The nation’s top-ranked office of Coldwell Banker Real Estate has purchased the company’s Bend-area affiliate to add to its operations.
Coldwell Banker Morris Real Estate of Bend was sold last month to Coldwell Banker Bain, a brokerage based in Bellevue, Washington. Details of the sale were not released.
Coldwell Banker Bain said in a statement announcing the sale that it is the top affiliate out of 3,000 Coldwell Banker offices in 48 countries. It had nearly $6 billion in sales in 2018, with a staff of 1,300 brokers in 31 offices in the Pacific Northwest. It will employ 300 brokers in Oregon working in offices in Portland, Lake Oswego and, now, Bend. The Bend office has 96 brokers with annual transactions of 14 units per broker.
The Bend affiliate says it is ranked as top in transactions among Coldwell Banker operations in Oregon. Its reported sales of homes over $1 million grew by 55% in 2019 over the same period in 2018.
Mike Grady, Coldwell Banker Bain chief operating officer and president, said the long-term housing market in Bend is robust, with buyers from California and Washington drawn by the area’s recreational opportunities and the growth of Oregon State University-Cascades.
“While inventory levels remain a challenge and home prices have risen significantly over the past several years, Central Oregon remains a great value compared to the areas from which buyers are moving,” Grady said in a statement. “We feel the economy in Bend will spur growth now and in years to come.”
The Bend owners, Russ and Pam Kirk and Sharon Dunlevy, plan to retire, according to the Coldwell Banker statement. Their Bend company dates back to its founding as Morris Real Estate in 1969.
Brandon Fairbanks, managing principal broker in Bend, will continue in the role under the new ownership.