Coldwell Banker Buys 2 Firms for Boost in San Gabriel Valley
Coldwell Banker Southern California announced Thursday that it had strengthened its foothold in the San Gabriel Valley market by acquiring Podley Caughey & Doan and William Wilson Co.
The two firms, which merged in 1996 when Podley acquired Wilson, are the latest additions to Coldwell Banker, the largest residential real estate brokerage in the Southland.
Earlier this month, Coldwell Banker purchased Bradbury Realtors in the San Fernando Valley and McGarvey Clark Realtors, a major independent firm in north Orange County, for undisclosed sums.
Already the leading firm in the San Gabriel Valley, Coldwell Banker’s acquisition of Podley “substantially increases the length of the bar on the chart for Coldwell Banker,” according to Patrick Veling, a partner and analyst at Fullerton-based Dynamic Marketing Resources Inc.
In a release, Coldwell stated that the latest merger will give it an average 49% market share in the Foothill communities. Podley had been a major player, according to Veling, in the Pasadena, San Marino and La Canada Flintridge residential real estate scenes.
“They’ve had a slightly higher [home] sale price,” Veling said of Podley. “So this will raise Coldwell Banker’s average sale price throughout the county.”
Coldwell Banker is owned by Parsippany, N.J.-based NRT Inc., which also controls Century 21 and ERA. Coldwell has 478 licensed agents who belong to the Multi-Regional Multiple Listing Service, according to Veling. It completed $830 million in sales during the year that ended June 30.
Podley has 96 licensed agents and Wilson has 68. The companies completed $225 million and $62.3 million in sales, respectively, for the year ended June 30.
