Making Real Estate History?Again

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RISMEDIA-NRRE November 2001

Making Real Estate History?Again

NRT Acquires Gundaker Realtors in St. Louis

By Beth Bresnahan

Despite the economic uncertainty affecting the real estate industry throughout 2001, NRT has continued to grow its business in an impressive fashion. As the nation?s leading residential real estate brokerage company, NRT has demonstrated an unprecedented ability to bring together the nation?s most prestigious and successful firms into its national family of companies.

Among others, NRT?s major acquisitions in the past year include Fred Sands Realtors of Los Angeles; Pacific Preferred Properties of Sacramento/Lake Tahoe; Henry S. Miller, Realtors of Dallas/Fort Worth; Perry & Butler Realty of Denver; Wardley Real Estate, Mansell & Associates and Coldwell Banker Premier in Salt Lake City; and King Thompson and Coldwell Banker Grand Traditions in Columbus, Ohio. These strategic additions have enabled NRT to move into new markets and also solidified its market-leading position in two dozen major metropolitan areas across the nation.

It?s time again to add one more powerhouse to the list.

In mid-September, NRT announced the acquisition of the residential real estate operations of Gundaker Realtors in St. Louis. Gundaker Realtors merged with NRT-owned Coldwell Banker Residential Brokerage to form a new company that will operate as Coldwell Banker Gundaker.

“We are extremely excited to unite these two successful companies into one, extraordinary organization with the ability to better serve real estate consumers in St. Louis,” says Bob Becker, president and chief executive officer of NRT. “Gundaker Realtors is a premier name in St. Louis real estate as well as nationally, and Coldwell Banker Residential Brokerage’s roots in the St. Louis community date back more than 60 years. We are proud to reflect the heritage of both companies with the new designation as Coldwell Banker Gundaker.”

Gordon Gundaker, owner and president of Gundaker Realtors, will lead Coldwell Banker Gundaker as its president and chief executive officer. George Bruns, Gundaker?s vice president and general manager, will serve as executive vice president and general manager with Coldwell Banker Gundaker. Joe Riley, president and chief operating officer of Coldwell Banker Residential Brokerage, will become a national vice president for NRT.

The terms and conditions of the deal remain confidential.

The new Coldwell Banker Gundaker includes 50 office locations and more than 3,000 sales associates throughout the St. Louis area. On a combined basis, Gundaker Realtors and Coldwell Banker Residential Brokerage represented more than $4.7 billion in sales volume and 30,000 closed transaction sides in 2000.

“We are coming together as one dynamic company,” Gundaker says. “”We believe that Coldwell Banker Gundaker will provide an ideal situation for all of our sales associates as well as for our clients. With the expanded resources and support of NRT, our sales associates will be able to provide the most comprehensive package of programs and services available to real estate consumers in the St. Louis area.”

Gundaker Realtors recorded closed sales volume of $3.35 billion with more than 22,000 closed transaction sides last year. With more than 2,400 sales associates and 34 locations throughout the St. Louis area, Gundaker Realtors ranked among the nation?s top 20 largest independent real estate firms according to National Relocation & Real Estate?s 2001 Power Broker Report.

Founded in 1939 by Ira E. Berry, the Coldwell Banker Residential Brokerage of St. Louis brings 16 offices and nearly 900 sales associates into this merger. It accounted for $1.3 billion in closed sales volume and more than 8,300 closed transaction sides in 2000, which was second in St. Louis only to Gundaker Realtors.

Gundaker Realtors has a long history in the industry. Founded in 1968 by Gordon Gundaker, Gundaker Realtors was affiliated with Better Homes & Gardens Real Estate (now GMAC Real Estate) for more than 20 years. In January of this year, Gundaker announced that it was separating from GMAC Real Estate, and it began operating as an independent real estate brokerage in February.

Calling the business venture “a landmark event,” Gundaker says the merger with NRT will provide better resources for 3,000-plus Realtors working for the new company.