News

Coldwell Banker acquires Cashin Company

 

Coldwell Banker Residential Brokerage announced Thursday (Nov. 11) that it has acquired the assets of Cashin Company Realtors.

Founded in 1995 by Emmet J. "Skip" Cashin III, Cashin Company has 270 real estate agents in seven offices in San Mateo County and accounted for more than $1 billion in sales volume in the last 12 months, said Coldwell Banker spokesman Steve Maita.

Cashin offices will now operate under the Coldwell Banker Residential Brokerage name, he said.

Cashin is headquartered in Menlo Park and has offices in Menlo Park, Portola Valley and Woodside.

With this acquisition, Coldwell Banker Residential Brokerage has 60 offices in the Bay Area with 3,500 sales associates who accounted for more than $11 billion in sales last year, Mr. Maita said.

Cashin Company is "a perfect fit with Coldwell Banker in terms of our respective cultures, our core values and our strength in the local marketplace, especially in the luxury market," Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area, said in a press release.

"During this economic climate and challenging real estate market, it's more important than ever to be the clear industry leader," Mr. Turley said.

Mr. Cashin said in a press release that his firm had many suitors in recent years, but decided that Coldwell Banker Residential Brokerage was the right choice in terms of the scale and scope of the company, agent support, technological tools, networking opportunities, and cultural fit.

Mr. Cashin, according to the press release, plans to "lend his more than 40 years of real estate experience and contacts to the extended family of agents now under the Coldwell Banker banner."

Chuck Alloo, who has served as chief operating officer and co-founded the firm with Mr. Cashin, will continue in a senior management role, Coldwell Banker said.

Mr. Turley and Mr. Cashin announced the acquisition Thursday morning in a meeting with Cashin Company managers and agents.

Mr. Turley said he and other Coldwell Banker Residential Brokerage executives will visit former Cashin Company offices to meet with agents.

Cashin is the latest in a list of acquisitions of Northern California brokerages by Coldwell Banker. Others include Fox & Carskadon, TRI, Contempo, Del Monte Realty, Cornish & Carey Residential Real Estate, and Pacific Preferred Properties Inc.

The acquisitions have helped Coldwell Banker build its position in the luxury market in Northern California, the company said. Year to date, the company accounted for the sale of more than one out of four properties priced above $3 million and one out of three properties above $5 million in the Bay Area, according to MLS Listings, the company said.

Comments

Like this comment
Posted by Sad
a resident of Menlo Park: Central Menlo Park
on Nov 12, 2010 at 1:05 pm

This is a bit sad. I'll miss seeing the Cashin name on signs around town. "Coldwell Banker" does not have a local flavor to it.


Like this comment
Posted by JW H
a resident of another community
on Nov 12, 2010 at 2:12 pm

It is very sad that all the independent groups are being eaten up by the big guys. So much for caring and outstanding service in this world of "Big is always better??????" I disagree.


Like this comment
Posted by Former Cashin Realtor
a resident of Menlo Park: Central Menlo Park
on Nov 12, 2010 at 2:30 pm

In reply to the previous message, please remember that the former Cashin Realtors, although now working under a new company, still do care and will continue to provide the outstanding service that our Cashin customers expect. I too value all that Cashin represented and will miss it; but I will also welcome working with many of our reputable colleagues at Coldwell Banker who in the past have been on the other side of the transactions.


Like this comment
Posted by A. Schendel
a resident of Menlo Park: Central Menlo Park
on Nov 12, 2010 at 3:54 pm

I am a local Realtor, worked for 7 years Coldwell ...it is unfortunate that this huge corp is buying a nice local brokerage, BUT even though your getting a great brand, it all comes down to the individual agent, no matter who they work for, if they are good at what they do doesn't really matter what company they are with..truely, I have worked for Prudential, Coldwell, and have been w/a small independent broker for over 4 years, I like the little guy much better! More personal and better knowledge of our nitch market in Menlo. cheers to Cashin for "Cashin in" but will miss them..


Like this comment
Posted by Coldwell Schmoldwell
a resident of Atherton: West Atherton
on Nov 12, 2010 at 8:38 pm

It isn't the same "personal" service when buying from a conglomerate.
Bye bye to a real community-based organization. Hello Big Corporate.


Sorry, but further commenting on this topic has been closed.

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