Arcadia REALTOR Magazine - March 2014

Arcadia

REALTOR速

The Official Publication of the Arcadia Association of REALTORS速

PROUDLY SERVING THE REALTORS速 OF ARCADIA, BRADBURY, DUARTE, MONROVIA AND SIERRA MADRE

MARCH 2014

WWW.THEAAR.COM

VOL. 18, NO. 3

Arcadia

REALTOR®

REGULAR FEATURES 4 Events Calendar

4 From the CEO’s Desk Andrew Cooper, Chief Executive Officer

5 Attorney Comments Dave Freeman, AAR Legal Counsel

6 Market Matters

9 Affiliate Corner

“Home Insurance” Mark Wu, Allstate Insurance

Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006 626.446.2115 626.446.4072 FAX www.TheAAR.com

2014 ASSOCIATION OFFICERS

Mike Vachani {President} Joe Pacilio {President-Elect} Roy Blume {Vice-President} Sylvia Ramos {Secretary/Treasurer}

2014 ASSOCIATION DIRECTORS

Micah Adams Ryan Asao Andy Bencosme Kelvin Chang Margaret Garemore John Lee Mark Ramos Dave Scarminach Irene Yamagata -Bermudez

2014 C.A.R. DIRECTORS

Ryan Asao Andy Bencosme Margaret Garemore Joe Pacilio Randall Traw Mike Vachani Kelvin Wong

10 Through the Lens

A Look at What’s Happening Around the AAR

ARCADIA ASSOCIATION STAFF Robin Allen Ext. 307 Director of Finance / Office Manager Robin@TheAAR.com Michael Beltran Ext. 302 IT Director / Webmaster Michael@TheAAR.com

03.14

{ Arcadia REALTOR® | March | Two Thousand and Fourteen | Volume Eighteen | Number Three}

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March 2014

Brenda Faltes Ext. 304 Director of MLS Data Integrity, Supra & Social Media Brenda@TheAAR.com Jamie Hu Ext. 309 Administration Jamie.Hu@TheAAR.com Stephanie Maertens Ext. 303 Director of Education, Publications & MLS Caravan Stephanie@TheAAR.com Maria Roberts Ext. 305 Director of Membership & Professional Standards Maria@TheAAR.com Jane Shriver Ext. 301 Director of Association Services Jane@TheAAR.com Andrew Cooper Ext. 308 Chief Executive Officer Andrew@TheAAR.com

ON THE COVER 8

Events 4 Charity Committee Presents the Annual:

AAR Celebrates 90 Years!

A recap of the AAR and real estate over the past 90 years.

DAY AT THE RACES!

ADDITIONAL CONTENT 3

Introducing the 2014 Grievance Committee A look at who we are and what we do.

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Applications for AAR 2015 Board of Directors are now available at the AAR, the weekly MLS Marketing Meeting or at www.TheAAR.com. Deadline to submit applications or nominations is Monday, March 31st.

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Appy Hour What do you get when you mix a YPN Happy Hour and a Technology class?

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AIR 21st Annual Real Estate Market Review & Forecast 2014 Commercial Committee Vice-Chairman, Nick Zigic and Committee Member, Careayre Rambeau attend the annual AIR Market review and offer a summary and outlook.

The Public is Invited to Attend!

Doors open at 11:30 a.m.

Tickets $40 (per person)

FRIDAY

MARCH 14, 2014

Ticket Includes: Santa Anita Park • Valet Parking (with advance purchase) 285 W Huntington Dr, • Club House Admission Arcadia, CA 91007 • Racing Program • Lunch & Fountain beverage at the FrontRunner Restaurant w/ panoramic views of the infield & San Gabriel Mountains!

Purchase Tickets at the AAR Building or on the Phone (626) 446-2115

www.TheAAR.com ~ 601 S. First Ave. Arcadia, CA 91006 ~ 626-446-2115 ~ Fx. 626-446-4072

INTRODUCING THE 2014 GRIEVANCE COMMITTEE

By Margaret Garemore, Grievance Committee Chairperson

MEET THE COMMITTEE MEMBERS It is my pleasure to introduce the 2014 Grievance Committee: I am your Chairperson, Margaret Garemore, and the team consists of ViceChairmen Larry Kallis and Irene Yamagata, along with the following committee members: Ryan Asao Andy Bencosme Julie Bencosme Roy Blume Ernie Boehr Kelvin Chang Peggy Fong Chen Tim Cragoe Pamela Del Rey Cecil Griffin Jenny Hsieh

John Lee George Monte Jill Nelson Joe Pacilio James Pai Mark Ramos Sylvia Ramos Sonia Santos Claudia Storey Louis Wang

WHO ARE WE AND WHAT DO WE DO? The Grievance Committee is comprised of REALTOR® and Broker members of the Arcadia Association of REALTORS®.

As a group, we review confidential Ethics Complaints that come into our association from other REALTORS® and members of the public for alleged ethics violations against our REALTOR® members. It is our job to review the complaints and determine if they should be sent up to the Professional Standards Committee for an ethics hearing.

HOW MANY COMPLAINTS IN 2014?

The committee has already reviewed two ethics Complaints so far this year.

WHAT ARE THE RULES? As REALTORS®, we agree to abide by our professional rules of conduct known as the Code of Ethics. In our daily business we must govern our behavior in accordance with these rules of conduct.

(Continued on Page 11)

Arcadia REALTOR® Magazine

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March Events M 3

10:00 a.m. - 2:00 p.m. - CRMLS Training

T 4

10:00 a.m. - 12:00 p.m. - Zipform Plus Training 11:00 a.m. - Global Real Estate Committee Mtg.

W 5

8:30 a.m. - MLS Caravan 9:30 a.m. - Events 4 Charity Auxiliary Mtg.

Th 6

9:30 a.m. - Commercial / Investment Committee Mtg. 11:00 a.m. - Commercial Education & Networking Session 5:30 p.m. - 8:30 p.m. - AAR & WSGVAR YPN Social Mixer 7:00 p.m. - 8:30 p.m. - 2014 Arcadia City Council Candidate Forum

F 7

8:30 a.m. - “PEPster” Breakfast 12:00 p.m. - 1:30 p.m. - AAR Speech Masters

M 10 8:30 a.m. - New Member Orientation

2:00 p.m. - 4:00 p.m. - “Audits: Bullet Proof Your Tax Return” T 11

9:00 a.m. - 12:00 p.m. - “1031 Exchange” 11:00 a.m. - Tech / YPN Committee Mtg.

W 12

8:30 a.m. - MLS Caravan 8:45 a.m. - Affiliate Committee Mtg. 9:30 a.m. - MLS Committee Mtg.

F 14

9:00 a.m. - 12:00 p.m. - “Life of a Probate” 11:30 a.m. - E4C “Day at the Races”

M 17

9:00 a.m. - 5:00 p.m. - “SRES” Designation

T 18

9:00 a.m. - 5:00 p.m. - “SRES” Designation 2:00 p.m. - Education Committee Mtg.

W 19

8:30 a.m. - MLS Caravan 9:30 a.m. - Equal / Housing Opportunity & Public Relations Committee Mtg. 1:30 p.m. - Local Governmental Relations Committee Mtg.

Th 20

11:00 a.m. - 12:00 p.m. - Lunch & Learn Series Class 1:00 p.m. - 4:00 p.m. - “How to Buy / Sell Hotels & Motels” 6:00 p.m. - 8:00 p.m. - “Appy Hour”

F 21

12:00 p.m. - 1:30 p.m. - AAR Speech Masters

M 24

9:00 a.m. - 12:00 p.m. - “RPA-CA & Addendums” Training

T 25

W 26

9:00 a.m. - 12:00 p.m. - “Rev Up Your Sales in The Senior Market in 2014” 12:30 p.m. - 5:00 p.m. - REALTORS® Property Resource® (RPR) Training 1:30 p.m. - Budget and Finance Committee Mtg.

F 28

8:30 a.m. - Board of Directors Mtg. 10:00 a.m. - 11:00 a.m. - “Business Opportunities 101”

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8:30 a.m. - MLS Caravan

March 2014

FROM THE CEO’S DESK Happy 90th AAR! When people think of the Arcadia Association of Realtors® some may think of the professional building on First Ave. I think we can agree that a building does not define who we are. We are a large group of PEOPLE - a large group of MEMBERS who have chosen to BELONG to the AAR. We have grown our membership to over 2000 Realtor® members for the first time in our history due, in large part, to the many members who have served and who currently serve on the Board of Directors, have served on and Chaired our various Committees, our loyal and dedicated Brokers who have supported the association throughout the years, our wonderful and dedicated Affiliate members and of course, all our members who make us what and who we are today. It’s because of the volunteerism and sacrifices of so many of our members who placed their mark on our Association and have made a huge difference to our community and the industry that we are able to celebrate 90 glorious years in 2014.

But let’s not forget those who laid the foundation upon which the AAR was built. 90 years ago, the “Arcadia Realty Board”, as it was originally called long ago, was fortunate to have visionary members who took their profession seriously and realized the future depended on them to organize an industry of professionals that would lead the way in serving the public and REALTORS® in the manner it does today; A real estate organization that would survive the test of time and change. An organization of members that could help everyone realize the American Dream of homeownership and help protect private property rights.

So to all our members, past present and future, who have donated their time and talent and have contributed to the immense success of the AAR, this year’s 90th anniversary is all because of YOU! I conclude this article with tremendous respect, admiration and gratitude to all those who made 90 years of the AAR possible. Congratulations to you all.

Andrew Cooper Chief Executive Officer

Applications for AAR 2015 Board of Directors are now available at the AAR, the weekly MLS Marketing Meeting or at www.TheAAR.com.

Deadline to submit applications or nominations is Monday, March 31st.

Attorney Comments March 2014

By Dave Freeman, Association Counsel 1. TEAM NAMES - BRAND NAMES: A great deal of time was spent amongst the Association Attorneys in San Diego recently concerning Team names and Brand names. This involves the use of names such as, “Bob and Tom Team.”

The BRE considers this to be a name that belongs to a broker, and not to salesperson. The BRE’s primary point is that a member of the public should be able to recognize who the responsible broker is on any advertisements or signs. Therefore, they consider that the broker’s I.D. number should be on such advertisements and signs.

However, many salespersons are establishing their brand names in a geographical area, and wish to maintain and own these names. The BRE is not bending much in this area, and feels that the fictitious name should be filed in the name of the broker. One possible solution would be for the broker to file the fictitious name, but to establish a written contract between the salesperson and the brokers stating that the salespersons owns the name and have the right to take it with them upon leaving the brokerage.

Interestingly enough, the BRE does not seem to have a problem with names such as “Bob and Tom, Neighborhood Specialist.” They seem to feel that this is a descriptive terminology and not a fictitious name (a very fine distinction).

For now, the best solution is to have any such signage or advertisements and written communications with clients include broker’s I.D. numbers.

2. TAX ON SALE: In the past I have spoken concerning 1031 exchanges on investment property and exemption from capital gains taxes on sale of residences.

As of January 1, 2014, the taxes on all sales of real estate have increased substantially;

A. Capital gains taxes have jumped for many people from 15% to higher tax rates.

to be held for the benefit of the client.

This is particularly true in terms of a deposit that is held by the broker, and not immediately placed in the escrow or turned over to the other party.

However, many banks, particularly the larger banks, are resisting or refusing to open such accounts on behalf of the broker.

The BRE has a great, one page statement on Opening A Real Estate Broker’s B. The Obama Care added tax on Trust Account, available on request. It

sale of real estate by many explains actions you might take upon

earners is now an added 3.8%. experiencing such difficulty with the bank; C. The documentary transfer A. How to open a business tax in the City of L.A. is an

checking account. additional $4.00 per $1000.00 in sales price.

B. Verify or confirm that the

account has federal insurance.

These added taxes can change the net proceeds to the sellers, substantially, C. Ask to have the account whether it is a sale of a expensive opened and captioned / title as residence or commercial / apartment a “Trust” account in your name, buildings. Therefore, it is more registered fictitious name or important than ever that salesperson corporate broker name, with the strongly encourage their potential name designated as “Trustee” sellers to consult with their CPA or tax in the title or on the broker I attorney prior to executing either the designated officers signature line. listing agreement or sales agreement.

The proceeds from the sale may differ D. No separate or special trust substantially from that which the sellers agreement is required. The expected. depository will ask for additional documentation to verify your 3. BROKERS TRUST ACCOUNT: Most identity, business certificates, brokers have a trust account at the bank Articles of Incorporation, etc. in addition to their general business accounts. Any money, not directly Smaller, local business banks seem to be paid to the brokers for commission or more receptive to your business than the other ordinary income is to be placed large national banks. immediately in a broker’s trust account

Arcadia REALTOR® Magazine

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Market

Matters

Market Statistics for the San Gabriel Valley Single Family Homes

City

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Zip Code

Alhambra

91801

Alhambra Altadena

January 2014

Condominiums

Price % Sales of Chg from Single Family Price Median January Homes SFR ($1,000) 2013

Price Median Condo ($1,000)

Sales Count Condos

9

$548

31.1%

4

$426

91803

8

$524

33.5%

2

91001

24

$507

12.9%

3

Arcadia

91006

25

$1,350

99.1%

Arcadia

91007

8

$1,625

Azusa

91702

19

Duarte

91010

El Monte

SFR Only

Price & Chg from Median January Home Price/ 2013 Sq. Ft. 9.1%

$386

$338

20.5%

$395

$234

-71.3%

$420

8

$295

-40.1%

$554

116.7%

11

$548

13.7%

$693

$345

27.5%

7

$235

19.0%

$282

12

$340

3.0%

8

$329

20.1%

$306

91731

5

$390

21.7%

2

$257

n/a

$272

El Monte

91732

10

$398

27.9%

9

$369

63.6%

$313

El Monte - South

91733

2

$330

19.8%

2

$430

109.8%

$268

Glendora

91740

9

$420

25.4%

4

$303

26%

$280

Glendora

91741

15

$631

24.6%

n/a

n/a

n/a

$348

La Ca単ada Flintridge

91011

17

$1,500

28.2%

1

$380

n/a

$569

La Verne

91750

19

$495

18.7%

7

$305

52.5%

$286

Monrovia

91016

18

$503

-1.4%

5

$423

21.2%

$402

Pasadena

91101

1

$600

n/a

12

$410

9.3%

$399

Pasadena

91103

10

$425

21.4%

5

$446

-15%

$385

Pasadena

91104

13

$625

9.6%

1

$320

-2.9%

$435

Pasadena

91105

6

$940

-29.9%

3

$895

90.4%

$428

Pasadena

91106

5

$579

-42.1%

13

$479

38%

$542

Pasadena

91107

20

$715

17.5%

5

$517

24.5%

$500

Rosemead

91770

27

$439

12.9%

3

$418

10%

$336

San Gabriel

91775

12

$690

11.7%

n/a

n/a

n/a

$473

San Gabriel

91776

10

$540

17.4%

2

$455

13.3%

$321

San Marino

91108

10

$1,919

-16.9%

n/a

n/a

n/a

$757

Sierra Madre

91024

8

$831

53.2%

n/a

n/a

n/a

$490

Temple City

91780

20

$715

20.4%

4

$356

-33.4%

$431

Source: DQNews.com

March 2014

Arcadia REALTOR速 Magazine

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In 1924, a handful of forward-thinking real estate professionals made the decision to form the Arcadia Realty Board.

In 1929, the United States entered the Great Depression and many individuals could not give away real estate - at any price.

In the 1930’s, the United States Government addressed housing issues and created FHA and the National Mortgage Association. As real estate started to recover, the largest war known to man - World War II - engulfed the entire world.

Again, real estate took a back seat.

In the late 1940’s, after World War II, our economy started to improve. Real estate became the number one commodity on every American’s agenda. It was the time when thousands of new homes were built for our returning Armed Forces and their families.

In 1947, the now Arcadia Board of REALTORS® formed the first Arcadia Multiple Listing Service and the famous “MLS Book” followed, which included all the current local listings.

In the 1970’s, the Arcadia Board of REALTORS® purchased its current office property located at 601 S. First Avenue. The Association has proudly maintained this location for approximately 45 years. Of course, there have been many changes and improvements over those years to accommodate the changing technology needs and needs of our valued members.

In the late 1980’s, the Arcadia Board was using the Moore System for MLS information. It also obtained reciprocal agreements with other surrounding Boards so that our members could access listing/sales information for other MLS systems. This was a milestone for the Arcadia Board and real estate in general. Around the time, the MRMLS (MultipleRegional Multiple Listing Service), now CRMLS (California Regional Multiple Listing Service) was formed, in which we are still one of its 31 Association members.

In the late 1990’s, the Arcadia Board of REALTORS® changed its name to the Arcadia Association of REALTORS®.

However, the largest change was yet to come! The Arcadia Association and MRMLS (CRMLS) ceased the publication of the “MLS Book”. MRMLS (CRMLS) rolled out one of the first advanced Internet MLS systems in the country – the Superlative MLS system. Today, there are over 70,000 CRMLS users!

No Association is complete without the strong support of its staff and the dedication of its volunteer members, Board of Directors, Affiliates, Committee Members and members-at-large. Through their many hours of participation, we continue to maintain success and a great future. We sincerely thank all those who volunteer for their enthusiasm and support.

Since its’ inception, the AAR has been fortunate to have visionary members who took their profession seriously and realized the future depended on them. It was their task to organize an industry of professionals that would lead the way in serving the public and the real estate community in the manner it does today. It has truly become an organization of individuals that can help all men and women realize the American Dream of Homeownership.

It has often been said that the one thing in life that is constant is change. This is truly evident in the many changes to the real estate industry and our Association over the past 90 years. We have progressed so far as an industry and we are excited to see what the future holds!

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March 2014

Affiliate Corner “Home Insurance”

By Mark Wu, Allstate Insurance

The recent Colby Wildfire in January forced many Glendora and Azusa residents to flee their homes. The fact that only six homes were destroyed and 17 damaged is a testament to the preparedness and outstanding efforts of our local Firefighters. This wildfire serves as a great reminder to all homeowners to make sure you have the proper Home Insurance coverage in place.

A majority of homes in California are underinsured. The cost today of rebuilding is higher than the cost to rebuild in the past due to the rising cost of building materials and labor. It is important for homeowners to obtain their own replacement cost estimate before sitting down with their agent. This can be done by hiring a contractor or by going to a website like AccuCoverage for a rough estimate.

Another way to get a rough estimate is to find out what the going rate per foot is to rebuild in your area and multiply that figure by the total square footage of the home.

to a claim. Although receipts and manuals are ideal proof, videotaping or digitally recording the contents of each room of your house is also acceptable by many Insurance carriers. Safeguard the records in separate places outside the house like at your place of work.

Make sure your policy has coverage for Additional Living Expenses. If a covered loss makes your home or part of your home uninhabitable, this coverage helps pay the reasonable increase in living expenses necessary to maintain your normal standard of living.

Building Code upgrades are often not part of the policy.

The older the home, the more it will cost to bring it up to current codes. Building Code Coverage will provide funds when repair or replacement results in increased cost due to the enforcement of building codes in a covered loss.

For more information regarding this article or if you have any insurance related questions, you may contact Mark Wu at 626-281-6854 or e-mail him at Markewu@allstate.com

It is also important to document your possessions prior

Appy Hour

by Joe Pacilio, Tech / YPN Committee Member

This is what you get when you mix the Young Professionals Network’s Happy Hour and a technology class. Apps are proliferating in our technological world. A mobile app, short for mobile application, is software designed to run on Smartphone’s, tablets, portable computers and other devices. A simple download from the app marketplace on your mobile device and within seconds, you’ll have a functional, integrative application to ease your daily life!

Apps that fall into this category are the ones that have earned that coveted spot on your home screen of both your phone and your brain. When you’ve got a problem to solve, a question to answer, or a piece of digital content to retrieve, these are your go-to guys - you’re starting team. These apps have the power to make your life better each and every time you use them - that’s important, and it’s why you keep coming back to them. In fact,

this new technological generation is pretty much dependent on apps!

The Tech / YPN Committee will be hosting the “Appy Hour” on the third Thursday of every month from 6 p.m. to 8 p.m. As a FREE opportunity to network, socialize, and learn about effective and prized apps, the Tech / YPN Committee cordially invites all to come join the events! We will meet at a different location each month and vote for the best app for its purpose at the “Appy Hour”. Free appetizers will be served. Drinks will be accommodated via a no host bar. February 20th was our first event and it was a huge success. The bustle of professionals from a plethora of fields joined together to eat and drink amongst the discourse of top rising apps.

(Continued on Page 11)

Arcadia REALTOR® Magazine

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through the lens

A Look at What’s Happening Around the AAR

2014 Speech Masters Group r New a n u L 4 1 0 2 ration b e l e C r a Ye

Real Estate Fraud Education Course

Events 4 Charity Wine & Cheese Tasting 10

March 2014

AIR 21st Annual Real Estate Market Review & Forecast

by Nick Zigic, AAR Commercial Committee 2014 Vice-Chairman

I recently attended the Annual AIR Real Estate Market Review and Forecast with my colleague, Careayre Rambeau, Real Estate Alliance. The market review was marked by significant increase of warehouse/industrial leasing and sales throughout the whole region, including nationally. Office and other types of commercial property, including retail have not shown a recovering trend yet.

In all five markets of the Greater Los Angeles region, the sale/leasing activities were influenced by scarcity. In the urban, more dense areas of West Los Angeles, the vacancy rate in the warehouse/industrial space came down to just ~1.2%, while in San Bernardino County it shrunk from ~14% to an incredible ~4%. “Big Box” retailers acquired about 40 million square feet of space. Yahoo alone acquired more than three million square feet of warehouse space in the last six months, of which almost one million in a single facility in San Bernardino County.

The warehousing demand trend will continue in the future with a major change in the type of product being in demand.

The future warehousing technologies will require clear heights of 36 feet to accommodate new racking systems, and current “standard” heights of 32 feet will probably not satisfy the needs of future warehousing operations. Whereas in the past the warehouses were designed on principals of inbound and outbound bays, on opposite sides of the facility, these days the product barely stays at the facility for a few hours if that, and in the future, that model will not exist anymore.

Thanks to the Port of Los Angeles, as the Country’s gateway for imports from Asia, absorption in Southern California benefited from an un-proportional increase over the rest of the nation, and some say, over the rest of the world! This trend is to continue over the next 4 to 6 years, so brokers and developers should focus on catering to the needs of the “Big Box” clients.

The Annual AIR Real Estate Market Review and Forecast was a huge success with high performance speakers, over 200 agents and brokers from the major commercial players, and industry information valuable to all commercial practitioners. The prestigious ambiance of the Jonathan Club enhanced even more the overall feeling of a recovering economy… at least in the warehouse/industrial sector.

Appy Hour (Continued from Page 9)

The top three apps of the evening were Uber: a mobile application that connects passengers with drivers of vehicles for hire and ridesharing services; CamScanner: mobile document scanning and sharing app and Instagram: a photo / video-sharing app with social networking services. February’s “Appy Hour” was held at Pacific Plate Brewing Company in Monrovia, and was sponsored by Diana Jo, Chase Bank. The March “Appy Hour” event will be located at The Original Peppers Mexican Grill & Cantina in Arcadia on Thursday, March 20th from 6 p.m. - 8 p.m.

We look forward to seeing you all at the next “Appy Hour”! Bring your business cards, your thinking caps, and share with us your favorite app!

INTRODUCING THE 2014 GRIEVANCE COMMITTEE (Continued from Page 3)

The Code is divided into three sections with 16 Articles as follows: 1. Duties to Clients and Customers 2. Duties to the Public 3. Duties to REALTORS® CONTACT US IF YOU NEED HELP WITH A GRIEVANCE MATTER To become more familiar with the Code of Ethics, go to the National Association of REALTORS® (NAR) website. If you have questions or concerns about a possible violation, please contact the Arcadia Association for assistance at (626) 446-2115.

As always, my best wishes and let’s make it a great year in real estate.

Arcadia REALTOR® Magazine

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Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006

“Seniors Real Estate Specialist (SRES) Designation” MARCH 17-18, 2014 9:00 a.m. to 5:00 p.m.

AAR Building

Cost: $199* *In order to attain and use your designation, you must successfully complete this 2-day course and join the SRES Council For new designees, the annual dues are waived for the first year.

Annual dues are $99 each year, thereafter.

Visit www.TheAAR.com for more details and to register

Dedicated to Providing High Quality Legal Services ®

• Estate Planning • Trust Administration • Probate • Business Law • Commercial Transactions • Corporation, LLC & Partnership Formations • Business Contracts

Call today for a free consultation

Romy S. Rahmanian, Attorney

(626) 869-8787 33 East Huntington Drive • Arcadia, CA 91006 romy@rahmanianlaw.com • www.RahmanianLaw.com

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C. Anthony Phillips, CPA President

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