Carolina One, the Charleston region’s biggest real estate agency, has a new president. Michael Scarafile has succeeded his mother, Patty Scarafile, in that role, effective immediately.
Patty Scarafile, who will remain as chief executive officer, announced the change in a staff memo Wednesday.
“While Michael and I share the same last name, he has earned this position, through his years of hard work and successful real estate leadership experience, navigating through the most challenging time in our industry’s history,” she wrote.
Michael Scarafile joined Carolina One as general counsel in January 2005 and has served in variety of management roles since then. Previously he was an attorney with McNair Law Firm.
Patty Scarafile said she and other top officers at the firm began talking about the need for an orderly succession plan about six years ago. She, Grange S. Cuthbert II and Jim Reese will remain involved in the day-to-day operations of the business in their respective roles as CEO, vice chairman and general manager.
“Today’s announcement simply puts into place one more piece to ensure our future,” she wrote.
Carolina One traces it roots to 1969. It now has 11 offices in the Charleston region and more than 750 sales associates. It says it participates in about one out of every three homes sold through the Greater Charleston Multiple Listing Service.