For the Connoisseurs of Life in the Pacific Northwest
REALOGICSSOTHEBYSREALTY.COM I 1
EAST WEST THE DRAGON AND THE PEARLS
It’s not surprising that Sotheby’s International Realty monitors global markets on the rise (after all “international” is their middle name). Nor is it shocking China garners the most attention these days given the unparalleled economic growth, budding wealth and most importantly, a propensity to consume foreign real estate.
“From what we observe, 2012 was another strong year in real estate with the Asia market continuing to be strong in terms of sales – both in the metropolitan areas and for special properties in unique locations,” Brokers say once a market is said Philip White, President and Chief Executive Officer for Sotheby’s International Realty Affiliates LLC.
discovered by Asian homebuyers, they create a self-fulfilling investment According to the National Association of Realtors, Chinese consumers spent some $9 billion buying US prophecy and eventually a real homes in a 12-month period leading up to March 2012. Only Canadians bought more homes in the US than estate microclimate. BY VERONICA LANE
the Chinese (and many of those Canadians were actually born in China). Observers say the most popular markets are global gateways like New York City or London but increasingly major West Coast cities too.
Angela Wong, a Director of International Marketing for Asia with Ewing and Associates Sotheby’s International Realty is based in Calabasas, CA but spends a lot of her time abroad. She feels the Pacific Northwest is primed for growth as her clients seek out greater affordability and as such, greater potential for future capital appreciation.
AREAA 2012 NATIONAL CONVENTION LA ART WEEK & CHINA FUSION Las Vegas, NV: RSIR representatives Dean Jones and Jessica Xu attended the Asian Real Estate Association of America National Conference in Las Vegas – pictured above with Mike Good, then CEO of Sotheby’s International Realty.
Los Angeles, CA: RSIR was invited to participate in a private reception hosted by Angel Park, LLC to welcome Chinese artists and delegates from China Fusion during the LA Art Week while also previewing development opportunities in downtown Los Angeles.
HONG KONG, CHINA
MEDIAN HOME PRICE/MEDIAN HOUSEHOLD INCOME
SAN FRANCISCO, CA
RELATIVE UNAFFORDABILITY COMPARISON
12.00 LOS ANGELES, CA
The Seattle-based real estate firm has partnered with key brokers, overseas wealth managers, immigration specialists and other centers of influence throughout the Pacific Rim to showcase the Pacific Northwest lifestyle. Known internally as “The Dragon and the Pearls”, the campaign targets Asia (mostly China) as the “Dragon” and arrays a string of “Pearl” destination markets along the West Coast comprising of Vancouver/Richmond, BC; Seattle/Bellevue, WA; San Francisco, CA; Los Angeles, CA; Orange County; CA; and San Diego, CA.
Wong points to San Marino, CA by example – a small city in Los Angeles County that became popular with Chinese buyers in the 1990s. She says it may be the only US municipality to defy an otherwise omnipresent housing market correction. During the depths of the Great Recession in 2011, San Marino actually posted year-over-year gains THE PACIFIC NORTHWEST in median home prices while affluent communities like Beverly Hills and Malibu experienced declines OFFERS A VERY of 19% and 28%, respectively since peaking in 2007. COMPELLING VALUE In 2012 the median home price in San Marino was LIFESTYLE PROPOSITION a staggering $1.5 million. Figures by 2010 Census WHEN CONTRASTING TO estimates San Marino’s population at 13,241 and OTHER WEST COAST CITIES. suggests 54% of the demographic is now Asian persons. According to MDA DataQuick research, 75% of the recorded sales last year were to surnames the Chinese – I’ve watched this lifecycle time and of Asian descent. time again. Once a market is discovered they create a self-fulfilling prophecy and eventually a real “Clearly demand to live in San Marino doesn’t stem from job growth – it’s foreign born,” adds Wong. estate microclimate.” “It’s become a destination and as such the market “The lifestyle in Seattle and Bellevue compares well to other Pacific Rim destinations such as Sydney or Vancouver but real estate is half the price,” said Wong, who is a cofounder of The Dragon and the Pearls initiative with Jones. “That’s going to draw
“Asian homebuyers have been a staple consumer of properties in Vancouver, BC, San Francisco and Los Angeles for many years,” said Dean Jones, Owner of Realogics Sotheby’s International Realty. “More recently markets like Seattle and Bellevue have gained visibility and even a preference given their burgeoning economies. We are positioning ourselves to be a major catalyst for Asian home buying throughout the Pacific Northwest.”
10.00 8.00 6.00 4.00
AREAA 2013 GLOBAL SUMMIT
Honolulu, HI: Sotheby’s International Realty’s Pacific Rim was well represented during the Asian Real Estate Association of America including President Philip White, and representatives from Canada, the Philippines, Australia, emerging markets in Asia and the US. REALOGICSSOTHEBYSREALTY.COM I 7
and the lifestyle sustains itself. This phenomenon their assets, better educate their children and enjoy will continue in other cities too provided the an improved quality of life. The report mirrors economic trends in China continue.” findings by Shanghai-based pundit Hurun, who publishes the popular Rich List. They suggest more than half of China’s millionaires are considering or actively trying to emigrate. FOR THE FIRST TIME EVER,
THE ASIA-PACIFIC REGION SURPASSED NORTH AMERICA IN 2012 WITH THE LARGEST NUMBER OF MILLIONAIRES, ACCORDING TO THE CAPGEMINI 2012 WORLD WEALTH REPORT.
“The old real estate axiom Location-LocationLocation needs to be updated for Asian homebuyers – it’s more like Location-Education-Environment,” says Jones who convincingly arrays the benefits of the greater Seattle / Bellevue metro area. LOCATION: SeaTac International Airport is the closest mainland port to Asia and Hainan Airlines now offers daily, nonstop flights from Seattle to Beijing. That saves more than an hour compared with transfers to San Francisco or Los Angeles. While Vancouver, BC offers a similar flight time to China, no other West Coast market can match the bounty of natural offerings. Seattle is unique in that it grants immediate access to the protected, inland waters of Puget Sound; provides an opportunity to live on large fresh water lakes just minutes from two major metropolitan cities; and offers a quick ascent to the Cascade mountain range with outdoor recreation and natural vistas as scenic as they are plentiful.
According to the IMF, World Economic Outlook Report, China generated US$1.6 trillion in GDP a decade ago trailing the US, Japan, Germany, the UK and France in in descending order. By close of 2013 China is anticipated to generate more than US$9 trillion in GDP earning the auspicious honor of being the second largest economy in the world on top of being the most populous and among the fastest growing. For the first time ever, the AsiaPacific region surpassed North America in 2012 with the largest number of millionaires, according to the Capgemini 2012 World Wealth Report. New research released by the Chinese Academy EDUCATION: Newsweek recently recognized all of Social Sciences suggests wealthy Chinese are five public high schools in Bellevue among the best indeed heading overseas in an attempt to protect in the nation – no need for costly private schools. All
THE DRAGON AND THE PEARLS (continued)
HONG KONG ASSOC. OF WASHINGTON Seattle, WA: RSIR executives and select brokers welcomed in the Year of the Snake during a black tie gala sponsored by the Hong Kong Association of Washington and honoring the Bruce Lee Foundation.
NETWORKING WITH VISAS
Vancouver, BC: RSIR hosted executives of Shanghai / Vancouver, BC-based VISAS Consulting Group during a reception in Vancouver, BC to discuss immigration and foreign-direct investment programs in the US.
THE AMERICAN DREAM IS ALL ABOUT IMMIGRATING TO THE US AND LIVING A BETTER LIFE – I GET IT BECAUSE I’VE DONE THAT VERY THING MYSELF.
offer English as a second language program and an internationally-diverse student body, which fosters a comfortable immersion for new immigrants. The freshman class of The University of Washington is typically 20% international, about half of which are from China. The Academic Ranking of World Universities lists the University of Washington #16 compared with its closest alternative the University of British Columbia, which is ranked #39. Only four other campuses outrank the University of Washington on the West Coast and all are located in California, which is known for costly tuition and a much higher cost of living.
health risks. To attract families, elite schools are investing millions of dollars to build indoor playgrounds below glass domes with industrial air filtration systems. Some travel specialists are even promoting “clean air destinations” in their marketing efforts. Still the cultural, economic and political environment in the US is equally important as the natural environment. As the US economy recovers and housing prices rebound, Wong believes its real estate will become the most secure asset class in the world – especially considering the US stock market has reached a new peak and investors seek safe havens with greater upside potential. Foreign buyers can take solace, she says, in the stability and relative predictability of US government policies while enjoying fee-simple ownership forever unlike land leases in China.
“The Chinese are very sophisticated,” adds Wong. “While they understand the impact they create they prefer housing markets that are built upon structural job growth rather than government ENVIRONMENT: While most of the Pacific policy or immigration alone. The overseas demand Northwest enjoys fresh air (with particles per cubic from their friends and family is a bonus but they’re meter ratings generally well below 50 AQI) the air quick to promote their new lifestyle.” quality index readings in many cities throughout China (especially Beijing) can be sustained above Landed immigrants themselves, Jones and Wong 300, 500 or even 750 AQI – that’s up to 40 times remain confident that the American Dream is alive the recommended exposure limit. Understandably, and well abroad. “The Pacific Northwest is well concerned parents in China have needed to keep positioned to attract an increasing share of this their children indoors at times to avoid increasing Asian bounty,” says Jones. “I feel we’re next.”
THE TALE OF TWO CITIES
Vancouver, BC: More than 125 guests attended the Tale of Two Cities event held in Vancouver, BC to compare Vancouver/ Richmond, BC with Seattle/Bellevue, WA. The event was cohosted by VISAS Consulting Group and noted real estate brokerages in the two markets.
NETWORKING WITH ANGELA WONG
Seattle, WA: RSIR brokers were treated to a conference with Angela Wong, a top-producing broker with Ewing & Associates Sotheby’s International Realty in Los Angeles who specializes in foreign buyers from Asia.
ANGELA WONG 伍家寶
VICE PRESIDENT INTERNATIONAL MARKETING/ASIA
國際市場營銷副总裁 (亞洲) As Director of International Marketing for Asia with Ewing & Associates Sotheby’s International Realty, Angela Wong draws from her executive experience with a large British firm in Hong Kong in providing impeccable, full-service representation for her international clientele. She applies her honed business skills and trilingual capabilities (English, Cantonese and Mandarin) to maintain her stature as a topselling Asian-American broker. With over 20 years of success, she proudly services all Pacific Rim markets through the world’s preeminent real estate network. Angela is a trusted opinion leader and regularly contributes to global media and events focused on international real estate. +1 818 645 6754 ANGELAWONG-HOMES.COM ANGELA.KP.WONG@GMAIL.COM
AN EVENING WITH LULY YANG
Kirkland, WA: RSIR partnered with renowned fashion designer Luly Yang as well as CITI Private Bank, Ferrari & Maserati of Seattle, Glass Distillery, and Butler Valet at a private fashion show held at a luxury residence on Lake Washington. REALOGICSSOTHEBYSREALTY.COM I 9
一直以来，苏富比国际房地产都在密切 监控全球房地产市场的动态。而毫无疑 问的，我们也注意到，近年来中国经济 的蓬勃发展和个人财富的增长，促进了 中国人对外国房地产的投资需求.
设立在西雅图的房地产公司，通过与整 个环太平洋地区的主要房产经纪，海外 财富管理机构，移民专家和其他中心协 力合作，极大地宣扬了西北太平洋的的 生活模式。这个项目称为龙与珠，亚洲（ 主要是中国）是“龙”，从温哥华起 ，沿 西海岸的排列的一系列城市是“珠”，包 括西雅图/贝尔维尤，旧金山，洛杉矶， 显然，圣马力诺的房屋需求并非来 橙县，和圣地亚哥。
自就业增长 ， 多数居民是来自 国外出，”伍补充说。 “它体现了 一种趋势，随着中国经济的发展， 这样的趋势将继续在其他城市出 现。
苏富比国际房地产总裁菲利普怀特 说：“据我们的观察，2012年仍然是亚 洲市场销售强劲增长的一年，尤其是在 大城市和比较特殊的地区。”
据国家房地产协会的调查，过去12个 月期间，中国消费者在美国购买房地产 的总值达到了90亿美元。 而唯有加 拿大人在购置房屋数量上超过了美国（ 实际上，这些加拿大人大多数是中国移 民）。 观察员指出，热门的市场包括一 些国际大都会，例如纽约，伦敦等，但一 些美国西海岸的城市也属上升趋势。 Realogics苏富比国际地产的总裁迪恩 琼斯说：“多年来，亚洲购房者都是温哥 华，旧金山和洛杉矶的消费主力。 而最 近新兴市场，例如西雅图和贝尔维尤，也 开始受到亚洲购房者的青睐。我们正在 逐步确保整个西太平洋海岸成为亚洲家 庭购买的主要推动力量。”
伍家宝，她是Ewing& Associate耀 荣/苏富比房地产公司,國際市場營銷副 总裁 (亞洲) ,总部设在加利福尼亚州卡 拉巴萨斯，她经常到亚洲经商。她认为， 她的客户寻求的是价格合理的，以及是 未来增值潜力又比较大的房产，在这一 点上， 西北太平洋地区的房产具相当 大的增长潜力符合条件。 伍家宝小姐也是龙和珠的创始人之一， 她说“在西雅图和贝尔维尤的生活方式 是非常类似于悉尼或温哥华，但房地产 价格的只有它们的一半。 这是非常吸引 中国买家的地方，我已经见证了很多次。 每次一个新市场被发现了，就会形成一 个区域性的房产高需求市场。 “ 伍家宝说，举个例子，加利福尼亚州圣 马力诺，是洛杉矶郡的一个小城市，在 20世纪90年代的备受中国买家推崇。 在2011年房屋买卖大萧条期间，它是 美国唯一的，不但没有下跌，而中等住 房价格还一定程度上升了的地区。而富 裕的社区像比佛利山庄，马里布，相比 2007同期，它们的跌幅分别为19％和 28％。 2012年圣马力诺中等住宅价 格高达一百五十万元。2010年人口普查 显示圣马力诺的人口约为13,241，其中
THE DRAGON AND THE PEARLS
LOS ANGELES, CALIFORNIA
随着美国经济的复苏，房价反弹，伍小 姐认为，美国房地产将成为在世界上最 安全的投资 ，并有更大的升值潜力-尤其是考虑到美国股市已经达到一个新 教育：“新闻周刊” 贝尔维尤五个公立 的高峰，她说，因为尤其美国政府的政 高中学校在全国名列前茅- 你不需要昂 策相对的稳定���可预测性，同时享受土 贵的私立学校。所有学校都提供英语辅 地永远所有权，而不像中国租赁政策。 导程序，和国际多元化的学生团体，给 新移民营造一个舒适的环境。华盛顿大 “但中国人是非常复杂的，”伍补充 学的国际学生是20％，其中约一半来自 说。 “虽然了解到他们对房地产市场 54％是亚裔人士。据MDA DataQuick 中国。华盛顿大学的世界大学学术排名 的影响，他们更喜欢是建立在结构性的 公司的研究，75％去年的销售额是来源 第16，相近的英属哥伦比亚大学，排名 就业增长，而不是单靠政府政策或移民 是39。 的市场。当然，在他们向朋友和家人宣传 于亚裔。 自己的新的生活方式的同时，也吸引了一 环境：这里有清新的空气 （一般远低于 些新的需求。” 据国际货币基金组织（IMF）的世界经 济展望报告， 十年前中国创造了1.6万亿 每立方米评级颗粒50 AQI），中国的许 多城市（尤其是北京）的空气质量指数 琼斯和伍家宝本身都是移民，因此，非 美元国内生产总值，紧紧尾随美国，日 常有信心“美国梦”是可以实现的。 本，德国，英国和法国。2013年中国预 的读数可以持续高于300，500，甚至 750 AQI 这超标了40倍。 可以理解的 计生产总值将超过9万亿美元，而成为 世界第二大经济体。同时，根据凯捷顾 是，中国的父母有时候让他们的孩子在 “西北太平洋已作好准备，亚洲市场的 问公司的2012年世界财富报告， 有史 室内，以避免空气污染。为了吸引家庭， 份额会越来越大，”琼斯说。 “我觉 以来第一次，亚太地区百万富翁人数超 名校投资数百万美元建立空气过滤系统 得我们是下一个目标地区” 过北美地区。 中国社会科学研究院发 的室内游乐场。一些旅游专家，甚至推 布的一项新的研究表明，富裕的中国人 动“洁净空气游”。 试图保护自己的资产，给孩子提供更好 房屋价格比较 的教育，和享受更高生活质量。 胡润百 中等住房平均价格/家庭收入 富榜的反映调查结果显示超过一半的中 18.00 国千万富豪正在考虑或积极尝试移民。
过去的房地产理念是 ：地点， 地点， 地点， 现在这个理 念需要更新，应该是：地点，教 育，环境，琼斯说：”大西雅图/ 贝尔维尤的地区就具有这些优 点
它有大型淡水湖泊提供了丰富的内陆水 域。而在繁华的城市中你还可以看秀丽 喀斯喀特山脉自然风景。
SAN FRANCISCO, CALIFORNIA
VANCOUVER, BRITISH COLUMBIA
HONG KONG, CHINA
10.00 8.00 中国香港
VICE PRESIDENT INTERNATIONAL MARKETING/ASIA
ANGELA WONG 伍家寶