PORT ANGELES — While the economic recession hasn’t been kind to the real estate industry, Jim Wahlsten says he sees opportunity, not risk, by becoming the new co-owner of Coldwell Banker Uptown Realty.
“Sometimes buying at the down time is a good thing,” Wahlsten said. “In life, it’s all about timing.”
As of Friday, the 56-year-old real estate broker and Port Angeles native will share ownership of the agency at 1115 E. Front St., Port Angeles, with Jerry Nichols.
Wahlsten, who has been with Coldwell Banker Uptown since September 2004, recently bought out co-owner Dan Gase.
Gase had offered his ownership interest to Wahlsten.
Wahlsten said he will remain the agency’s broker.
Bought in 1999
Gase, a former president of the Port Angeles Regional Chamber of Commerce, and Nichols, a retired Trans World Airlines chief executive officer and also a former Port Angeles chamber president, bought the real estate company, one of the largest on the North Olympic Peninsula, from its founders, Larry McHone of Port Angeles and Billie Hoglund of Sequim, in June 1999.
McHone and Hoglund started the agency in 1979 and affiliated with Coldwell Banker in 1983.
Gase, who could not be reached for comment, will remain a commercial real estate agent with the office, Wahlsten said.
“He has a lot of different irons in the fire,” said Wahlsten of Gase.
“Dan wants to stay focused [on individual accounts] and not worry about the business side.”
Among Gase’s accounts is the K.O. Erickson Trust, which owns the 34,900-square-foot building at 200 W. First St. that once housed Gottshalks.
The building has been vacant since the Port Angeles Gottshalks closed in May after liquidators purchased the Gottshalks chain in an auction.
The company had filed for bankruptcy protection in January.
Gase has been seeking new tenants for the building.
Wahlsten said he will remain the office’s broker.
Expects turn-around
During an interview, he acknowledged that the real estate industry has suffered this year, but he expects it to start to turn around next year.
“It’s been tough,” Wahlsten said, adding that the office has trimmed the amount of time some of its staff works.
“I think 2010 is going to be a better year than 2009,” he said.
“But I don’t think it’s going to take off like a rocket ship.”
Wahlsten, who has been a real estate agent since 2001, said that recovery could be hindered if banks become too restrictive about loans.
He is the former president of the Port Angeles Association of Realtors.
In 2006, Wahlsten was picked as Realtor of the Year by the organization.
Before working in real estate, he co-owned the former Dobson’s Auto with his father, Rudy Wahlsten.
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Reporter Tom Callis can be reached at 360-417-3532 or at tom.callis@peninsuladailynews.com.