Annapolis agency joins O'conor, PiperManis & Wright...

INDUSTRY WATCH

August 21, 1994

Annapolis agency joins O'conor, Piper

Manis & Wright Realty, a 6-year-old residential real estate agency serving eastern Annapolis, has merged with O'Conor, Piper & Flynn, the Baltimore area's largest real estate company, OPF Chairman James P. O'Conor said last week.

Manis & Wright, which had been courted by several large real estate companies this year, tallied $40 million in sales last year and has 40 salespeople.

Partners Nick Manis, Dave Wright and Leroy Moore had intended to run the agency independently but feared a single-office agency wouldn't be able to compete with large agencies, said Mr. Manis, who is vice president.

"It's getting to be such a regional and national type of industry, with all the changes with computer systems, and you have to have resources," Mr. Manis said.

The O'Conor merger will allow the former Manis partners to continue running the office as they have been. It will remain on Forest Drive in Annapolis, with Mr. Manis and Mr. Wright becoming associate brokers and Mr. Moore becoming manager.

The merger is part of O'Conor, Piper & Flynn's expansion strategy. The company opened an office in Frederick in March, then, in mid-June, merged with 19-year-old Vernon Real Estate, a commercial and residential real estate agency serving Lewes, Rehoboth and Dewey Beach, Del.

Coldwell Banker and PNC team up

Coldwell Banker Corp. and a subsidiary of PNC Bank Corp. will form a joint venture company to sell mortgage services to Coldwell's customers, the two companies said last week.

Consumers using Coldwell Banker real estate brokers will be able to shop for a mortgage with lending specialists from the venture who will work at Coldwell offices.

Initially, the company will have salespeople in 300 Coldwell Banker-owned offices. Plans call for expanding the business to Coldwell's 2,000 franchise offices.

Coldwell Banker Grempler Realty Inc., the franchise that serves the Baltimore market except for Anne Arundel County, does not plan to participate in the program. The company owns Freestate Mortgage Co. Inc.

The new mortgage company will be half-owned by Coldwell and half-owned by PNC Mortgage, a unit of the Pittsburgh-based banking company.

But the venture will act like a broker, hooking buyers up with PNC and other mortgage companies, said Coldwell officials.

PNC and Coldwell are talking to several national and regional mortgage companies about offering their products through the new company, the officials said.

The new company, to be based in Chicago, will begin operations in early 1995, the two companies said.

NEWS IN BRIEF

*Builders 1st Choice has been hired by Senate-Carroll Construction of Rockville to handle sales and marketing at Edgewood, a new community in Eldersburg where Senate-Carroll will build 219 homes selling for $170,000 to $213,00.

*Craftmark Homes reported sales of more than $20 million for the first six months of 1994 at its six communities in Maryland and Virginia.

Druid Heights Development Corp. celebrated the opening of McCulloh Crest at 1915 McCulloh St. and Henderson Arms Apartments at 2100 Division St., a $360,000 renovation project to convert three vacant buildings into eight apartments.

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