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Zephyr Real Estate Palm Springs



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Zephyr expands with purchase
Real estate business acquires Canyon West
by Michael Perrault   The Desert Sun   July 27, 2007

Zephyr Real Estate of Palm Springs has acquired 3-year-old Canyon West Real Estate, a Palm Springs-based 12-member brokerage that has specialized in marketing new-home communities.

The deal comes nearly six months after entrepreneurs Randy Roy and Mitch Ohlbaum bought Zephyr Real Estate's offices in Palm Springs and Rancho Mirage.

Zephyr executives believe the acquisition gives it stronger ties to area builders and developers.

Robert Ramblas, Canyon West co-owner and managing director, said both firms share similar business philosophies, and it was time for Canyon West to move forward.

"The next step is becoming a bigger firm," and Zephyr seemed like the right firm to expand with, Ramblas said.

Terms of the latest acquisition weren't disclosed.

Some 48 real estate agents will operate under the Zephyr banner in offices at 1555 S. Palm Canyon Drive in Palm Springs and 69-550 Highway 111, Suite 101, Rancho Mirage.

"Even with nearly 50 agents, we will have a boutique, not a huge, multi-office mindset," said Gino Graziano, Canyon West's president and co-owner. "That's critical today when you're dealing with busy people who may live in La Quinta or London."

Roy, who was managing Hilton & Hyland's Beverly Hills office 10 years ago when he first bought desert residential property, said Canyon West and Zephyr focus on long-term relationships and providing personalized service, problem-solving and providing advice on investments.

"There are a lot of non-resident owners here, and they need more guidance and direction," said Roy, who now lives in the valley. "You're often asked a lot more about investments," such as the possibility of renting out homes.

The newly formed firm will continue to handle sales and marketing for developments such as The Cameron, a 102-unit Palm Springs condo community being developed by Los Angeles-based TMG, said Robert Ramblas, Canyon West co-owner and managing director.

The Cameron project on South Palm Canyon Drive will feature townhomes, live-work lofts and 15,000 square feet of retail space and is set to debut next spring.

Ohlbaum, a Beverly Hills resident who founded and is president of Los Angeles-based Legend Mortgage Corp., said company culture is key: "not too big, not too corporate."

Ohlbaum said Canyon West has developed a comprehensive, specialized service to builder-developers, including identifying land, providing advice and insights on architecture, floor plans, amenities, features and finishes, and managing the sales and marketing program for the new projects.

"It's not about sales volume," Graziano said. "Being independents, we're not under pressure to meet monthly sales quotas and generate prospects."

The valley's current housing market, down considerably from the boom years of 2004 and 2005, is likely to foster more acquisitions as brokerages streamline operations and jockey for position, real estate professionals said.

"I think this is a market where you have to operate more cost effectively, more efficiently, and better able to serve the buying and selling public, and that's good for the industry," said Greg Berkemer, executive vice president of the California Desert Association of Realtors.