Darkman Posted September 28, 2007 Share Posted September 28, 2007 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 Quote Link to comment Share on other sites More sharing options...
Mancghirl Posted September 28, 2007 Share Posted September 28, 2007 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. Quote Link to comment Share on other sites More sharing options...
Starcrossed Posted September 28, 2007 Share Posted September 28, 2007 (edited) 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 September 28, 2007 by Starcrossed Quote Link to comment Share on other sites More sharing options...
South Lorne Posted September 28, 2007 Share Posted September 28, 2007 (edited) ...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.... Edited September 28, 2007 by South Lorne Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted September 28, 2007 Share Posted September 28, 2007 http://www.newsday.com/business/ny-bzfoxt0...egarden-utilityMight 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!" Quote Link to comment Share on other sites More sharing options...
Mancghirl Posted September 28, 2007 Share Posted September 28, 2007 ...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.... I knew I vaguely remembered a guy selling up...ta. As they say round my way, he's nae mug. Quote Link to comment Share on other sites More sharing options...
Dr Doom Posted September 28, 2007 Share Posted September 28, 2007 I take it foxtons US and foxtons UK are totally separate and independent companies? Quote Link to comment Share on other sites More sharing options...
intrepid Posted September 28, 2007 Share Posted September 28, 2007 (edited) 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 September 28, 2007 by intrepid Quote Link to comment Share on other sites More sharing options...
South Lorne Posted September 28, 2007 Share Posted September 28, 2007 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.... Quote Link to comment Share on other sites More sharing options...
Timm Posted September 28, 2007 Share Posted September 28, 2007 (edited) 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 September 28, 2007 by Timm Quote Link to comment Share on other sites More sharing options...
BandWagon Posted September 29, 2007 Share Posted September 29, 2007 (edited) ...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 September 29, 2007 by BandWagon Quote Link to comment Share on other sites More sharing options...
justAnotherFTB Posted September 29, 2007 Share Posted September 29, 2007 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... Not such a smart cookie after all then !! Quote Link to comment Share on other sites More sharing options...
Wad Posted September 29, 2007 Share Posted September 29, 2007 (edited) 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 September 29, 2007 by Wad Quote Link to comment Share on other sites More sharing options...
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