Its time to go into survival mode in the local real estate market. I am hearing of realtors, mortgage brokers, etc.. leaving in droves. I am also hearing of other local business which are outside of real estate who are now hurting due to this downturn.
What about all the building on the Stockdale Highway and Coffee Road corridors that has been built to house these real estate related entities? I am glad I am not building in these areas because it is going to get ugly.
From the Bakersfield Californian:
Two of Bakersfield’s biggest residential real estate companies, Touchstone Real Estate Group and Watson Realty ERA, have merged, the firms announced Friday.
The newly formed Watson Touchstone Real Estate will be a Goliath, with about 300 agents and control of 19.2 percent of the listing volume on the Bakersfield Multiple Listing Service, the program used to list and track homes for sale.
“It’s an opportunity to take two market leaders, combine their assets, at a time when the market is really lacking a lot of positive direction,” said Watson Realty ERA’s broker, Ken Carter.
Watson Truxtun had a super big meeting today. Watson Truxtun is closing and all agents are moving into Touchstone's big building. New company name is Watson Touchstone. I assume they will be keeping ERA, so it will actually be Watson Touchstone ERA! What a mouthful! All Watson agents are moving in and "not very productive" Touchstone agents are being told to utilize "the home office." Some
Touchstone agents are losing their offices supposedly to make room for Watson
big guns. Some agents are NOT happy with the merge!