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THE PRUDENTIAL FLORIDA REALTY POSTS 1991 SALES INCREASE

 THE PRUDENTIAL FLORIDA REALTY POSTS 1991 SALES INCREASE
 CLEARWATER, Fla., Jan. 20 /PRNewswire/ -- By concentrating on building market share and increasing the professionalism of its staff, The Prudential Florida Realty posted a sales increase of 5.6 percent for the 12 months ended Dec. 31, 1991.
 Gross sales volume was $2.91 billion, up from $2.75 billion recorded during 1990.
 "We had a good year in a generally soft real estate market by concentrating on the basics of this business," said Richard W. Cope, chairman and chief executive officer of The Prudential Florida Realty. "We recruited seasoned professionals, we acquired competitive companies, and we worked hard to bring buyers to Florida properties."
 For 1992 Cope predicts that the company will continue to add market share, but will grow as a result of a modest recovery in existing home sales.
 "There are a number of factors that favor existing home sales, including low mortgage finance rates," Cope said. "As important, Florida's growth management laws and pressures on new home construction will increase the relative value of existing homes."
 Ironically, the nationwide recession resulted in net growth for The Prudential Florida Realty.
 The Prudential Florida Realty is Florida's largest independent real estate brokerage company, and the sixth largest in the nation, based on 1990 sales activity. It is twice as large as its closest competitor in the state of Florida.
 "There's a tendency for people who have to sell real estate during a recession to list with a financially stable, professional company that can move homes in any economy," Cope said.
 During 1991, the company significantly expanded its efforts to attract international buyers to Florida properties. The Prudential Florida Realty worked with a number of corporations that moved headquarters, or significant operations, and their employees into Florida.
 The Prudential Florida Realty handled 19,701 transactions during 1991, a slight increase over 19,634 handled during 1990. The average sales price of residential property handled by the company was $145,000, compared to $140,000 during 1990.
 The increase in average sales price was the result of successes in attracting buyers to higher-priced properties, Cope said. The company publishes a proprietary magazine, Fine Homes Collection, which features listings of homes in excess of $250,000. The magazine has quarterly circulation of 100,000.
 The Prudential Florida Realty also increased its listings, providing a foundation for future market share increases. Listings secured during 1991 were 25,972, compared to 24,730 during 1990.
 The Prudential Florida Realty is Florida's largest independent real estate brokerage, with more than 60 offices throughout the state and 2,600 licensed sales associates. The company has 306 employees.
 -0- 1/20/92
 /CONTACT: Linda Burger of The Prudential Florida Realty, 813-442-4111; or Robert Kneeley of Robert Kneeley & Co., 305-493-8220, for The Prudential Florida Realty/ CO: The Prudential Florida Realty ST: Florida IN: SU:


AW-AK -- FL005 -- 1422 01/20/92 12:39 EST
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Publication:PR Newswire
Date:Jan 20, 1992
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