L L A S , T E X A S
Trang Dang-Le | GRI , ABR® Managing Partner 214.563.2438 ☎ trangdangle@yahoo.com
Kelley Liu | ABR®, ALHS® Managing Partner 469.569.3631 ☎ KelleyLiu168@gmail.com
R e s i d e n t i a l
陳盈蓁
吳家盛 Daniel C. Eng | CCIM, CPM®, GRI Broker #0514529 214.926.3666 ☎ info@dfwirealty.com
“Serving your Dallas/Ft. Worth Real Estate Needs”
Judith Kim Realtor ®
Angela Bao Realtor ®
Elaine Chou Realtor ® , GRI
Minh Nguyen Realtor ®
7005 Chase Oaks Blvd Ste 200 P l a n o , Te x a s 7 5 0 2 5 o . 4 6 9 . 9 1 6 . 8 8 11 | f . 4 6 9 . 9 1 6 . 8 8 8 9 | w w w. d f w i r e a l t y. c o m
26
48
50
Contents 14 16
Bank of America
A Team Working Together to Help Improve Financial Lives at Every Stage of Life
By Caroline Gim
The Texas capital is home to major universities, a number of corporations, a booming tech sector, and a vibrant and growing Asian population
Summer 2013
Non-Profit Spotlight: AsianAmerican Homeownership Counseling Inc.
This non-profit is making an impact in the D.C. Metro Area by addressing the counseling needs of underserved Asian Americans By Nhi Nguyen
42
11
A Message from Chair Park
46
My First Million Dollar Sale with Bernice Wong
48
AREAA National Policy Day
50
2013 Global Summit
Photos from the annual event, which was highlighted by meetings with Federal Reserve Governor Elizabeth Duke, White House officials and members of Congress A recap and photos from AREAA's first major event in Hawaii, featuring Chef Roy Yamaguchi and top real estate executives from around the globe
Jim Park shares his perspective on the complex issue of Asian immigration, from his personal story to AREAA's new show Noodle Town
Wong recollects the 1991 trans action that put her in 7-figure territory for the first time: a purchase for a Major League Baseball pitcher
The Strangest Days in Real Estate
Naked people jumping out of windows, squatters making love in a sleeping bag, a haunted mansion, gun threats, gentlemen's clubs, loose dogs and a person hiding in a closet. Think you had a challenging day?
Austin Jamming in the Lone Star State
By John Peretz
6
40
Lobbying for Asian American Homeownership — It's Easier Than You Think
Ten tips on effectively advocating for your community, perfect for firsttime lobbyists!
26
Departments
55
Around the Association
59
Making Headlines
See what's been happening with AREAA chapters lately, including education workshops and networking mixers in LA, Atlanta, Silicon Valley and Orange County
From meeting a president to winning awards and taking on new roles, find out who's been garnering extra attention recently in this edition of our AREAA member news roundup
Ad v e r t i s e r s
2013 AREAA National Convention
www.areaa.org/convention
Back Cover
2014 Global Luxury Summit
www.areaa.org
Inside Back Cover
AREAA Education Foundation
www.areaafoundation.org
page 10
AREAA Japan Trade Mission
www.facebook.com/areaajapantrademission
page 29
Bank of America Home Loans
www.bankofamerica.com/neighborhoodlending
Inside Front Cover
Bernice Brubeck-Wong, AllAboutProperties
www.AllAboutProperties.com
pages 12 & 21
CCIM
www.ccim.com/cdep
page 2
Rita Chen, Presidential Real Estate, Inc.
www.ritachen.com
page 21
The Credit DVD
www.nabilcaptan.com
page 9
DFW iRealty
www.dfwirealty.com
page 5
Gina Duncan, Maui Real Estate Advisors LLC
www.fineislandproperties.com
page 21
theEDGE, AREAA Young Professionals
www.facebook.com/areaaEDGE
page 45
ENGVEST Commercial Real Estate Investments
www.engvest.com
page 5
Meiling Kravarik, Nextage Realty
www.NextageM3Realty.com
page 21
Linda Lee, Keller Williams Realty
www.buy858.com
page 21
Loan Modification Scam Alert
www.LoanScamAlert.org
page 60
Main Street Realtors
www.mainstrealtors.com
page 12
National Association of REALTORS Global
www.realtor.org/earncips
page 1
Robertson Real Estate
www.WillowPondRanch.info
page 12
Sybarite Investments
www.Sybariteinv.com
page 13
Wells Fargo Home Mortgage
www.wellsfargo.com
page 3
I n t e r e s t e d in Advertising? C a l l P r av e e n
+1- 951-514-1053
E m a i l P r av e e n
psharma@areaa.org
Summer 2013
7
S u m m e r 2013
V o l u m e 5 , I ss u e 2 Editor-In-Chief Ivan Choi
Editor John Peretz
Creative Director Praveen K. Sharma
E d i to r ia l B oa r d Trang Dang-Le Sherwin Escanuela Lynette Fox Rindner Joseph Lai Felicia Morris LuAnn Shikasho Thuy Tran Bernice Wong
Associate Editor Meredith Magee
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. Š2013 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. Direct article submissions and advertising inquiries to: Praveen Sharma | a-r-e@areaa.org Office: Asian Real Estate Association of America 5963 La Place Court, Suite 314 Carlsbad, California 92008 760-918-9162 Phone 760-585-1397 Fax Previous issues available online at: http://areaa.org/a-r-e
8
Summer 2013
AREAA EducAtion FoundAtion
A 501(c)(3) nonprofit organization
thE AREAA EducAtion FoundAtion is dEdicAtEd to: dEvEloping lEAdERs Developing the leadership potential of real estate professionals serving the Asian American and immigrant communities.
stREngthEning nEighboRhoods Strengthening neighborhoods by renovating distressed properties and providing affordable housing to area homebuyers.
hElping communitiEs Raising funds for communities devastated by natural disasters.
wE cARRY out ouR mission thRough: REgionAl lEAdERship EducAtion pRogRAms June 12-13, 2013 costa mesa, california
August 22-23, 2013 san mateo, california
FAll 2013 new York
mEntoRship pRogRAm in pARtnERship with theEdgE, AREAA Young pRoFEssionAls June 2013
Program launched
REnovAting homEs nAtionwidE 2011-2013
10 properties renovated and sold to low- or moderateincome families
RAising Funds to hElp communitiEs in nEEd 2013
hurricane sandy fundraiser with AREAA metro nY chapter and theEdgE
2011-2013
Japan Relief Fund: Raised $400,000 to rebuild homes affected by the 2011 Tohoku earthquake and tsunami
su ppoRt t hE FoundAtion
we invite you to support our education and community-focused programs with a taxdeductible donation.
www.areaafoundation.org
For more information, please see or contact Kate nielsen directly: knielsen@areaafoundation.org | 760.517.6131
Education Foundation
M es sag e fro m th e Chair
Asian Immigrants Shaping America
The story about Asian immigration is not just a story about good food and interesting neighborhoods. It is a story about the economic well-being of America.
This issue of a|r| e magazine celebrates Asian Ameri cans' roots as immigrants and highlights how our com munity has transformed America for the better. The journey of Asian immigrants to America is both complex and inspiring. Certainly, today’s immigration debate con tinues a long dialogue in this country about the underlying spirit of America’s promise of hope and opportunity, and whether the U.S. economy can continue to lead the world in terms of innovation and economic strength. As the fast est growing immigrant group in the U.S., we understand the importance of a common sense immigration law that brings our families together and opens doors to economic freedom. We also understand the injustice when laws are written to exclude categories of people and limit opportu nities for underserved neighborhoods. My story of immigration is not too dissimilar from other AREAA members who came to this land as children. I didn’t choose to immigrate to this land; however, that choice on the part of my parents opened doors I could have never imagined. The story of Asian Americans and immigration is a complex one, and our community has directly felt the injustice of an immigration law that was based on preju dice and that was simply wrong-minded. Despite being allowed to come and work in the United States since the mid-1800’s, individuals of Asian descent, namely Chi nese, were driven out of neighborhoods and were the only ethnicity in U.S. history to be specifically excluded from immigrating to this country through the passage of the 1882 Chinese Exclusion Act. When the U.S. Congress specifically identified Chinese, it really meant anyone of Asian descent. After all, we seem to look alike. This law remained the law of the land until it was repealed in 1943. Asian immigration into the U.S. didn’t re-emerge until the passage of the landmark 1965 Immigration and Nationality Act. It was few years after the passage of this Act that my aunt and uncles began to immigrate to the U.S. When my immediate family arrived in the U.S. in 1975, Ko rean Americans or any other Asian Americans, except for the Japanese Americans, were just getting their foothold into Southern California. I remember going to Koreatown in Los Angeles in the mid-70’s. Back then, it was just a few blocks of Korean-owned businesses dotting the neigh borhood. I certainly could not have imagined what the Korean community would ultimately be transformed into over the next several decades. There are so many Korean restaurants in L.A. that it would take several lifetimes to eat at all of them. Recently Jacki Ueng and I launched an AREAA show called Noodle Town. This show celebrates Asian culture and food while giving our audiences a perspective about the emergence of Asian American neighborhoods. Jacki writes about the untold history of L.A.’s Sawtelle area in
this issue of a| r | e . The Sawtelle district, which is also known as Little Osaka, is a little-known Japanese Ameri can neighborhood that even our own Allen Okamoto knew little about. Through Noodle Town, AREAA has explored other Asian American communities such as Little Manila in San Diego and Chinatown in Las Vegas. As we explore these “noodle shops” throughout the country, we uncover stories of how our community is transforming America’s neighborhoods every day. The story about Asian immigration is not just a story about good food and interesting neighborhoods. It is a story about the economic well-being of America. Nearly half of the country’s top 50 venture-backed, early-stage companies were founded by at least one immigrant and 37 of those companies had at least one immigrant in a major management position in the company. Without these immigrant entrepreneurs, the U.S. economy’s growth prospects and global competitiveness would stall. In addi tion to human capital, attracting investment capital from around the world is critical to the U.S. economy and the real estate market. Asian investors are putting increas ing percentages of dollars into the U.S. economy and real estate market every day through our members. Whether it’s Lina Chu from Southern California's Inland Empire or Vicky Silvano from Chicago or Jessica Ye from Boston, AREAA members are making investment opportunities possible for foreign buyers and helping to fuel local real estate markets. So the next time you are enjoying a great meal at an Asian eatery, remember our roots and celebrate what our community has done for the fabric of the U.S. economy and how we have helped to transform America's culture.
Jim Park 2013 AREAA National Chair
Summer 2013
11
Honora Robertson
Broker/Owner
DRE#00662046 Office: (831) 475-6034 Cell: (831) 588-7426 Fax: (831) 475-1992 robertsonre@sbcglobal.net
TOBIN CLARK E S TAT E w w w. 4 0 Ve r b a l e e . c o m Price Upon Request
DRE#01785019
A
d
v
e
r
t
o
r
i
a
l
Bank of America, a Team Working Together to Help Improve Financial Lives at Every Stage of Life As members of AREAA, Asian American real estate professionals understand that to succeed you must serve the diverse needs of clients regardless of their income and net worth; from those with modest means to clients with substantial wealth. From working with first-time homebuyers to helping more affluent, established families purchase luxury homes, you play a vital role in the financial lives of your clients. Bank of America recognizes the valuable contributions of AREAA members and wants to do its part to help your clients – at every stage of life. As part of these efforts, Bank of America makes a wide range of resources available to AREAA members and their clients: from financial education and training for first-time homebuyers to wealth management and investment assistance from Merrill Edge for more affluent families. In addition, a team of small business bankers is available to assist and provide services that can help businesses succeed and grow. In short, at Bank of America the goal is to deepen relationships with business partners and customers, in order to help identify and fulfill customers' financial needs throughout their lifetimes. Following are a few examples of the way we can achieve common goals.
Real estate sales support includes education for first-time homebuyers When a young family is trying to decide if they are financially ready to buy their first home, they often have a lot of questions. Bank of America offers financial education and training that delivers answers and helps real estate professionals prepare their clients for successful homeownership. The Bank's mortgage loan officers work with AREAA members to help connect clients to resources that include: »» Connect to Own®, an alliance for homeownership between the Bank and more than 600 nonprofit organizations throughout the U.S. that delivers prepurchase homebuyer education and training for firsttime homebuyers. »» Online resources such as www.BetterMoneyHabits.com, produced in partnership with the nonprofit Khan Academy.
Financial Literacy & Financial Education from Better Money Habits
14
Summer 2013
om
oneyHabits.c
www.BetterM
A
Financial checkups courtesy of Merrill Edge -- Wealth management services to grow, preserve and structure a family's wealth At any stage of life, real estate professionals and their clients can benefit from a check-up into their personal finances. That's why a local mortgage loan officer wants to introduce you and your clients to a Merrill Edge financial advisor. These advisors help assess whether customers are on track with saving for retirement, establishing college education savings accounts, making investments and more. These specialists are also being invited to local real estate offices to present wealth management ideas and options tailored to fit a variety of financial circumstances. Take advantage of the opportunity to meet with an advisor and feel free to offer this opportunity to your client. The advisor can customize a strategy that integrates the pieces of your financial life. Advisors can help you and your clients grow, preserve, transfer and structure your wealth. Customers with more savings to manage can get investment assistance from Merrill Lynch Wealth Management advisors. For ultra-high-net-worth individuals, the Bank's associates at U.S. Trust include advisors and dedicated teams of specialists, uniquely capable of identifying the complex financial needs of ultra-high-net-worth individuals and designing strategies to help preserve wealth and build a legacy for future generations. Again, your local mortgage loan officer can facilitate connections with these experts who are eager to improve financial lives.
d
v
e
r
t
o
r
i
a
l
Small business bankers can help businesses grow Homeownership and small business growth are two pillars of wealth generation. Bank of America understands this powerful combination and is eager to introduce AREAA members to small business bankers who can discuss the unique needs of small businesses, including services such as payroll, remote deposits and business financing. Like our financial advisors, small business bankers are ready to meet with AREAA members and their clients in local communities to explain in more detail how they can help small business grow.
Supporting AREAA at the local and national levels At this spring's 2013 AREAA Global Summit in Hawaii, it was evident that Bank of America is fully committed to providing AREAA and its members a team approach. Bank of America was represented by home loans executives, as well as representatives from Merrill Lynch and U.S. Trust. Each group shared insights about their areas of business, mortgage lending, personal wealth management, and financing solutions for global investors. Bank of America has been a proud supporter of AREAA and its members since the group's inception in 2003. The team members from Bank of America continue to reach out and strengthen relationships with real estate professionals in local communities through open house events, webinars, the online Agent Resource Center and other points of contact. As Bank of America continues its proud tradition of sponsorship of AREAA at the local and national levels, specialists in residential mortgage lending, small business banking and wealth management look forward to more opportunities to work together and improve the financial lives of customers.
Summer 2013
15
Lo b byi n g fo r As ian Am e r i can H o m eown e rs h i p — It ' s E as i e r Than Yo u Th i n k
B
y
T
his year, I attended AREAA’s National Policy Day in Washington, D.C. for the second time. What a difference a year makes. Last year, I remember being really nervous. “What do I say?” “How do I get a meeting with these people?” “What if they ask me a question I can’t answer?” This year, it was a wholly different experience because I knew in advance what to expect. Lobbying is fun and exciting. For anyone interested in attending next year’s National Policy Day but may be intimidated by the thought of getting started, please take advantage of my experiences. The following are some of my thoughts and advice on lobbying for AREAA.
16
Summer 2013
C
a
r
o
l
i
n
e
G
i
m
1
2
Setting up meetings is easy and straightforward.
You are not alone.
The representatives kind of have to make themselves available to their constituents; the whole point of their job in Washington, D.C. is to represent their community’s interests. Each office has a dedicated scheduler to contact, and most schedulers prefer written requests. Luckily, AREAA can provide you with sample appointment request emails.
If you schedule an appointment and are nervous about doing a meeting alone, AREAA provides a built-in support system. Let the group know you have a meeting and would like to know if anyone else can join you. And, similarly, volunteer to join other AREAA lobbyists on their meetings to see how others handle their meetings. The point person in the meeting should be the one who scheduled the meeting, and/or is the actual constituent of the representative.
3
4
5
Have a game plan.
Show up early for each appointment and be prepared to wait.
Meeting with staffers is good too.
AREAA’s Public Policy Committee works on AREAA’s official policy plan and all the AREAA lobbyists are given a copy of the policy plan in advance of their meetings. Know and understand the points addressed in the policy plan and decide in advance which issues are most relevant for your local market. If you have a personal anecdote you can share on any issue, share it.
Last year, I waited patiently for more than 30 minutes for a few appointments...but the pay off was face time with the actual representa tive! I even got walked down to a couple of session meeting rooms where the Congress women stepped out of a live session to speak with me.
As much as they would like to accommodate every meeting request, Representatives have a really tight schedule. If they cannot meet with you directly, they will usually have a staff member (“staffer”) meet with you on their behalf. Staffers will be more familiar with the specific issues that are important to AREAA (e.g., there is usually a housing specialist), and can usually spend more time with you than a Congressman or Senator.
6
7
8
Keep your appointments brief.
Bring personal, local stories.
Bring your camera.
Nothing is quite as powerful as personalizing an issue. If you are working with a family that will be directly affected by your repre sentative’s action (or inaction) on an issue, tell that story. If you or your parents are an immigrant success story that would not be able to succeed today because an opportunity previously available is about to be closed off, tell them. Representatives want to be a champion for actual people, not hypothetical situations.
Take pictures with the representatives if possible. Email the photo to AREAA for pub lication, email it to the rep's office for them to share on their website if they wish, post the photo to your Facebook page, and include it with a press release to the local paper(s) in the rep's district when you get back home.
9
10
Write about your experience.
Create relationships with your representatives' local district offices.
I know that it may seem like there is not enough time in the day to take care of our regular business let alone taking on extra responsibilities, but think of it this way: successful lobbying is a win for all parties. Your Congress members win because they are addressing the needs of their local constituents and getting feedback from the community (double win for them because you are prepared, knowledgeable, and keep your meetings brief and to the point). AREAA wins because it promotes its mission of advancing Asian American homeownership by engaging national representatives on a local level. And, most importantly, YOU win because you get to affect change on legislation and promote yourself as a consumer advocate and community leader. Hang a picture of you with your local representatives on your wall and casually mention to your clients that you met with policymakers in Washington, D.C. to discuss housing issues. That’s pretty powerful stuff and I will bet not many of your competitors can say the same. Win. Win. Win.
Do you like it when someone comes to pitch something to you and they ramble on and on (and on)? This is especially true if you get face time with the representative directly. Decide which points are most relevant to the representative and practice talking about those points ahead of time. If you have a partner in your meeting, come up with a discreet signal for "This is running long...let's wrap it up."
If you maintain a blog, share your thoughts. Send a press release to your local newspapers (be sure to email a link to your rep’s staff if it is published). Let your community know that you are more than a local agent; you are a major player actively involved with state and national issues. This will raise your profile with your local community and free press may lead to increased business opportunities!
Reach out to the district offices once a quarter or so, and offer to speak to the local staff about local market conditions and other housing issues. Invite your representatives to attend local AREAA events and volunteer your services at community outreach events held by your representative.
Summer 2013
17
Looking To Tap Into International HomeBuyers?
It’s Time to Go to School. By John Peretz with Bill Hunt
A
ttendance from international students at American universities reached another all-time record of 764,495 in 2012, up 5.7 percent from the previous year. It also marked the sixth consecutive year of increases, according to the Institute of Inter national Education Open Doors 2012 Report. And here’s something that all real estate professionals should be aware of: In 2012, Asia accounted for 64 percent of all inter national students in the U.S., with China representing a quarter (25.4 percent) of the overall total. Since 2000 alone, the United States has seen a 49 percent increase in the number of international students attending U.S. univer sities. A full 60 percent of that growth can be attributed to students from China, and 23 percent from India. And, according to international real estate consultant Mr. Bill Hunt, anywhere between 30 to 40 percent of all international students will end up buying a home to live in, rather than staying in a dorm or renting an apart ment.
18
Summer 2013
But, many real estate professionals are unaware of this untapped goldmine sitting right in their own hometown. It’s a huge hidden market and it’s as close as the nearest college campus, if you start to make the right kind of connections. While it’s true that the majority of inter national students attend universities in Cali fornia, New York and Texas, the last survey indicated a very strong growth pattern in the Midwest. In fact, eight of the top 14 universi ties with the largest number of international students were in large state universities in the Midwest. And many smaller metro areas in the middle of the country have the highest con centration of foreign students as a percent age of their total student enrollment. This points to the fact that this is not just a large metropolitan area opportunity. So if you’re not in Los Angeles, New York City or the San Francisco Bay Area, you can still get a piece of this lucrative market. It used to be that the majority of interna tional students were in graduate programs.
But for the first time in 12 years, the number of international students in undergraduate programs surpassed their graduate school counterparts, according to the same Open Doors 2012 report. The reasons for the increase in international students can be traced to three important factors.
The Best System First, the United States’ higher education system is still viewed as the best in the world. More students come to study in America than in any other country, and by a large margin.
The Emerging Asian Middle Class Second, the large emerging middle class in China and other Asian countries is creating a newfound wealth, and that is being reinvested in education and property purchases. In just 11 years, the number of Chinese undergraduates has increase more than tenfold, according to the Insti tute of International Education. Some families sell their homes and drain their savings to send their only child abroad to study.
University Outreach and Marketing Finally, universities in the U.S. are doing a better job of attract ing international students via their marketing and outreach programs. They realize that most international students arrive and pay full price for their education. That can be a huge benefit to campus leaders, especially when educational funding is under increased pressure. Many openly admit that their in-state tuition rates would be increasing at an even faster rate if not for international students. In fact, the U.S. Department of State estimates that these interna tional exchanges contributed $22.7 billion to the U.S. economy. And since 63.7 percent of the inter national students’ primary funding source comes from personal and fam ily funds, it’s a transfer of wealth into America. It’s the same concept when these international buyers purchase American real estate – more often than not, in all-cash purchases. So, exactly how do you tap into the international student homebuyer C o n t i n u e d Summer 2013
19
Stu d e nts i n th e U. S .
Top Places of Origin of International Students 2011/ 2012
% of Total
% Change
World Total
723,277 764,495
100.0
5.7
1 01
China
157,558 194,029
25.4
23.1
2 02
India
103,895 100,270
13.1
-3.5
3 03
South Korea
73,351
72,295
9.5
-1.4
4 04
Saudi Arabia
22,704
34,139
4.5
50.4
05
Canada
27,546
26,821
3.5
-2.6
6 06
Taiwan
24,818
23,250
3.0
-6.3
7 07
Japan
21,290
19,966
2.6
-6.2
8 08
Vietnam
14,888
15,572
2.0
4.6
09
Mexico
13,713
13,893
1.8
1.3
10
Turkey
12,184
11,973
1.6
-1.7
11
Nepal
10,301
9,621
1.6
-6.6
12
Germany
9,458
9,347
1.2
-1.2
13
United Kingdom
8,947
9,186
1.2
2.7
14
Brazil
8,777
9,029
1.2
2.9
15
France
8,098
8,232
1.1
1.7
Origin
2010/ 2011
16
Hong Kong
8,136
8,032
1.1
-1.3
17
Thailand
8,236
7,626
1.0
-7.4
18
Indonesia
6,942
7,131
0.9
2.7
19
Nigeria
7,148
7,028
0.9
-1.7
20
Iran
5,626
6,982
0.9
24.1
market? It’s similar to what you’re currently doing, but as they say in Thailand, “Same same, but different.”
First, do your research. Take a quick search of all the universities in your area. Chances are, you’ll know the obvious ones, but sometimes there are specialty schools that may not be on your initial radar. Check online, look in the phone book and view your local chamber of commerce website. You can also go to the Institute of International Education website, where they have fact sheets by state, but they tend to only include the largest universities.
Second, establish a personal relationship with key members of the universi ty’s housing department. It’s just like develop ing a relationship with a bank to work on their distressed properties. After all, real estate is first and foremost a relationship business.
Third, get to know the international marketing department of the university and demonstrate your knowledge. Offer your services, preferably in person. Illustrate your expertise of the local housing market and your experience in working with international clients.
20
Summer 2013
07 10
03 01
20
06 04
11
16
02 08
17 Source: Institute of International education open Doors 2012 report
Rank Place of
Fourth, let them know that you can communicate with their international students and families by providing them with accurate and honest information in their native language. You can use AREAA Net, powered by Proxio, for the translation of local listings (it’s a free member benefit – go to AREAA.org/net for more information). If you meet with the family in person and don’t know the native language, you can always hire a translator. And, what better place to find one than a university?
Finally, attend international educational exhibitions. Almost every ma jor university attends events in their targeted countries to promote the benefits of their university and city. If possible, join them on a trip as one of their “experts” to give the com petitive edge in enrolling their new student into the university. In most cases, the travel expenses will be yours, but the relationship building can be priceless. The fact is, many real estate profession als serving Asian clientele have already sold properties to the families of international students, but in many cases, it happened by accident. Don’t assume that others are already doing it. Chances are, they’re not, and even if they are, you could probably do it better. “I’ve seen firsthand the big difference this can make in a real estate agent’s business,” comments Mr. Bill Hunt, international fran chising expert. “How many times do you come across a market with a steady and increasing flow of new business opportunities, and one
18
America has the most admired and respected higher education system in the world. Use that to your advantage
that changes hands on a nearyearly basis? “After my years as presi dent of Century 21 in China, I know one thing. America has the most admired and respected higher education system in the world. Use that to your advantage,” Mr. Hunt concludes. The education market is one of the easiest to identify and, once you make inroads, can provide an ongoing source of business for years to come. Think of it as your new farm area. See, you should be going back to school. We promise it will be easier this time around, and a lot more profit able.
www.iie.org/Research-and-Publications/Open-Doors/Data/Fact-Sheets-by-US-State/2012
AREAA Business Network
California Bernice Brubeck Wong
Rita Chen
AllAboutProperties Brubeck Wong REALTORS 623 Soquel Avenue, Santa Cruz, CA 95063 (831) 459-9664 Office (831) 818-2300 Cell BBWong@AllAboutProperties.com www.AllAboutProperties.com
Presidential Real Estate, Inc. 5404 Walnut Ave., #E, Irvine, CA 92604 (949) 933-6123 Phone (949) 654-2622 Fax rita.chen@presidentialinc.com www.ritachen.com
Lifetime resident of Santa Cruz, CA serving coastal cities on the Monterey Bay. Specializing in Residential Properties, 1031 Exchanges, Investments & Property Management since 1977.
Top Producer in Southern California Successfully Closed over 500 Transactions Specializes in Multi-Million Dollar Estates Specializes in Relocation Properties Provides Real Estate Investment Consulting
Broker / Owner, DRE #00624161
Broker Associate, DRE #01260676
Your San Diego Connection
Linda Lee
Broker, CAP, CIPS, CRS, GRI, ePRO, PMN, RMS
President of San Diego Association REALTORS® Secretary of Women’s Council of REALTORS® California State Charpter
S t a y C u r r e n t on AREAA e v e n t s and I n i t i a t i v e s
858.720.9699
Linda@buy858.com Promptly pay 25% referral fees We speak your language
DRE # 01333651
SAN DIEGO
Hawaii
@areaa
www.areaa.org
/areaa.national
New Jersey Meiling Kravarik
Broker/Owner AREAA New Jersey Chapter President Nextage M3 Realty 1910 Oak Tree Road Edison, NJ 08820 (732) 603-0700 Office (732) 877-8009 Cell Meiling@NextageRealty.com www.NextageM3Realty.com Servicing Central NJ Including: Middlesex County – Edison; Mercer County – Princeton; Hudson County – Jersey City/Hoboken
rates begin at $200/issue email a-r-e@areaa.org for details rates begin at $200/issue email a-r-e@areaa.org for details
Authentic & Hip
S aw t e l l e b lv d
By Jacki Ueng
When most of us think of authentic Asian food in Los Angeles, our mouths water as we conjure up thoughts of the 626 - San Gabriel, Monterey Park, Rowland Heights where streets and cities are filled with Taiwanese, Chinese, and Vietnamese restaurants. Travel a bit further west and you’ll find Koreatown, Little Tokyo and Thai Town near Downtown LA. Most however, don’t think of this unassuming neighborhood, Sawtelle Boulevard in West LA, tucked in between its affluent neighbors of Brentwood, Beverly Hills, and Santa Monica with their overpowering aura of celebrity chef restaurants and expensive real estate. Spanning just a few blocks between Olympic and Santa Monica Boulevards, it’s easy to miss this stretch of restaurants in the neighborhood known as “Little Osaka”. Although now a trendy, hip, place, there’s a history that goes with Sawtelle -- like many other Asian neighborhoods -- that begins with immigration and struggles and ends in prosperity.
For the first episode of our show Noodle Town, I thought I’d take my co-host Jim Park to my neighborhood gem. We started off at the busiest restaurant on the block, Tsujita-LA Artisan Noodle house for tsukemen ramen “dip noodles”. Tsujita-LA is rarely short of an hour wait but well worth it, with tonkotsu-style pork broth brewed for over 60 hours (so nice and buttery, it’s wrong), served in a small bowl next to dry ramen. There’s a procedural art in eating these noodles, like baking crème brûlée. Ready?
How to Eat Dip Ramen Noodle Town Co-Hosts Jacki Ueng & Jim Park
Step 1
Swirl noodles onto your chopsticks
Step 2
Dip them in the broth for 5 seconds, squeeze a little lime
Step 3
Tsujita LA Little Osaka, Los Angeles
Savor in your mouth (don’t forget to chew). It’s surely a party everyone must attend once in their life!
Jacki Ueng
Jacki Ueng
S
ince the late 90s, UCLA stu dents and local residents have known Sawtelle Blvd, a.k.a. “Little Osaka”, as a go-to spot for delicious ramen and cheap comfort food. Sawtelle’s modest past has quickly shifted light to foodies, hip sters, professionals, and it's now in the spotlight of renowned journal ists and chefs. With the food-truck revolution and sudden popularity of Asian American chefs in the past 3-5 years, Sawtelle has become mainstream and trendy. How main stream you ask? Well, Food & Wine Magazine just published an article on it by Jonathan Gold!
Photo courtesy of Tsujita LA
Ramen Tsujita LA
Seoul Sausage Co. and Blockheads Little Osaka, Los Angeles
I am always excited to find a gem of a neighborhood. Sawtelle is one of those neighborhoods with a long history for Japanese Americans in the West LA area, but most knew very little about it. That community is now transformed into a vibrant foodie destination with exciting new Asian Fusion and traditional Asian eateries. Our goal with Noodle Town is to showcase those local markets and highlight how the Asian American businesses are revitalizing these communities one restaurant at a time.
– Jim Park
C o n t i n u e d
Summer 2013
23
N o o d l e T o w n ' s 1 s t E p i s o d e : A u t h e n t i c & H i p S a w t e l l e B lv d
I had never heard of Sawtelle until Jim Park mentioned it to me. [My wife] Pat and I were amazed at the number of Asian restaurants and businesses. It would take weeks to try each of the restaurants but I am willing to try. Great job on Noodle Town. – Allen Okamoto
Japanese American History
Yamaguchi Bonsai Nursery
Little Osaka, Sawtelle was not always the charming neighborhood for food enthusiasts. History notes that Los Angeles Japanese-Americans, including the Nikkei farmers, began to move there in the 1920’s and started bonsai nursery and botanical garden businesses as a way of living. During World War II, those busi nesses and homes were taken away from them as the Japanese Americans were wrongfully thrown in brutal internment camps. In the 50’s, many came back to reclaim what was rightfully theirs. Today, there are still remnants of those nurseries. We met a lovely lady who’s held on to a legacy, a nursery her father had owned with many fond memories and awards he’d won for his work. There are still older generations of Japanese Americans residing south of Sawtelle with schools, churches and an annual Oban festival commemorating their heritage. In addition, there are new apartment and condo developments especially popular among Generation Y. Jacki Ueng In the past decade, businesses such as Japanese markets, hair salons, real estate offices, banks, karaoke bars, and J-pop street fashion clothiers like Giant Robot, have emerged to conveniently line the Bar Hayama Little Osaka, streets between all the restaurants. Los Angeles Today, Sawtelle is authentic and hip in every way, from cuisine to fashion to architecture, a tough com bination for a neighborhood to master. Ancient traditions are retained while meeting the crafts brought by first and second generation Asian Americans who are fusing with other cultures. Besides traditional, hole-in-the-wall and trendy restaurants, there is a high-end sushi restaurant, Bar Hayama, where Jim and I went for a visit. Unfortunately, we were scolded by the waitress for attempting a sake-bomb, I guess that’s not traditional. Oops! From the beautiful outdoor seating of Bar Hayama, with an elegant fire pit centerpiece, one can peep across the street to the much raved about “Plan Spicy Rice Cake & Ramen Check”. This gastro-pub epitomizes culinary blasphe Jacki Ueng w/ Braised Pork Belly, my with my favorite dish, “Southern Fry” sandwich Seoul Sausage Photo courtesy of Seoul Sausage – a scrumptious smoky-fried jidori chicken burger stuffed with duck breast, ham, and spicy green pi mento cheese. A great happy hour spot with a full bar and TV screens, order any appetizer item (hint: beer nuts and stuffed mushrooms) and you’re guaranteed to die happy. Originally named “Little Osaka”, the newer, hipper, Little Tokyo, Sawtelle has spread beyond soba noodles, ramen, sushi and yakitori. The season three winner of the Food Network’s The Great Food Truck Race, Seoul Sausage, made a home on Sawtelle a year ago grilling Korean short ribs and sausages with kimchi. If you can’t find it tucked off the side of Sawtelle, find the flamboyant chrome grey Scion parked outside with a large rollout trunk-grill and the ever-present party crowd gathering around this upbeat parlor. Time for dessert? There’s a Taiwanese shop, Blockheads, serving authentic shaved ice with dozens of toppings and flavors to choose from. A very recent addition to the neighbor hood is a soup-dumpling restaurant, will it be better than Ding-Tai-Fung? As a neighbor of Sawtelle Blvd, I am enthused by all of their success and recognition. It’s a home away from home, whether that is half an hour away, or a sea away for all the Asian Americans. And now you have a few more places to grub at in September for the 2013 Convention in LA ( just five minutes away from Hyatt Regency Century Plaza)!
Other recommended restaurants:
Pho: Nong-La Vietnamese Café for pho, iced coffee and spring rolls!
Noodle Town is an AREAA media production hosted by Jim Park and Jacki Ueng. Noodles are a staple across all Asian cultures, and a symbol of long life. Noodle dishes are novelties served during celebrations, as well as everyday street food. Despite all the debate, Marco Polo did bring noodles to the West! Jim and Jacki taste their way through Asian neighborhoods across America, as they learn about the history, culture and food. Stay tuned for the next episode of Noodle Town! Tell us about your local Asian neighborhood and we will make our way there as fast as we can chew!
Dessert: Blockheads and Volcano Tea House
www.noodletown.org
Japanese Curry Houses: Hurry Curry and Curry House Japanese Yakitori/Teppanyaki: Furibo, known for delicious fried chicken, yakitori and sake and Gottsui Soon Tofu/Korean BBQ: Seoul House of Tofu
24
Spring 2013
rates begin at $200/issue email a-r-e@areaa.org for details
Austin Jamming in the Lone Sta r Stat e
By John Peretz
Nestled deep in the heart of Central Texas and also its capital city, Austin pulses with a live music scene that’s second to none. It’s home to the University of Texas with the nation’s fifth-largest enrollment of more than 52,000 students, creat ing a young, vibrant and highly educated metropolitan area. It’s also home to one of AREAA’s new est chapters, led by Ms. Jenny Cui. The chapter fits perfectly into Austin’s emerging Asian com munity. The Asian American population doubled between 2000 and 2010 in Austin, according to U.S. Census Bureau data, and is
26
Summer 2013
projected to double in size again by the year 2020. In fact, the cur rent Asian American population stands at 6.8 percent in Travis County, more than 50 percent larger than the U.S. average. Certainly, having one of the largest universities in the coun try helps, and with a growing international student enrollment rate, it helps to fuel the increase in the Asian American popula tion in Austin. But international students are not the only ones adding to the growth – the city’s vibrant technology sector is also
ship and being the voice of driving the increase, as well as Asian American real estate in many Vietnamese Americans Austin, the U.S. and the world. moving to Austin from Houston. Ms. Jenny Cui is the founding Despite the large numbers president of AREAA’s Austin chap in Austin, the Asian American ter, which has about 25 members. community is still fairly new. She is a first-generation immigrant In 2012, officials broke ground who first came to America in 1995 on a brand new Asian Ameri to further her education after can Resource Center in north earning her bachelor’s degree in east Austin that is expected China. She received her master’s to open in the fall of 2013. degree in information systems So AREAA’s entry into the Aus tin market should Austin Market Trends come as no surprise. Jan 2012 Apr 2013 Change AREAA is dedicated Avg Home $225,835 $309,855 +37% to promot Price ing Asian American Median $179,900 $227,500 +26% home Price owner
©dszc/istockphoto
The Texas State capitol building in Austin
at Hawaii Pacific University in Hono lulu before moving to Seattle to work for Microsoft and Nokia. Ms. Cui has exten sive experi ence in technology, manufac turing and real estate. Prior to getting into real estate, she owned a company providing high-end architectur al accents to luxury homes and owned a manufactur ing plant in China to support that end of the business. She moved to Austin in 2009 and works at Keller Williams, where she’s a member of the Institute for Luxury Home Marketing. Ms. Cui is adamant on two fronts. First, she’s not in this alone. “There are so many wonderful people who help make AREAA what it is, both here in Austin and across the country. It’s not just me.” And second, “Austin is really a spectacular place to live. We need to spread the word about Austin,
not only in the U.S. but across the world, as well,” Ms. Cui explains. Ms. Cathy Coneway, 2013 chairman of the Austin Board of Real tors, attended AREAA Austin’s installation gala on March 29, 2013. “We’re very excited about AREAA and believe they’ll make a significant contribu tion to the Austin real estate market,” Ms. Coneway said. “We have 150 new people a day moving to Austin, driven by a hot job market and the success of the Austin Tech Live, our hightech incuba tor initiative. It’s attract ing a lot of new international talent, and they’ll need help in finding a place to live. AREAA helps to bridge the gap between Asia and Austin,” Ms. Coneway concluded. The Austin Board of Realtors has more than 9,000 members, and the housing market contin ues to improve. From January of 2012 through April of 2013, the average home price increased from $225,835 to $309,855, a 37 percent increase. The median price improved from $179,900 to $227,500, a 26 percent increase during the same time period. Inventory levels remain tight.
We have 150 new people a day moving to Austin, driven by a hot job market and the success of the Austin Tech Live, our high-tech incubator initiative. It’s attracting a lot of new international talent, and they’ll need help in finding a place to live.
And although both AREAA and the Austin Board of Realtors are dedicated advocates for real estate in Austin, they’re not the only groups that are growing. The Greater Austin Asian Chamber of Commerce provides the op portunity for driving local growth for businesses with ties to Asia and Asian Ameri cans. It came about as a result
of a merger in 2012 between the Texas Asian Chamber of Commerce and the Austin Asian Ameri can Chamber of Commerce, and now presents a united front on Asian American commerce issues in the area. So, what’s driving the Asian American and more general real es
tate community in Austin? It’s a number of factors. In addition to education, Austin is also a prime technology, corporate and government center, creating jobs and entrepreneurial ventures throughout the area. Fortune 500 companies with headquarters or regional offices in Austin include Advanced Micro Devices, Apple, eBay, Google, IBM, Intel, Texas Instruments, 3M and Whole Foods Market. Dell’s worldwide head quarters are
C o n t i n u e d
Summer 2013
27
Au s t i n J a m m i n g i n t h e Lo n e S ta r S tat e
in a suburb of Austin. It’s also a hotspot for tech nology startups, earning it the informal nickname “Silicon Hills”. Thousands of graduates from the University of Texas at Austin provide a steady source of new employees and ideas that help to fuel the technology, medi cal and professional segments. Other companies based in Austin include Keller Wil liams Realty, Forestar Group, Sweet Leaf Tea Company, Golfsmith and Speak Social. Austin is also an emerging pharmaceutical and biotech hub with about 85 compa nies calling the area home. The region’s rapid growth led Forbes magazine to rank Austin first in the their ranking of best big cities for jobs in 2012, and the Wall Street Journal also ranked the
1
4
area No. 1 for growing businesses. Fueling the growth is an exceptional higher education environment, led of course by the University of Texas. But other col leges add to the overall diversity and student counts. This includes St. Edward’s University, Austin Community College, Concordia University, Huston-Tillotson Uni versity, The Art Institute of Austin, the Austin Conservatory and a branch of Park University, along with several theological campuses. Part of Austin’s charm and success comes from two ad ditional factors: its vibrant music and arts scene and its location in Central Texas. Austin’s official slogan brands it the Live Music Capital of the World, with more music venues per capita than any other city in America. The city’s annual South
by Southwest (SXSW) film/mu sic/interactive festival attracts an enormous audience, as does the Austin City Limits Music Festival. Additionally, the Austin Film Festi val is one of the most important in dependent film events in America. Its location in Central Texas is ideally situated for a capital city, with Dallas to the north, San Antonio to the south and Hous ton to the southeast – all within reasonable, drivable distances. But Austin also maintains its own unique identity, probably best defined by bumper stickers, hats and T-shirts, with the local motto of “Keep Austin Weird”. It illustrates the diversity, music and love of everything eclectic, but it also helps to foster support of local independent businesses. This playful funkiness is what keeps Austin young in spirit and such a great place to live, and goes
2
3
Photos from AREAA Austin's Installation
5
1. Cathy Coneway 2. The official ribbon-cutting (L to R): Jim Park, Helena Suwono, Jenny Cui, Hong Lee and Angel Zhou 3. Melanie Owen Kennemann 4. Jim Park and Jenny Cui 5. Installation attendees Photos: Angel Zhou
See the article on tapping the international student market on page 18
28
Summer 2013
well beyond the university pres ence. And it hasn’t gone unnoticed. Austin was selected as the No. 2 Best Big City in the “Best Places to Live” by Money magazine in 2006 and No. 3 in 2009. In 2012 it was listed among the best 10 places to retire by CBS Money Watch. So, what’s in store for Austin and AREAA? “We expect continued growth,” Ms. Cui explains, “both in the housing market and as an im portant Asian American resource.” And AREAA will help lead the way.
Join AREAA in Japan
OCTOBER
14
-
20,
2013
Be the bridge between Japan and America - join AREAA in Japan and take advantage of the opportunity to grow your global network, promote awareness of the business opportunities that exist in America and to build strategic business relationships with companies and real estate practitioners in Japan.
T O PA R T I C I PAT E O R L E A R N M O R E D E TA I L S A B O U T T H E T R A D E M I S S I O N , C O N TA C T AT S U K O Y U B E : a y @ a t s u k o y u b e . c o m | D I R E C T: 4 0 8 . 3 6 6 . 2 6 3 3 | C E L L : 4 0 8 . 8 5 8 . 2 1 6 9 FA C E B O O K . C O M / A R E A A J A PA N T R A D E M I S S I O N
www.areaa.org
The Impact of Asian Immigration in America
By John Peretz
Asian immigration to the United States can sometimes read like a mystery thriller, filled with stories of prosecution, displacement, war, political upheaval, natural disasters and tragedy. But unlike an opera, which almost never has a joyful ending, America is still seen as the land of opportunity for those who work hard, persevere and have the determination and courage to make it in a new land. To better understand the Asian housing market in America, we thought we’d take a look at immi gration patterns of the various ethnic groups that make up the Asian American community, and also share some immigration stories from indi viduals across the country. Although we are one, we make up an amazingly diverse group, each with its unique family view and singular story of immigration to the United States. It is estimated that there are approximately 18.2 million Asians (including those of more than one race) living in the United States as of 2011. The six largest Asian groups in the U.S. (by total numbers) are Chinese, Filipinos, Asian Indians, Vietnamese, Koreans and Japanese. Together,
18.2 million Source: U.S. Census Bureau
Estimated number of U.S. residents in 2011 who were Asian, either alone or in a combination with one or more additional races
these top six ethnicities represent approximately 88.7 percent of all Asian Americans. And the Asian American population is growing rapidly. The U.S. Census Bureau projects that by the year 2050, there will be more than 40.6 mil lion Asians living in America, more than doubling its current size and representing 9.2 percent of the population. In fact, according to 2013 Pew Research Social & Demographic Trends, Asian Americans are the highest-income, best-educated and fastest-grow ing racial group in the United States. Recent analysis also shows that Asians over took Hispanics as the No. 1 group immigrating to the United States by percent (37) as of 2010. It’s also clear that this new wave of Asian immigrants is the most highly educated in U.S. history. A full 61 percent of Asian immigrants who have arrived in America in recent years have at least a bachelor’s degree (adults 25-64), double the share of recent non-Asian arrivals. And, according to a new and comprehensive nationwide survey by Pew Research, Asian Americans are more satisfied than the general public with their lives, finances and the direction of the country, and they place more value than other Americans do on marriage, parenthood, hard work and career success. Maybe it’s that many Asian Americans really appreciate the opportunity they have in America,
46%
AREAA is committed to representing the interests of the diverse Asian American community from the past, the present and the future, especially as it relates to homeownership opportunities. Learn more at www.areaa.org
61%
Percentage of recent Asian arrivals of adults ages 25 to 64 with at least a bachelor’s degree, compared to 28.5 percent of all Americans 25 years and older. Source: Pew Research Center
74%
Percentage of Asian American adults 18+ who are foreign born (outside the U.S.)
Source: Pew Research Center
C o n t i n u e d
Growth of the Asian-American population between 2000 and 2010. Source: U.S. Census Bureau
Summer 2013
31
Asians Overtake Hispanics As
America’s Leading Immigrants
China
The original Asian immigrants came primarily from China, as workers in the California gold rush era from 1848 to 1855, and then as laborers for big projects, like the transcontinental railroad. But as the economy hit the skids in the post-Civil War period, many people blamed the Chinese immigrants for depressing wages and taking jobs away from other Americans. The backlash against the Chinese immigrants was so great that in 1882, Congress passed the Chinese Exclusion Act, prohibiting all immigra tion of Chinese laborers. Many consider it the most restrictive act on free immigration in U.S. history, and the only one to single out one specific ethnic group or nationality. Originally intended to last for only 10 years, it was renewed in 1892 and made permanent in 1902. The Magnuson Act repealed the Chinese Exclusion Act in 1943, more than sixty years later – ironically, during a time when China had become an ally of the U.S. during
Percent of immigrants, by year of arrival, 2000-2010
The backlash against the Chinese immigrants was so great that in 1882, Congress passed the Chinese Exclusion Act, prohibiting all immigration of Chinese laborers. Many consider it the most restrictive act on free immigration in U.S. history...
since they’re new immigrants. Almost 75 percent of all current Asian American adults were born outside the U.S., making them primarily first-generation Asian Americans. Of these, only half say they speak English very well; half say they don’t. States with the highest number of Asian Americans are led by California (estimated at 5.8 mil lion) and New York (1.7 million). Hawaii has the largest percentage of Asian Americans as part of the total population, at 57 percent. This is partly due to its location on the Pacific Rim and its long history of Asian Americans living there. There were thousands of Asians already in Hawaii in 1898 when it was annexed to the United States, and they all were granted full citizenship at that time. But Asian immigration wasn’t always like this.
World War II. But large-scale Chinese immigration did not occur until 1965 with the pas sage of the Immigration and Nationality Act. Of course, the ChineseAmerican ethnic population wasn’t the only group to be singled out. Consider the fate of many Japanese Americans.
Japan
Japanese immigration pat terns began in about 1868 as a result of political, cultural and social changes from the Meiju Restoration, in which large numbers of Japanese immigrants went to Hawaii and the West Coast. In 1907, the Gentleman’s Agreement between the two coun tries ended immigration of Japanese laborers but permitted immigration of businessmen, students and spouses of Japanese Americans already in the U.S. U.S. immigration policies have created stag gered and well-defined generational groups within many Asian-American communities, including Japanese Americans. The Immigration Act of 1924 banned the immi gration of nearly all Japanese to America. During World War II, 120,000 Japanese Amer icans were forcibly sent to 10 internment camps (officially called relocation centers). In 1988, the U.S. Congress passed legislation that awarded $20,000 each to the surviving internees. Once again, the Immigration Act of 1965 ended forty years of bans against immigration from Japan and other countries.
India About 3.18 million Indian Americans live in America, making them the nation’s third-largest Asian ancestral group. After the Luce-Cellar Act of 1946, Indian Americans were restored natural ization rights in the U.S., but the Immigration Act of 1965 opened up more opportunities.
Hispanic Origin
60
42% 36%
40
59% 19%
20 0
55% 23%
53% 23%
Asian Race 2000
2002
46%
29%
2004
2006
33%
31%
2008
2010
Source: Source: Pew Research Center analysis of 2010 American Community Survey, Integrated Public Use Microdata Sample (IPUMS) files.
32
Summer 2013
the
Korea
The first groups of Korean Americans arrived in Hawaii in 1903 to help fill gaps created by problems between Chinese and Japanese labor ers. But most immigration was halted after the annexation of Korea by Japan in 1910 and the effects of the Immigration Act of 1924. Much like Vietnam in later years, the Korean War also influenced immigration patterns as Korean students and businessmen began arriving in 1953. One in four Korean Americans can trace their immigration to the wife of an American serviceman. When the Immigration Act of 1965 passed, Koreans became one of the fastest-grow ing Asian groups in America, surpassed only by the Filipinos during this time period.
Vietnam
Vietnamese immigra tion in the U.S. started in earnest in 1975, after the end of the Vietnam War. Early immigrants were forced to flee their homes and land, and faced sig nificant and often deadly persecution and poverty as a result of their loyal ties in the war and their affiliation with the Ameri cans and the French.
Thailand
Thai immigration into the U.S. started very slowly, perhaps partly due to the nation’s long and valiant history as the only country in Southeast Asia that was never colonized by a foreign power. Immigration of Thai residents was virtually unheard of, com pared to their Asian counterparts, until during and after the Vietnam War. Thailand was an ally of the both the U.S. and South Vietnam.
Better in
America? The Pew Research Center asked Asian Americans if each of the following aspects of life are better in the U.S. or their country of origin
Modern Era
the
Philippines
In the case of Filipino Ameri cans, the first documented immigration began way back in the 16th century, and small settlements started to pop up in the 18th century. Mass immigration did not begin until the early 1900s, when the Philippines were ceded by Spain to the United States in the Treaty of Paris in 1898. Immigration was virtually stopped in the 1930s except for those who served in the U.S. Navy but increased again following the Immigration Act of 1965.
Fast forward to 2013, in a modern era of Asian immigration to America. Today, many of the reasons for coming to America are different while some, like family and education, remain. Here are factors impacting Asian immigration to America.
Country of Origin
U.S.
Opportunity to get ahead
5%
73%
Freedom to express political views
3%
69%
Treatment of the poor
9%
64%
Conditions for raising children
13%
62%
Freedom to practice religion
7%
52%
Moral Values of society
28%
34%
Strength of family ties
56%
14%
Improved Communication and Travel Options. We live in a much more interconnected world. The cost of air travel has fallen drastically, relative to incomes. And people can stay in touch with friends and family through email, Internet phone calls and streaming video for pennies on the dollar.
Education. There currently are a record number of international students in U.S. universities. America is still considered to have the best higher education system in the world, which presents a tremendous opportunity both here and abroad. Estimates suggest that somewhere between 30 and 40 percent of international students will end up buying a home or condo in America.
Opportunity. America is still rightly seen as a country that rewards hard work and advanced education. It’s entrepreneurial spirit and level playing field rewards the achievers. Many Asian countries suffer from overcrowding, overcompetition and government interference.
Family Reunification. Asian immigration is still fueled by family reunification, and always will be. Oftentimes parents from Asian countries want to send their children to school here, so their younger siblings also have an opportunity to come to America. C o n t i n u e d
Source: Pew Research Center
Summer 2013
33
A s i a n I m m i g r at i o n i n A m e r i c a
Below: Carmen Chong (far right) with her sisters and uncle Right: A young Carmen Chong with her Chinese teacher from Taiwan Opposite page, top left: The Chong Family (Carmen on the far left)
The Rising Asian Middle Class. Many countries, particularly China, have a bourgeoning middle class, mostly with money from their housing market escalation. Many Asians see America as a safe haven for their money and would like to invest in real estate.
Safety. The U.S. is viewed as a very safe country where the government will not step in and seize property or assets. In many countries, the government has the final say in everything, and people are wary because of historical precedence. There is also a lot of skepticism of local political systems outside America.
Housing Prices and Space. Considering the space per square foot (or meter), U.S. housing remains very affordable, especially with the perception of a beat-down U.S. housing market. Many Asians are looking for opportunities to reinvest their money safely outside of their country, especially from a hot housing market like China. The EB-5 Program. The stimulus program helps foreigners earn their green cards with qualifying investments and job creation. AREAA Global will be helping AREAA members get involved more with the EB-5 program. As America continues its progression into a di verse, multicultural nation, Asian Americans will continue to contribute in ways unimagined just a few decades ago. And AREAA is proud to be the voice of the Asian American real estate commu nity both in the United States and abroad.
And now we're going to switch gears and share some immigration stories of families who have made the -- often indirect -- journey from Asia to America.
Ms. Carmen Chong This is the immigration story of Ms. Carmen Chong, AREAA’s 2014 chair-elect. The story started when her grandfather left Canton, China and moved to Bluefields, Nicaragua to work in the family import/export business, and eventu ally moved the family there. Both her grandfather and father spoke fluent Cantonese, Spanish and English, an unusual combination that served them well in their line of work. When the family moved to Managua, Ni caragua (the capital city), the family started a
34
restaurant and grocery business, and a young Ms. Chong started working at 7 years old. Their family had amazing perseverance, having lost everything in a powerful earthquake in 1972 and then again when their restaurant burned to the ground in a tragic fire several years later. But nothing could prepare them for the civil war that broke out in 1979. Her family moved to the outskirts of Managua, but things became more and more unsafe as the Sandinistas took control of the city. As the city crumbled, her family made a bold decision to send her out of the country on the very last flight to leave the city at the age of 16 with some family friends. They landed in El Salvador and spent a week trying to get a visa from the American Embassy, but it was denied. Then they went to Guatemala where they stayed for over a month in hopes of getting a visa, and miraculously the U.S. Embassy granted their request and she was able to fly to San Francisco to start a new life. Meanwhile, her mom, dad and four brothers and sisters moved to Costa Rica because of death threats to her father. They had to leave every thing behind, again. Once in Costa Rica, they got back into the restaurant business and started a new life there. Ms. Chong had no communication with her family for five full years, which matured her quickly. Going to high school, and not having a great command of the English language, Ms. Chong persevered. She really didn’t fit in to any one group because of her cultural differences and unusual background but graduated high school under very difficult circumstances. She attended San Francisco City College, and then transferred
I really appreciate the chance I’ve gotten in the United States. I’ve seen how hard my father and grandfather worked to get ahead, and in other countries, it can be gone in a second. Here, if you work hard, you can make something of yourself. - Carmen Chong
Mr. Vinny MaNguyen to San Francisco State University, where she graduated with a B.A. in business administration. Once she was able to contact her family again, she still could not see them and leave the U.S. because she did not have her residency. Finally, in 1989 she was reunited with her family, a full 10 years later, when her mother and father, two sisters and her youngest brother came for her wedding. Little did she know that her brother was given a one-way ticket and put in her care. Ms. Chong became a citizen in 1990. After her first daughter, Brittney, was born, her mother joined her to help and has since become a resi dent and U.S. citizen. Her father followed but longed for the days in Costa Rica and moved back there, where he is living today with Ms. Chong’s youngest sister, Carolina. Balancing family and work, Ms. Chong spent a short time in accounting before finding success in the mortgage business. She worked for Citibank and other companies for 18 years and founded her own mortgage company, CC Legacy Finan cial, in 2006. In 2008, she also founded a real estate com pany and then became the co-founder and broker for Taffeco Real Estate Inc., with four offices in California and plans for more. Fluent in three languages like her father, she attracts Asian, Hispanic and Anglo markets with her high-energy, high-integrity style of doing business. “I really appreciate the chance I’ve gotten in the United States,” Ms. Chong said. “I’ve seen how hard my father and grandfather worked to get ahead, and in other countries, it can be gone in a second. Here, if you work hard, you can make something of yourself. And it’s safe compared to other countries on so many different levels. That’s why you want to send your kids here. I am fortunate.” We look forward to having Ms. Chong lead AREAA in the near future.
Mr. Vinny MaNguyen was just 9 years old, but he remembers it like it was yesterday. In his hometown of Saigon, on the evening of April 30, 1975, he heard the “pop, pop, pop” of guns going off in a celebratory way and saw people waving red flags all around. Little did he know at that moment that it was the North Vietnamese celebrating the fall of Saigon, marking the end of the Vietnam War. All military personnel and their families had to leave within 24 hours. As they were gather ing their belongings, it was decided that Mr. MaNguyen’s father would stay behind to take care of his parents, who weren’t going to evacuate that night because of their advanced age. Mr. MaNguyen’s father actually worked for the French secret service during the war. After several attempts to es cape failed, Mr. MaNguyen and his mother, another brother and two sisters found themselves on a boat drifting secretly away to ward Bangkok. Instead, it drifted off course to Chanthaburi, a small town south of Thailand and they soon found themselves in a refugee camp. After almost a half year, the family was able to process the paperwork from the French Embassy in Bangkok, and moved to a refugee camp in Chatillon-sur-Seine in France. Mr. MaNguyen’s father worked in a chain fac tory while staying at the refugee camp, where it was hard, greasy labor that took almost an hour a night just to clean up. His father spoke fluent French, but his mother did not, and she would sit
Top: Vinny (front) hangs on to the boat, leaving Vietnam in April of 1976 Bottom: The Nguyen Family (Vinny front row, second from right) outside the French Embassy in Thailand, November 1976
C o n t i n u e d
Summer 2013
35
A s i a n I m m i g r at i o n S t o r i e s
I love America.
There’s no other place with the same opportunities, security and safety of the government. I’m just so thankful my father was able to get the whole family out of Vietnam safely. - Vinny MaNguyen Below: Outside Meiling's Shanghai Restaurant in Plainfield, New Jersey, 1973 Right: Meiling (front row, third from left) and family in Hong Kong, 1968
on the steps of the camp crying, missing every thing about Vietnam and having no communica tion with others in their extended family. She was miserable. After almost two years at the refugee camp in France, they were able to move to San Francisco, sponsored by his father’s sister. The family loved coming the U.S., especially the ethnically diverse Vietnamese and Asian cultures, and the freedom, safety and security of America. Today, Mr. MaNguyen is a successful real es tate broker in the Bay Area, and with his partners owns Michael James Real Estate (named after his two younger sons). He has been happily married for more than 20 years to his wife, Denise, and actually took on the “Ma” in his last name from his wife (Mr. MaNguyen’s original last name was Nguyen). Although his father passed away in 2009, his mother is still with them, living in a Vietnamese community in the Sacramento area. “I love America,” Mr. MaNguyen says. “There’s no other place with the same opportunities, security and safety of the government. I’m just so thankful my father was able to get the whole family out of Vietnam safely.” Mr. MaNguyen visits Vietnam regularly, though. It’s in his blood.
Ms. Meiling Kravarik Ms. Meiling Kravarik, a Chinese-American AREAA member, is fond of saying, “we are the offspring of World War II.” She and her husband (a third-generation Slovac) are in the United States because their parents all fled from war-torn countries. In the case of Ms. Kravarik, her father escaped during the Japanese invasion of Shanghai just before the start of World War II. Her mother es caped during the Japanese occupation of Canton during the same time period, and they met each other in a factory in Hong Kong. Her husband’s mother had to escape from the war in Romania and then settled in England before immigrating to the United States. In the case of Ms. Kravarik, she came to Ameri ca in 1969 at the age of 7 from Hong Kong, with
36
Summer 2013
her parents and younger brother and sister. At first, they settled in New York City’s China town, where the entire family lived with relatives who owned a restaurant, and they were all put to work. After a little while, they moved to suburban New Jersey, where Ms. Kravarik’s parents bought a Chinese take-out restaurant when she was 10 years old. Her parents later named the restaurant after her – Meiling’s Shanghai Restaurant. No longer among entirely Chinese customers, Ms. Kravarik was forced to be the official busi ness translator, conversing in English, Mandarin and Cantonese. At one point, things got really hectic after The New York Times did a wonderful article on the authenticity and quality of the food, and business nearly quadrupled overnight. But working in a restaurant is a lot of hard work, and a rebellious teenage side started to take over. Her parents wanted her to work, work, work, and she thought her parents didn’t quite understand all the demands of being an American teenager. With grades starting to slide, they gave her an ultimatum – shape up, or go back to Hong Kong. Well, not wanting that, and also not wanting to
A s i a n I m m i g r at i o n S t o r i e s
spend the rest of her life in the restaurant busi ness, she improved her studying habits and got accepted into Cornell University, an Ivy League school. After graduating from Cornell, she worked in Boston and then on Madison Avenue in New York City. But Ms. Kravarik’s parents were also expanding into real estate investments, which led her to acquire her real estate license. Within a year, Ms. Kravarik had become a million-dollar producer. At 27 years old, Ms. Kravarik started her own real estate company called M-3 Realty, and in 2011, she aligned her company with a national franchise, becoming Nextage M3 Realty. Next year, Ms. Kravarik will be celebrating her 25th anniversary with the company she founded. Ms. Kravarik also finds time for things outside real estate. She has a wonderful husband, Martin, who is an engineer, and a beautiful daughter named Morgan Mei. Not bad for a teenage rebel who almost got sent back to Hong Kong!
Mr. Ken Avelino Mr. Ken Avelino is an AREAA member, attorney and real estate broker in El Dorado Hills, California, with an encouraging and relatively recent immi gration success story. Born of Asian im migrants (his mother is Japanese and his father is Filipino), and one of six children, Mr. Avelino’s parents worked hard to put all their children through school with advanced
degrees, and the family now boasts a doctor, genetic engineer, computer engi neer and three attorneys. But Mr. Avelino’s immigration story involves his wife’s side of the family. You see, he married Maricel Baquerfo, a wonderful Filipina woman. This is where the story of hope and persever ance comes to fruition, even under the most dire of immigration circumstances. Maricel’s father, Benjamin Baquerfo, was a very hard worker in the inter national oil drilling business. When he lost his eye in an oil platform accident off the coast of Norway, his employer worked hard to help her father get his visa, and he eventually become an American citizen, bringing his wife and their two youngest children to the U.S. However, Benjamin Baquerfo (also a United States Vietnam veteran) was haunted by the fact that he couldn’t take his entire family; he had one son left behind in the Philippines who never got the chance to immigrate to the United States. He and his family were still awaiting their opportunity to join the rest of his family, and it had been nearly 17 years. Then, about a year and half ago, a ter rible accident happened. Mr. Avelino’s father-in-law fell and hit his head on a concrete platform. His last wishes were to somehow bring his son to America. But everyone said that was impossible because he was over the age of 21. Although he is not an immigration attorney, Mr. Avelino reached out to former Rep. Dan Lun gren from California’s 3rd Congressional District and, with the tireless help of his staff, worked around the clock to speed up the process. What may have taken up to 10 years was ac complished in three weeks. If his father-in-law passed away before his son was approved to im migrate to the United States, then his son's spon sor would have passed away, and his son would not be able to come to the United States. His son was finally coming to America!
Top: Benjamin Baquerfo serving in the Vietnam War Middle: Baquerfo on the oil drilling team Bottom: Baquerfo (middle) with his children and grandchildren residing in the United States, including Maricel and Ken Avelino (back row far left)
C o n t i n u e d
Summer 2013
37
A s i a n I m m i g r at i o n S t o r i e s
America is a great country for immigrants. You can get an education, and if you work hard, the sky’s the limit. - John Lin
Mr. Avelino’s father-in-law died shortly after the good news had come, knowing fully that his last wish was granted. Today, his brother-in-law and his family are all living and working in America, paying taxes and contributing to society. They are very proud of the fact that despite language difficulties, their daughter is in school and earning straight A’s. “I want people to know that there’s hope,” Mr. Avelino comments. “Don’t ever give up, work through all your resources and see if you can get some elected officials to help you out. We’re es pecially appreciative of all of the efforts of former Rep. Daniel Lundgren and his entire office.” It’s nice to know that “the government of the people, by the people, for the people” still works in America despite our political differences.
Mr. John Lin
The Lin Family: James, Lee, John and Victoria
38
Summer 2013
Mr. John Lin had an auspi cious start to his immigration to the United States. In 1977, at 22 years old, with limited knowledge of English and almost no conversational English, Mr. Lin boarded a plane that would take him from Taipei to Honolulu, Los Angeles and then finally New York City, where his sister was waiting. Well, on the flight out of Taipei, the plane had an engine malfunction and the flight was delayed for hours, making Mr. Lin miss his connection in Honolulu. While waiting for the next flight, he noticed that his wal let was missing – he had been pickpocketed. Lucky for him, he had stashed $100 in another pocket.
When the flight finally did take off the next day, it had to return to Honolulu after two hours because a traveler had died on the plane. When they finally took off again, he missed his connection in Los Angeles. He finally boarded a plane to New York City the next day with a suitcase of dreams and $100 in his pocket. After arriving, Mr. Lin visited with his sister in New York City, and she helped him find a job working at a restaurant in the Washington, D.C. area. He worked hard to attend school first at Prince George’s Community College and then moved on and graduated from the University of Maryland at College Park. Mr. Lin eventually got into the real estate busi ness, and in 1994 he established CapStar Com mercial Realty, serving the Maryland, Northern Virginia and D.C. area with more than 40 agents. It took Mr. Lin more than 20 years to go back to Taiwan – you see, he never took weekends off, and kept a job in a restaurant for the first seven years. Today, Mr. Lin has been married for 28 years to his wonderful bride, Lee, whom he met at a friend’s wedding in 1985. They have a 24-year-old son who’s working with him and a 21-year-old daughter who attends the University of Mary land. Mr. Lin feels that the U.S. is truly the land of opportunity. “America is a great country for im migrants,” he states. “You can get an education, and if you work hard, the sky’s the limit.” He’s very grateful for a safe home and a stable political system. What does he miss most about Taiwan? “Ab solutely, the family roots. And there’s a certain familiarity in the area where you grew up that’s always a part of you,” Mr. Lin concludes. Nice to hear about another American success story that started with literally $100 and a pretty turbulent plane ride.
A s i a n I m m i g r at i o n S t o r i e s
She called about an ad for Tokai Bank of California, and they gave her bus directions to go downtown...Before she got home, she received a message and a job offer – she was the new secretary in the international trade department. It may have helped that she knows how to speak Taiwanese, Japanese, Mandarin and English.
Dr. Shirley Huang Batman When Dr. Shirley Huang Batman first came to the Los Angeles area right out of college from Feng Chia University in Taiwan in 1986, she had no idea what a wild ride it would be. Her goal was to pursue a master’s degree to augment her degree in international trade. Instead, she found herself married within six months to the Caucasian man she had known as a student in Taiwan. But her plans for her master’s degree would have to wait. She found out early on that she would have to be the primary breadwinner for a husband who was a substitute elementary school teacher and her new mother-in-law and brotherin-law, who were out of work. Looking simply to have an exploratory inter view, she perused the classified section of the Los Angeles Times. She called about an ad for Tokai Bank of California, and they gave her bus direc tions to go downtown. Upon arrival, she found herself taking test after test and on the same day interviewed with a new executive who had just arrived from Japan. Before she got home, she received a message and a job offer – she was the new secretary in the international trade depart ment. It may have helped that she knows how to speak Taiwanese, Japanese, Mandarin and English. Working her way up in the banking indus try, she left Tokai Bank and worked at several smaller Asian-Chinese banks before moving to Omni Bank in a junior management position. The chairman at Omni Bank wasn’t very well versed in English, so Dr. Batman found herself doing a lot of different things, including being his pri mary translator. She also set up a new wholesale
and retail mortgage department, an REO department, and got her real estate bro ker’s license to help manage the bank’s assets. Having developed an exceptional reputation for integrity and by this time considered somewhat of a turnaround expert, she was hired by California Fed eral Bank as a branch manager. She was assigned one of the toughest branches and in four years made it the No. 1 branch out of more than 400 locations. And even while working, she received her MBA from Pepperdine University. Wells Fargo Bank recruited Dr. Bat man, and by the time she left six years later, she also had the most profitable branch in the region, helping to grow the retail side of the business substantially. For the last eight years, she had been at Bank of America, serving as their vice president and home loan manager for the retail consumer real estate division. During her time at Bank of America, she also squeezed in time to earn her doctorate degree from the University of La Verne in organizational leadership. Dr. Batman also makes the time to do a lot of community service. In 2006, she received the Community Champion award for her devotion to community advocacy. And she serves on many boards, as well as being the president of the Southern California Tri-County AREAA Chapter. And she’s an accomplished artist, author and mentor. She also has two wonderful children, a 24-year old daughter who is in Dartmouth’s medical school and a 22-year old son in Santa Barbara who works for Wells Fargo. And she’s done all of this despite being a single mom since 2001. “I don’t think of myself as a banker,” Dr. Bat man explains. “I think of myself much more as an educator. I want to really help people and make a difference in their lives.” By the way – the Batman name? She got it from her husband through marriage.
Dr. Shirley Huang Batman when she first arrived in the U.S. in 1986
Summer 2013
39
By N h i Ngu y e n Ph o to s b y Daniel Kim
H
eadquartered in Montgom ery County, Maryland, with a satellite office in Fairfax County, Virginia—Asian-American Homeown ership Counseling Inc. (AAHC) is a 501(c)(3), tax exempt non-profit or ganization dedicated to empowering and inspiring the Asian-American and Pacific Islander (AAPI) communities to achieve sustainable homeowner ship. The core of AAHC’s vision is to “increase homeownership success by placing individuals on the road to financial self-sufficiency.”
Background
AAHC was founded in March of 2010 by Song Hutchins who started the organization with 20 years of experience in the housing, financial, and mortgage industries. “Since children are finished with college, grown, and on their own, I wanted to do something I like to do without be ing tied up in corporations,” Hutchins explains. “I decided to do something different and I changed my career to something I really want to do—which is to work with the seniors and my
40
Summer 2013
community.” Hutchins left residential lending after 8 years and pursued reverse mortgages. She mentioned that it was a perfect career change because of her banking and lending background. Her goal was to educate the seniors in her community while utilizing her industry knowledge and experience. Hutchins recognized several sig nificant issues throughout this period. She stated that "reverse mortgages [required] seniors to go through hous ing counseling,” but she realized that “there was of course rarely any Asian bilingual housing counselors available.” At the same time, the housing market experienced a drastic downturn in 2007 which placed a heavy burden on homeowners across the nation—including the Asian American population. The most glar ing issue Hutchins saw was the lack of data reflective of Asian Americans, and stated that there was a tremen dous amount of data and information “about Hispanics and African Ameri cans, but not about Asian populations and their issues.”
AAHC provides resources to homebuyers in the DC Metro area, including homebuyer education workshops such as the one pictured above
Visit AAHC online: www.aa-hc.org
Left: AAHC supporters, staff and volunteers Below: AAHC Founder Song Hutchins
“From then, I continued to learn more and more that we had a huge problem within this population [in regards to] foreclosures and short sales,” Hutchins explains. “More than 80% of sales were all short sales and foreclosures. It was appar ent that these issues existed, and I was concerned that this wasn’t being emphasized enough.” She claims that this was partially due to Asian American’s popula tion size in comparison to other ethnic minorities in the country. However, she also pointed out that the percentage of the people losing their homes within AAPI communities was much larger. “At this point, I told myself that
the first two years. “And then, our states and counties began to recognize AAHC and saw that we were really involved to achieve our mission and advocate for the community—they saw that we were continuously moving forward,” explained Hutchins. AAHC has since then received state and county funding as well as from other foundations and non-profits. This has helped tremendously to provide neces sary resources that AAHC was able to utilize and service their
the perpetuating challenges that Asian American homeowners still face. “Many of these people have dif ficulty communicating – English is very limited – they may be able to read, but the understanding of the words and terminol ogy is challenging,” Hutchins empha sized. “We still have major challenges of language access of documents, forms, and programs— it not being translated to their lan guage. I can tell you we have 80% of the people that come to us do not know what kind of mortgage they had.” Other apparent challenges that the AAPI community faces is fi nancial literacy and the American financial and housing system. The lack of education makes home owners and potential homeown ers vulnerable. To remedy this, AAHC offers services in scam, fraud and identity theft preven
80% of the people that come to us -do not know Song Hutchins on providing post-purchase what kind of mortgage they had. counseling at AAHC since I am familiar with housing counseling after working closely with it for a couple years—I decid ed to create a housing counseling agency to serve Asian home owners,” Hutchins proclaimed. AAHC began to build its track record within its community. With a clear budget in mind, the organization was able to highlight the demand that was apparent in the community and emphasized the services that were neces sary to mitigate the challenges Asian American homeowners faced. AAHC began by working closely with other organizations for volunteer needs. Particularly noted was the Volunteer Housing Counselors and other community volunteers. AAHC operated and depended on these volunteers for
community. “We have three full-time counselors and one parttime counselor – fully certified and nationally certified housing counselors.”
Challenges & Services
AAHC is the first of its kind—a housing counseling agency in the DC Metro region that of fers bilingual and multicultural counseling. AAHC is committed to educating and providing homebuying, foreclosure prevention, rental assistance, mortgage education and assistance, and financial literacy education to the AAPI community as well as other underserved communities. Although the organization has made great strides and continues to do so, Hutchins emphasized
tion, rental assistance, and reverse mortgage education. Some of the core services AAHC provides to mitigate many of these challenges in the commu nity are foreclosure intervention and default management services. This includes loan modification assistance (HAMP), mediation preparation, short sale assistance (HAFA), mortgage refinance (HARP), reverse mortgage default services, and general mortgage default advice. AAHC also offers homeowner ship education services—particu larly for first-time homebuyers. This occurs once or twice each month, and although it is cur rently only offered in English, AAHC is looking into offer ing these services in different
languages. The service includes pre-purchase, one-on-one coun seling as well as post-purchase counseling. Huchins stressed on how important it was for firsttime homebuyers and Realtor professionals alike to take advan tage of this service. “We have a challenge getting the word out that this is good for clients and good for Realtors as well.” When asked what her message is for the professionals who work in this industry and serve this market: “I really want these professionals to become advocates for this type of HUD-approved housing coun seling service and let the people know that these kinds of services are available.” Financial literacy education is one of the essential services AAHC offers to help educate the community to make well-in formed financial decisions. They offer financial education in U.S. banking, credit and debt man agement, and work closely with clients in terms of their budget to walk through their financial decisions. AAHC has been a HUD-ap proved housing counseling agency since December of 2012. This has been a significant milestone for the organization as it highlights AAHC’s knowledge, experience and success to manage home ownership education, foreclosure intervention and default man agement, and financial literacy education services. This has also provided tremendous opportunity for AAHC to expand its housing counseling services in the com munity. The organization has come a long way through the years. Hav ing successfully made its mark in the community, AAHC is still determined to empower the Asian American population of the DC Metro area to become responsible and sustainable homeowners.
Summer 2013
41
Th e Str a ngest Days i n R e al E state Naked people jumping out of windows, squatters making love in a sleeping bag, a truly haunted mansion, gun threats, gentlemen's clubs, loose dogs and a person hiding in a closet. Think you had a challenging day? AREAA members are some of the very best in the real estate industry. With a deep knowledge of their local markets, an innate ability to understand cultural differences and an ability to network far beyond their neighborhood, many AREAA members are real estate superstars in their own market. But even the best of them can have a challenging day. How did your day stack up to these? Ever Had to Sell a 13,600-squarefoot Haunted Mansion? Mr. James Browning, a commercial and residential real estate broker, educator and AREAA member, has quite the story. He was asked by a bank to sell arguably one of the most haunted mansions in the United States, the 13,600-square-foot, four-story Croke-Patterson mansion, which includes a 2,345-square-foot basement complete with dungeons and a supposed tomb. It was built in 1891 in the Capitol Hill area of Denver, which at the time was the
42
Summer 2013
most extravagant and upscale neighborhood in the city. The red sandstone mansion was named for its original owners, Thomas Croke, who commissioned the home, and Thomas Patterson, a newspaper publisher and attorney who purchased the home from Croke. Almost immediately, the home was considered unbearable to live in. Reports of spirits, ghosts, a body entombed in the basement (no remains have been found) and ghastly stories of Dobermans jumping to their death have been reported. The mansion has been featured in
many ghost story books, television shows, magazine articles and newspaper features. Originally listed for $1.5 million, the mansion was eventually sold after three years to an investor group for $572,000. “We had showings from five of the seven continents,” Mr. Browning explains. “We received between 6,000 and 7,000 phone calls and had an open house every Friday for over a year and a half.” “It was, without a doubt, the strangest and most spirited property I’ve ever sold. We found rooms we didn’t know existed, and sitting in the turrets on the second
ck to Gl
ob
al
P/ T
hin
View a trailer of "The Castle Project" documentary: http://j.mp/castle-project
Things were going normally as Mr. Marr walked toward the house in deep conversation, grabbing the key from the lock box and entering the foyer. “We opened the door and were immediately confronted by a very angry man who ran in from the kitchen in a white wife-beater T-shirt, and started yelling and screaming while threatening to shoot me with his gun. My client scuttled back quickly to his car, while I tried to explain the situation. Luckily, I had a printout of the property for sale, and I suppose I looked more like a welldressed Realtor than a burglar. But ranting and raving, the guy wanted no part of it, even though he eventually calmed down enough to let me leave the house.” But how’s this for irony? The guy in the house was actually a Broker who also had his home for sale. It turns out that there were two identical homes, right next to each other. They just happened to walk into the wrong house. Needless to say, they immediately left the scene, and never returned. It might be something about the neighbors!
ks
Left: The said-to-be haunted Croke-Patterson mansion in Denver's Capitol Hill district.
floor of the carriage house was especially strange. My son and some of his friends came into the house and all the way up to the fourth floor one evening. They vowed never to step foot in the mansion again. I walked down into the sub basement to take pictures and never went back again. It really was that spooky.” After the investor group bought it, it was sold to Mr. Brian Higgins, an architect who did massive renovations, and it now operates as the Patterson Inn, an upscale boutique bed and breakfast hotel. Mr. Higgins stated that there were things that happened during the renovation that defied explanation, including a ghostly aberration of a child running by a worker in the basement and a fire that delayed the opening of the bed and breakfast from June until October of 2012. In fact, Mr. Higgins recently filmed a documentary that covered the recent history of the property from contract through completion with the working title of “The Castle Project”. It was accepted to the documentary corner at the Cannes Film Festival in May of 2013, although it has not yet been publicly screened in the U.S. The bed and breakfast is off to a great start, not targeting its ghostly past but rather attracting the upscale business traveler and a lot of European guests who appreciate the bed and breakfast experience in a historic part of Denver. But if you want to stay and maybe experience a little history of your own, you might want to ask for a third-floor room. There have been multiple reports over the years of babies crying when there are no babies in the building. Boo hoo.
CREATISTA/Thinkstock
Rex the Great Dane
Oops, Wrong House. Please Don’t Shoot Me. As told by Mr. Michael Marr, owner of Boardwalk Realty in Atlanta, Georgia. Mr. Marr has been in the real estate industry for more than nine years and is an active AREAA member. Recently, he shared a day he’ll never forget. One fine Georgia morning, Mr. Marr was following a client who wanted to try out his new GPS system while looking at homes for sale in the Alpharetta area.
This story comes from AREAA founder Mr. Allen Okamoto. In Mr. Okamoto’s earlier days in real estate, he was previewing a home and naturally rang the doorbell. Since there was no answer, he used the key from the lock box and opened up the front door. As soon as the door was opened, the biggest Great Dane he had ever seen came rushing at him. As Mr. Okamoto stepped aside to avoid being trampled, the Great Dane bounded out the door and ran like a dog possessed down the street. He chased the dog frantically for nearly 20 minutes, with a combination of pure panic and humor, running through backyards and strange streets. It seemed as though the dog was having all too much fun, playing this game of cat and mouse. Finally, he came across some kids playing in C o n t i n u e d
Summer 2013
43
Naked People Jumping Out the Window Story compliments of Mr. Michael Seeto, broker-owner of Seeto Realty. Mr. Seeto, who is a top producer in Plano, Texas, works with a lot with HUD and REO properties in the Dallas-Fort Worth metro area. In May of 2013, he had a sign of his in front of a vacant HUD property, and he had a prospect walk up to the door to take a peek and maybe look around. Instead, much to his prospect’s surprise, his presence caused a young couple, estimated to be in their 20s, to hastily jump out of the house from a first-floor window stark naked, holding their crumpled clothes as they quickly ran away. After contacting both Mr. Seeto and the local police, the authorities discovered water bottles and “adult novelties” inside. It was at least the second time that someone had been in the house; they had to remove some squatters two months earlier. Fortunately, this story does have a happy ending. The home has recently gone under contract, albeit at a bare minimum price. Making Love in a Sleeping Bag and Coming out of the Closet From AREAA member Mr. John Kim of Sacramento, California. Mr. Kim started in the real estate business with Mr. David Tran and, while getting to know the ropes of the industry, used to do a lot of property inspections. Their team has done a great job of working with lenders on bank-owned properties, which are often vacant and not in the best of shape. One day, he was sent to do a walkthrough property inspection on a unit they had listed just to check on its current condition. So he approached the property, got the key from the lock box and entered the property.
44
Summer 2013
After working with buyers for most of the day, she had to have some papers revised by the listing agent and made arrangements with her out-of-town buyers to sign the papers later that night, since they were leaving first thing in the morning. Well, the papers took a little longer to revise than planned, but with documents in hand, she called her buyers, who asked her to meet them in a pub for the final signings. So she hopped in her car and went out on a rainy, Vancouver night to find the address, and once she did, she called her clients on their cell phone. They asked her if she wanted them to step out of the “club” for the signing, but being the accommodating type, she told them no problem, she’d be inside shortly. As soon as she opened the door, she knew she was in for an experience. Looking around, there was a cashier at the entrance of the “club” and it was dark. Within seconds, her buyers came out front, paid an admission charge, and took her to their table. It was a gentlemen’s club! Ever being the professional, she dodged the stage, poles and scantily clothed women, and had her clients sign the documents quickly and without issue. Then as soon as you can say poof, she disappeared back into the rainy Vancouver evening with a deal in her hand.
As he started walking through the rooms, he entered the bedroom, only to find two probably homeless people in the middle of making wild, passionate love in a sleeping bag on the floor. “I calmly gave them five minutes to leave the premises, and they eventually did, taking along their bikes and personal things. And on the way out, the woman actually started giving me some attitude. I guess she just didn’t like to be interrupted like that.” “Another time, I was doing an inspection, and I opened a closet in one of the rooms. And there was a guy in the closet, trying to hide from me. I can’t even begin to tell you how startled I was, and I think the guy in there was just as freaked out as I was.” Mr. Kim estimates that 10 to 15 percent of all REOs have squatter issues at some point or another, especially when the weather turns cold and rainy. But now, after doing many of the home inspections alone, he usually likes to take someone along with him. Gee, I wonder why.
mrsomeone/Thinkstock
the street, and dripping with perspiration and complete exhaustion, asked the children if they could help him catch a dog. They replied, “You mean Rex?” So he immediately called the dog’s name, and Rex came running right up to him. He was able to fit the dog in his car and return him to his rightful home. Game over. “I was terrified I had lost the dog, but at the same time it was so surreal, it was actually funny. I’m just so glad I got Rex back home,” Mr. Okamoto concluded.
Signing Final Papers in a Gentlemen’s Club With Ms. Tina Mak, president of the AREAA Vancouver Chapter. If any of you have heard of Ms. Tina Mak, you probably know what a driven real estate professional she is, both as a top producer in the Vancouver area and host of her own radio show. Ms. Mak recently shared her own story about working with Chinese buyers at the Global Summit in Honolulu this past spring. A couple of years ago, Ms. Mak inadvertently had the strangest location for a signing in her real estate career.
Have a sto ry yo u ’ d li ke to s har e? S e n d us an e mai l at: a - r- e @ a re a a .o rg
Podcast Behance
Button Blue Design Float
Button DeviantOrange Art
Green Design Bu
Delicious Button Red Friendster
Flickr Button White Bebo
Twitter Button Light Blue Delicious Squidoo
RF Button Yel Share This
RSS
MySpace
StumbleUpon Facebook
D M
Mixx
Skype Slash Dot
Te M
Update #1
Slash Dot Google Buzz
Picasa
Reddit Ebay
Bing
FriendFeed Feedburner
Newsvine Gowalla
Yahoo Xing
Podcast
Button Red
Amazon Button White
Drupal
G S Yelp
Netvibes Yahoo Heart
MSN
Li F
Google Newsvine
Yahoo Buzz
Button Blue
App Store
WordPress (blue)
Metacafe
Paypal
Microsoft
YouTube Reddit
SlideShare ICQ
Meetup
A Y Star
Apple Microsoft Button Orange
M M Green
Last.fm App Store
M A
Button Light Blue
Button Ye
Qik
Vimeo
Viddler Qik
V V
Tumblr
WordPerss
Blogger Tumblr
P W
Behance
Design Float
Deviant Art Behance
D D
Friendster
Bebo
Squidoo Friendster
Sh B
RSS
RSS
E
Update #1
My Million Dollar
Sale
B ern ice Wo n g
with Year:
Property Size:
Lot Size:
1991 4,051 sqft 1.6 acres 4 Bedrooms 3.5 Bathrooms Aptos Amenities: 3 fireplaces, California pool, garage
Santa Cruz, California-based Bernice Wong of BrubeckWong REALTORS recollects her first seven-figure transaction, a memorable buyer representation for a major leaguer and his growing family.
46
Summer 2013
What about the property appealed most to your client? What did you personally like most about it?
First of all, tell us a little bit about the client. How did you connect with them and what were their motivations for the property purchase? Mark and Mariann Eichhorn were looking for a home in a private, yet convenient neighborhood to raise their growing family. At the time, they owned a home in the fog-belt, and were looking for a larger house in a sunny location. Mark was a professional baseball player, and Mariann was pregnant with their second child at the time. Mark and I had both grown up in Santa Cruz County, and we had several mutual friends who brought us together.
Describe the house-hunting process. Did you encounter any surprises or challenges while searching in this new, higher price range? The house-hunting process went very smoothly. The Eichhorns told me exactly what they were looking for; a traditional family style home on a large lot in a safe and private neighborhood. They were planning on having a large family and wanted a house in an area where their children could play outside safely. When they walked into the home for the first time they fell in love with the house immediately.
So many things about the property appealed to the Eichhorns that it's hard to choose just one. They loved the location, the property, the layout of the house and the size of the home. The house is tucked away in a neighborhood of upscale properties and off the beaten path, while being close and convenient to schools and shopping. The large lot was also attractive to them because it provided a lot of room for their kids to play outdoors. The house is in a semi-rural area, and Mariann loved seeing the deer that visited their yard. I liked the fact that it was so well-suited to their family's needs and that they were so delighted to be buying the home of their dreams.
Obviously, $1 million is not what it was back then, so thinking about your higher price points today, what has changed about the way you do business at the top end of your local property values? Nothing has changed. I have always done my best for my clients regardless of price and their budgets. I approach each sale like it's a multi-million dollar transaction.
If you could travel back in time knowing what you know now, what advice would you give yourself to handle the transaction differently? Not a thing. My clients were delighted with the home, and the negotiations with the seller went smoothly. I spent a lot of time handling all the details and paperwork, so even the escrow was completed without a hitch. On a personal note, however, I wish I could travel back in time and have begun doing charity work earlier in my career. My memberships in civic and professional clubs, associations and organizations that benefit others has been extremely rewarding. I enjoy helping to organize, and participate in, fundraisers for a variety of worthy causes, and I've met some wonderful, likeminded people I might not have met otherwise.
An autographed baseball and trading card from Bernice Wong's first million-dollar client, Mark Eichhorn, a two-time World Series champion with the Toronto Blue Jays
Summer 2013
47
2013 AREAA
National Policy Day
Carmen Chong, Eugene Pak, Lidia Yun, Alisha Chen, David Tran, John Wong, Ted Mendoza, Caroline Gim, Kendrick Kim, Raquel Quinet and Gary Kawano with Senator Barbara Boxer (front row)
Alisha Chen, Senator Pat Roberts, Cameron Tang, Linn Chinnapongse and Divina Buehlman (seated)
Praveen Sharma
E
ach year, AREAA members from across the country convene in Washington, D.C. to meet with federal lawmakers and advocate for the needs of Asian American homeowners. This year, 60 AREAA national and local leaders had over 70 meetings to promote AREAA's threepoint policy plan, which covered: immigration, language support for housing, and mortgage credit access. Among the discussions with Congress Members and their staffers was an exclusive sit-down with Federal Reserve Governor Elizabeth Duke as well as a briefing with Obama Administration officials at the White House Conference Center.
Senate Photographic Studio
Caroline Gim, Lidia Yun, Congressman Al Green, Alisha Chen and John Wong
Carmen Chong and Eugene Pak prior to a meeting with Senator Dianne Feinstein's office
R e a d A REA A' s Thre e-P o i n t Policy P l an
www.areaa.org
Wendy Knipp, Congressman David Schweikert, Michelle Chang and Raquel Quinet Ben Droz/Say Cheese Photography
John Wong, Alisha Chen, Congresswoman Maxine Waters, Caroline Gim and Lidia Yun
Wendy Knipp, Raquel Quinet, Congresswoman Ann Kirkpatrick, Michelle Chang and Jason Guo
48
Summer 2013
Dan Shanyfelt, Cathy Shang, Nancy Suvarnamani and Ivan Choi
Ben Droz/Say Cheese Photography Praveen Sharma
Special guest Congresswoman Judy Chu at the National Policy Day reception, hosted by the John Wong, Dionne Cuello, Nancy Suvarnamani, Mital Amin, Meiling Kravarik, Raquel Quinet, Angie Lee, Ivan Choi, National Association of REALTORS
Wayne Ting, Policy Advisor, White House National Economic Council
AREAA National Chair Jim Park outside the Russell Senate Office Building
Tom Truong, Congresswoman Kyrsten Sinema, Michelle Chang and Jason Guo
Wendy Knipp, Raquel Quinet, Congressman Matt Salmon and Michelle Chang
Dave Tran, Fred Underwood and Mital Amin at the National Policy Day reception
Ben Droz/Say Cheese Photography
AREAA DC Metro leaders: John Lin, Uma Red足wine, Genie Nguyen, Ann Thai, Tuyet Bui and Grace Choi Ben Droz/Say Cheese Photography
Roger Epstein, Hope Atuel and Curt Kamai
Ben Droz/Say Cheese Photography
Ben Droz/Say Cheese Photography
NAR Chief Economist Lawrence Yun with Vinny MaNguyen at the National Policy Day reception
Ben Droz/Say Cheese Photography
Ben Droz/Say Cheese Photography
Federal Reserve Governor Elizabeth Duke, Jessica Ye, Tim Hur, Dan Shanyfelt, Carmen Chong and David Tran
Alison Kelley and Michelle Chang
Summer 2013
49
Praveen Sharma
2013 AREAA
Global Summit
E vent Ph o t o s b y D av i d M u r p h e y a n d D a n i e l E n g /D F W iREALTY
It may be tough to pick your favorite moment from this year’s global summit, getting a picture with Miss Hawaii, mak ing a new connection, hearing from the top industry leaders, or getting a sun tan in April! AREAA hosted their 2nd annual Global Summit in Honolulu, HI from April 21-23 at the historical Royal Hawaiian luxury ho
tel. It was a great location to launch the celebration of the association’s 10 year anniversary. This year’s global summit was huge success, with nearly 450 at tendees and international attendees from twelve different countries, including China, Japan, Korea, Mon golia, Taiwan, Thailand, Vietnam, the Philippines, France, Canada, and Australia. It included the very latest
updates on real estate trends and current conditions around the world with an emphasis on the Americas, Asia and Europe. Keynote speakers and panelists in cluded JP Morgan’s chief economist Anthony Chan, Real Estate Keynote Speaker Stefan Swanepoel, and Real ogy Franchise Group’s President and CEO Alex Perriello, who shared news of an improving housing market.
3
4
David Murphey
Daniel Eng / DFW iRealty
1
Summer 2013
David Murphey
5
David Murphey
David Murphey
2
50
Attendees also heard from Governor Neil Abercrombie of Hawaii and Res taurateur Roy Yamaguchi shared his story of success in creating a global brand. Top sessions included Doing Business in Asia and Around the World where both international and domestic panelists gave attendees a firsthand market update on countries throughout Asia, Australia and Eu rope. Another popular session was
David Murphey
Past and Present AREAA national leaders: Allen Okamoto, Jim Park, Hope Atuel, Emily Moerdomo Fu, Kenneth Li, Allen Chiang and John Wong
The Secret to Luxury Listing where panelists, including Christophe Choo, gave their tricks on how to build your niche in the growing luxury market. A running theme during the conference was the rising optimism on an improving U.S. housing market and opportunities to facilitate global real estate business. “We’re very bullish on what we’re seeing right now,” commented Mr. Jim Park, 2013
National AREAA Chair. “The U.S. housing market is improving and there are real opportunities to stra tegically invest in real estate around the world. As the attendees of the Global Summit witnessed, the global and luxury segments of the market are ready for a steady expansion, particularly for the Asian American consumers,” Mr. Park concludes. According to Mr. Anthony Chan,
home prices in the U.S. are fore casted to increase by 7-8% in 2013. The International Monetary Fund shows Asian countries lead in foreign exchange reserves with China and Japan as the top two nations as of October 2012. These data reveal growing opportunities for both do mestic and international real estate investments. More Photos
6
"It was a valuable experience to attend the Global Summit. I would definitely recommend everyone to attend! The events were full of great information for all Realtors...so much to choose from at an exceptional quality." Cindy Rees-Ouchi First time attendee
vid
M
ey
David Murphey
Da
ph
7
ur
1. Keynote Speaker Stefan Swanepoel
8
2. Kurtis King, Ken Schwing and Bill Siewert of Wells Fargo 3. World-famous chef and restauranteur, Roy Yamaguchi 4. Linh Tran and Allen Okamoto
7. Deborah Larrison, U.S. Trust 8. John Wong and Wendell Wong
David Murphey
6. Brad Inman, Brad Blackwell, Alex Perriello and Bill Chee
David Murphey
5. Rick Davidson, CEO and President of Century 21
Summer 2013
51
2 0 1 3 A RE A A G l o ba l S u m m i t
9
10
11
13
12
14
16
52
17
Don’t miss out This Fall!
CAPTIONS (Photo Credit)
Registration is now open for the 2013 National Convention! The convention will be held September 19-21, 2013 at the Hyatt Regency Century Plaza in Los Angeles, California. This year’s convention includes 25+ breakout sessions, industry trainings and many networking opportunities. To register and get more information visit:
(Murphey) 11. Caron Ling (Murphey) 12. David Tran (Murphey) 13. Glenda Gabriel
www.areaa.org/convention Spring 2013
15
9. Alex Perriello, Sherry Chris and Herman Chan (Murphey) 10. Brian Krueger (Murphey) 14. The AREAA Aloha chapter leadership (Murphey) 15. Katie Minkus and
Takako McMillen (Eng) 16. Kelley Liu, Danny Chung and Trang Dang-Le (Murphey)
17. Matt Beall, Sherry Chris, Raquel Quinet and Tim Hur (Eng) 18. Bill Hunt and Jenny Cui (Eng) 19. Christophe Choo, Winnie Davis and Rob Mehta (Murphey)
20. Trang Dang-Le, Rodney Hood and Kelley Liu (Eng) 21. Rachel Kwong and GieFaan Kim (Eng) 22. Andrew Lee, Vinny MaNguyen and David Tran (Eng)
23. Kirkor Ajderhanyan, Miss Hawaii Skyler Kamaka and Christina Shaw (Murphey)
2 0 1 3 A RE A A G l o ba l S u m m i t
18
21
19
20
22
23
Japan N i g ht at the G lobal Su m m it Photos courtesy of Kurt Nishimura
On a warm Hawaiian night, approximately 130 AREAA Global Summit attendees made their way from the Summit's International Reception at the Royal Hawaiian Hotel to a special event location at Roy's Waikiki. The Japan Trade Mission Planning Committee, clearly identifiable in their bright red Aloha-wear, held a "Japan Night in Hawaii" on April 22, 2013. The Japanese Consulate General of Honolulu, Mr. Toyoei Shigeeda, made a special guest appearance and spoke of the importance of the relationship between Japan and America. The atmosphere was charged with energy from real estate professionals and affiliates that were interested in the trade mission to Japan scheduled for October 14-20, 2013. Many thanks go to Wells Fargo Home Mortgage and Old Republic Title & Escrow of Hawaii that co-sponsored this very successful event.
Summer 2013
53
AREAA Greater Los Angeles 2 nd Annual Super Summit On May 30th and 31st, 2013 at the Hilton Universal, the 2nd Annual Super Summit “REconnect” hosted by AREAA Greater Los Angeles (GLA) featured a multitude of topics about today’s real estate industry. The Super Summit was presented in collaboration with Freddie Mac and AREAA GLA’s annual corporate sponsors including: Wells Fargo, Union Bank, PrimeLending, Anchor Loans, CitiMortgage, Bank of America and event sponsors such as Amerifirst and an array of exhibitors. This two-day event opened with leading real estate coaches in the “Battle of the Coaches” with Mike Ferry, Bob Corcoran and Craig Proctor. Never before have these coaches been featured together. Among many top producers, Valerie Fitzgerald from HGTV’s Selling LA shared with the attendees “The Secrets to Million Dollar Listings” in the luxury market segment. Keynote luncheon speaker, Rick Sharga of Carrington Holding Co. provided informative market analysis of the current real estate market trends. Super Summit breakout sessions included commercial and business development, neighborhood stabilization, luxury sales, cash investors and flipping, estate planning, short sale top producers, online branding, a DRE credit class, and more. Commercial networking and the President’s Recep tion with Korean folk dancers and drummers highlight ed the end of the Super Summit. AREAA GLA sincerely appreciates the attendees, guest speakers, volunteers, sponsors and leadership for participating in this year’s Super Summit.
Around
the A ss o c i a t i o n
Photography by Digital Photo Graphics
AREAA Arizona CFPB and Dodd -Frank Event The Arizona Chapter is in the forefront of educa tional events holding the first CFPB and Dodd-Frank Expert Panel event recently at the Thunderbird School of Global Management. Over 175 Realtors® were in at tendance along with 30 or so area Bankers from Chase and Wells Fargo. Our Education Board Member, Kurt Nishimura along with Marketing Board Member Tom Diller and Membership Board Member, Sean Aske put together a stellar event that brought in Agents from all over Arizona. The panel members included noted Real Estate Attorney and Keynote Speaker Jim Eckley, DRE Instructor and Real Estate Attorney Dennis Brook shire, Noted Tax Attorney Paul Valentine, and Past ALMA President Amy Swaney. The Panel discussed all the concerns and changing laws that CFPB will be bringing to our industry. The changes are far-reaching and ultimately will affect the real estate transaction. Special thanks to our wonderful Corporate Sponsors Equity Title Agency and Chase! - Tom Diller
Above AREAA Arizona Board Members (L to R): Sean Aske, Membership; Grace Du, Treasurer; Tom Diller, Marketing; Michelle Chang, Past President; and Kurt Nishimura, Education.
Summer 2013
55
AREAA Silicon Valley Member Netwo rking Event Based on the success of their members networking event, it is clear that AREAA Silicon Valley is growing quickly. This event was held in the heart of Silicon Valley, in Down town Mountain View. Dozens of real estate and mortgage professionals gathered for a networking event that was hosted by JCP, a Natural Hazards Disclosure company, and Wells Fargo. This was an exciting and pivotal event, where one of their sponsors, Wells Fargo Home Mortgage, presented a $20,000 sponsorship check. Photography by Michael Ramos
Around
the A ss o c i a t i o n
AREAA Silicon Valley EB -5 Workshop The EB-5 Visa Workshop hosted by AREAA Silicon Valley on March 15, 2013, at Ming’s of Palo Alto attracted over 120 Realtors and affili ates. We had two speakers at the event, an immigration attorney and an international CPA, who discussed the history, recent popularity and potential tax issues and ramifications of the EB-5 Visa program. Though most real estate investments do not qualify under the EB-5 Visa program, from my own personal interaction and experience with EB-5 Visa investors, real estate is definitely on their minds! The use of the EB-5 Visa program is just an entry into the United States and al lows them to quickly and easily expand their investment dollars. After investing into the required EB-5 investment, most EB-5 Visa investors are purchasing a residential property to move in to once they arrive in the United States. Some are purchasing additional properties as invest ments. A few are even looking to purchase commercial properties to establish an extension of their business in the United States. So, the good news is that the EB-5 Visa program has been extended to 2015, and is surely to be extended again when it’s time for renewal. There will be plenty of opportunities for both residential and com mercial real estate practitioners, either directly or indirectly, under the EB-5 Visa program. - Jimmy Kang / Photography by Michael Ramos
56
Summer 2013
AREAA G reater Atl a nta iPad Wo rkshop & Netw orking AREAA Greater Atlanta shows great passion for serving the community. Their kick-off event for the year, an iPad workshop and networking at Sushi Nami, not only drew many potential sponsors but attracted premier individuals in the business. AREAA Greater Atlanta invited local celebrity Peter Pasternack, who organizes Real Estate Connections in Atlanta to share his knowledge regarding the market. His personality kept the crowd engaged throughout the event. Becky Nguyen, Vice President of AREAA Greater Atlanta and Andrew Nguyen, the local chapter's EDGE representative, were equally engaging during their iPad workshop. The event was a great success with a steady flow of 3040 guests and half the room walking away with raffled prizes. Bank of America, the title sponsor, was delighted to see such a dynamic crowd and promises to continue to support AREAA Greater Atlanta, as well as AREAA National. Fantastic job by the local board members for putting together such a successful event!
Around
the A s s o c i at i o n
- Thi Nguyen / Photography by Boon Vong
Us e t i Wr To have your news, awards, good work and accomplishments considered for publication in future editions of a|r|e magazine, contact us at:
a-r-e@areaa.org
2 0 1 4 A R E AA N a t i o n a l E v en t s G lo ba l Luxu ry Summ i t Apr i l 1 1 - 1 4 , 2 0 1 4 N ew Y o r k , N .Y.
N a t i o n a l P o l i c y D ay M ay 6 - 7 , 2 0 1 4 Wa s h i n gt o n , D .C .
N a t i o n a l C o n v en t i o n Sep t em b er 5 - 8 , 2 0 1 4 L a s Ve g a s
AREAA OC Short Sale A-Z On March 21, 2013, AREAA CA Orange County hosted an educational event at the Anaheim Business Expo Center. Over 120 real estate agents, lenders and guests were in attendance. They heard about how to get more short sale business both from both banks and from individual owners/ sellers, and how to handle the listings and the process once the listings are received. Panelists included representatives from Wells Fargo Bank and Chase Bank, coaches from CDPE and Corcoran Consulting and Coaching, third party negotiators and experienced short sale agents. The panel discussions were honest and forthcoming about the so-called “REO shadow inventory” and growth of the short sale market. One panelist stated, “we have 10,000 assets in REO in 2013 compared to 500,000 assets over the course of 2008-2012. REO assets are dwindling, and short sales is the trend and what banks prefer.” There was also a special guest, an FBI agent who dis cussed fraud in short sales and what we need to know and should be aware of as agents and real estate professionals. He pointed out that while they don’t have resources to go after all of the fraud that’s happening, agents who are aware of fraud should not hesitate to report it; this helps agents keep their reputations clean and aids them in helping the people who really need their help. This event was important for all real estate profession als because those in attendance learned how to obtain and service short sales and the process of the short sale transaction. Inside information was given to the attendees to understand what banks look for in the transaction docu mentation and what their processes and procedures are. Sponsors from PrimeLending, JP Morgan Chase, Bank of America, Wells Fargo, Central Escrow and Liberty Mutual Insurance brought their teams to answer questions at the expo and meet our chapter attendees. Many thanks to our sponsors and panelists. Through the hard work of the board of directors, AREAA CA OC was able to put on a suc cessful and educational event for our chapter. Check.
Around
the A ss o c i a t i o n
- Kendrick Kim and Phillip Greenberg / Photos by Jeff Lu
AREAA members enjoy an evening at the Global Business & Alliances Reception during the REALTORS® Midyear Meetings & Trade Expo in Washington, D.C., May 15, 2013
58
Summer 2013
AREAA member Wendy Knipp shares AREAA's mission and objectives with Realtors at the ERA® International Business Conference (IBC) in Austin, Texas. Save the date for next year’s IBC at the new L.A. Live complex in Los Angeles, March 24-27!
Around
the A ss o c i a t i o n
Carmen Chong
Angie Lee
Elected AREAA's 2014 Chair-Elect, the position that precedes 2015 National Chair
Recently awarded 2013 Outstanding 50 Asian Americans in Business by Asian American Business Development Center.
It is an honor and privilege to serve this incredible and dynamic organization while being surrounded by great leaders and members who have inspired me. As we celebrate AREAA's 10-year anniversary in 2013, I look forward to being a part of another 10 years of success and accomplishment.
New York, New York
angie says:
San Mateo, California
“I am so thrilled about being a recipient of a prestigious award such as Outstanding 50 Asian Americans in Business at age 30. It is one item scratched off my bucket list! None of it would have been possible without my support system which includes family & friends. I am more motivated than before to live more, work harder and give back more to our Photos courtesy of community.�
Asian American Business Development Center
Joseph Lai Angela Yin Cesal
Phoenix, Arizona
Arranged and accompanied an Arizona State University delegation, including President Dr. Michael Crow, for its trip to Taiwan. The delegation met Taiwan President Ma Ying-jeou on April 1st.
Cindy Wu Freedman San Fernando Valley, California
Nominated for the 2013 Women in Business Awards by the San Fernando Valley Business Journal
Portland, Oregon Promoted to Area Manager of West Portland and Vancouver, Washington for Wells Fargo Home Mortgage Photo: Bellagio Photo Services
Photo: San Fernando Valley Business Journal
Summer 2013
59
To access resources in additional languages, follow the links below:
中文 (Chinese):
http://www.loanscamalert.org/chinese.aspx
한국어 (Korean):
http://www.loanscamalert.org/korean.aspx
Tiếng Việt (Vietnamese):
http://www.loanscamalert.org/vietnamese.aspx
2
0
1
4
GLOBAL LUXURY SUMMIT
SAVE t h e
DATE
NEW YORK AP R IL 1 3 - 1 5 , 2 0 1 4
2013 AREAA NATIONAL CONVENTION SEPTEMBER 19-21 H YAT T R E G E N C Y L O S A N G E L E S P R I C I N G E A R LY B I R D ( B E F O R E 8 . 1 6 ) MEMBER $349 NONMEMBER $549
PRICING REGULAR MEMBER $459 NONMEMBER $649
H YA T T R E G E N C Y R O O M B L O C K ( E N D S 8 . 3 1 ) B O O K Y O U R R O O M N O W T O TA K E A D VA N T A G E O F T H E $ 1 9 9 R A T E
R E G I S T E R N O W AT:
AREAA.ORG/CONVENTION