Coldwell Banker United Realtors, a top Coldwell Banker affiliate in the South and Texas, has acquired South Carolina-based Coldwell Banker Coastal Properties, the company said today.
Terms of the acquisition were not disclosed.
Coldwell Banker United has more than 2,400 sales associates, and 75 residential and three commercial offices in six states, including South Carolina, Florida, North Carolina, Alabama, Mississippi and Texas. Coldwell Banker Coastal has offices in Charleston, Mount Pleasant and Summerville, S.C.
Many real estate industry observers expect to see more acquisitions and consolidation of brokerages and offices in coming months as sales continue to slow in many regions. Statewide, home sales in South Carolina fell 10.6 percent in 2007, to 61,585 from 68,900 in 2006, according to recent year-end figures from the South Carolina Association of Realtors.
Edmund H. Monteith Jr., senior vice president for Coldwell Banker United, Realtors in South Carolina, said the purchase is a great fit for the company. “In recent years, we have expanded in South Carolina and have offices in upstate, the midlands and now low country, South Carolina,” he said in a prepared statement.
“This partnership will allow the sales associates of Charleston, Summerville and Mt. Pleasant to continue in their day-to-day relationships with their communities and their customers that have made them so successful. We’ll provide what we believe to be the best tools and support in the real estate industry to help them increase their business,” he said.
President and COO Jeffrey B. Wheeler said the companies intend to grow the Charleston operation.
Coldwell Banker Coastal Properties has four owners — Bobby Bryant, Charles Bell, Andrea Bell and Steve Young — and about 100 sales associates.
Monteith said the owners of the company will continue with the company in their personal sales roles.
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