Dozens of Prudential Agents in La Mesa Hoping for the Best After Sale

What's next for Prudential agents?

At least 95 agents, brokers, lenders and administrative personnel at the La Mesa Prudential office must be asking themselves that question.

On Dec. 2, Prudential Financial Inc. announced the sale of its real estate brokerage and relocation business to Brookfield Residential Property Services, a division of Brookfield Asset Management Inc., for about $110 million.

This acquisition makes Brookfield Residential the second-largest global relocation operation and third-largest residential real estate brokerage in North America.  At present they already own GMAC Real Estate and most recently acquired Real Living Real Estate.

As franchise agreement contracts run out, the offices here will most likely be renamed Real Living.  A few offices will retain the Prudential name indefinitely. But at this time, no one seems to know which ones.

Prudential officials say they wanted to focus more on their life insurance and retirement divisions and have been selling off assets in recent years.

A partial statement from the CEO and president of Prudential California Realty reads as follows:

From the desk of David M. Cabot, President and CEO:

It is business as usual at Prudential California Realty, Southern California. Earlier today an announcement was made by the national Prudential Real Estate and Relocation Network regarding the impending sale of the Prudential Real Estate and Relocation franchise to Brookfield Real Estate Services—a multibrand franchisor currently with brands like Royal Le Page and Real Living Real Estate.

Today’s announcement has no effect on how you conduct business today or in the future as we are wholly owned and operated by HomeServices of America, the second-largest real estate company in the nation and an affiliate of Berkshire Hathaway Inc.  Our use of the Prudential California Realty brand and our ability to access and leverage the national marketing resources also remains unchanged.

HomeServices is an affiliate of Berkshire Hathaway, which is owned by Warren Buffett and Bill Gates among others.
 
Santa Fannie and Freddie: No Christmas Evictions

Fannie Mae and Freddie Mac have suspended evictions on family homes from Dec. 19 to Jan. 2.  During this period, however, legal and administrative proceedings for evictions will continue, but families living in foreclosed properties will be allowed to stay in their homes.

The Week in La Mesa Real Estate

Activity for the week ending Dec. 10, 2011:

Eight new single-family detached homes and two condos came on the market in all La Mesa ZIP codes.  Eleven single-family detached homes and four condos were put into escrow and seven single-family homes and two condos had new families for the holidays.

My Pick of the Week is 7356 Vassar Ave., La Mesa 91942.  Listed by Marisa Papitto of Keller Williams for $375,000, it is a 3-bedroom/2-bath home of 1,404 square feet. Updated and remodeled with an open floor plan, it has a new kitchen with granite counter tops, new cabinets and new appliances.  The bathrooms have new toilets and showers.  The home is freshly painted inside and out with new energy efficient windows and a private backyard and covered patio.

Second choice is 8530 Rockledge Rd. La Mesa 91941.  Listed by Jared Kelley of Trinity Real Estate Services for $449,900, it is a traditional sale. A stunningly beautiful home at 2,000 square feet,  4 bedrooms/2 baths, three-car garage and large lot and views, it is move-in ready.