Arcadia REALTOR Magazine - October 2013

Arcadia

REALTOR®

The Official Publication of the Arcadia Association of REALTORS®

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

AAR Meets Austrian Real Estate Association in Vienna See page 5

“Scott Burtz Memorial Charity Golf Classic Tournament” See pages 8 & 9

OCTOBER 2013

WWW.THEAAR.COM

VOL. 17, NO. 10

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

10 Through the Lens

A Look at What’s Happening Around the AAR

11 Affiliate Corner

“Home and Commercial Inspections”

Charles Richardson, Richardson Inspections

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

2013 ASSOCIATION OFFICERS

Andy Bencosme {President} Mike Vachani {President-Elect} Joe Pacilio {Vice-President} Jill Nelson {Secretary/Treasurer}

2013 ASSOCIATION DIRECTORS

Micah Adams Ryan Asao Roy Blume Kelvin Chang Margaret Garemore John Lee Paulina Lee Sylvia Ramos Irene Yamagata -Bermudez

2013 C.A.R. DIRECTORS

Ryan Asao Andy Bencosme Margaret Garemore George Monte Randall Traw Mike Vachani Kelvin Wong

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

10.13

{ Arcadia REALTOR® | October | Two Thousand and Thirteen | Volume Seventeen | Number Ten}

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October 2013

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 5

AAR Meets Austrian Real Estate Association in Vienna AAR member Nick Zigic recently traveled to Vienna, Austria on vacation to meet with Austrian Real Estate Association ÖVI to discuss cooperation efforts.

8 & 9

Scott Burtz Memorial Charity Golf Classic Tournament Get the scoop on the recent annual charity golf tournament held at the lovely Glendora Country Club.

ADDITIONAL CONTENTS 3

AAR vs. CVAR Softball Game The two Association YPN Committees recently met up to play a friendly, yet competitive game of softball.

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AAR New Members The AAR welcomes its newest REALTOR® Members.

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Save the Date!

“45-Hour Continuing Education Review & Exams” Do you need to renew your license? Please join us for this event and take care of all 45 necessary credits within only a couple days!

The AAR YPN Committee members recently received an invitation to play a softball game against the Citrus Valley Association of REALTORS® YPN Committee. We accepted their challenge with excitement. The rules were kept simple, all players must be active Association of REALTORS® members and both teams must be co-ed.

AAR vs. CVAR Softball Game

between our two neighboring associations. Our teams was rightfully named the AllStAARs. Up until the final inning the score was 5 runs for AAR and 6 for CVAR. In the final inning, CVAR pulled ahead and we finished with a score of AAR-6 and CVAR12.

AAR members representing the Association (in no Afterwards the group met at particular order): Roy Blume, Kelvin Chang, Micah T. Philip’s in Glendora for lunch Adams, Danny Petty, Michael Beltran, Maria Howard, and a fun recap of the game.

Mike Vachani and Jason Landes.

Despite the loss, we all had a great time and look forward to a future game. If you are interested in playing in an upcoming game, Game day brought the perfect weather for a friendly game please contact the AAR for more information.

Arcadia REALTOR® Magazine

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October Events 1

10:00 a.m.-12:00 p.m. - Beginning Zipforms Training 10:00 a.m. - Global Real Estate Comittee Mtg.

2

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

3

9:30 a.m. - Commercial / Investment Committee Mtg. 11:00 a.m. - Commercial Marketing Mixer 1:00 p.m. - 5:00 p.m. - “Real Estate Contract” Training

4 9:00 a.m. - 1:00 p.m. - Commercial Real Estate Day at the Races

12:00 p.m. - 1:30 p.m. - Toastmasters

FROM THE CEO’S DESK 4th Quarter Fortunes or Foibles Hold on to your Halloween hats ladies and gentlemen - October marks the beginning of the 4th and final quarter of 2013. As we work throughout this 4th quarter, let’s keep in mind that our efforts now and until the end of the year (or our lack of efforts) will have a direct and lasting impact on our start for 2014. We take our members success very seriously and even though we’ve already provided a record-breaking number of classes and events this year we’ll be offering even more classes and events with a focus on legal and technology classes. All this in an effort to help you finish the year strongly and to help you prepare for 2014. So please read our weekly eNewsletters sent on Thursdays, this publication, our Facebook, Twitter and LinkedIn accounts and also our events calendar at www.theaar.com to remain aware of what we are offering.

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10:00 a.m. - 3:00 p.m. - CRMLS Training

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11:00 a.m. - Tech Committee Mtg. C.A.R. Expo in Long Beach (Oct. 8-10)

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8:30 a.m. - MLS Caravan 8:45 a.m. - Affiliate Committee Mtg. 3:30 p.m. - Equal Opportunity / Housing Affordability Committee Mtg. C.A.R. Meetings in Long Beach (Oct. 9-12)

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8:30 a.m. - 5:30 p.m. - AAR Private Bus to C.A.R. Expo 1:00 p.m. - 5:00 p.m. - “Real Estate Contract” Training

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10:00 a.m. - 11:30 a.m. - CRMLS Training

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2:00 p.m. - 4:00 p.m. - “Feng Shui for Realtors®”

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10:00 a.m. - 12:00 p.m. - Intermediate ZipForms6 Training 2:00 p.m. - Education Committee Mtg. 5:00 p.m. - 7:00 p.m. - “Boomers to Zoomers” at Peppers Restaurant in Arcadia

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8:30 a.m. - MLS Caravan 9:30 a.m. - Public Relations Committee Mtg. 1:30 p.m. - Local Governmental Relations Committee Mtg.

I’d like to share an interesting story I read in a book aptly titled “Goals” written by Brian Tracey: In a Harvard University experiment, a graduating class from the university was asked about their goals they had for their life upon graduation. 10 years later, when the professors followed up with the same students, they discovered that those students who had only thought of their goals in their heads were earning twice as much as the students who had no goals after graduation. Further, it was determined that those students who had clearly defined and written goals upon graduation were earning 10 times as much as the other two groups combined. I leave you with this as a factual illustration on how important it is for us to create our goals. Let’s establish those goals starting now - If we wait until January it’s too late.

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11:00 a.m. - 12:00 p.m. - Lunch & Learn Series Class 1:00 p.m. 5:00 p.m. - “Real Estate Contract” Training

Wishing you strength and perseverance as you finish the rest of this year and prepare for next year,

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9:00 a.m. - 2:00 p.m. - Budget Task Force Mtg. 12:00 p.m. - 1:30 p.m. - Toastmasters

Andrew Cooper Chief Executive Officer

21 Certified International Property Specialist (CIPS)

Designation Courses (Oct. 21-25) @ Doubletree Hotel Monrovia 22

1:30 p.m. - Budget and Finance Committee Mtg. 6:00 p.m. - 9:00 p.m. - Transnational Referral Certification (TRC) @ Doubletree Hotel, Monrovia

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8:30 a.m. - MLS Caravan 9:30 a.m. - Young Professionals Network Committee Mtg.

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8:30 a.m. - Board of Directors Mtg.

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October 2013

October Events Cont.

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9:00 a.m. - 12:00 p.m. - “45-Hour Continuing Education”

30

8:30 a.m. - MLS Caravan 9:00 a.m. - 4:00 p.m. - “Commercial Investment Education Alliance 101-102” Courses

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9:00 a.m. - 4:00 p.m. - “Commercial Investment Education Alliance 103-104” Courses

Attorney Comments October 2013

By Dave Freeman, Association Counsel 1. RENT CONTROL: Most agents in the San Gabriel Valley do not deal with this issue on a regular basis, and therefore may not be aware of the dangers involved for their clients. When representing either side to a sale of property in the City of Los Angeles (much larger than you might guess), be sure to advise the buyer, in writing, to check with the City and get a copy of those rules. This is true whether the property is a multi-family property that the buyer intends to rent out, or a single family residence.

A single family residence may involve the rent control ordinance, particularly if an unattached building on the premises, such as a pool house or guest house, is rented out to a tenant.

Buildings constructed after 1978 are not affected by this law.

Besides limitation on rent increases, the cost to evict tenants, who are not delinquent on their rent, may exceed $7,400.00 per tenant.

2. RENTERS INSURANCE: Encourage each of your landlords and property

managers to use the rental or leasing agreement supplied by C.A.R., or one similar to it, including provision that the tenants procure renter’s insurance protecting them and the landlord from liability to third parties, as well as for damages to the tenant’s personal property. This includes, condominium rentals. Insurance is very inexpensive, but protects both the landlord and the tenant from important dangers such as: A. Tenant’s loss of or damage to items, resulting from water, theft or other occurrences.

B. Liability as a result of visitor’s injury from slipping and falling, attacks from the tenant’s pets and other unforeseen circumstances.

C. For condominium owners, the insurance may also cover replacement and repair to the interior of the condominium in the event of water or other damage (not covered by the Homeowners Association insurance).

3. DORMANT LOANS/LIENS: Occasionally, a loan or lien, such Judgment Lien, on a property may not be pursued for some period of time.

Judgment Liens are frequently recorded against property, or a person’s name, attaching to several different properties in the Judgment Debtor’s name. Eventually, the property owner attempts to sell the property, get a short sale, or a loan modification or a refinance of the loan. At this time, the lien shows up, halting the entire process. Or worse yet, the creditor begins to enforce the lien.

At this time, everything becomes urgent and the property owner is in danger of foreclosure. If you become aware of clients who have liens of any kind that have remained dormant on the property, be sure to alert them of the danger of a sudden foreclosure or enforcement of that lien popping up.

Some clients have been told that dormant liens cannot be enforced. However, this is generally untrue, and the lien remains a cloud on title permanently. Don’t underestimate them.

AAR Meets Austrian Real Estate Association in Vienna

On August 14th, the Arcadia Association of REALTORS® Nick Zigic; Ms. Jana Nicole, N.A.R. Presidential Liaison and Dr. Margret Funk and Mag. Elisabeth Rohr, Austrian Real Estate Association ÖVI met in Vienna to discuss future cooperation between N.A.R. and ÖVI.

Association of REALTORS® Ambassador Association to Austria. The meeting was initiated by AAR Global Real Estate Committee Chairman, Nick Zigic, who happened to travel through Austria on his European vacation, so no cost for this unique summit was accrued by the AAR.

The meeting was very successful and pleasant. AAR Representative, Nick Zigic, proudly presented the Austrian delegation with a letter from the Association as well as AAR branded fine writing instruments.

Conversation was had about the differences and similarities between the two countries as far as real estate practices and ethics are concerned. Out of the discussions, it was determined that the two organizations will continue cooperation in sharing information for the benefit of members of both organizations. Ms. Nicole took on the task to summarize the conclusions and create a feasible and mutually beneficial action plan of further cooperation between the two Associations.

The Arcadia Association of REALTORS® is the National

Dr. Margret Funk (left back) and Mag. Elisabeth Rohr (right back) representing the Austrian Real Estate Association ÖVI with N.A.R. Presidential Liaison to Austriz, Ms. Jana Nicole (left front) and AAR’s Nick Zigic (right front) in Vienna on August 14th.

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

August 2013

Condominiums

Price % Sales of Chg from Single Family Price Median August Homes SFR ($1,000) 2012

Price Median Condo ($1,000)

Sales Count Condos

Alhambra

91801

16

$578

28.7%

19

Alhambra

91803

18

$460

10.0%

Altadena

91001

45

$630

50.0%

Arcadia

91006

45

$1,168

Arcadia

91007

29

Azusa

91702

Duarte

SFR Only

Price & Chg from Median August Home Price/ 2012 Sq. Ft.

$385

0.5%

$418

2

$331

-18.6%

$353

1

$1,300

19.5%

$444

29.9%

11

$756

31.5%

$522

$1,250

39.0%

13

$478

6.2%

$622

30

$325

18.2%

17

$255

73.5%

$247

91010

15

$415

43.1%

4

$242

34.4%

$306

El Monte

91731

8

$350

-1.5%

1

$290

-27.5%

$317

El Monte

91732

14

$336

13.9%

8

$422

75.6%

$291

El Monte - South

91733

10

$348

12.1%

5

$404

8.2%

$314

Glendora

91740

17

$375

17.2%

n/a

n/a

n/a

$278

Glendora

91741

38

$573

20.6%

3

$447

-2.8%

$324

La Ca単ada Flintridge

91011

28

$1,194

0.7%

n/a

n/a

n/a

$520

La Verne

91750

32

$460

0.7%

7

$435

192.9%

$276

Monrovia

91016

28

$594

44.8%

10

$457

35.9%

$426

Pasadena

91101

1

$550

148.9%

20

$460

8.2%

$259

Pasadena

91103

21

$498

16.4%

8

$451

-18.8%

$391

Pasadena

91104

28

$686

73.0%

1

$415

5.1%

$425

Pasadena

91105

14

$1,025

23.8%

7

$757

11.3%

$609

Pasadena

91106

8

$1,527

171.7%

22

$472

16.5%

$588

Pasadena

91107

38

$743

35.1%

9

$395

24.6%

$459

Rosemead

91770

23

$410

9.8%

4

$342

22.0%

$329

San Gabriel

91775

20

$700

12.9%

1

n/a

n/a

$416

San Gabriel

91776

13

$575

12.7%

6

$397

9.7%

$403

San Marino

91108

12

$1,507

-5.5%

n/a

n/a

n/a

$741

Sierra Madre

91024

6

$702

5.6%

1

$499

n/a

$476

Temple City

91780

25

$649

17.9%

7

$569

55.8%

$416

Source: DQNews.com

October 2013

AAR New Members The Arcadia Association of REALTORS® formally welcomes our newest REALTOR® members!

The Arcadia Association of REALTORS® would like to formally welcome our newest REALTOR® members!

AAR new members with Membership Committee Vice-Chairman, Cindy Shiao; Committee Chairman, Alma Aguilar and AAR 2013 President, Andy Bencosme are (in no particular order): Cristina Chavez, Keller Williams West Foothills; Sheng Chen, Coldwell Banker Dynasty Temple City; Shirley Chen, Coldwell Banker Dynasty Arcadia; Alvin Cheung, Highland Real Estate; Janie Chiou, Re/Max Omega; Tiffany Du, Coldwell Banker George; Ying Fang, Treeline Realty & Investment; Dora Fung, IRN Realty; Dewei Gao, Coldwell Banker George; Yu Guo, IRN Realty; Cho Hon, Long Dragon Realty; Ing Hwang, Highland Real Estate; Janice Jung, Long Dragon Realty; Lorraine Kusian, Keller Williams West Foothills; Tawny Ky, Keller Williams Realty; Alan Leung, Long Dragon Realty; Jeremy Leung, Long Dragon Realty; Xiao Lin, Keller Williams West Foothills; Hua-Kuang Liu, RE/Max Omega Monrovia; Ving Low, RE/Max Omega Monrovia; Alexander Mercado, Dream House Real Estate; Lisa Miltenberger, Highland Real Estate; Trisha Nguyen, Coldwell Banker George; Suzanne Nuzzi, Dilbeck Real Estate; Ivan Pan, Ivan Pan BROKER; King Peng, Long Dragon Realty; Susi Salim, Keystar Realty; Miko Shieh, IRN Realty; Khanh Tran, Keller Williams West Foothills; Amy Tsang, RE/Max Omega Monrovia; Chia Wang, Highland Real Estate; Amanda Wong, IRN Realty; Patrick Wong, IRN Realty; Amir Yeganeh, Century 21 Dynasty; Meilin Yu, Century 21 Adams & Barnes and Zun Zhang, Long Dragon Realty.

6

(626) 831-8862 www.morrisoninspects.com Arcadia REALTOR® Magazine

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Scott Burtz Memorial Charity Golf Classic Tournament The Arcadia Association of REALTORS Events 4 Charity Auxiliary recently hosted the AAR’s Annual Scott Burtz Memorial Charity Golf Classic Tournament. This year, the event was held at a beautiful new venue, the Glendora Country Club in Glendora. The tournament was an amazing success in raising money which will be distributed during the holidays to many needy local charities. In addition to the money raised, all who attended had a great time!

Sincere appreciation to our outstanding and hard working golf tournament Chairman, Stephanie LaPorte and all the many Affiliate Members who are always there to lend a helping hand.

A special thank you to the generous individuals and companies who helped to sponsor this year’s event. Our tournament sponsor this year was Wells Fargo Home Mortgage. The Emcee Sponsor was Franklin Loan Center.

The Beverage Cart Sponsor was Bowden Development. Hole-In-One Sponsor was Premium Escrow. Hole Sponsors were Cutco Closing Gifts and First American Natural Hazard. Helicopter Ball Drop Sponsor was Old Republic Home Protection. We also wish to thank the many other drink sponsors and tee sponsors.

Thank you to all those who donated your time and/or prizes to make the Golf Tournament a big success. Our volunteers included (in alphabetical order): Diane Balsamo, Carrie Crest, Mercedes Collaso, Terri Fabbri, Nikki Felix, Diane Johnson, Karen de Mauricio, Leri Prado, Mary Margaret Rolf, Leena Sankary, Oscar Sosa and Alexis Ostensen and our prize donors included (in alphabetical order): Andy Akimoto, Raul Alvarez, Kal Balian Antoun, Ryan Asao, Mike Bandikian, Ernie Betos, Lois Billings, Terry Fabbri, George Fasching, Sandi Franco, Lysette Freeman, Traci French, Margaret Garemore, Kay Gass, Robert Ho, Harvey Hyde, Stephanie Izzo, April Kass, Jeanne Keating, Los Angeles Angels of Anaheim, Los Angeles Dodgers, Shelley Malicek, Alexis Ostensen, James Pai, Mark & Sylvia Ramos, Santa Anita Family YMCA, Monrovia, Dave Scarminach, Chris Shevlin, Alma Smith, John Thompson, Alex Velasco, Yolanda Vidales, Kim Welborn-Buchok and Yunita Wu.

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October 2013

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through the lens

A Look at What’s Happening Around the AAR

New Member Welcome Reception at the Doubletree Hotel, Monrovia

Assemblyman Ed Chau Birthday Fundraiser

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October 2013

2013 AAR President Andy Bencosme and Deputy County Assessor, Sharon Moller at a recent PEPster breakfast

Affiliate Corner “Home and Commercial Inspections”

By Charles Richardson, Richardson Inspections

Home inspections, commercial property inspections, and commercial/residential mixed-use property inspections are noninvasive, nondestructive visual examination of accessible areas of these properties. These inspections should identify any defect observed and deemed material by the inspector, which consist of collecting information through a visual walk through the subject property, searching this property and documenting the condition of this subject property. Specific items a client requires should be agreed upon to check and or test in advance of any inspection.

In 1996 the California Trade practice act (Chapter 338) was enacted. This law in California prohibits the unethical home inspection practices, including prohibiting home inspectors to make repairs to a home that he/she inspected in the previous 12 months. California is one of the few states that doesn’t license and qualify home inspectors to perform their duties as a home inspector. With the trade practice act in 1996, California didn’t want it to be construed that they allow persons that are not contractors, engineers or architects to perform home inspections, but they don’t specifically prohibit it.

Being a contractor, building inspector and plans examiner, I have often found myself assessing what is or isn’t to code during a property inspection. Building, mechanical, plumbing, electrical, zoning, and other codes are modified and changed every year and are entirely rewritten in book form every three years. Without in-depth research of accurate records for each property within its local jurisdiction it may be impossible to know what adopted code was in acted when the structure was built! A legally permitted building in the past may not meet the current building codes of today, and don’t have to meet any current building code unless it is deemed by the authority having jurisdiction to be a threat to life, limb, or property.

Many homes built decades ago are of unreinforced masonry and I believe threaten life, limb and property, but are legally standing structures and may not be tagged until a disaster strikes. Thus, inspectors shouldn’t recite building codes that could have prospective buyers walk away on misinformation and leaving themselves liable for the brokers and sales agents’ lost commissions!

Observed evidence of water intrusion, pest intrusion, structural damage, or any apparent threat to life, limb, or property

should be reported, in some cases it may be due to inferior workmanship on repairs or remodels by unlicensed contractors that didn’t obtain a building permit. It doesn’t matter if unpermitted work was performed by a licensed contractor or not, the obligation to pull the permit and have it inspected and approved follows the home. Prior owners in many cases hired a contractor to perform remodels and structural work and paid them for a job they believe to be well done and never knew it is the home owner’s obligation to insure that all permits are pulled and inspections are done. The building department is obligated to inspect this work.

Outstanding permits on a property can be verified with that jurisdiction’s building department, but work that didn’t have a permit pulled will not be within these records. However building departments are obligated to investigate any complaints about unpermitted work and homes or buildings that are not being maintained, as unsafe structures may be redtagged and not occupied until repairs are made.

Homes built in 1978 or before may contain asbestos that may not pose an immediate threat, but when repairs are necessary, they need to be made with caution. Most buildings contain some form of asbestos, as it has been used in wall insulation; paint; sprayed- or troweled-on surfacing materials; pipe, boiler, and duct insulations; ceiling and flooring materials; cement filler; and other products. The California Department of Industrial Relations’ Division of Occupational Safety and Health (Cal/OSHA) registers all contractors that perform asbestos abatement work, and also tests and certifies all asbestos consultants. Asbestos abatement is risky to perform and disposal and or tracking information must be followed. To be more informed you can review the California Department of Consumers Affairs’ “A Consumer’s Guide to Asbestos” at: http://www.cslb.ca.gov/Resources/GuidesAndPamphlets/ AsbestosGuideForConsumers.pdf Molds are simple microscopic organisms, and are present virtually everywhere. Fact sheets on Mold and Health Effects are available from the California Department of Health Services. You can also find information on Health Effects of Toxins at the Environmental Health Investigation Branch, (510) 620-3620, or online at: http://www.ehib.org/ For more information on this subject and more, contact Charles at (626) 665-0601 or at richardsoninspection@gmail.com.

Arcadia REALTOR® Magazine

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

“45-Hour Continuing Education Review & Exams” Tuesday, October 29, 2013 DEADLINE TO REGISTER: October 25, 2013

9:00 a.m. to 12:00 p.m.

AAR Building Cost: $70 Study materials must be picked up from the Association prior to the seminar or shipped at an extra fee of $5.

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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