Coldwell Banker

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Coldwell Banker Real Estate LLC
Type Subsidiary of Realogy
Industry Real estate
Founded San Francisco, California, U.S. (August 27, 1906)
Headquarters Madison, New Jersey, United States
Key people Budge Huskey, CEO
Benjamin Arthur Banker, partner
Colbert Coldwell, Founder
Website www.coldwellbanker.com

Coldwell Banker Real Estate LLC is an American real estate franchise owned by Realogy with headquarters in Madison, New Jersey. It was founded in 1906 in San Francisco.

The company has 3,100 residential real estate offices in 47 countries and territories, and over 84,000 sales professionals worlwide.[1]

History[edit]

After the devastating 1906 San Francisco earthquake and fires, Colbert Coldwell and two partners formed Tucker, Lynch and Coldwell on August 27, 1906. Benjamin Arthur Banker joined the firm as a salesman in 1913, and became a partner in 1914. The company was renamed Coldwell Banker in the same year.[1] Banker and Coldwell remained active in the company throughout their lives.[2]

In the 1970s, Coldwell Banker acquired residential real estate firms in Atlanta, Chicago, and Washington, DC, expanding its geographic footprint.[2]

2005 lawsuit[edit]

In November 2005 the company, one of its agents and one of its lawyers were defendants in a lawsuit filed in Middlesex Superior Court. The case proceeded through a two-week liability phase jury trial, followed by a one-week trial on damages. The trial evidence established that, during the marketing phase of the sale, the corporate seller and Coldwell Banker's agent hid evidence from the homebuyers on workmanship defects and latent flaws which seriously undermined the unit's structural elements, and provided false information on the true location of the unit being sold. After the closing, the plaintiffs moved into the recently refinished unit that was shown to them only to find out, on Christmas of 2004, that it was owned by somebody else. After a heavy rain, they discovered that the lower level living spaces in the entire building had severe flooding problems. The couple contended at trial that the water penetration stemmed from hidden holes in the foundation and poor structural work that effectively lowered the ground floor into the local water table.

Following several appeals,on December 13, 2011 the Appeals Court affirmed the fee award in its entirety, and the Appeals Court again awarded appellate attorneys fees to the plaintiffs, with Coldwell Banker paying a total of $872,000 in damages and costs.[3]

References[edit]

  1. ^ a b Coldwell Banker Real Estate LLC
  2. ^ a b Preserving the Trust(c) 2000 by Coldwell Banker Real Estate Corporation.
  3. ^ "Coldwell Banker Pays Homeowners $872,000 Over Deceptive Condominium Sale". Sally & Fitch LLP. Retrieved 27 November 2014.