REAL ESTATE TECHNOLOGY
@properties | July 08, 2021
@properties, one of the nation's largest residential brokerage firms, announced today the acquisition of Suburban Jungle Group (Suburban Jungle), a real estate technology and advisory firm that helps home buyers identify the best suburbs or neighborhoods for their specific needs before matching them with a vetted real estate agent. Suburban Jungle, based in New York, presently serves nine major U.S. metropolitan regions.
Suburban Jungle founder and president Alison Bernstein will continue to manage the company, according to @properties co-CEOs Thad Wong and Mike Golden. In addition, the firm will continue to operate independently, with its strategists recommending clients to real estate agents based on the agents' local knowledge and proven commitment to Suburban Jungle's buyer-advocacy model.
Suburban Jungle was established by Bernstein in 2004 when he was a student at Columbia Business School. The company was her answer to determining which of the 500 towns and suburbs in New York City would be the best match for her family.
Highly experienced Suburban Jungle strategists suggest locations for their customers based on in-depth client interviews, technology, and extensive local experience. The strategist works with both parties after recommending the buyer to a real estate agent until the buyer finds a house. The Jungler app from the company adds another degree of efficiency by enabling the buyer, agent, and strategist to exchange resources, schedule appointments, interact with locals, and provide feedback.
Suburban Jungle is currently available in the following cities: New York, Chicago, Dallas/Fort Worth, Philadelphia, San Francisco, Boston, Washington, D.C., South Florida, and Austin. The company also provides an Urban Jungle service that focuses on New York's five boroughs and services for move-down buyers.
Suburban Jungle will gain resources from the sale to @properties, allowing it to develop its tech platform further while extending into new markets and growing in current ones. @properties is also expanding. With the acquisitions of Ansley Real Estate in Atlanta and Nest Realty in Charlottesville in 2019, the Chicago-based company has expanded outside the Midwest. In addition, @properties will launch a national franchise brand in late 2020, with franchises already in Detroit and La Crosse, Wisconsin.
@properties, founded in 2000, is ranked eighth on the REALTrends 500 list of the largest residential brokerage companies in the United States by sales volume. @properties and its affiliated companies employ over 4,000 real estate agents throughout nine states in 65 office locations. Pl@tform, an integrated application suite created by @properties, assists its agents in managing all elements of the client relationship and real estate transaction.
About Suburban Jungle Group
Suburban Jungle Group is the first-of-its-kind real estate advisory and technology platform devoted only to assisting house buyers in locating the ideal town or suburb before looking for a property. The company's award-winning and objective "town first" approach to real estate guarantees that homebuyers look in the correct areas and ask the right questions. Home buyers are not charged for this service.
prnewswire | October 07, 2020
LCR Capital Partners is excited to announce that Louis Frost has agreed to join LCR as a Senior Advisor focused on real estate developers, real estate transactions, and related elements of LCR's business. Lou brings a wealth of real estate and finance experience to LCR having closed over $30 billion in real estate and finance transactions over almost twenty years. Prior to joining LCR, Lou served as KPMG's National Real Estate Advisory Leader, a Senior Vice President with Macquarie Capital's Real Estate Private Equity Team, a Vice President with Goldman Sachs' Real Estate Investment Banking Team, and as an investment banking associate at Deutsche Bank.
REAL ESTATE INVESTMENT
Realogy Holdings Corp. | November 18, 2021
Sotheby's, the world's premier destination for fine art and luxury goods, and Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, today announced the acquisition of Concierge Auctions, the leading global luxury real estate auction marketplace. Under the terms of the agreement, Sotheby's and Realogy will take a joint 80% ownership stake in Concierge Auctions, while company co-founders Chad Roffers and Laura Brady will remain President and Chief Executive Officer, respectively. Concierge Auctions will operate independently, continuing to partner with real estate agents affiliated with many of the industry's leading brokerages to host luxury online auctions for clients. A newly formed Board of Managers will be made up of Sotheby's and Realogy executives and chaired by Philip White, CEO and President of Sotheby's International Realty, a Realogy brand. Financial terms were not disclosed.
Luxury online auctions is a growing sector of the real estate industry, particularly at the high-end, where a more limited buyer pool exists and properties can be harder to value and sell. Concierge Auctions, founded in 2008, creates predictability and liquidity for sellers in an accelerated timeframe and is designed to work with real estate agents as trusted advisors, not disintermediate them. In fact, co-founders Roffers and Brady have both successfully served as licensed real estate agents, and the company has never auctioned a property without working in partnership with a local real estate broker. With an extensive network of independent luxury agents and high-net-worth clients, Concierge Auctions' technology platform serves as an additional tool for agents to market and sell unique, one-of-a-kind luxury properties around the world.
In 2020, Concierge Auctions reported processing more than $3.4 billion in competitive bids with an average home sell price of $3.5 million. And, just this year, the company broke its fourth world record for highest price of a single-family home ever sold at auction with the sale of Villa Firenze, one of the most expensive residential properties in the world, listed for sale at $165 million. Prior world records have included the sale of Villa Passalacqua in Lake Como, Italy (listed for €100 million); Playa Vista Isle in Hillsboro Beach, Florida (listed for $159 million); and Walnut Place in Dallas, Texas (listed for $48.9 million).
With Realogy's more than 300,000 globally affiliated real estate agents across six brands, including Sotheby's International Realty®, Corcoran®, and Coldwell Banker®, Concierge Auctions will benefit from increased distribution, lead generation, and industry-leading data scale, along with enhanced marketing visibility from the brands and affiliated agents. Sotheby's will provide Concierge Auctions with deep luxury auction expertise, including innovation in online and live auctions, and access to an unmatched global network of fine art and luxury goods collectors.
"Realogy is the market leader in luxury real estate, an area in which we continue to strategically invest to drive future growth. As demand for luxury real estate auctions increases, we believe Realogy and Sotheby's can jointly bring powerful data and network scale to Concierge Auctions, a valuable tool for real estate agents helping clients expertly navigate the global high-end property market. Laura and Chad have expanded how agents and clients can sell and buy a home, and I look forward to what we can now achieve, together."
- Ryan Schneider, Realogy Chief Executive Officer and President.
"Since 2004, Realogy has had a very successful relationship with Sotheby's as the operator and steward of the Sotheby's International Realty brand, Just as the power of Sotheby's and Realogy has fueled the tremendous growth of Sotheby's International Realty, we are excited for what this new partnership can bring to Concierge Auctions as Laura and Chad grow their lead in the luxury real estate auctions sector while keeping the agent at the center."
- Philip White, Sotheby's International Realty CEO and President and newly appointed Chairman of Concierge Auctions.
About Realogy Holdings Corp.
Realogy (NYSE: RLGY) is moving the real estate industry to what's next. As the leading and most integrated provider of U.S. residential real estate services encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture, Realogy supported approximately 1.4 million home transactions in 2020. The company's diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, Realogy fuels the productivity of its approximately 191,700 independent sales agents in the U.S. and more than 135,000 independent sales agents in 117 other countries and territories, helping them build stronger businesses and best serve today's consumers. Recognized for ten consecutive years as one of the World's Most Ethical Companies, Realogy has also been designated a Great Place to Work four years in a row, named one of LinkedIn's 2021 Top Companies in the U.S., and honored on the Forbes list of World's Best Employers 2021.
Established in 1744, Sotheby's is the world's premier destination for art and luxury. Sotheby's promotes access, connoisseurship and preservation of fine art and rare objects through auctions and buy-now channels including private sales, e-commerce and retail. Our trusted global marketplace is supported by an industry-leading technology platform and a network of specialists spanning 40 countries and 50 categories, which include Contemporary Art, Modern and Impressionist Art, Old Masters, Chinese Works of Art, Jewelry, Watches, Wine and Spirits, and Interiors, among many others.