"We are excited to add Steve to our management team, "said Sue Wolverton, regional senior vice president, Southwest Florida, Coldwell Banker Residential Real Estate. "He brings a wealth of housing industry expertise and knowledge that will benefit our buyers and sellers, as well as our sales associates."

"In this challenging market, it's essential that a company have the financial stability and intellectual capital to seize on opportunities," said Bailey. "Coldwell Banker has an incredibly strong and experienced leadership and offers the consumer and its sales staff the best resources in the industry."

Bailey, a 30-year veteran of the real estate industry, most recently served as vice president of Prudential Palms Realty where he was responsible for strategic planning and operations. He has also held executive positions with Hunt Real Estate, Premier Properties of Southwest Florida and Michael Saunders & Company. Prior to moving to Sarasota in 2003, Bailey was president and owner of Dollar Dry Dock Real Estate in Connecticut, the largest independent real estate agency in Hartford and Fairfield Counties and one of the top 120 companies in the nation.

Bailey graduated from East Carolina University and he also holds a law degree from Tulane University. He served in the U.S. Army as a First Lieutenant in Vietnam, and was awarded a Combat Infantry Badge, the Vietnamese Cross of Gallantry, a Bronze Star and a Purple Heart.