Thursday, Feb. 7, 2008

Coldwell Banker closes office

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The Mount Airy branch of Coldwell Banker Residential Brokerage shut its doors Thursday after 11 years in business, the latest casualty of the nation's spreading residential real estate problems.

Located at 505 E. Ridgeville Blvd., Coldwell Banker had 26 agents in Mount Airy, said branch manager Marie Lagos. Thirteen agents have transferred to the company's Eldersburg branch, while 12 joined its Frederick office. One agent left for Lederer & Co. Realtors, Lagos said.

The agents will still work on their existing residential listings, she added.

Dean Cottrill, a regional vice-president for Coldwell Banker, said the Mount Airy branch was closed because of a combination of lagging sales, the soured real estate market in general, and because the lease on its office expired on Thursday.