The Beverly Hills-Based Brokerage, The Agency, To Open Miami Office

 The Beverly Hills-based high-end brokerage The Agency, of Million Dollar Listing Los Angeles fame, will be opening their first Miami location. The firm currently has 19 offices, including in the Caribbean, as well as over 350 agents. Their current office mix includes Beverly Hills, in addition to Brentwood, Calabasas, Danville, Malibu, Noe Valley, Venice, Orange County, Pacific Palisades, Palm Desert, Park City, Scottsdale, Sherman Oaks, Turks and Caicos, Los Cabos and Punta de Mita. The Agency was founded by Mauricio Umansky, Billy Rose and Blair Chang in 2011.

Douglas Elliman Continues Florida Expansion With Acquisition of Pink Palm Properties

Douglas Elliman Real Estate, the third largest residential real estate brokerage company in the United States, has that it is growing the company’s presence in South Florida with the acquisition of Pink Palm Properties, a highly respected firm founded in Boca Raton. 

Pink Palm Properties is led by Rochelle LeCavallier and has produced sales in excess of $100,000,000. The firm specializes in properties primarily located in the exclusive gated community of Royal Palm Yacht & Country Club, Boca Raton. LeCavallier and her team will join Douglas Elliman at the Boca Raton office located at 444 East Palmetto Park Road. LeCavallier has been recognized for many prestigious designations including Certified Investor Agent Specialist (CIAS), which is held by fewer than 1% of all Realtors, is an Accredited Residential Manager (ARM) with the Institute for Real Estate Management and Certified Luxury Home Specialist (CLHMS) and is a member of Who’s Who of Luxury Real Estate.

“Rochelle and her respected firm have been instrumental in setting records and showcasing the esteemed Royal Palm community of Boca Raton,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida brokerage. “The acquisition of Pink Palm Properties, coupled with the expertise, national and international network of Douglas Elliman, will cohesively provide the community with an elevated level of exposure, service and experience in the real estate industry.”

"I am honored to have been chosen by Douglas Elliman to become part of their expansion in the Boca Raton market,” said Rochelle LeCavalier, CEO and Founder of Pink Palm Properties.  “Having the backing of a company that spans so many important feeder-markets nationally and an international affiliation with Knight-Frank opens endless opportunities for me and my team to deliver an elevated experience to our clients locally. The world-class resources and support that Douglas Elliman offers their agents will take our business to the next level.”  

Douglas Elliman Releases Q2 Market Reports For South Florida As Pricing Continues To Rise

Douglas Elliman has released their Q2 Market Reports for South Florida, produced in conjunction with Miller Samuel, a leading independent appraisal firm. Despite the constant rumblings of a bubble or a crash, the South Florida market continued to show strength and prices continuing to push higher in both the luxury and overall markets across nearly all markets including Miami Beach, Miami coastal mainland, Fort Lauderdale, Boca Raton, Delray Beach and Jupiter. The quarter also reflected the most sales in 3 years in both Miami Beach and Delray Beach. The general health of the market should remain strong as South Florida continues to be a haven for flight capital and population growth, matched with fast-growing world-class cities, a high quality of life and no state income tax. 

Miami Beach & Barrier Islands

• Price trend indicators posted strong gains across the overall and luxury markets
• Number of sales and pending sales moved up from year ago levels
• Although listing inventory has been rising for more than four years the rate of growth has eased considerably in past year
• Overall days on market and listing discount expanded as older listing inventory was cleared from the market
• Most second quarter sales in three years
• Luxury condo average sales size surged and pending sales posted strong gains
• Luxury listing inventory slipped

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price rose 7% to $438,000
• Average sales price increased 15.8% to $1,098,024
• Number of sales increased 10.7% to 1,025
• Days on market was 148, up from 139
• Listing discount was 11%, up from 9.7%
• Listing inventory increased 3.9% to 6,319

Luxury Condo:

• Median sales price surged 47.6% to $3,370,000
• Days on market was 196, up from 194
• Listing discount was 12.7%, up from 11.4%
• Listing inventory fell 20.3% to 959 units
• Entry threshold began at $1,900,000

Luxury Single Family:

• Median sales price jumped 34.5% to $10,760,000
• Days on market was 262, down from 292
• Listing discount was 16.5%, up from 14.5%
• Listing inventory jumped 32.3% to 209 units
• Entry threshold began at $4,950,000

Miami Coastal Mainland

• Overall conditions reflect rising prices, stable sales and modest inventory gains
• Median sales price increased year over year for the 15th consecutive quarter
• Highest market share of conventional financing in more than five years of recording
• One in four single family sales and half of  condo sales were purchased with cash
• Number of sales well above the 5-year quarterly average
• Listing inventory edged higher for second quarter after six consecutive quarters of year over year declines

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price increased 6.7% to $320,000
• Average sales price rose 8.8% to $456,591
• Number of sales fell 0.3% to 4,191
• Days on market was 86 up from 79
• Listing discount was 5.6%, up from 5.5%
• Listing inventory rose 2.7% to 11,184 units

Luxury Condo:

• Median sales price rose 6.4% to $814,951
• Days on market was 176 days, up from 169
• Listing discount was 8.1%, up from 7.7%
• Listing inventory declined 6.3% to 2,537
• Entry threshold began at $580,000

Luxury Single Family:

• Median sales price rose 6.7% to $1,600,000
• Days on market was 125 days down from 133
• Listing discount was 7.9%, up from 7.7%
• Listing inventory slipped 1.1% to 1,012 units
• Entry threshold began at $960,000

Fort Lauderdale

• Sharp price gains in the overall condo and single family markets
• All condo price indicators set new records
• Overall condo market showed a large burst in year over year sales in last two quarters
• Large gain in conventional financial market share for both property types
• Luxury listing inventory fell sharply across property types

Key Trend Metrics (Year over Year)

Luxury Condo:

• Median sales price increased 9.8% to $1,281,600
• Days on market was 81, up from 68
• Listing discount was 6.8%, up from 5.6%
• Listing inventory fell 31.8% to 255 units
• Entry threshold began at $975,000

Luxury Single Family:

• Median sales price rose 35% to $2,265,000
• Days on market was 167, up from 155
• Listing discount was 9.2%, up from 8.2%
• Listing inventory declined 15.6% to 298 units
• Entry threshold began at $1,500,000

Boca Raton

• Overall price trends for both condos and single families increased year over year
• Sales slipped an inventory edged higher for both property types from the year ago quarter
• Share rise in average sales size and price trend indicators for luxury condos
• Unlike overall market, listing inventory for luxury properties declined
• Luxury pending sales are up year over year

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price rose 24.8% to $1,051,250
• Average sales price surged 31.3% to $1,394,111
• Days on market was 128 days, up 14.3%
• Listing discount was 8.3%, unchanged
• Listing inventory fell 21.1% to 243
• Entry threshold began at $645,000

Luxury Single Family:

• Median sales price declined 4.8% to $1,900,000
• Average sales price rose 1.8% to $2,605,203
• Days on market was 142 days, down from 165
• Listing discount was 9.6%, up from 9.5%
• Listing inventory declined 25.8% to 419
• Entry threshold began at $1,250,000

Delray Beach

• Most price trend indicators for the overall market by condo and single family moved higher
• The number of sales for condos and single families market wide increased
• Marketing time fell across the overall market
• The negotiability of luxury single family and condos tightened

Key Trend Metrics (Year Over Year)

Luxury Single Family:

• Median sales price surged 12.3% to $1,737,500
• Days on market was 148, up from 118
• Listing discount was 8.7%, down from 11%
• Entry threshold began at $1,260,000

Luxury Condo:

• Median sales price declined 10% to $575,750
• Days on market was 80, down from 116
• Listing discount was 5.5%, down from 5.8%
• Entry threshold began at $390,000

Wellington

• Overall market price trend indicators moved higher over both property types
• Listing inventory and sales were up slightly across most segments of the market
• Luxury single family prices and sales size were up sharply
• Smaller luxury condo sales size skewed most price indicators lower

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price fell 23.2% to $437,500
• Average square footage fell 11.9% to 2,034
• Days on market was 182, up from 160
• Listing discount was 5.9%, unchanged
• Listing inventory rose 8.3% to 52
• Entry threshold began at $350,000

Luxury Single Family:

• Median sales price jumped 34.4% to $2,150,000
• Average square footage rose 17.3% to 4,877
• Days on market was 176, up from 167
• Listing discount was 14.9%, up from 14.4%
• Listing inventory rose 4.3% to 218
• Entry threshold began at $845,000

Palm Beach

• Highest combined number of condo and single family sales in three years
• Listing inventory fell across the market by property type
• Condo price trends declined, skewed by shift to smaller sized sales
• Luxury inventory and days on market expanded

Key Trend Metrics (Year Over Year)

Luxury Condo & Single Family:

• Median sales price declined 20.8% to $12,537,970
• Days on market was 148, down from 140
• Listing discount was 17.7%, up from 15.3%
• Listing inventory rose 30.2% to 69
• Entry threshold began at $6,786,250

Jupiter/ Palm Beach Gardens

Jupiter:

• Single family price trend indicators increased as sales and inventory declined
• Condo price trend indicators rose sharply as sales declined

Palm Beach Gardens:

• Single family price trend indicators were mixed as sales and inventory declined
• Condo price trend indicators for the overall markets continued to rise

Key Trend Metrics (Year Over Year)

Jupiter Single Family:

• Median sales price increased 7.3% to $515,000
• Days on market was 60, down from 69
• Listing discount was 5.2%, down from 6.5%
• Listing inventory declined 8% to 402

Jupiter Condo:

• Median sales price rose 12.9% to $315,000
• Days on market was 65, up from 62
• Listing discount was 4.6%, down from 4.9%
• Listing inventory rose 11.7% to 277

Palm Beach Gardens Single Family:

• Median sales price increased 4.8% to $492,500
• Days on market was 77, down from 86
• Listing discount was 6.9%, down from 7.6%
• Listing inventory declined 2.5% to 516

Palm Beach Gardens Condo:

• Median sales price rose 3% to $242,000
• Days on market was 52, down from 62
• Listing discount was 4.4%, down from 4.6%
• Listing inventory jumped 21% to 236

MiamiCentral Featuring Brightline Tabs Tony Cho’s Metro 1 Commercial As Exclusive Retail Brokerage For Development

Florida East Coast Industries (FECI) has hired leading commercial brokerage firm Metro 1 Commercial, LLC to spearhead retail leasing efforts for the state-of-the-art development, MiamiCentral, Miami's most connected, mixed-use transportation hub. Metro 1 will target approximately 130,000 SF of MiamiCentral’s newly constructed retail space, with a focus on food & beverage, health & wellness and other lifestyle-driven tenants.

Andres Nava, VP of Commercial Leasing and Grace Chance, a leasing associate who recently joined Metro 1 after several years leasing Brickell City Centre, will lead efforts on behalf of Metro 1. Metro 1 Commercial’s emphasis on transit-oriented development (TOD) and proven track record for successfully utilizing retail to differentiate and elevate emerging neighborhoods played a key role in the firm’s selection.

“Metro 1 has been a catalyst in the evolution of South Florida’s most engaging projects and neighborhoods,” said Tad Templeton, vice president of retail leasing for FECI. “We are eager to have Tony and his team on board and look forward to working together in delivering that same dynamic to MiamiCentral.”

Located in the heart of Downtown, MiamiCentral aims to address the steady increase in demand for walkable, retail-driven centers caused by the area’s sharp increase in population. A recent report published by Miami’s Downtown Development Authority shows a nearly 40% increase in Downtown residents since 2010, with an average of 1,500 new residents per year. This growth not only positions MiamiCentral as the focal point for downtown commerce, but also primes the project to have far-reaching effects on the entire district.

“More than a leasing agreement, we see this as an opportunity to play a key part in downtown’s rebirth,” said Tony Cho, Founder and CEO of Metro 1 Commercial. “Finding retail partners who bring something new and exciting to an area while staying true to its historic identity is a unique challenge, but one that inspires our entire team. We’ve had incredible results throughout neighborhoods like Wynwood and Magic City, and look forward to bringing our unique approach to MiamiCentral.”

"MiamiCentral is poised to become one of Miami’s most connected, mixed-use hubs featuring transportation, retail, residences and offices. Its status as one of the city’s most high-profile transit-oriented projects, the built-in rental units and, of course, the thousands of people already using Brightline, makes this a dynamic property with huge potential,” said Nava.

MiamiCentral represents the city’s most central, multimodal transportation center considering its  proximity to I-95 within the Central Business District and several key neighborhoods including Park West, Biscayne Corridor, Arts and Entertainment District, Brickell and the Health District. In addition to its connection to Metromover and Metrorail, MiamiCentral serves as Brightline’s southern terminus featuring inter-city, express passenger rail service between Fort Lauderdale and West Palm Beach. Future mass transit expansion plans and upcoming developments—including Brightline’s Orlando service, integration of Tri-Rail’s Downtown Miami Link within MiamiCentral and the delivery of the Miami Worldcenter Marriott Marquis World Convention Center Hotel. Additionally, MiamiCentral will house Downtown Miami’s only food hall, Central Fare, set to feature unique and authentic vendors and well-crafted experiences focused on bringing food and beverage concepts that build community.

Pordes Residential Takes Over Sales at Kai at Bay Harbor

Pordes Residential has officially been tabbed to oversee sales and marketing at Kai at Bay Harbor for the remaining residences available at the newly completed building. Pordes is currently also completing the final sellout of two other projects on the Bay Harbor islands at 101 Bay Harbor and Bijou Bay Harbor. 

“We have been able to effectively tap into the buyer demographic for Bay Harbor Islands and are ready to hit the ground running,” said Adam Kaufman, Vice President of Sales and Operations for Pordes Residential.  “The developer of Kai turned to us for our expertise in the market, and we are confident we will sell out the remaining inventory. This is one of the only new construction projects in Bay Harbor Islands that is completed and move-in ready, making it a truly unique offering in this highly coveted neighborhood.” 

Kai at Bay Harbor is located at 9940 and 9960 W Bay Harbor Drive and was developed by 3D Developers. The building was designed by Arquitectonica and rises 7-stories offering 58 condominiums. Residences range in size from 1 to 3 bedrooms and 1,106 SF to 1,882 SF with pricing ranging from $765,000 to $1,500,000. 

Douglas Elliman Florida Brokerage Relocates Design District Office To MiMo With Lavish Ribbon Cutting Reception

Douglas Elliman has officially opened its newest Florida office in Miami’s MiMo District located at 5555 Biscayne Blvd., replacing its previous Design District location. The full-floor 6,000 SF location houses the firm’s Miami Design District agents along with additional office space for new recruitment, Douglas Elliman Development Marketing Miami-Dade operations, public relations and marketing teams.

The firm marked the occasion, its continued growth to now with more than 1,000 agents throughout Florida and continued expansion into new regions, with a grand opening celebration on June 27th. Douglas Elliman President and COO Scott Durkin, CEO of Florida Brokerage Jay Phillip Parker, COO of Florida Brokerage Gus Rubio and Managing Broker Judith Corcos, held a ribbon cutting ceremony followed by a cocktail reception to launch the brokerage’s new office location. Guests were treated to wine and champagne along with hors d'oeuvre at the event attended by some of Miami's top real estate professionals. 

“We are pleased to offer our clients, agents and corporate team members a larger convenient office location in Miami’s MiMo District,” said Jay Phillip Parker, CEO of Douglas Elliman Florida Brokerage, “We look forward to expanding our strong foothold in the district and welcoming new agents as we continue our expansion across Florida.”

The MiMo District office will be led by Managing Broker, Judith Corcos, who previously spearheaded the previous Miami Design District location, and will showcase area developments along with a portfolio of properties for sale throughout South Florida. The beautiful, modern office features handmade lighting fixtures by Marivi Calvo and Sandro Tothill of LZF, 3D paneled walls and selected art work to complimenting and paying homage to the historic yet growing cultural scene of Miami’s MiMo District and Miami Design District. 

“As we continue to recruit the best-in-class agents, we are excited to offer our current agents and future prospects a newly designed space located in the heart of South Florida’s evolving MiMo District,” said Judith Corcos, Managing Broker of Douglas Elliman’s Aventura, Bay Harbour and MiMo District offices.

One Sotheby's International Realty Recruits Star Agent Vivi Wolak As New Global Real Estate Advisor

ONE Sotheby’s International Realty announced the newest addition to their real estate team in a statement released last Friday. Vivi Wolak, luxury star and Latin American specialist, joins ONE Sotheby’s with close to a decade of experience in the industry and nearly $100 million in sales under her belt. Vivi’s experience spans a number of South Florida’s most sought-after areas including Sunny Isles, Aventura and Brickell and she is eager to take her expertise to the next level by strategically aligning with ONE Sotheby’s.

Wolak’s career began with pre-construction development sales, where she became a well-established and top producing agent in South Florida year after year, while simultaneously building a strong cultural reputation. Specifically, she built her rapport among the Brazilian community, in addition to being fluent in English, Spanish, and Hebrew. Her new role will involve representing buyers and sellers from around the world as a Global Real Estate Advisor. With this position, Vivi will not only have a wide-reaching network to her advantage, but she will also have the prestigious name of ONE Sotheby’s International Realty behind her.

“Vivi has earned a remarkable reputation both regionally and globally, and we are thrilled to welcome her to our growing power team,” said Daniel de la Vega, President of ONE Sotheby’s International Realty. “Vivi’s passionate approach to quality client relationships truly exemplifies ONE Sotheby’s’ core values. Coupled with her impressive track record and deep network with the Latin American market, she will be a vital addition as we continue to expand our reach.” Vivi Wolak’s strong work ethic, passion and trusted relationships have resulted in her international recognition and rapid rise to success.

Article By: Katya Demina & Alison Kupin 

Douglas Elliman Florida Brokerage CEO Jay Phillip Parker Accepted Into Forbes Real Estate Council

Douglas Elliman Real Estate, the third-largest residential real estate company in the United States, has announced that Jay Phillip Parker, Chief Executive Officer of Douglas Elliman’s Florida Brokerage, has been accepted into the Forbes Real Estate Council. The Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Parker, joins other Forbes Real Estate Council members, who are hand-selected, to become part of a curated network of successful peers and get access to a variety of exclusive benefits and resources, including the opportunity to publish knowledgeable insight and thought leadership articles regarding the real estate industry on Forbes.com.

With 20 offices throughout South Florida including Miami, Miami Beach, Aventura, Boca Raton, Fort Lauderdale, Palm Beach, Bay Harbor Island, Jupiter, Wellington and Del Ray Beach, the Douglas Elliman's Florida Brokerage finished 2017 with $3.6 billion in closed transactions, up 34% from the previous year. Douglas Elliman’s total sales volume was $26.1 billion, up 6%.

“Being appointed into the Forbes Real Estate Council speaks to the power and growth of Douglas Elliman’s Florida Brokerage and I am thrilled to become a part of a successful community that is driven by the same eagerness and passion toward the real estate industry” said Jay Phillip Parker, CEO of Douglas Elliman Florida Brokerage, “I look forward to connecting with likeminded executives across the world and sharing my insights of the growing Florida real estate market with the readers of Forbes.”

Scott Gerber, founder of Forbes Councils, says, “We are honored to welcome Douglas Elliman’s Florida Brokerage CEO, Jay Phillip Parker, into the community. Our mission with Forbes Councils is to curate successful professionals from every industry, creating a vetted, social capital-driven network that helps every member make an even greater impact on the business world.”

Power Broker Sladja Stantic Returns To One Sotheby's International Realty & Opens New Sunset Harbour Office

ONE Sotheby’s International Realty has announced  that power broker Sladja Stantic has returned to the team. With a vision rooted in bringing personal relationships back into the business of real estate, Sladja will open her new office in Sunset Harbour at 1825 West Avenue and will lead a team under the name Sladja Miami Homes. Having spent what she refers to as ‘the biggest part of her career’ at ONE Sotheby’s, Sladja is optimistic and excited to start her newest venture alongside her prior colleagues.

After working with a partner for over a decade, Sladja will embark on her own. The highly anticipated Sunset Harbour office will be a unique combination of a living room and working real estate hub that encourages locals to come, sit and stay. Her desired aesthetic will include comfortable décor, an inviting, refreshed atmosphere and the space will be programmed for events. 

“It feels like coming home after being away on a trip,” Sladja explained. “While my time at Douglas Elliman was an important learning opportunity to gain experience in new construction, I knew I wanted to come back to a more personal side of selling. I spent six wonderful years at ONE Sotheby’s and felt more of a family connection there. That’s the same feeling I want to extend to my clients, and ONE Sotheby’s is the perfect partner.”

ONE Sotheby’s President, Daniel de la Vega shared his sentiments about Sladja’s return. “Here’s the truth… I always really wanted her back!” Daniel exclaimed. “This is very rewarding on so many levels. Sladja has an impeccable reputation and will fit right back in beautifully with our agents. She will continue what she started here at ONE (she was one of the first agents at our South Beach office), and we look forward to supporting and providing her with the best tools in the industry to do so.”

“I chose to settle in Sunset Harbour because, it too, feels like home. It’s strategically located between the Venetian, Sunset Island, North Bay Road and all the areas I work in the most. I have roughly three or four meetings there a day, and with all of the shops, restaurants and scenery its quickly become one of the most desired places for all the locals in Miami Beach,” Sladja continued. For more information Sladja can be contacted at (305) 799-7697.

| In partnership with ONE Sotheby's International Realty |

Samantha Yanks Named Chief Marketing Officer at Douglas Elliman Real Estate

Douglas Elliman, the third-largest residential real estate brokerage company in the United States, has announced that Samantha Yanks, an award-winning editor and branding expert with over 18-years of experience in the luxury real estate, fashion and lifestyle publishing industries, has been named the firm’s new chief marketing officer. In this role, Yanks will be responsible for the strategic leadership of Elliman’s fully-integrated national marketing program, and will be the creative force behind brand creation, digital marketing, brand management and positioning. Yanks was most recently the editor-in-chief of Modern Luxury’s Gotham and Hamptons magazines.

Yanks' past publishing experience focused on markets that match Elliman’s including New York City, Los Angeles, the Hamptons, Boston and Aspen to help with a seamless brand message across all Elliman markets. She will also work with each region to tailor each sub-brand’s relevant messaging. Her position also includes overseeing agent and property marketing, Elliman Magazine and the firm’s blog Elliman Insider as well as major sponsorships such as the Hampton Classic and Art Basel Miami.

Some 43,336 deals were performed by Douglas Elliman agents in 2017 for a total sales volume of $26.1 billion, up 6% from $24.6 billion in 2016. The firm expanded to new markets in California, Florida, Massachusetts, Brooklyn, Long Island and the Hamptons and now boasts over 7,000 agents in 113 offices nationwide. Yanks’ expertise will help grow Elliman brand awareness and market share as the brokerage continues expansion efforts across the country.

“Samantha’s focus throughout her illustrious career has been the crossroads of the real estate, fashion, beauty, travel, entertainment, culture, hospitality and interior design sectors,” said Scott Durkin, President and COO of the firm. “With this, she brings a unique and strategic vision to our brand, a wealth of experience, and a tremendous network. She has also herself become a strong social influencer and built a substantial and highly-admired online presence with followers around the world. We are very happy to have her on board at Elliman as she helps further propel the brokerage to the top of the real estate industry in all of our markets from Malibu to Montauk and from Manhattan to Miami.”

“Samantha is an extraordinary talent and we are very fortunate to have her join Douglas Elliman’s leadership team,” said Howard M. Lorber, Chairman of Douglas Elliman Realty, LLC. “She is a powerful marketer and branding expert and we are thrilled to welcome her to the team.” 

“I am beyond thrilled to join Douglas Elliman and for the opportunity to work with this powerful global brand,” said Yanks. “I’ve always had a passion for real estate as it is so much about lifestyle, design, art and culture, and I look forward to bringing my strengths, knowledge and relationships in these areas to Elliman.”