Largest firms head in different directions

An inspection of the latest Springfield Business Journal lists of residential and commercial real estate agencies (Aug. 22 issue) shows that the two largest firms in Springfield – Murney Associates and Carol Jones, Realtors – are expanding, but in different directions.

While CJR Commercial, the commercial arm of Carol Jones, Realtors, has experienced faster growth rates than its residential counterpart in recent years, Murney has seen residential expansion.

Murney’s residential business has exploded since 2001, with the number of agents nearly quadrupling.

Twila Hillme, broker-manager for Murney Associates, said that despite the rapid growth in one sector, the company is simply growing in response to demand.

“We started out primarily as a residential company, and we’ve grown in the commercial department, but it’s probably not been our focus,” Hillme said. “I wouldn’t say it’s a conscious effort. We welcome commercial agents to come with us. We have very successful commercial Realtors, and it’s just kind of turned out that way.”

Carol Jones said her company’s commercial growth is not due to a specific company plan to move from residential to commercial sales, but rather to a strong commercial market, specifically downtown, where Heer’s Tower is among CJR’s listings.

Murney, too, is benefiting from an active commercial market. Sales jumped 87 percent to $75 million in 2004, averaging $1.5 million per transaction.

Land values are partly attributable.

“The raw land is so expensive that it drives up the prices,” said Jim Bolin, CJR Commercial’s general manager. “I’d like to see a little more stabilization in the prices … but I don’t see it yet.”