Long-standing Aspen/Snowmass real estate firm changes hands | AspenTimes.com

Long-standing Aspen/Snowmass real estate firm changes hands

Carolyn SackariasonThe Aspen TimesAspen CO, Colorado

ASPEN After 57 years in business, Coates, Reid and Waldron has sold its Aspen and Snowmass real estate divisions.Effective immediately, locally-based Joshua & Co. will take ownership of ResortQuests Coates, Reid and Waldron real estate operations in Aspen and Snowmass.ResortQuest will retain and continue to operate its vacation rental division in the area, company representatives said.The sale affects over a dozen brokers who carry listings with Coates, Reid and Waldron. The real estate companys website features 85 properties for sale, representing tens of millions of dollars worth of transactions.Joshua Saslove, founder and CEO of Joshua & Co., on Sunday characterized the acquisition as a momentous move in the local real estate industry, especially considering many companies are struggling with declining sales.This is very significant and very exciting for us, he said. We know these are difficult times, but Aspen will continue to be a great market and we know that the economic climate will change.Saslove declined to give details on the deal or how long its been in the works.Brian Hazen, a founding member of the managing broker group at Coates, Reid and Waldron, said its disappointing to see the name hes been associated with for his entire 32-year career come to an end.But a name is only as good as its people, he said, adding he has high hopes for Joshua & Co.Hazen was surprised when he found out about the acquistion a couple of days ago.Given, the economy, its somewhat unexpected, Hazen said, adding its a tumultous time for the industry. I dont know a real estate company that isnt concerned.Saslove said clients who have their properties listed with Coates, Reid and Waldron can choose to stay with their brokers or come to Joshua & Co. Same goes for the brokers, who operate as independent contractors, at Coates, Reid and Waldron.The listings belong to the brokerage company and wherever the clients want them is where they will be, Saslove said. Clients will make that decision on their own.”Its likely that ResortQuest will continue operating its vacation rental division out of its Hyman Avenue office, located in the Aspen Athletic Club building. Joshua & Co. will share the Snowmass Village office with ResortQuest and work with the Coates, Reid and Waldron brokers, Saslove said.This is a great opportunity to have a presence in Snowmass, he said. We look forward to working with the great talent, expertise and energy of the Snowmass brokers.Although Joshua & Co. will be taking over ownership of ResortQuests Aspen and Snowmass real estate operations, both companies believe there will be mutual opportunities going forward.An ongoing, strategic alliance between the two companies makes perfect sense, said Park Brady, CEO of ResortQuest. We can now offer owners, potential buyers and vacationing guests of this resort the ultimate in choices and services.ResortQuest bought Coates, Reid and Waldrons real estate division in the late 1990s. ResortQuest is the largest marketer and management company of vacation condominiums and home rentals in the U.S., based on a portfolio of more than 10,000 vacation rental properties.Coates, Reid and Waldron was founded in 1952 by Kay and Roy Reid.Joshua & Co. was founded in 1992 and specializes in luxury real estate sales; rentals; ranch properties; and estate management and concierge services.Opening a Snowmass office has always been a part of our long-term business plan, Saslove said. The opportunity ResortQuest presented is enabling us to accelerate our plan and bring our luxury real estate services directly to Snowmass guests and property owners now.csack@aspentimes.com

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