Creating Wealth Through Real Estate

The real estate market continues to be a hot topic of discussion at holiday parties and continues to be written about frequently in the media. During the boom years ending in July 2005, housing equity rose by $4 trillion. This gain was tremendous, but was even more "remarkable when compared to stock market wealth accumulation, which was essentially flat over the same comparable period."

The market has softened since its peak in 2005 but does this mean that we can expect a market crash. Well... maybe not! The fundamentals of the state (MA) remain strong and more importantly this is not the early to mid 1990s or the early 1980's or the mid 1970's when prices dropped because of recession and high unemployment.

"A recent detailed study of 379 US metropolitan markets by a well-regarded Pennsylvania consulting firm, Moody's Economy.com, says that while home prices are falling nationally, the worst may be over for Boston area homeowners. Prices may not rise any time soon, the study said, but they are probably NOT going to fall much further." However, Predictions are always tricky!

As long as households keep on spending, the economy should be able to withstand the blow from the housing correction.

Key Points and Outlook:

• Buyers on the Move Again: This is the best time in recent years to be a buyer. Pent-up buyer demand seems to be loosening, as the market appears to be stabilizing, and more are making lifestyle purchases and taking advantage of lower prices and better inventory before the spring market is in place. Even the Globe has been announcing the bottom of the market for the past 2 months.
• A Wide Variety of Homes to choose from: Inventory is still healthy, but beginning to drop as buyers are no longer waiting to time the market.
• Mortgage Rates remain Low: Mortgage rates are still historically low, inventory is healthy, and most sellers are setting reasonable prices based on this market rather than the unusual spiking prices of the past five years.
• Market at or near Bottom: Real estate market is experiencing a healthy price correction and return to a “normal” long-term appreciation rate. The New England Economic Partnership, a nonprofit research firm, is forecasting that home prices in Massachusetts will decline about 5 percent through the year.
• Still a Great Investment: Real estate continues to be a great long-term investment. Prices are expected to appreciate an average of 15-17% between 2007 and 2015.
• Location Location Location is still the Rule: This means that some towns will experience higher appreciation rates while others a bit lower.
• Rents are Rising: As for the rental market, industry watchers are expecting to see rents inch up. Continued job growth in Massachusetts and nationally, as well as low inflation, should bode well for apartment demand.
• Come Spring and More competition for Good Properties: 2007 is expected to mirror 2006, resulting in another historically strong year, although below the market sales and price spikes of recent years (according to National Association of REALTORS®).

To learn more about the real estate market and related investment opportunities join the discussion on this topic at the Holiday Inn, Brookline, on Thursday, April 26th. See NetSAP-Boston's website for more details.

NetSAP Dinner Circle - Peer networking and Mentoring

NetSAP Boston is starting a new event called "Dinner Circle," a concept inspired by our DC chapter and improvised by us to promote peer networking as well as mentoring with an experienced professional in a field of your choice. To make this event better suited to your needs and expectations, we have a prepared 30 second survey for you here. Details of this concept are mentioned below. However, if you have more questions, suggestions or feedback feel free to contact Shobhit Chugh, Social chair or Aman Patel, Professional chair at dcircle@netsapboston.org

Update: Check out pictures from our August Dinner Circle

Dinner Circle Details:
Have you been searching for the opportunity to meet and get to know other South Asian professionals in the Boston area? Are you the type that prefers small dinners with friends over raucous nights out at clubs? Do you want to know more about different career fields, and didn't know who to ask?

Well, then come participate in the Dinner Circle. These small group dinners are designed to provide comfortable, intimate settings where young professionals with similar interests can have meaningful conversations and expand their social and professional relationships. In addition, they present an opportunity to meet an experienced professional from the industry of your choice, who can guide you, and answer your questions.

Here's how it works: Please click on the survey link if you are interested in this event and answer a few questions that will help us learn more about you and the careers you intend to know more about. (This may not necessarily be linked to your current profession. For ex. an attendee who is a management consultant might want to know more about Journalism or Non-profit organizations)

We will send another survey which participants interested in attending a particular dinner circle event can take and provide us with more details about themselves. Additionally, you can choose the mentor whose table you prefer to be at. Also choose your entrees (list will be provided) and prepay for the meal (NetSAP will negotiate group discounts with restaurants).

Once we have a list of all interested participants, we'll divide you up into groups of 5-7 based on the information you provide, and assign a mentor for your group based on your preferences (first come first serve). You will then be sent a confirmation email with details of your group and mentor. Show up at the dinner, ready to be social, learn more and enjoy a meal! Please feel free to mingle with the rest of the groups at the bar after the meal.

Our commitment: We'll do our best to maximize the potential of the evening by thoughtfully matching participants with others of similar age, interests, and career stage, and providing a suitable mentor. We'll also try to pick easily accessible, moderately priced restaurants that make the evening more enjoyable.

Your commitment: Firstly, We ask that you prepay for the dinner when your group has been assigned, and show up to your assigned restaurant on time (that's Eastern Standard Time, not Indian Standard Time!). Secondly, we ask that you prepare a list of questions you might like to ask your mentor, and participate fully in the discussions!

Career Management and Strategies for Success

Well, the Professional chairs at NetSAP, Swarupa and Kiran spent quite some time early this year brainstorming about different topics that we can focus on at our professional seminars. And as we started planning our first seminar on Managing your Career, I began delving deeper into this topic myself. Career management has become very complex today. It is not just about performing well in your current jobs but the many factors that influence and determine how you do at work that make it more confusing and perhaps interesting. Undoubtedly, it is important to be good at what you do and gain new technical skills that will give you an edge over your peers. However, performing well in the tasks assigned to you and doing better than your co-workers is not all. The flat world (multi-site) and large cross-functional teams have totally changed the dynamics of career growth today. People skills, power and influence play as much importance as your technical skills and expertise. More importantly, you need to sell yourself and build your network so that you get noticed, get promoted or get that new job you like. As the old adage goes "It is not just what you know, it is who you know and what they know about you."

Our Speaker Kathleen Cashman who is a renowned management coach will be discussing these issues and more in our seminar on Tuesday March 20th. Meanwhile, here are some articles that you may find interesting...

25 Hot Tips For Managing Your Career

Being an Interim Boss Can Broaden Skills, Enrich a Career

Job Hopping Abroad Can Enhance A Career, But It Takes Fortitude

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Tushneem.

Press Release: NetSAP Chai Chat provides a forum for South Asians to express themselves

March 12, 2007, Brookline, MA. NetSAP-Boston organized Chai Chat on 11th March at Expresso Royale in Brookline. The event which received more than anticipated response was attended by over 35 professionals. Chai Chat is a unique concept where people get together on a sunday afternoon for "Chai" (Tea in India) and have informal discussions on topics that are affecting or playing a critical role in the lives of South Asians, predominantly Indians. The event which was started by NetSAP-Boston in 2004 was revived again this year due to popular demand. It provided a forum (first of its sort in the Boston area) where NetSAP members and non-members can network as well as have intellectually stimulating conversation by talking about their experiences and views in a non-intimidated setting.

The topic of this first Chai Chat was "Arranged Marriages v/s Love Marriages - Building relationships in the Cyber Age". Participants discussed the pros and cons of arranged and love marriages, dating in the south asian community, social stigmas and the role of society (the culture and environment we grow up in) in relationships. It was also interesting to note that many professionals today give more importance to values, interests and compatibility rather than culture, race or religion. Thoughts and opinions on the role of career and professional pursuits viz. intense stress to do well and grow in one's career, pressure to achieve professional goals, and lack of time to get involved in a relationship or its effects on existing relationships were exchanged among the attendees. Although online marriage and dating websites have provided busy professionals with the tools necessary to explore relationships at their convenience and have combined the benefits of dating (i.e getting to know the person) within traditional (cultural) bounds, they do come with their own disadvantages. Issues such as these and more were explored at the Chai Chat.

"The Chai Chat was a forum which allowed people to voice their opinions openly. It was interesting to hear the varying opinions regarding dating and marriage and all the issues that come with them as South Asians" said Renee Sinha, Marketing chair, NetSAP-Boston. Manoshi Vin, Socio-Cultural chair at NetSAP Boston who organized this event added.."It was so good to see such a good turn out for our first chai chat. It was good coffee , great company and a insightful discussion about an issue that affects us all!"

Overall, many views from different generations as well as different experiences were shared. NetSAP-Boston plans to organize Chai Chat every other month complementing it with Dinner Circle events in the months inbetween. More information about Dinner Circle and pictures from Chai Chat will be posted on the NetSAP-Boston website soon. If you have suggestions on topics for future chai chats which can vary from issues affecting south asians today to book or movie reviews email Manoshi Vin at cultural@netsapboston.org. Members and non-members can continue to discuss these issues on the NetSAP forum at www.netsapboston.org/forums.

About NetSAP-Boston:
Founded in 1995, the Network of South Asian Professionals of Boston (NetSAP-Boston) is a professional, 501c(6) not-for-profit organization dedicated to serving the professional, political, cultural and civic needs of the South Asian community in the Greater Boston area. We seek to unite South Asian professionals, nurture leadership, and build partnerships in the New England area through professional programs, networking events, and community service efforts. NetSAP-Boston is part of NetIP-NA, The Network of Indian Professionals, North America. For more information on events, membership and other initiatives, visit www.netsapboston.org. To learn more about NetIP North America and other chapters in other cities, visit www.netip.org.