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Darkman

Foxtons Estate Agency Has Collapsed In The Usa

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Has anyone read about this yet? Maybe I missed a post on it? It's page 4 of the Evening Standard.

"Property slump causes collapse of Foxtons in the US"

"it may have to file for bankruptcy"

Big news I think :)

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I'm off to price up some bunting for a street party.

Foxtons are scum, pure and simple. I wish this was enough to take down the UK arm of the business.

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http://www.newsday.com/business/ny-bzfoxt0...egarden-utility

Might help.

Hmm, where have we heard this before?

In a statement, John Blomquist, Foxtons senior vice president and general counsel, said the company had been "well run, very efficient" and had "a great team that has pioneered a new model in the real estate business -- a model which has proven itself and, we believe, will have lasting influence on our sector."

Edited by Starcrossed

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...all I can say is the ex army officer who started up Foxtons after leaving the army and then sold the lot in May of this year from London is one smart cookie.... :lol::lol::lol::P

Edited by South Lorne

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http://www.newsday.com/business/ny-bzfoxt0...egarden-utility

Might help.

Hmm, where have we heard this before?

In a statement, John Blomquist, Foxtons senior vice president and general counsel, said the company had been "well run, very efficient" and had "a great team that has pioneered a new model in the real estate business -- a model which has proven itself and, we believe, will have lasting influence on our sector."

Sounds like Norma Desmond: "We're still a big business - it's just the houses that got small!" :lol:

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...all I can say is the ex army officer who started up Foxtons after leaving the army and then sold the lot in May of this year from London is one smart cookie.... :lol::lol::lol::P

I knew I vaguely remembered a guy selling up...ta.

As they say round my way, he's nae mug.

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New branch of Foxtons opened in Woking (Surrey) last weekend.

Mucho fanfares, 4 young ladies handing out balloons to all the kids.

Prime corner location, double size retail unit ( used to be a shoe shop I think ) peering inside it is complete with coffee bar, comfy chairs, plasma wall screens etc. Looked more lke an internet cafe than an estate agents to be honest.

Several other estate agents within spitting distance, wonder how many will still be viable in 2/3 years time?

Answers/opinions on a postcard please.

Regards

Rob

Edited by intrepid

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New branch of Foxtons opened in Woking (Surrey) last weekend.

Mucho fanfares, 4 young ladies handing out balloons to all the kids.

Prime corner location, double size retail unit ( used to be a shoe shop I think ) peering inside it is complete with coffee bar, comfy chairs, plasma wall screens etc. Looked more lke an internet cafe than an estate agents to be honest.

Several other estate agents within spitting distance, wonder how many will still be viable in 2/3 years time?

Answers/opinions on a postcard please.

Regards

Rob

...they will do well to last 2 -3 months.... :lol::lol::lol::P

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The Foxtons US and UK business models look similar but will fail for very different reasons.

Both charged around 2% fees and priced the properties high.

In the US they undercut US rates of 5- 6%. However the independent brokers just stopped showing their overpriced properties. Hence no sales.

In the UK they charged benchmark fees of 2% and above, which sellers accepted because the properties appeared to sell for more with Foxtons than with anyone else. They achieved this by overvaluing, and then letting the market catch up, as well as every dirty trick they could learn or invent. However; the market has changed. The market will no longer catch up with the prices set in time to stop the properties becoming stale. And when the London market follows the shires down...

Jon Hunt sold a working model for top dollar, just before it broke.

Edited by Timm

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...all I can say is the ex army officer who started up Foxtons after leaving the army and then sold the lot in May of this year from London is one smart cookie....

He sold the UK business, but held on to the US business, because he thought that was where the growth lay.

Out of the frying pan, and into the fire...

Edited by BandWagon

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Jon Hunt sold a working model for top dollar, just before it broke.

My understanding is that Jon Hunt sold the UK business but retained his investment in the US business. It is not clear whether he reinvested the proceeds of the sale of the UK business into the US business which has now gone bust..

Edited by Wad

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