Event Coverage
Region 9 Directors Report on C.A.R. Business Meetings at Long Beach
California Association of REALTORS® (C.A.R.) Region 9 Directors from the Cupertino/Sunnyvale District updated members on the C.A.R. Business Meetings held in Long Beach early this month. Reporting were SILVAR President Carolyn Miller, Directors Mark Burns, Bill Moody and Jeff Bell.
Miller attended the Presidents' Forums and Risk Management meetings. She reported on a housing forum she attended moderated by C.A.R. Executive Vice President and CEO Joel Singer. She learned that Silicon Valley has a 30 percent homeownership rate. Due to the price points here, many cannot afford homes, but cannot afford not to buy. It is difficult for first-time buyers to get into the market.
The Bay Area, since 2010, has really no space to build housing. Google is actually planning and implementing housing for its employees. Doing this kind of development within companies can provide retention of the companies within California.
Miller also learned California needs 160,000 units built; currently, there are only 50,000 units under construction. Ninety percent of boomers and older groups are staying in their homes in Silicon Valley. They are still working, not downsizing, and holding off up into their 80's before moving either into smaller homes or out of the area to perhaps follow children and grandchildren.
Miller, together with Moody, attended the risk management meetings. One session featured a panel of attorneys and insurance representatives who discussed the E&O insurance coverage. C.A.R. has a Q&A on property managers and the contractors' licensing on its website. It was strongly suggested that agents speak with their management regarding their E&O policy.
Burns, who attended the Standard Forms Advisory Committee meetings and Forum on Forms, announced that C.A.R. will have about 30 new or revised forms, ex. the Seller's Exclusion Form will be revised to reflect stronger language regarding off-MLS properties.
Bell, a member of the C.A.R. Nominating Committee, reported discussion regarding tenants in HOAs and landlords collecting the rent but not paying the HOA fees. He reported C.A.R. now has 165,000 members and is projecting 167,500 in 2014.
Complete reports from C.A.R. Region 9 Directors will be availableont SILVAR's website.
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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.
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