Realogy has been in the news of late and not for something that you would want to be. Some might think no big deal and say ‘Who the are they’? You might not of heard of them but I am sure you are familiar with all their local real estate brand affiliates like Coldwell Banker, Century 21, Sotheby’s International and ERA just to name a few.
It seems the crew over at Bloomberg are all over their missteps. Run a search over at the website and they fill up the page as of recently. It seems that the company, which was bought out last year by Apollo Equity Management is in danger violating its terms with bank loans. Apollo had offered to swap debt securities for new debt but now faces a lawsuit by a billionaire investor claiming bad faith.
The Twin Cities real estate market has a variety of these brands and it will be interesting to see if this is just an act to delay the inevitable. It appears the Realogy has been hit hard by the real estate downturn, with losses mounting. One would think about the credibility of buying or selling a house, but hopefully it all works it self out.
{ 2 comments… read them below or add one }
Well, outside of Coldwell Banker Burnett, I don’t think Realogy has any other prescence in the Minneapolis market.
And if got to that point, I think you’d see Ralph Burnett buy back his local brokerage himself, seeing as he would have lost his job as senior VP at Realogy.
@Ruth
He would definitely have the money to do so and has done so in the past. Coldwell Banker Burnet has one of the most recognizable names in the Twin Cities.
There are a few of the franchises in the Twin Cities area that have a presence but unsure whether they are part of the Realogy brand. The string of franchises gets long and confusing sometimes.
Hopefully everything works out, I used to work for Coldwell Banker Burnet out of the Apple Valley office and have nothing but good things to say about the company. I would hate to see anything get affected at anytime.
Thanks for stopping by!