Urban Properties Inc., a Columbia-based real estate brokerage that has been in business 16 years, has decided to close its doors because of the downturn in the real estate market, its president, Richard J. Wilkinson, said yesterday.
"The business will wind down its operations and expect to close by the end of January," he said.
The company, in Symphony Woods Office Center, has 30 agents, most of whom will be transferring to Long & Foster's two Columbia offices, he said.
Urban Properties has had one of the largest real estate sales volumes in the Columbia area since its founding, Mr. Wilkinson said. The company's sales peaked in 1986 at $100 million, he said.