W. Nicholas Captain president of The Captain Co. real estate consultants and appraisers is to open a brokerage company.
Captain Realty Advisors will Captain said have a clearly defined role separate from The Captain Co. “It will specialize in commercial properties. Because of the relatively thin nature of that market it will dabble in residential real estate as well.”
Unlike The Captain Co. which has consulted to clients and completed real estate projects in Guam the Northern Mariana Islands Palau Chuuk Pohnpei the Marshall Islands and American Samoa Captain Realty Advisors will be solely Guam-based.
Captain said the company will remain in Hagåtña but expand to offices with 2 200 square feet 50% more floor area than at present. A property is understood to be in negotiation.
Captain said there were a couple of reasons for the launch of the new company. “We certainly believe there will be an increase in the number of opportunities over the next couple of years. We want to be well-positioned to take advantage of those opportunities — well-positioned to assist buyers and sellers with commercial property transactions.”
He said any brokerage work had to date been performed under the umbrella of The Captain Co. but that the company had primarily conducted consulting research and valuation. “That type of work is fixed fee-based and unbiased — on a third party basis. In a brokerage we will be getting the best possible deal for our clients and it’s important for me to establish a different company if we are acting in the role of an advocate.”
Brokerage clients have included Blockbuster Jones & Guerrero Co. South Pacific Petroleum Corp. and Pacific International Inc.
The Captain Co. has six employees. Captain said he would be soliciting experienced real estate agents. “My plan is to offer high-quality agents a very attractive compensation plan.”
He said he expected the commercial real estate market to become more positive and attract foreign investment. He said the residential market although less active would still be likely to see some movement in “quality properties and quality locations.” He said with the expected military growth “Over the next couple of years there will be an increase in prices. It appears as though the bottom has passed and the general feeling is one of optimism. It’s going to be an interesting couple of years.”
Captain first spent time in Guam from 1965 to 1967 and 1986 to 1988. He was based on-island in 1993 and 1994 as chief appraiser for the 1993 triennial assessment a mass appraisal of more than 50 000 privately owned properties on Guam. The Captain Co. opened in November 1997. Captain holds the Counselor of Real Estate designation from the Counselors of Real Estate a professional consulting affiliate of the National Association of Realtors. He is an appointed ambassador of the Appraisal Institute to Oceania the Philippines and Indonesia.MBJ
