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Chinese American Real Estate Group Installs New Officers


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Tuesday, September 21, 2010

Silicon Valley Association of Realtors board director and past president John Tripp and the Realtor group's Equal Opportunity Committee chair Tess Crescini congratulated John Luk, 2010-2011 president of the Chinese American Real Estate Association. 

Members of the real estate industry congratulated the 2010-2011 board of directors and officers of the Chinese American Real Estate Association, as they were formally installed on Friday, Sept. 17, at the Asian Pearl restaurant in Fremont. Don Faught, treasurer of the California Association of Realtors, delivered the keynote address and installed the new officers and board of directors.

Representatives of Realtor associations across the Bay Area attended the event and personally congratulated officers John Luk (GD Commercial), president; Lan Zhang (Century 21 Alliance), vice president; Joyce Sun (GD Commercial), treasurer; Janice Xie (GD Commercial), secretary; along with new board members Richard Chen (Old Republic Title), Kenny Chen (KB Homes), Lillian Chiang (California Bank & Trust), Simone Wang (GD Commercial), Carrie Chen (Goodview Financial & Real Estate), Dexter Lat (RE/MAX One Alliance) and Kim Heng (GD Commercial).

The Chinese American Real Estate Association was formed in 1988 in the San Francisco Bay Area to promote the social and economic well-being and professional image of Chinese Americans actively engaged in the field of real estate. According to the U.S. Census Bureau, Chinese Americans constitute the largest group among California's Asian population.

The Silicon Valley Association of Realtors was represented by past president and board director John Tripp, Equal Opportunity Committee chair Tess Crescini, Equal Opportunity Committee members Grace Keng and Davena Gentry, and government affairs director Adam Montgomery.

"We are very happy to support the Chinese American Real Estate Association in its goals," said Crescini. "It is estimated by the end of this year, 60 percent of potential first-time home buyers will come from emerging markets, but the homeownership rate of immigrants continues to lag that of native-born residents by as much as 30 percent."

Faught's address, which focused on the state of the California real estate market, was upbeat, as he mentioned improvements, especially in the Bay Area.

"Here in the San Francisco Bay Area, you're probably the best market in the state. There just isn't that much room for new development here, which adds to the supply and demand factor," Faught said.

While there are areas that are still struggling, Faught noted over the last couple of months some of the markets which have been in decline for over two years are starting to see action because there are lot of bargains in the market. He indicated instead of looking at average annual transactions below $300,000, the last couple of months have seen transactions above $400,000. Without a doubt, affordability is much better, as a result of lower prices and record low interest rates, he said.

Good inventory, the stabilization of prices, and the recent tax credits all contributed to these improvements. "Although many are disappointed the first-time home buyer tax credits have ended, you must admit they did exactly what they were intended to do, and that was to get buyers off the couch and out into the marketplace," Faught said.

The state Realtor official indicated 40 percent of buyers this year are first-time home buyers. Investors have been active, and now represent more than 12 percent of current sales. Another interesting fact is 23.2 percent of all sales have been all cash, an increase from last year's 19.5 percent. There are also a large number of foreign buyers coming from overseas to the California marketplace because they see bargains in the Bay Area.

"Certainly our location here with respect to the Pacific Rim gives us an advantage you just can't beat. So this is very good for California and our overall economic health," said Faught. "We'll get through this. It is not going to be over anytime soon, but all in all, things are looking much better."


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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