Coldwell Banker Pursues New Growth Strategy With Opening of First-Ever Real Estate Office in Prestigious Newport Coast.

Business Editors/Real Estate Writers

CORONA DEL MAR, Calif.--(BUSINESS WIRE)--March 20, 2003

Coldwell Banker Residential Brokerage in Orange County opened the first and only real estate office located in Newport Coast today, bringing the company's presence in Newport Beach to five offices in five zip codes.

Startup development of a Newport Coast office is a marked departure from its previous business strategy of acquiring existing brokerages, and formalizes the commitment of Coldwell Banker to the coastal communities, an area in which Coldwell Banker already commands a 45 percent market share.

Located at Pavilions Center in Newport Coast, 10 of the 800 Orange County-based agents to be staffed in the new office will be led by Newport-Lido Isle manager Cari Young and Danny Bibb. The other four Newport Beach Coldwell Banker offices are located in Fashion Island, Corona del Mar, Lido Isle and Balboa Island.

Peter H. Hernandez, president of Coldwell Banker Orange County, said, "We believe we can offer our clients unparalleled service by offering the finest and most professional talent in a niche market that we're the first to enter."

Grand opening festivities commenced with a private tour for Coldwell Banker agents, led by Hernandez, of five luxury properties priced between $3 million and $7 million in Shady Canyon and Newport Coast. Approximately 350 guests, including top Coldwell Banker agents from the Westside of Los Angeles and San Diego County toured the listings, then attended a private cocktail reception at the new office as Hernandez and Young participated in the ribbon-cutting ceremony.

Newport Beach Dominance

By managing eight of the 11 active Shady Canyon listings (priced between $3.5 million and $10.9 million), Coldwell Banker represents the highest number of properties in this prominent area within the coastal luxury market. Coldwell Banker commands a 45 percent market share in the coastal $1 million-plus market, which further reflects its strong presence in this exclusive area. The opening of the fifth office in Newport Beach demonstrates corporate dedication to growing business in the region.

"We've identified the Newport Coast area as one with tremendous high-end growth -- the perfect location for us to extend our commitment to the region's distinct village-like feel," said Hernandez. "Newport Beach is comprised of many different areas, from Balboa Island to Corona del Mar, and our clients are best served by offering agent expertise and office facilities in each village."

Continuing Success

Coldwell Banker Orange County has reported its 2002 sales volume was $4.1 billion, a 21% percent increase over 2001 sales which came in at $3.4 billion. Average sales price was $570,400, which is a 14 percent increase from the 2001 average sales price of $500,000. In addition, Coldwell Banker leads Orange County in listings sold over $750,000.

Market projections for 2003 indicate that strong sales will continue, allowing the company to potentially finish above last year in what could be one of the top years in history for local real estate.

Commitment to Agent Talent

In the 17 months since Coldwell Banker's Orange County Company became a separate entity from the rest of the Southern California operations, the company has developed an innovative agent-training program called KEYS (Knowledge and Expertise for Your Success) which perfects each agent's skills in offering optimal client service.

For example, on Tuesday, more than 500 Coldwell Banker agents participated in training at the Sutton Place Hotel in order to refine the art of negotiating on their clients' behalf. The session was led by Randy Lowry, director of the Strauss Institute for Dispute Resolution and Professor of Law at Pepperdine University School of Law. Legal services and education such as this are unique to Coldwell Banker.

Coldwell Banker Residential Brokerage is the leading residential real estate company in Orange County, with 15 offices and 800 sales associates. Within California, Coldwell Banker sells three of every four million-dollar-plus properties.

More information about Coldwell Banker Orange County is available online at www.cbsocal.com. Coldwell Banker Residential Brokerage is a member of the NRT family of companies. NRT Inc., the nation's leading residential real estate brokerage company, is a subsidiary of Cendant Corp. (NYSE:CD).

Note to Editors: Peter Hernandez, president of Coldwell Banker Orange County, is available for interviews Thursday afternoon, March 20 to discuss the company's new direction in growth strategy, its 2002 performance as well as the 2003 outlook for residential real estate in Orange County, and how the market might fluctuate in the event of a war.