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Prudential Indiana adds two Coldwell Banker offices

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Prudential Indiana Realty Group has brought the Avon and Carmel offices of Coldwell Banker Alliance into its residential real estate agency.

Kevin Kirkpatrick, president of Prudential Indiana, said the merger announced Friday will further strengthen Prudential’s market share in the metropolitan area.

“It allowed us to reposition ourselves to the west side,” he said. “We don’t have a presence over there.”

The deal brings 15 real estate agents and about $30 million in annual residential sales to Prudential Indiana, which plans to open an office on Rockville Road. The agency also has offices in Fishers and Zionsville, as well as its principal location on East 82nd Street in Indianapolis

The acquired agencies will operate under the Prudential Indiana name.

Adding the Coldwell Banker agencies follows Prudential’s move earlier this year that brought the largest Indianapolis-area Century 21 residential real estate group under its brand.

In April, the Century 21 Realty Group’s 12 offices and 500 employees began operating as affiliates of New Jersey-based Prudential Real Estate and Relocation Services.

The move instantly gave Prudential a big market presence in Indianapolis. It did not have an existing top-25 agency in the area.

Century 21 Realty Group sold $777 million worth of homes in 2009, according to IBJ research, making it the second-largest residential real estate agency in central Indiana behind F.C. Tucker Co. Inc.

The owner of the Century 21 brand, New Jersey-based Realogy Corp., had been having financial difficulties. It lost $262 million in 2009.

Realogy still has three substantial agencies in the Indianapolis area operating under its Century 21 brand: Carmel-based Century 21 Scheetz, Indianapolis-based Century 21 Diversified Realty and Carmel-based Century 21 Rasmussen.

Counting the former Coldwell Banker staff, Prudential now has 450 agents.

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  1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

  2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

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