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Old 03-11-2009, 11:13 AM
 
Location: State of Being
35,885 posts, read 67,052,657 times
Reputation: 22371

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Allen Tate, the Carolinas leading real estate firm, is closing one-fourth of its offices amid a wrenching housing slump that saw area sales and prices fall hard again last month.

Allen Tate, with 1,700 Realtors and 300 employees, is consolidating operations of nearby offices but not exiting any markets, Pat Riley, the Charlotte firm's president, said Tuesday. The move will close 12 sites, including four in Mecklenburg County, leaving a total of 36 offices, stretching from Raleigh to Greenville, S.C.

“It's not a happy thing or a pretty thing,” Riley said. But the company started in 1957 wants “to make sure we're here for the next 50 years.”

The closures come as Charlotte area home sales have posted double-digit declines every month since June 2007. Last month, sales were down 38 percent compared with February 2008, according to figures released Tuesday by the Carolina Multiple Listing Services.

Prices, which had held up longer, fell 15.5 percent last month. The drop marked the 15th consecutive month of price declines and the second month in a row of double-digit declines for MLS transactions.

The gap between asking prices and sales prices also widened, another sign of the market's malaise. The average sales prices was more than 11 percent below what buyers were asking. That's more than twice the average annual difference since 2003.

(more below)
Allen Tate closing offices, home sales bleak | CharlotteObserver.com (http://www.charlotteobserver.com/business/story/588393.html - broken link)
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Old 03-11-2009, 02:20 PM
 
11,836 posts, read 25,445,183 times
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Hmm... I wonder what will move into those locations?
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Old 03-11-2009, 02:56 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,651,383 times
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Quote:
Originally Posted by Barkingowl View Post
Hmm... I wonder what will move into those locations?
"For Sale/Lease" signs, just like all the ones on 74 going into Charlotte....


It is sad....
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Old 03-11-2009, 03:36 PM
 
Location: Noth Caccalacca
5,556 posts, read 6,674,395 times
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Quote:
Originally Posted by CouponJack View Post
"For Sale/Lease" signs, just like all the ones on 74 going into Charlotte....


It is sad....
Section 8 paradise no doubt!
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Old 03-11-2009, 04:15 PM
 
Location: State of Being
35,885 posts, read 67,052,657 times
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Well, the thing is - all the active realtors can work out of other offices. I just hope the support staff won't lose their jobs.

My point for posting was that this is yet another "sign of the times." Kinda tells us all what the housing market is going thru/ when major agencies feel they must conserve to keep the company healthy by closing down branch offices. Tough times.
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Old 03-11-2009, 04:18 PM
 
Location: Noth Caccalacca
5,556 posts, read 6,674,395 times
Reputation: 4851
Quote:
Originally Posted by anifani821 View Post
Well, the thing is - all the active realtors can work out of other offices. I just hope the support staff won't lose their jobs.

My point for posting was that this is yet another "sign of the times." Kinda tells us all what the housing market is going thru/ when major agencies feel they must conserve to keep the company healthy by closing down branch offices. Tough times.
To save on signs and ink they could call it Al Tate's.
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Old 03-11-2009, 04:18 PM
 
Location: The 12th State
22,974 posts, read 58,511,961 times
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wow what a big name that I always see every where. It is sad and a sign of the times
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Old 03-11-2009, 05:38 PM
 
Location: State of Being
35,885 posts, read 67,052,657 times
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Quote:
Originally Posted by SunnyKayak View Post
wow what a big name that I always see every where. It is sad and a sign of the times
It sure is. However, as soon as things pick up - even if it takes two years - I am sure Tate can reassess and get other offices up and running quickly.

To me, this simply shows how much home sales have dropped and how profound the effect has been in a relatively short time. When realtors are taking in their shingles, this tells you the money is simply not out there.

The good thing is . . . the realtors who survive will continue to build their reputations, and that is a good thing for all of us.
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