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THE PRUDENTIAL FLORIDA REALTY REPORTS 10 PERCENT SALES INCREASE THROUGH OCTOBER

 THE PRUDENTIAL FLORIDA REALTY REPORTS
 10 PERCENT SALES INCREASE THROUGH OCTOBER
 CLEARWATER, Fla., Dec. 9 /PRNewswire/ -- Despite the slow economy, The Prudential Florida Realty reported a 10.5 percent increase in net sales volume for the first 10 months of 1991, compared to the first 10 months of 1990.
 The company recorded 1991 net sales volume of $2.202 billion, from January through October, compared to $1.994 billion through the first 10 months of 1990.
 "We saw a significant increase in activity following the end of the Persian Gulf War," said Richard W. Cope, chairman and chief executive officer of The Prudential Florida Realty. More important, however, has been a restructuring of the real estate brokerage business. We're seeing the business gravitate toward a combination of strong, well-managed regional brokerages, and highly specialized boutique, or niche, players.
 Cope predicts that many mid-sized companies will continue to be squeezed by the economies of scale that are developing in the real estate brokerage business, and that market share increases will be earned by the most financially stable competitors.
 During the 1990-91 recession, The Prudential Florida Realty has acquired 13 real estate brokerage companies throughout Florida.
 "We are on schedule to surpass production levels of 1990," Cope said. The Prudential Florida Realty generated sales volume of $2.75 billion during 1990.
 For the January-October 1991 over 1990 period, the company handled 15,166 transactions, vs. 14,260 resulting in higher average sales price.
 The average sales price increased by 3.6 percent, to $145,000 from $140,000 during the same period.
 The prudential Florida Realty is Florida's largest independent real estate brokerage, with 60 offices throughout the state. More than 2,600 licensed sales associates generated $2.75 billion in sales in 1990. The company has more than 300 employees.
 -0- 12/9/91 R
 /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-JJ -- FL003 -- 0701 12/09/91 16:30 EST
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Publication:PR Newswire
Date:Dec 9, 1991
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