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The Silicon Valley REALTORS® Charitable Foundation Trust, the charitable arm of the Silicon Valley Association of REALTORS®, presented scholarships to 18 graduating seniors from public high schools in Silicon Valley at the end of the 2023-2024 school year. Each student received a $1,500 scholarship. The scholarship awards are made possible by donations from SILVAR REALTORS® and affiliates.
The Charitable Foundation Scholarship Program is a partnership effort between the Silicon Valley REALTORS® Charitable Foundation and educators in SILVAR’s service areas. The program recognizes students for their outstanding achievements in academics, extracurricular activities, and community involvement. Scholarship recipients are selected from the high schools in the communities served by SILVAR members.
The selection committee, chaired by Scholarship Program chair Nina Yamaguchi, includes representatives from the local business community and SILVAR. This year marks the program’s 25th year. Since its start, the program has awarded $517,500 in scholarships to graduating seniors in communities served by SILVAR members.
Students who received scholarships, the schools from which they graduated, and the colleges/universities they plan to attend are William (Wei Chi) Yao, Cupertino High School (UCLA); Batoul Mortada, Fremont High School (University of Detroit Mercy); Ezra Furtado-Tiwari, Henry M. Gunn High School (UC Santa Barbara); Mahi Patel, Homestead High School (UCLA); Manasija Bhargavan, Leigh High School (UC Santa Barbara); Audrey Fan, Los Altos High School (Stanford University); Dana Hathaway, Los Gatos High School (Northwestern University); Sophie Yang, Lynbrook High School (University of Chicago); Sarah Jay Weintraut, Menlo-Atherton High School (UCLA);Amy Zheng, Monta Vista High School (Stanford University); Mikayla Kim, Mountain View High School (UCLA); Haley Oba, Palo Alto High School (Columbia University); Sophia Tian, Prospect High School (University of Pennsylvania); Natalie Tsung, Santa Clara High School (UCLA); Lynn Dai, Saratoga High School (Yale University); Zachary Jansons, Westmont High School (UC Berkeley); Vidhya Vishwanath, Wilcox High School (Carnegie Mellon University); and Kayla Tsui, Woodside High School (Cal Poly San Luis Obispo).
Members of the SILVAR presented the scholarship awards to the recipients during senior awards night at their respective schools. Presentingthe awards this year were Joanne Fraser (Compass), Katherine Frey (Katherine Frey Real Estate), Jimmy Kang (eXp Realty of California), Alex Lewicki (DeLeon Realty), Theresa Loya (Coldwell Banker), Wendy Marioni (Compass), Tracey McNeely (eXp Realty of California), Sunita Merchia (Merchia Realty), Russell Morris (Coldwell Banker), Suzanne Myers (Intero Real Estate Services), Navneet Parmar (Real Estate Experts), Tammie Peters (Christie’s International Real Estate Sereno), Denise Welsh (Compass) and Mark Wong (Compass).
VIEW 2024 CFT SCHOLARSHIP RECIPIENTS
Elevated mortgage rates, high home prices and limited housing inventory are making the dream of homeownership difficult for Americans, National Association of REALTORS® Chief Economist Lawrence Yun told REALTORS® attending the “2023 NAR NXT The REALTOR® Experience” conference and expo in Anaheim last week.
Yun analyzed the current state of the U.S. residential real estate market and shared his 2024 outlook during the Residential Economic Issues and Trends Forum. He explained that high mortgage rates and low inventory have dominated 2023, and as a result, he predicts home sales will likely decline by 18% this year.
The housing shortage continues to be what’s edging up home prices, said Yun. “Lack of inventory is providing the support for high prices, but it’s also making it super difficult for first-time buyers to enter the housing market.”
First-time buyers face steep challenges. High rent, student and credit card debt, car loans, and childcare costs for those with children have made it difficult for many to save for a down payment.
High interest rates have had a great impact on the U.S. overall economic performance, said Yun. While the latest GDP figure of 4.9% shows growth, he warned there are some worrying signs in the economy. Business spending is essentially flat. Goods inventory is rising, which means products are being produced but they are not getting sold.
“We cannot keep adding to the shelves,” said Yun. “Just like in housing, businesses have to borrow money, and business spending is down because it’s more expensive to borrow.”
Yun said the jobs data is still positive, but each passing month shows diminishing strength. Based on the trendline, employment could become negative, which makes the upcoming GDP number looks to “worrisome.”
Yun noted that currently, the consumer price index (CPI) is much calmer, and with community banks suffering from high interest rates, the Fed should adjust its monetary tightening posture. In fact, the bond market appears to be reacting as if the Fed will be cutting interest rates next year.
“I believe we’ve already reached the peak in terms of interest rates,” Yun said. “The question is when are rates going to come down?”
Yun projects mortgage rates will head towards 7% in a few months and into the 6% range by the spring of 2024. He also anticipates that more sellers will enter the market.
“Builders are back on their feet, up 5% in newly constructed home sales year to date,” said Yun. “Builders can simply create inventory. In a housing shortage environment, builders are really benefiting.”
Other numerous trends point to possible pent-up seller activity that could trigger much-needed inventory due to life changes. This would include growing families, couples marrying or divorcing and seniors. There are seven million newborn babies, three million marriages, and 1.5 million divorces. Seven million people will turn 65 years old and will be looking to downsize or relocate to live closer to their children and grandchildren. Additionally, four million deaths, four million net new jobs, 50 million job switches, are all reasons sellers will need to sell sooner than later. Yun added that international buyers have declined, but once they return to the market, there will be a boost in buying.
“Pent-up sellers cannot wait any longer. People will begin to say, ‘life goes on,'” said Yun. “Listings will steadily show up, and new home sales will continue to do well. Existing home sales will rise by 15% next year.”
Nearly 12,000 NAR members and industry stakeholders from all 50 states, several U.S. territories and 40 countries attended last week’s NAR conference and expo. Representing the Silicon Valley Association of REALTORS® at the event were President Jim Hamilton and SILVAR NAR director Denise Welsh.
The Silicon Valley Association of REALTORS® (SILVAR) 2019 leadership team was installed last night at the Los Altos Golf & Country Club. California Association of REALTORS® (C.A.R.) 2019 President-elect Jeanne Radsick administered the oath of office to SILVAR President Alan Barbic and the 2019 officers and board directors. C.A.R. 2005 President Jim Hamilton served as master of ceremonies and welcomed members and guests at the special event. Immediate Past President Bill Moody led everyone in the Pledge of Allegiance and 2019 President-elect Mary Kay Groth delivered the inspiration message.
SILVAR’s 2019 officers include Barbic, a broker associate with Sereno Group Los Gatos; Groth, a REALTOR® with Sereno Group Los Gatos, President-elect; and Jeff Bell, a REALTOR® with Coldwell Banker Residential Brokerage Cupertino, Treasurer.
Joining SILVAR’s lead officers are Moody (Referral Realty), Past President; Denise Welsh (Alain Pinel Realtors), Region 9 Chair; Leannah Hunt (Sereno Group), NAR Director; Jasmine Lee (Coldwell Banker Residential Brokerage), Menlo Park-Atherton District; Lynn Wilson Roberts (Compass) Palo Alto District; Greg Boudreau (Coldwell Banker Residential Brokerage), Los Altos-Mountain View District; Jim Light (Jim Light Broker), Cupertino-Sunnyvale District; Jim Hamilton (Alain Pinel Realtors), Los Gatos-Saratoga District; Directors At-large Mark Burns (Referral Realty), Joanne Fraser (Alain Pinel Realtors), Katherine Frey (Katherine Frey Real Estate), Penelope Huang (Golden Gate Sotheby’s International Real Estate), and Karen Trolan (Alain Pinel Realtors).
Top left to right: 2017 REALTOR® of the Year Chris Isaacson; Affiliate of the Year Darrell Monda; Spirit of SILVAR Leannah Hunt. Bottom left to right: 2017 C.A.R. Region 9 Chair Chris Isaacson; 2017 President Denise Welsh was presented with her own gavel, a thank you for her service; President’s Award Susan Tilling.
The Silicon Valley Association of REALTORS® Installation Dinner on Jan. 25, SILVAR 2017 President Denise Welsh and Executive Officer Paul Cardus presented the 2017 Appreciation Awards to recognize certain members for their valuable contributions to the Association last year.
Welsh first thanked her fellow board members and committee chairs for their support last year, and said it was a privilege to serve the membership of SILVAR as president. Recognized for their outstanding contributions were:
2017 REALTOR® of the Year: Chris Isaacson (Coldwell Banker Residential Brokerage)
Welsh said Chris Isaacson has been a REALTOR® for slightly over a decade and in that time he has achieved so much for the Association in many different roles, from serving on the district council, as 2015 president of SILVAR, a California Association of REALTORS®® (C.A.R.) Region 9 director, 2017 SILVAR Region 9 chair, and National Association of REALTORS®® (NAR) director.
Welsh described Isaacson as a quiet and effective leader. Working on issues ranging from political to financial, Isaacson has shared his vision and expertise with the Association and its members. “Through his strong, calm leadership, and with an unflappable demeanor, he has strengthened and grown our Association,” said Welsh. Isaacson was also recognized for his leadership and excellent work on behalf of SILVAR and members as 2017 SILVAR Region 9 Chair.
2017 Affiliate of the Year: Darrell Monda (TourFactory)
Welsh said Monda, a longtime affiliate of SILVAR, “has proven to be a dedicated workhorse and a great proponent of our Association.” His firm provides essential state-of-the-art services to SILVAR’s REALTOR® members. Welsh recognized Monda’s professional support for all programs across the Association, from tour meetings, to the CIPS (Certified International Property Specialist) Institute, to the bocce ball tournament in Los Gatos.
“His generosity of spirit and willingness to roll up his sleeves and help where needed enhances the image of our Association and our REALTOR® and affiliated professional members,” said Welsh.
Spirit of SILVAR: Leannah Hunt (Sereno Group)
Leannah Hunt is a REALTOR® who reflects the Association’s commitment to supporting and contributing to the communities it serves and is one of the leaders in real estate in Silicon Valley. Welsh said Hunt “has worked on the frontlines and behind the scenes for the success of the Association.”
Welsh praised Hunt’s efforts to give back to the community by being active in an array of political and civic causes, serving on numerous boards.
“She is generous with her financial support as she is with her time. She is the REALTOR® face in her community,” said Welsh.
President’s Award: Susan Tilling (Coldwell Banker Residential Brokerage)
The President’s Award is presented at the discretion of the president to an individual whose service to the Association is worthy of special thanks and recognition. Susan Tilling has devoted many years of her time acting as a representative at C.A.R. and is a C.A.R. Director for Life.
Upon presenting this award to Tilling, Welsh said, “We are often asked why we get involved and volunteer. We are trying to find our ‘why.’ There are people who are involved out of a deep conviction that the time spent, the purpose of the organization, provides enough motivation for them to donate their time to the cause.
Welsh said Tilling “embodies the values and principles that drive so many of us to dig in and get involved with organized real estate, to fight for property rights and the ability of every man to achieve the American Dream. It is our ‘Why.'”
SILVAR’s 2018 leadership team.
The Silicon Valley Association of REALTORS® 2018 leadership was installed Jan. 25 at Palo Alto Hills Golf & Country Club. California Association of Realtors 2013 president Don Faught administered the oath of office to SILVAR’s 2018 president, Bill Moody, and the 2018 officers and board directors. C.A.R. 2005 president Jim Hamilton served as master of ceremonies.
SILVAR’s 2018 officers include Moody, a REALTOR® with the Referral Realty, Cupertino; Alan Barbic, a REALTOR® with Sereno Group, Los Gatos, president-elect; and Phyllis Carmichael, a REALTOR® with Coldwell Banker Residential Brokerage, Los Altos, treasurer.
Joining SILVAR’s lead officers are Denise Welsh (Alain Pinel Realtors), past president; Karen Trolan (Alain Pinel Realtors), Region 9 chair; Leannah Hunt (Sereno Group), National Association of Realtors director; district chairs Jasmine Lee (Intero Real Estate Services), Menlo Park-Atherton District; Penelope Huang (Golden Gate Sotheby’s International Realty), Palo Alto District; David Casas (Intero Real Estate Services), Los Altos-Mountain View District; Jeff Bell (Coldwell Banker Residential Brokerage), Cupertino-Sunnyvale District; Ryan Nunnally (Keller Williams Bay Area Estates), Los Gatos-Saratoga District; and Mark Burns (Referral Realty), Joanne Fraser (Alain Pinel Realtors), Katherine Frey (Katherine Frey Real Estate), Mary Kay Groth (Sereno Group), Lynn Wilson Roberts (Alain Pinel Realtors), and Mark Wong (Alain Pinel Realtors), directors At-large.
Moody is a native of Silicon Valley and a U.S. veteran, having served in Vietnam from 1966 to 1968. He is a graduate of the former Ellwood P. Cubberley High School in Palo Alto and San Jose State. Moody has served as chair of SILVAR’s Cupertino-Sunnyvale District and as a California Association of Realtors Region 9 director.
In his address to members and guests, Moody said he spent 25 years in high tech sales before getting his license 15 years ago. Quoting the late Steve Jobs, Moody said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”
The Silicon Valley REALTORS® Charitable Foundation donated $49,203 in 2017 to non-profit organizations that help homeless and low-income individuals and families in Silicon Valley. Funds this year also went to scholarships for graduating seniors from public high schools in the region. This was also the first year funds were disbursed from The John Tripp Silicon Valley REALTORS® Veterans Scholarship Endowment to a student at Foothill College and at DeAnza College, with each student receiving $500.
The Silicon Valley REALTORS® Charitable Foundation is a trust that makes grants available to organizations from donations by REALTORS® and affiliate members of the Silicon Valley Association of REALTORS® (SILVAR). The foundation grants are also funded by proceeds from SILVAR’s District fundraisers, like the annual Los Gatos-Saratoga District’s bocce ball tournament, which raised $3,362, and the Los Altos-Mountain View District’s annual pumpkin auction, which raised over $5,000 this year.
“We are thankful that with our members’ continued support we are able to continue our commitment to the welfare of the communities where our members work and live,” said Silicon Valley REALTORS® Charitable Foundation President Eileen Giorgi. “We thank our members for supporting the Foundation year after year.”
The 2017 Charitable Foundation grant recipients include Community Services Agency, which provides social services for residents of Mountain View, Los Altos and Los Altos Hills; East Palo Alto Kids Foundation, which promotes educational opportunities for students in East Palo Alto and eastern Menlo Park; Family Connections, which offers a tuition free cooperative preschool program for low-income children in San Mateo County; My New Red Shoes, which provides homeless and low-income children new clothing and shoes at the start of the school year; and Housing Trust Silicon Valley, which makes loans and grants for first-time homebuyers.
Also in 2017, the Charitable Foundation presented a $1,000 scholarship grant to each of 18 graduating seniors from public high schools in Silicon Valley. Since its creation 18 years ago, the program has presented a total of $324,000 in scholarships to Silicon Valley youth. SILVAR’s districts, through the Charitable Foundation, also donate to their local community nonprofit groups. 2017 District donations included $5,257 raised at the annual Los Gatos-Saratoga District pumpkin auction for Operation Reindeer (Family Giving Tree); $2,000 to the Cupertino Education Endowment Foundation and $750 respectively to West Valley Community Services and Sunnyvale Community Services from the Cupertino-Sunnyvale District; and $946 from the Los Altos-Mountain View District’s Legal Update sessions to Community Services Agency.
SILVAR represents over 5,000 REALTORS® and affiliate members engaged in the real estate business on the Peninsula and in the South Bay. Serving on the foundation’s board of trustees are Giorgi, Phyllis Carmichael, Chris Isaacson, Karen Trolan, Denise Welsh and Paul Cardus.
As both the House and Senate sharpen their vision for tax reform, REALTORS® want to ensure homeownership is protected throughout the tax reform debate.
“We are watching closely for changes to current law that might leave middle-class homeowners – and homeownership broadly – in a worse place than it is today,” said National Association of REALTORS® (NAR) President Elizabeth Mendenhall. “A near doubling of the standard deduction, combined with the elimination of other deductions, like the state and local tax deduction, can turn the American dream into a nightmare for families, as the rug is pulled out from under them. Simply preserving the mortgage interest deduction in name only isn’t enough to protect homeownership.” Now that both the House and Senate have passed their own versions of The Tax Cut and Jobs Act, a Conference Committee will address the differences between both bills and come up with a final version of a tax reform bill. It could happen anytime next week, as their goal is to vote on the bill by the end of the week.
NAR is asking Congress to support the following provisions for inclusion in the final legislation:
Mortgage Interest Deduction: Retain current law to maintain a total cap of $1 million on primary first and second homes.
Capital Gains Exemption: Retain current law of exempting gains of up to $250,000 for single filers and $500,000 for joint filers for primary residence lived in for two of the past five years of ownership.
State and Local Tax Deductibility: The limitation of deductibility to property taxes should be expanded to include state and local income taxes and the cap should be increased and indexed to inflation These provisions would add needed protection to current and future homeowners and strengthen the ability of qualified American families to purchase a home.
Denise Welsh, president of the Silicon Valley Association of REALTORS®, emphasized it is important to keep homeownership intact for everyone who wishes to purchase a home. “Let’s not let tax reform quash the American dream of homeownership. While the bill reduces taxes on average in every income group, we have grave concerns that with the elimination of the state and local tax deductions and limiting property tax deductions, millions would still see their taxes go up and home values would drop,” said Welsh.
SILVAR President Denise Welsh and President-elect Bill Moody congratulate 2017-2018 CAREA President Jennifer Chen and other members of CAREA’s leadership team.
SILVAR and other members of Silicon Valley’s real estate community congratulated the 2017-2018 president, officers and board directors of the Chinese American Real Estate Association (CAREA) at the association’s installation dinner last Friday. The event, which was also a celebration of CAREA’s 30th anniversary, was held at the Dynasty Chinese Seafood Restaurant in Cupertino.
SILVAR President Denise Welsh administered the oath of office to the 2017-2018 CAREA officers and board directors. The officers include Jennifer Chen (JC Investment), president; Yuan Chang (Intero Real Estate), vice president; Wilson Chai (Bank of America), vice president; Shen Li (GD Commercial), secretary); and Kenny Tang (East West Bank), treasurer.
The 2017-2018 board directors are Mattie Wei (Re/Max Accord), David Wang (Century 21 Realty Alliance), Doris Chen (JC Investment), Dexter Lat (Realty World One Alliance), Joyce Sun (GD Commercial, Inc.), John Luk (GD Commercial, Inc.), Leslie Chao (GD Commercial), Michelle M. Song (GD Commercial), Barbara Kuang (Allstate-BnW Associates, LLC), and advisors David Bonaccorsi, Esq. (Law Offices of Bernard, Bagley & Bonaccorsi, LLP), Jimmy Chen (CTBC Bank), John Wong (Wong & Chin CPAs) and Sheena Chong (Vantec USA), advisor.
Silicon Valley Association of REALTORS® says ... 