Wednesday, March 21, 2007

Local realty office to close

What happened to the spring rally? Who closes their offices right before the busiest time of the year for realtors?

From today's Bakersfield Californian:

McMillin closure will let go about 26 real estate agents

BY RYAN SCHUSTER, Californian staff writere-mail: Tuesday, Mar 20 2007 11:20 PM

McMillin Realty's Bakersfield office will close at the end of the week, another sign that the real estate industry is tightening its belt as the housing market stalls.

More than two dozen jobs will be lost as a result of the closure.

McMillin officials said that while the local office's performance played a role in the closure, there was also a decision to consolidate company resources amid a stagnating market.

"We were approaching break even. It certainly wasn't highly profitable. If it was, we would still be in business," said Don Cohen, the vice president and general manager of McMillin Realty in Bakersfield. "We couldn't count on the other offices to carry us because they are at break even.
We looked at what was the best way to manage our assets."

About 26 real estate agents will be displaced when the Coffee Road office closes its doors for the final time on Friday. McMillin Realty employees were informed of the closure at a Monday morning meeting.

"There was disappointment," said McMillin agent David Bradshaw, who said he and his daughter, Leslie Miller, have been with McMillin for the last three years. "I was a company man. I promoted what they did. To find out they are going away, there is still some loyalty there. You don't just turn it on and off. But you have to move on."


Anonymous said...

Yeah, I thought Spring was suppose to be the "peak" time of year for the RE industry to bounce back.NOT!

If I'm not mistaken wasen't there just a new building built on coffee to house these vultures?

No matter anyhow, Let'em feel some pain.

Bakersfield Bubble said...

All of these guys have flooded the Coffee Road corridor. Every other business is REIC related.

Their sales volume is similar to most of the other realtors out there - I wonder how much longer the other companies will stay open. Big offices, big overhead, declining sales volumes, increased ad expenses, credit tightening - sounds like the Perfect Storm to me.

Anonymous said...

With all the subprimes going down it won't be long before we see the coffee Rd. command centers falling one by one. No easy money no buyers.

Anonymous said...

How about that, Number One on the Bakersfield Real Estate Brokers-Downthetubes-Meter goes to:

1.McMillin Realty


Bakersfield Bubble said...


Rob Dawg said...

How long before we get a "crispy" Creme donut to go with our Coffee Road?

Anonymous said...

Wow that's a biggie! I'm waiting on Crisp and Cole now. On that front; I come down California on the way in to work, and have noticed that the Tower Lending sign is covered over!? Any news on that one?

Bakersfield Bubble said...

Thanks for the lead.

BTW - Tower Lending is part of the "Crisp and Cole Empire".

brass balls said...

I am so sad to hear of the real estate jobs lost.There's a tear in my bear and I'm crying over here!
Hope they like flipping burgers and greeting wamart customers.

Bakersfield Bubble said...

Maybe they will take this pizza guy up on his job offer:

Pizza chain seeks ex-loan bosses for work

The JoJo's Pizza four-store chain of Italian restaurants from Chino Hills is seeking laid-off mortgage supervisors to fill managerial openings. Joe Bonafede, owner of JoJo's, "feels that he can offer these employees a great opportunity. Everyone has been involved in the food business whether they have worked or ate at a restaurant." For more information, contact Bonafede ( or or 714-390-4573) or VP Chris Parker ( or 714-709-3743) or marketing director Jaclyn Rovida, ( (Photo of Pizza is not a JoJo's pizza)

Anonymous said...

I have a feeling this whole subprime collapse will turn out far worse than the "dot com" meltdown! With the dot com, it affected a small sliver of the economy, while the subprime will affect almost every aspect of the economy. Good riddance slime ball loan/real estate whores!

Anonymous said...

Bakersfield Bubble said...

Great video!!!! Did you create it?

Housing doom has it posted.