WASHINGTON, D.C.—The real estate market correction will not be over in 2008, according to Jim Park, President and CEO of Asian Real Estate Association of America (AREAA). The Asian American real estate market is on average stronger than the mainstream real estate market, but it is also more volatile. Allen Chiang, CEO of Presidential Real Estate in California, concurs with Mr. Park. He says the Asian American real estate market is, in general, stronger than the mainstream market.
Mr. Park spoke at the Inaugural Gala of the Asian Real Estate Association of America (AREAA) of the Washington, D.C. metro chapter held March 25 at the Sheraton Hotel in Tyson's Corner, Northern Virginia. Over 500 guests from local businesses, governments and media attended the gala.
A lot of Asians bought houses in the past several years, said Park. Their equity buildup hasn't amounted to much. Due to price drop in the real estate market, they may be carrying debts that are higher than the value of their houses now. Asians are not so directly impacted by foreclosure, but are indirectly affected when houses in their communities are put under foreclosure procedures.
Dr. Darlene F. Williams, the Assistant Secretary of Policy Development & Research at the Department of Housing and Urban Development (HUD) came to speak on behalf of Secretary Alphonso Jackson.
According to the President of AREAA DC chapter, Vinh Nguyen, the purpose of the association is to represent the interests of the Asian American real estate market, raise professional standards of the market, and offer a network of referrals for international businesses in the Asian Pacific region.
The DC chapter's immediate goal is to grow members to 1,000 within a year and host joint training with the national AREAA. The gala has obtained sponsorship from Wells Fargo and Bank of America.
At the end of the event, the humor and competition between Virginia Attorney General Robert McDonnell and Dr. Pradeep Ganguly, Director of Economic Development of Montgomery County, Maryland entertained gala guests. Both of them spoke about their own state/county with a great deal of passion and tried to woo businessmen in the Washington metro area to invest in their respective areas. Their remarks flattered local businessmen, especially Asian Americans.
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