Coldwell Banker turns 100 years old

The New York Stock Exchange's bell is rung to celebrate

By Trista Steers, Larson Newspapers

The toll of the New York Stock Exchange's closing bell on Aug. 21 marked the 100th birthday of Coldwell Banker. There to ring the bell was Sedona's Andrew Brearley, owner of the Sedona Coldwell Banker.

"It was a great honor because the president of the company had to choose a real estate broker to be on the balcony to ring the closing bell," Brearley said.

He was chosen because the Sedona office was the first franchise of Coldwell Banker and Brearley was the first private owner. "We've got the longest affiliation with Coldwell Banker," Brearley said, "And they chose little old Sedona."

The Coldwell Banker corporation was founded right after the 1906 San Francisco Earthquake by 23-year-old Colbert Coldwell. Since then, Coldwell Banker has become the largest real estate franchise and the ninth largest franchise in the world. The corporation employs 126,000 sales associates in more than 3,800 offices in 29 countries and territories.

Brearley purchase the Sedona franchise in 1981. At that time, it consisted of one office and 11 agents. Today, he owns three offices and has 80 agents. "We've been here and literally assisted in the growth of Sedona for the last 25 years," said Tod Christensen, Coldwell Banker vice president.

Since Brearley assumed ownership of the company, Sedona's market values have grown substantially. In 1981, the average sale price for a home in Sedona was $135,000 and a vacant lot went for around $25,000. Now, a homebuyer can expect to pay an average of $675,000 for a home and a vacant lot goes for $350,000. While numbers are up significantly since 1981, Sedona's market is typical of any real estate market in that it experiences ups and downs.

Overall, 2005 was a good year for real estate brokers in that most properties had several interested buyers. This year that market has gone down from last year's buying frenzy, giving buyers more choice and sellers more competition. "We're getting back to more normal market conditions," Brearley said.

This is where the true test of a company's longevity lies. "When the times get tough, that's when our expertise and our experiences comes to the forefront," Christensen said. To commemorate their anniversary, the Coldwell Banker corporation committed to funding the construction of 122 Habitat for Humanity homes across the nation. Sedona will not see one of those homes, but the local Coldwell Banker did make a monetary contribution.