BY CHARLES BOWLES, ASSOCIATE BROKER & BRANCH MANAGER – RUSS LYON/SOTHEBY’S INTERNATIONAL, CHAIR – ARIZONA DEPARTMENT OF REAL ESTATE – REAL ESTATE ADVISORY BOARD
On June 6, 2012, the Arizona-Mexico Commission (AMC) Real Estate Committee proudly hosted our first bi-national real estate symposium, “Enhanced Real Estate Business through Cross Border Cooperation.” The symposium, held just prior to the 2012 AMC Summer Plenary, was attended by over 140 professionals from both the state of Arizona and the state of Sonora.
The AMC Real Estate Committee and its co-chairs, Gary Brasher and Commissioner Judy Lowe of the Arizona Department of Real Estate (ADRE), collaborated with ADRE and ICRESON – Instituto Catastral Y Registral Del Estado de Sonora as well as other counterparts from the state of Sonora to secure a program packed with a variety of dynamic speakers and panelists. The topics covered included:
- licensing and regulation in Arizona and Sonora
- MLS in both countries
- the current state of the market in Arizona and Sonora
- regulation of ownership by foreign nationals in Sonora and Arizona
- the typical transaction structure and the parties involved
- building international relationships
The full-day symposium was comprised of panel discussions as well as individual presentations. Presentations were designed to give participants a better comprehension of laws governing the practice of real estate in both states. As commented by a Real Estate Committee member, “ In an age where money knows no boundaries and people are mobile, there is an increase in investments outside one’s own country. This makes increased knowledge and education critical for professionals from both Sonora and Arizona.”
Overall, the symposium offered attendees a healthy exchange of knowledge, a better understanding of the environment and culture in both states and information on the laws governing the practice of real estate in both Arizona and Sonora.
As markets continue to change, the AMC Real Estate Committee has made knowledge exchange a priority and looks forward to hosting future events.