Event Coverage
Good Food, Networking, Global Real Estate Information at Global Potluck
On Tuesday SILVAR members enjoyed the Global Business Council Potluck, which featured an array of ethnic dishes provided by members and guests. Along with the good food and networking, members received information about global real estate, shared their experiences in this field of real estate, and offered tips on how to connect with foreign buyers. They also received information on how best to utilize Proxio, a new membership benefit for SILVAR REALTOR® members.
Special guest Sateesh Lele, vice chair of the California Association of REALTORS® Global Real Estate Forum, shared information from the Forum's presentation at the C.A.R. Business Meetings in San Diego. Lele indicated Florida, California, Texas and Arizona continue to be the leading destinations for international buyers, while Canada, China, India, Mexico and the U.K. are home to majority of international buyers.
Davena Gentry, chair of the Silicon Valley Association of REALTORS® Global Business Council, said even as home prices are appreciating, the US. is still relatively inexpensive in cost of living and housing, offering value, diversification, stability, and size. She shared information from a March 2013 CNBC article that indicated in Hong Kong, for example, the average property prices in the fourth quarter of 2012 ranged from $4,570 – $5,050 per sq. ft.
American retirees are moving globally, too, and projected to be the fastest growing segment in the overseas property market. Some countries are working to attract retirees with specific visa programs and resorts/gated communities designed with retirees in mind. Countries where Americans can live and still receive their social security benefits are attracting retirees, as well. According to the U.S. Social Security Administration, Canada, Japan, Mexico, Germany, United Kingdom, Italy, Greece, France, Australia, and Spain have the highest number of social security recipients.
Sophie Arreta, director of operations for Proxio, talked about how REALTORS® can use the Proxio membership benefit to build their global business. In order to take full advantage of this benefit, after logging in and completing their profile, members need to connect and engage with other agents in the network, said Aretta. She noted too, that members need to be aware the business of real estate is not practiced in the same way around the world.
"We clearly need to embrace other cultures. Through technology, the world has gotten smaller. Proxio will help our members form connections with other agents around the world, so we get to know each other and promote each other's listings. It's an incredible opportunity," said Gentry.
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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.
For further information, please email or call the SILVAR office at (408) 200-0100.