True Gotham

Full service real estate agents across the country will be heard partying into the wee hours after the announcement that Foxtons is DEAD!  Another discount model goes belly up.  Check out Foxtons done in by housing slump (Asbury Park Press)

Foxtons, a West Long Branch-based real estate company that made a splash with its discounted commissions, said Wednesday night it is closing because of a downturn in the housing market.

The company said it is contemplating bankruptcy for an orderly shutdown, and it will continue only with a skeleton crew; it is laying off 350 of its 380 employees.

"The plain fact is that we have been battling against a real estate market that recently has turned into a sharp decline, and the company no longer has the liquidity to operate as a going concern," said John D. Blomquist, Foxtons' senior vice president and general counsel.

A quick Google search of Foxtons turns up a plethora of dissatisfied customers who were the victims of a weak business model. 

See also:

So Long, Foxtons (via NJ Real Estate Report)

Foxtons may file for bankruptcy (via Newsday.com)

UPDATE:  Foxtons Shuts U.S. Operations, Blames Housing Slump (via Bloomberg)

I was not EMailed by my agent re: Foxtons going out of business - I left message @ 1-800-FOXTONS & EMailed my agent - no response to either - sellers like myself were evidently never sent a mass form letter mailing advising us as to status of our active listing contracts - I don't know if I am free to list with another agency - I had to find out they went out of business via another real estate agency - my agent's voice message says "I'm not here". How unprofessional can you get? There is a right & wrong way to go out of business & you just don't walk out, lock the doors & not tell your clients what is going on with their outstanding contracts, or even notify them that you are going out of business - VERY UNPROFESSIONAL.

Janet,

I'm truly sorry to hear about your experience with Foxtons but not surprised. If you want to shoot me an email, I may be able to help you. If not, all the best of luck to you.

We never knew we were going out of business till the last few hours.. we were notified by an email 1 hour after our last business day ..and forced to return all cell phones and laptops wich held all sellers info.. the computers were locked so we couldent gain access any more! Jon Hunt got the best of all of us!

I also found out about Foxtons closing from a friend. Someone also removed my lockbox as well as their brochures. The home is vacant, so there is no one to show it. I feel they are in breach of contract. But my calls have not been returned. I am in limbo