Strange Bedfellows An interesting turn

An interesting turn of events from the Seattle-King County Board of Realtors. They gathered recently at the Bellevue Marriot for the 2007 Installations and 2006 Awards Banquet.
One of the companies recognized and acknowledged was Paul Allen's Vulcan Entrprises, and they were given the Pacesetter Award for 2006.

This award is presented to a corporation, firm or organization for its outstanding contribution to the real estate industry and/or the greater community in King County. Vulcan Enterprises was bestowed this award from SKCAR because it is leading one of the largest urban revitalization efforts in the U.S. – the redevelopment of more than 60 acres in Seattle’s South Lake Union neighborhood. When completed, the project will consist of nearly 10 million square feet of new housing, retail, offices, life sciences research, open space and public transportation.

This is interesting because Vulcan Capital, the investment arm of Microsoft co-founder and billionaire Paul Allen's Vulcan Inc., is one of the largest investors in Redfin, a company committed to "disrupting" the real estate business through a limited service and rebate business plan. Redfin is a member of the local MLS, but is not a member of the National Association of Realtors, so is not obligated to abide by the Realtor Code of Ethics.

Vulcan invested a huge amount of cash in Redfin, but when it came time to list and market their new condo development didn't hire them and instead, turned to uber-traditional NAR member John L. Scott Real Estate to list and market them.

-- Marlow Harris 360Digest

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