Press Releases
Bay Area Multicultural Real Estate Summit Shows Unity of Purpose in Diversity
- For Immediate Release -
Cupertino, CA - For the first time in the history of California's real estate industry, 11 associations of real estate professionals came together on Oct. 25 to hold the first Bay Area Multicultural Real Estate Summit. The summit brought together Bay Area real estate practitioners, government officials and service providers in an educational conference format focused on dissemination of information, demographic trends, financial reforms and business practices which affect the fast growing multicultural real estate communities in the counties of Alameda, Contra Costa, San Francisco, San Mateo and Santa Clara.
The 11 organizations included seven ethnic real estate associations - Asian Real Estate Association of East Bay, Chinese American Real Estate Association, Chinese Real Estate Association of America, Filipino American Real Estate Professionals Association, National Hispanic Real Estate Professionals of San Francisco and Silicon Valley, South Asian Real Estate Association of America, three Realtor associations - Bay East Association of REALTORS®, Silicon Valley Association of REALTORS®, San Mateo County Association of REALTORS®, and Fidelity National Financial.
Over 300 people attended the event, which was held at the Elks Lodge in San Mateo. Sponsors of the initiative included Wells Fargo Home Mortgage, Stewart Title of California, Chicago Title, Old Republic Title, the California Association of REALTORS®, Land America Title, Asian International Real Estate Expo & Conference and Pre-Paid Legal Services. The summit also received the support of the National Association of REALTORS® and San Jose Association of Realtists.
Introductions were made by SAMCAR President Geoffrey Craighead. The program included a presentation on the state of the real estate industry by California Department of Real Estate Commissioner Jeff Davi, a panel discussion composed of experts in the industry and a class on preventing foreclosures. Comprising the panel were Davi, Freddie Mac Expanding Markets Manager Sergio Barajas, California Association of Realtors State Legislative Chair Steve Goddard, Julius Nyanda of the San Jose Association of Realtists and Asian Real Estate Association of America Chair Allen Okamoto. Fidelity National Financial's Senior Vice President for Market Development Pablo Wong moderated the panel discussion, and later received the Presidential Award for his efforts towards recognition of cultural and ethnic diversity in the real estate industry. Jorge Carcamo, president of NAHREP- San Francisco, and Patricia Lindo, president of NAHREP- Silicon Valley, delivered the presentation on "Preventing Foreclosures."
The clear message derived from the summit is the economy is strong and it is unlikely problems in the real estate market will spill into a recession. Real estate is cyclical and the market will turn around again, like it always has, with the greatest opportunities resting on the growing ethnic populations. The panelists stressed education is the key for agents and homebuyers, especially those who find themselves at risk of foreclosure. All were in agreement that news about California's real estate market has been too negative and agents need to educate their clients about the true picture and potential of real estate in the Bay Area. They also stressed housing affordability issues should be raised at the local level.
"We're proud that the Silicon Valley Association of REALTORS® was among the founding associations of the summit," said Josie Gambera, a board director and chair of the Realtor group's Cultural Diversity and Equal Opportunity Committee. "The summit was an opportunity for all Bay Area real estate professionals from the different associations to come together with the same goal, which is that of helping everyone, regardless of their ethnicity, achieve the American dream of homeownership. We were able to address real issues and learn from each other about how best to educate our consumers about the real estate market."
"The summit was an opportunity to build bridges with a unique platform of bringing everyone together, so that at the end of the day, it's not your ethnic background that matters," said Lindo, who also serves as head of the summit steering committee. "We have more things in common than differences and we are all focusing on the same problems and goals, and that is to help everyone, regardless of their ethnicity, achieve the American dream of homeownership.
Lindo said the summit's founding associations hope to make the summit an annual event.
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.