Big news shaking up the real estate world in Chicago. Today it was announced that Sudler Sotheby’s will soon be losing the Sotheby’s franchise endorsement and Jameson Real Estate will be the new presence in Chicago for the franchise.
This comes on the heels of yet another news story about the Chicago franchise Sudler Sotheby’s International Real Estate….
The last 3 Crain’s articles have highlighted a series of high profile changes that may have led to Sotheby’s decision to pull their backing.
In October of 2010, Sudler’s CEO, Sergio Martinucci,announced plans to sell his stake in the firm. That news came on the heels of disappointing statistics after Sudler’s acquisition of Century 21 Sussex and Reilly. According to the article, Sudler lost half of the brokers and shuttered 7 offices.
January 6th, the newest managing broker for a Sudler Sotheby’s office was slapped with a foreclosure suit alleging nonpayment- just three months after opening.
Just the day before, Sudler again made headlines with the announcement that a convicted felon was lobbying to take the majority stake in the troubled firm.
What Does This Mean?
Agent’s from Sudler were notified via email this morning. Jameson agents met with Sotheby’s executives at 10am and discussed the greater implications of the change.
Sudler is not merging with Jameson. While there may be opportunities for top tier agents within Sudler, there is no relationship between the two companies and Jameson management will stay the same,
For Jameson, this is a big win. As a local firm, this now puts Jameson not only on the national but now international radar.
What To Watch For:
- Agent Shake-up: Whenever there are big changes, agents come and go so keep an eye out for some new faces and the possibility of a few exits
- Sudler Drama: This news may come as a surprise to many in the Sudler family and they may not go down without a fight
- A new logo: Goodbye red square- Jameson is keeping the name (now Jameson Sotheby’s Internation Real Estate) but the red square logo will be gone as of February 8th when the transition is complete
What are your thoughts?
Disclaimer: This blog is affiliated with Jameson but the thoughts and opinions are not reflective of Jameson, its management, Sotheby’s International Real Estate or any other corporate entity.