HomeServices of America, Inc. Acquires York Simpson Underwood

RISMEDIA, Dec. 18, 2008-HomeServices of America, Inc., a Berkshire Hathaway affiliate, announced the acquisition of Raleigh-based York Simpson Underwood, one of North Carolina’s most respected residential real estate brokerage firms and the company’s 20th acquisition.

One of the country’s long-standing residential real estate firms, York Simpson Underwood has 250 agents throughout six offices in Raleigh, Cary, Chapel Hill and Pinehurst/Southern Pines, North Carolina. The company’s volume of closings for 2007 was more than $717 million.

HomeServices will merge York Simpson Underwood with its existing residential real estate firm, Prudential Carolinas Realty. The new, Raleigh-based organization will be called Prudential York Simpson Underwood Realty.

The merger doubles HomeServices’ market share, as well as the number of sales agents of the combined companies within North Carolina’s renowned Triangle Area (Raleigh-Durham). Prudential Carolinas Realty will continue to operate as the HomeServices brand in the Triad and Charlotte markets.

Both companies are leaders in sales of high-end homes among the top general brokerage firms in the Triangle. Among those firms, York Simpson Underwood ranks first in average home sales price and Prudential Carolinas Realty ranks No. 2. The combined companies will rank No. 1 in active listing volume within the Triangle.

The HomeServices model focuses on companies that are market-leaders, such as York Simpson Underwood, with long-standing traditions for excellence. The average age of a HomeServices operating company is more than 55 years. “York Simpson Underwood is a gem among national residential real estate firms,” says Ron Peltier, chairman and CEO of HomeServices. “This transaction exemplifies our vision of joining with companies that share our core values and strengthening those brands through our affiliation, leaving in place the people who built the companies and giving them the freedom to operate in local markets they know best”

“This merger creates the premier Triangle real estate company,” adds Smedes York, chairman of the combined company. “We are combining two strong firms within the Triangle into an even stronger organization. By joining forces with HomeServices, we will be unmatched in our ability to serve the real estate and corporate relocation needs of new and existing clients in the Triangle. Our commitment is to make this merger seamless for our customers, who will continue to be served by their existing agents.”

York, a former city council member and mayor of Raleigh, whose family has been an integral part of the city’s development since 1910, will be joined in heading the newly named Prudential York Simpson Underwood Realty by Sam Simpson and Speck Underwood, who will serve as co-chief executive officers of the combined company.

“This combination of two of the highest-quality companies in Carolinas real estate is truly the best of both worlds,” said Tommy Camp, president and chief executive officer of Prudential Carolinas Realty. “We have the strong corporate backing of HomeServices – a Berkshire Hathaway affiliate and the leading national home services provider – and two deeply rooted local companies with intimate knowledge of the Triangle, one of the most sought-after addresses in America.”

For more information, visit www.homeservices.com and www.ysuhomes.com.

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