From today's print version of the Bakersfield Californian we get an update on the local Sotheby's franchise.
First, why do we need a Sotheby's in Bakersfield?
Second, this local real estate company, like so many others, started during the boom or near the end of the boom. These people really thought this boom would continue forever? They have leased or purchased space at peak prices. Look at the whole SW and NW corridors and all the new offices dedicated to REIC membership.
The next area of pain will be in the commercial real estate space in this town - Guaranteed! Most of the new space under construction or just completed is dedicated to REIC members and as they slowly meet the same fate, that space will be empty.
From to the Californian:
Mike Ryan, co-owner of Bakersfield's Sotheby's affiliate, resigned from the luxury real estate firm last week, according to Ryan and former partner Cissy Johns.
The partners began operating under the real estate banner...in January (2007).
The resignation surprised Johns.
"I wish he hadn't (left), and that he hadn't felt the need to do so, but we're facing a tough time in our market lately," Johns said.