Are you enjoying the podcast? Make sure to leave a review on iTunes. Every comment is appreciated.
AREAA Asian Real Estate Association of America’s Jim Park, Chairman Emeritus, and the CEO of New Vista Asset Management speaks about the why’s of AREAA’s formation. It was conceived to help Asian Americans become home owners in the United States, with chapters all over the United States and Canada it has become a force to serve the Asian American market.
AREAA is making inroads into helping investors, first time home buyers and needy families in the real estate space.
$82.5 Billion Dollars of Foreign capital came into the United States in 2012. 25% of that money came from Asia (China, Korea, Japan, Hong Kong, Taiwan). LA, Seattle, Vancouver, New York City are experiencing big investments from foreign investors in Asia.
The reality is you don’t have to speak the language to do business with Asian buyers. They have a pretty high net worth with a top performing network. You do need some cultural sensitivities, and it is a good idea to recruit people who are proficient in the language as well. We also discuss the sensitivities of money and moving money into the country and the various restrictions to moving money into the US.
New Vista Asset Management was founded 7 years ago with a partner, to get ahead of the economic crisis because 50% of the distressed properties were held by minorities.