The latest earnings reports are approaching major real estate services firms like Coldwell Banker Real Estate and Cushman & Wakefield, but they’re likely won’t be much in the way of optimism in the industry. No Champagne popping this year.
The U.S. economy bore the brunt of the coronavirus pandemic in the second quarter, and some analysts expect those April through June declines to be more drastic than the ones experienced a decade ago, especially for big Boston real estate companies.
Cushman reported a 70 percent decline in net income in the first quarter. Declines in leasing and capital markets business were buoyed by steady income from property management. As of May, the firm had put acquisitions and mergers on hold.
Coldwell Banker Real Estate Taking a Major Loss
Coldwell Banker Real Estate shares were down 30 percent for the year.
Boston Real Estate for Sale
Coldwell Banker is owned by Realogy. I bought their stock at $4.00 dollars a share earlier in the year. Today I’m selling it off today at $8.03 a share. Why? Their best days are behind them.
