The Select Group, a California real estate company, has acquired Dickson Realty's Lake Tahoe offices.
The Dickson Realty offices at South Lake Tahoe, Zephyr Cove, Tahoe Keys, Incline Village and Kings Beach last week became Coldwell Banker offices. Price of the purchase was not disclosed.
"Our intent is to retain the existing staff," says Daniel Jacuzzi, president and chief executive officer of the Select Group, despite plans to consolidate offices. Three locations in Incline Village will trim to two, while the two offices in Zephyr Cove will slim to one.
New signage this week will read: Coldwell Banker Incline Village Realty and in Zephyr Cove and South Lake Tahoe: Coldwell Banker Select Real Estate.
Meanwhile, Dickson Realty will retain its Reno, Sparks and Truckee office locations, says Nancy Fennell, president and chief executive officer at Dickson. Its offices at Sparks, Montreux, Damonte Ranch, Caughlin
Ranch, Somersett and Truckee employ about 22.
"Our country is in a severe economic contraction and most businesses are contracting accordingly," says Fennell. "We at Dickson Realty are no exception. The Lake Tahoe residential market sales activity is off by 50 percent since 2005. It was a difficult decision, but we have chosen to refocus our efforts in our core
markets."
The split made sense, she adds, because sales at Lake Tahoe are mostly of second homes, while those in
the Truckee Meadows are peoples' primary residence.
Jacuzzi says, "The Lake Tahoe residential market is really much more California-driven than Reno-driven. The Select Group has its roots in the California market, which will be great for the agents in the offices
involved in the transaction."
Over the past decade, he adds, "Tahoe has been repositioning itself as an international destination." Europe
has become a secondary feeder market of buyers. "Coldwell Banker's international reach helps us expose those properties."
However, the Tahoe market has been affected by the downturn just like every other, he adds. The difference developers didn't build large subdivisions at the lake.
"So Tahoe doesn't have the large oversupply that Reno is still working through."
Meanwhile, Select Group relies heavily on the Internet to milk the California feeder market, with e-marketing, blogging and social networking activities.
"The Lake Tahoe and Northern Nevada region are very attractive markets for Select clients throughout Northern California" says Jacuzzi. "By linking together our Nevada team with our California feeder markets we will be able to create exposure for our buyers and sellers."
Last November, Select Group acquired five area real estate offices: Coldwell Banker Village Realty, Coldwell Banker Incline Village, Century 21 Mountain Properties, Century 21 Tahoe Pines and Century 21 Goldcrest Properties.
It operates 20 offices with over 700 sales associates in the Reno, Sparks, Fernley and the Lake Tahoe areas of Nevada and the Sacramento Region, Chico, Paradise, the Sierra Foothills and Truckee in California.
It consists of Coldwell Banker Select Real Estate, Coldwell Banker Incline Village Realty, Century 21 Select Real Estate, Century 21 Auburn Realty, Century 21 Jeffries Lydon, ERA Realty Center and ERA Cornerstone Realty.
