CHARLOTTE, N.C. -- Two of the enduring names in Charlotte residential real estate are combining in a 150-agent firm that will have offices in SouthPark and Eastover.

Cottingham-Chalk & Associates, started in 1983, and Bissell-Hayes Realtors, founded in 1971, will now operate as Cottingham-Chalk/Bissell-Hayes with three principals: John Chalk, Dan Cottingham and Baxter Hayes.

The housing downturn has created trying times for real estate agencies, and "this is driven by the current situation," said Dan Cottingham.

The combined firm's employment will be smaller than market giant Allen Tate Co.'s more than 1,800 associates, but Cottingham expects it to place within the top five locally in business volume.

Baxter Hayes, former president of Bissell-Hayes, views the merger as an “exceptional match” based on family ownership and local expertise.

Said Chalk: "While we have been friendly competitors for many years, we have worked together on literally thousands of transactions."

The combined firm will operate from Cottingham-Chalk's existing SouthPark office and Bissell-Hayes' current office in Eastover.

Bissell-Hayes was part of the Bissell Family of Companies until the merger. H.C. "Smoky" Bissell, who no has no stake in the combined firm, called his 37-year partnership with co-founder Betty Hayes (mother of Baxter) "tremendously successful."

While the past 18 months have been challenging for the real estate industry, Cottingham is optimistic conditions will improve as economic stimulus programs take effect. "Personally, we are seeing some thawing right now," he said.

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