Real estate titan pins its hopes on Hispanics
August 29th, 2007Century 21, the world’s largest real estate franchise, realizes the purchasing power of the Hispanic and Spanish-speaking population of the U.S. For more…
PATERSON — The name Casa Real — royal house — suits a real estate company run from an idyllic property with neat shrubs and white columns.
Now, the worlds largest real estate franchise has picked this Madison Avenue house, and those who run the company within, as an emblem of its new nationwide push to serve Hispanics — the hope for the flailing housing market, as some see it.
Century 21 Casa Real Latino officially debuted last month. The name reflects the marriage of two unlikely partners: a division of a $9 billion company made up of more than 8,000 franchises, and a single office located on a hardscrabble street in Paterson.
Century 21s decision to lend its name centered on the husband and wife team who have specialized in real estate services for Hispanics for more than a decade, said Saul Serna, a Century 21 executive spearheading Casa Real Latino.
“I wanted to start with people like this,” Serna said Wednesday. “They have an excellent reputation in the market.”
This may seem like a bad time to start a real estate endeavor. Values are plunging and dozens of mortgage companies have folded because of the implosion in the market providing risky sub-prime loans — what many Hispanics used to buy their properties.
Still, Census estimates released Thursday show that the countys Hispanic population is growing faster than other racial groups.And a recent study and the on-the-ground experience of Casa Real employees indicate that Hispanics and new immigrants are more likely to take the homeownership plunge.






