Quarter Century with Coakley Realty: The First 5 Years
Coakley Realty’s first office
As Coakley Realty, Inc. celebrates 25 years in business in 2014—an achievement made possible by our innovative growth model and culture of expertise, nimble structure, and focus on client outcomes—we’d like you to join us in looking back at what has happened during the past quarter century—nationally, globally, and within our own business. Here’s a look at major national, world, and Coakley Realty events and milestones from 1989 to 1993, our first five years in business. Enjoy!
What Happened in 1989
- George Herbert Walker Bush becomes 41st President of the United States.
- Microsoft Office is first released.
- The Keating Five are accused of corruption, igniting a major political scandal as part of the larger Savings and Loan crisis of the late 1980s and early 1990s. The five senators, including John McCain, are accused of improperly intervening in 1987 on behalf of Charles H. Keating, Jr., Chairman of the Lincoln Savings and Loan Association.
- The University of Michigan wins the NCAA men’s basketball title.
- The San Francisco 49ers win Super Bowl XXIII in Miami, Florida.
- The average cost of a new home is $120,000 (year-end interest rate is 10.50 percent).
- Coakley Realty, Inc. is founded in Silver Spring, MD, by Rory Coakley and his wife, Nancy. Rory models his single-source, full-service business strategy after his father’s development and construction company, Coakley & Williams, which, at the time, offered end-to-end development, construction, real estate, leasing, and property management services.
What Happened in 1990
- Iraq invades Kuwait, which results in the Iraqi occupation of Kuwait, spanning seven months, which leads to direct military intervention by U.S.-led forces in the Gulf War.
- Tim Berners-Lee publishes first web page on the World Wide Web.
- Al Gore pushes the Global Marshall Plan, to allow industrial nations to help less developed countries grow economically while still protecting the environment.
- Iraq attacks two Israeli cities with Scud missiles.
- The Cincinnati Reds defeat the Oakland Athletics in the World Series.
- The median home value in Washington, D.C. is $158,300.
- Rory Coakley begins doing weekend real estate work while maintaining his full-time position as a Vice President at Coakley & Williams.
What Happened in 1991
- Operation Desert Storm, with U.S. forces, spearheads a United Nations military coalition, pushing Iraqi troops out of Kuwait and back into Iraq.
- The Dow Jones average tops 3,000 for the first time.
- The cost of a gallon of gas is $1.12.
- Rory Coakley completes the transition to full-time real estate work at Coakley Realty. To accommodate his new business, instead of renting office space, Rory and Nancy build a 600-square-foot addition to their home.
- Rory and Nancy have two young toddlers at home and a 3rd on the way.
What Happened in 1992
- Bill Clinton is elected 42nd President of the United States.
- First nicotine patch is introduced to help stop smoking.
- The Washington Redskins win Super Bowl XXVI in Minneapolis, Minnesota, defeating the Buffalo Bills 37 – 24; quarterback Mark Rypien is named MVP.
- The average cost of a new car is $16,950.
- Rory Coakley, teaching at Georgetown University as an adjunct lecturer in real estate, has a student in one of his classes named Michael Rose (Mike). Within a year, Mike becomes Coakley Realty’s first employee and will go on to spend the next 21 years with the company. Today, Mike continues to be the firm’s top producing agent and provides a wealth of experience for fellow employees and sales agents.
What Happened in 1993
- Islamic terrorists bomb the World Trade Center in New York City.
- Beanie Babies go on sale.
- The Chicago Bulls defeat the Phoenix Suns for the NBA Championship title.
- The North Carolina Tar Heels overthrow the Michigan Wolverines in the NCAA men’s championship.
- The global real estate crash depresses U.S. home prices by an average of 6.4 percent—resulting in a new average home price of $148,391.
- In Coakley Realty’s fifth year, revenue hits a new high and is competing with national brands including Long & Foster, Weichert, and Century 21.
- Rory has two full-time agents working for him, but he also has a wife and three kids in his house. It’s time to start looking for office space.
It’s been an eventful 25 years, during which we’ve continued to grow and provide you with excellent service. What’s happening with your real estate needs? Let us know how we can help!
Stay tuned for years 1994 – 1998. Do you have any milestones to share during these years? Send them along to us!
Rory S. Coakley
Founder and President