Douglas Elliman Reports $4.7 Billion Of Sales Volume In South Florida As The Firm Honors Top Agents At The Ellies

Douglas Elliman Real Estate, the nation’s third-largest residential real estate brokerage, celebrated the firm’s world-class agents from around the nation at the annual awards ceremony, The Ellies. Top performers from Florida, including the markets of Boca Raton, Fort Lauderdale, Miami, Miami Beach, Palm Beach, Aventura, Bay Harbor Island, Jupiter, Wellington, Delray Beach and Coral Gables, were among the honorees at this year’s event held at Mohegan Sun in Uncasville, CT.

Douglas Elliman Florida marked another banner year in 2018 with $4.7 Billion in closed transactions, up 30% from 2017. Nationwide, Douglas Elliman’s 2018 total sales volume was $28.1 billion, up 8% from 2017. The firm was responsible for 44,131 sales and rental transactions and was ranked the number three brokerage in the nation by sales volume. Douglas Elliman Florida marked a banner year in 2018, responsible for four out of the top eight single-family home sales for Miami-Dade County. The firm was also named the number one brokerage in Palm Beach County and in Miami Beach for total sales volume.

“Our wonderfully talented agents across the nation gave a very impressive performance this year, backed by a tremendous amount of dedication and passion for their work. We remain committed to providing all of our agents with the best in class technology, marketing and public relations to help them reach even greater heights in 2019, and we look forward to another triumphant year,” said Howard M. Lorber, Chairman, Douglas Elliman Realty, LLC.

“We’re thrilled to celebrate the accomplishments of our agents and their dedication to Douglas Elliman’s success,” said Jay Phillip Parker, CEO of Douglas Elliman Florida. “Due to their efforts, Elliman continues to dominate the market in South Florida, and we’re looking forward to continuing our expansion and leadership position in 2019.”

Leading the Top 10 Teams for Florida by Gross Commission Income (GCI) are The Carroll Group, based out of Miami-Dade County and Palm Beach County. They were followed by the Leavitt McIntosh Team (#2), Carmenate / Duchon (#3), The Randy & Nick Team (#4), the Bill and Bryan Team (#5), the Alexander Team (#6), Belmonte Sanchez (#7), the RMI Team (#8), The Senada Adzem Team (#9) and The Rubin [+] Morr Group (#10).

The Top 10 Agents for Florida by GCI are led by Martha W. Jolicoeur, based out of Wellington. She was followed by Gary Pohrer (#2), Maria Mendelsohn (#3), Paul Stuart Fishman (#4), Brett Harris (#5), Bohdan Mastykaz (#6), Raul Santidrian (#7), Kayce Driscoll (#8), Dina Goldentayer (#9) and Steven Menezes (#10).

The prestigious Pinnacle Club Award winners, presented to Florida agents and teams who made over $1 million in 2018, include The Carroll Group, Leavitt McIntosh Team, Carmenate / Duchon, The Randy & Nick Team, Bill & Bryan Team, the Alexander Team, Belmonte Sanchez, Martha Jolicoeur, RMI Team, The Senada Adzem Team, The Rubin [+] Morr Group, Gary Pohrer, Maria Mendelsohn, Pamela Fishman, The Goihman Group, The Darin Tansey Group, Robert Kemp, Brett Harris, Bohdan Mastykaz, The Bretzlaff Group, Raul Santidrian, The APT Team, Kayce Driscoll, and Dina Goldentayer.

Sotheby's & ONE Sotheby's International Realty Post Record Year In 2018

Sotheby’s International Realty has announced that the brokerage firm achieved record sales in 2018 amid a slowing market. Sotheby’s closed more than $112 billion in sales volume, the highest performance in company history. In addition, ONE Sotheby’s International Realty (ONE SIR), which was founded in 2008 by Mayi de la Vega, also had a record year with an increase of almost 50% sales volume from 2017 to 2018 and are the sales leader for $1 million+ homes in Miami. ONE SIR reported a 9.02% market share in 2018 which is up from 7.1% in 2017. ONE SIR also reported $1.36 billion in sales volume, up $441 million from 2017 of $919 million reflecting an increase of 47.97%. ONE ONE Sotheby’s International Realty now has 15 offices in Miami-Dade and Broward Counties with over 750 agents.

“Our real estate market continues to be on an upward trend, we’ve been outperforming in the luxury market and don’t predict a slowdown anytime soon. There are massive growth opportunities and we’ve been seeing not only companies and CEO’s making the jump to South Florida but families are migrating here as well,” said Daniel de la Vega, President of ONE Sotheby’s International Realty. “We credit our continued success to the agents and employees of ONE Sotheby’s International Realty. They are some of the most well respected and globally connected professionals in the industry and are working tirelessly to make these deals happen every day.”

Douglas Elliman Continues Statewide Florida Expansion Acquiring Manalapan-Based Scott Gordon Realty

Douglas Elliman, the nation’s third largest residential real estate brokerage company, has announced that it has acquired Manalapan-based Scott Gordon Realty. With over 30 years of real estate experience, founder and CEO Scott Gordon has been one of the leading Palm Beach County condominium marketing and sales specialists since 1987. Gordon, who has been named executive director of luxury sales, joins Elliman with his wife and business partner, Mindy Gordon, and their team of real estate professionals. The office will continue to work from 270 South Ocean Boulevard located in Plaza del Mar, across from the iconic Eau Palm Beach Resort & Spa in Manalapan. Gordon and his team bring 51 active exclusive listings to Douglas Elliman. Douglas Elliman now boasts 22 offices and approximately 1,100 real estate agents across the state of Florida.

“Our intent to join forces with likeminded professionals as we continue to grow the Elliman brand across the state of Florida led us directly to Scott and his incredible team,” said Jay Phillip Parker, CEO of Douglas Elliman Florida. “Manalapan has shown tremendous growth throughout the last decade and we are thrilled to have a strong presence in this important market.”

"The decision to join Douglas Elliman was based on the strength of the brand, both nationally and internationally, as we continue to see strong interest in Manalapan from buyers from across the country and around the world,” said Scott Gordon. “Douglas Elliman provides a multitude of impressive platforms including a global partnership with Knight Frank and best-in-class technology, marketing, and public relations that will help my team provide superior service to our valued customers and clients."

Avison Young Acquires Front Street Commercial Real Estate Group, Marking The Firms 8th Florida Office

Avison Young has acquired Front Street Commercial Real Estate Group, marking their 8th Florida office and 59th office in the United States. Front Street Commercial Real Estate Group is a full-service commercial real estate brokerage and property management company based in Gainesville, Florida, with satellite offices in Ocala, Sarasota, Jacksonville, Orlando, and Tallahassee. Front Street has rebranded as Avison Young and 26 new members have joined the firm. Terms of the transaction were not disclosed.

Nick Banks becomes a Principal of Avison Young and Managing Director of the new Gainesville office. He will manage its day-to-day operations and lead the company’s strategic growth in Gainesville and across North Florida with a mandate to expand the company’s footprint, particularly in retail. He will also help Avison Young expand its service lines, particularly property management, in Jacksonville. Banks brings to Avison Young 25 years of commercial real estate experience, most recently as Managing Director of Front Street, which he founded in 2002. The firm is a leader in the region’s commercial real estate market and offers services for all property types, including office, retail, flex/industrial and land. The company has developed particular expertise in retail property brokerage. Relationships with national retail brands as well as private and institutional owners of retail properties have fuelled the majority of the firm’s growth throughout North Florida.

“We are thrilled to be opening our first office in Gainesville and, at the same time, expanding our presence in North Florida,” comments Rose. “The acquisition of Front Street reinforces our strong foundation in Florida and assists our rollout in the northern area of the state, particularly in terms of retail brokerage and all aspects of property management. By bringing Nick and the rest of the Front Street team on board, we are adding individuals who are respected for their leadership, extensive industry experience and in-depth local and regional market knowledge. More importantly, they will fit seamlessly into our Principal-led, collaborative culture and provide a superior level of service to clients.”

“The Front Street team has established itself as a market leader throughout the North Florida region,” states Earl Webb, Avison Young President, U.S. Operations. “This acquisition will be highly beneficial to many of our occupier and investor clients throughout Florida. Front Street has built a high-quality service platform that provides creative real estate solutions, and Avison Young looks forward to growing our company’s presence in Gainesville, which we believe is an underserved market. Nick Banks has consistently provided excellent client service during his career while building a broad-based service platform at Front Street and other firms where he has worked. Additionally, the new team has a number of senior managers and brokers who will enhance our client-service capabilities in all asset classes and service lines.”

Also joining Avison Young from Front Street are brokers Rick Cain, Jason Hurst, Gavin Johnson, Beau Broker, Nick Robinson, Mike Oransky, Tim Deardourff, Flavia Kanyago, Bobby Nickels, Jennie Bram, Andrew Smith, Keith Crutcher and Edmund Aramayo. Property management specialists joining are: Cheryl Carroll, Alex Ling, Terri Smaistrla, Fred Maccioli, David Sooy and Aaron Graham. Joining as administrative and marketing specialists are: Sue Fisher, Natascha Kehri, Virginia MacKoul, Sara Padgett, Dustin Walsh and Alexandra Morales.

Front Street currently manages 20 properties totaling more than 1 msf of office, retail, industrial and multi-family space, including hundreds of apartment units, in the North Florida region. Properties under management include Innovation Square, an affiliated entity of the University of Florida; and Tioga Town Center, a mixed-use town center consisting of approximately 150,000 sf of retail, office and multi-family units. The acquisition brings Avison Young’s total square feet of office, retail, industrial and multi-family properties under management in Florida to 19 msf. Avison Young has more than 120 msf of retail, industrial and office properties under management in North America.

“With the opening of the new Gainesville office, Avison Young now has a strong presence in all of Florida’s regions,” notes Pike Rowley, Avison Young Principal and Managing Director of the company’s Florida region. “The acquisition of Front Street enables us to accomplish several goals as we attempt to expand Avison Young’s reach into North Florida and grow our retail service lines statewide. The Gainesville area has been a rapid-growth market in Florida, driven by the University of Florida and UF Health at Shands and the emerging industrial sector in Ocala.”

“The acquisition enables us to bolster our retail service line in North Florida and, in one fell swoop, add brokerage and property management expertise in five other cities served by Front Street team members. Nick Banks is a strong leader who is deeply involved with the Gainesville business community. Furthermore, he is well-versed in the development and financial- underwriting area of the capital markets service line. He will be an integral member of our retail and capital markets practices,” added Rowley.

“Our team has been humbled by the support we have received from clients and other stakeholders over the last 16 years as we have built the Front Street brand from scratch and then throughout North Florida,” says Banks. “We could not be happier about joining a company like Avison Young, whose collaborative culture and values match ours so perfectly. We are excited about being a part of a growing and entrepreneurial platform like Avison Young. We also look forward to discovering what the resources of a global, Principal-led company can do to enhance the service that we bring to our clients. “

Avison Young’s new Gainesville office is located at 132 NW 76th Drive.

Douglas Elliman Releases Q4 Market Reports For South Florida

Douglas Elliman has released their Q4 Market Reports for South Florida, produced in conjunction with Miller Samuel a leading independent appraisal firm. The South Florida Market continued to show power in prices, continuing to increase in both the luxury and overall markets across nearly all markets including Miami Beach and Barrier Islands, Fort Lauderdale, Boca Raton, DelRay Beach, Wellington, Palm Beach, Jupiter and Palm Beach Gardens.

MIAMI BEACH/BARRIER ISLANDS

Key Trend Metrics(Year Over Year)

Overview:

• Single family sales surged as condo sales declined after a large burst of activity on the prior quarter

• Condo price trend indicators declined from year ago levels, consistent with drop in average sales size

• Luxury condo price trend indicators declined at same rate as average sales size

• Luxury single-family sales size rose sharply driving price trend indicators higher

• Luxury condo inventory increased as luxury single family inventory declined

• Marketing time expanded as older listings were absorbed as negotiability expanded

Key Trend Metrics(Year Over Year)

Overall

• Median sales price slipped 6.7% to $378,750

• Average sales price increased 0.3% to $888,424

• Number of sales slipped 10.4% to 678

• Days on market was 146, up from 73

• Listing discount was 10.9%, up from 810%

• Listing inventory increased 3.8% to 6,668

Luxury Condo

• Median sales price declined to $2,200,000

• Average price per square foot decreased 13.5% to $1,047

• Days on market was 222, up from 92

• Listing discount was 12.6%, up from 11.3%

• Listing inventory rose 20.5% to 1,459 units

• Entry threshold began at $1,305,000

Luxury Single Family

• Median sales price surged 33.3% to $8,000,000

• Average price per square foot jumped 40.3% to $1,494

• Days on market was 349, up from 170

• Listing discount was 16.7%, up from 16.4%

• Listing inventory fell 6.2% to 183 units

• Entry threshold began at $5,900,000, up from 15.7%

MIAMI COASTAL MAINLAND

Overview:

• Overall price trend indicators and the number of sales continued to rise year over year

• Overall sales and all price trend indicators were above the level seen in 2017

• Listing inventory trended higher for the fourth consecutive month

• Market share of purchases with conventional financing was the highest in the five years

• Nearly all luxury condo and single-family price trend indicators continued to rise greater year over year

• Luxury condo inventory declined as luxury single family inventory expanded

Key Trend Metrics(Year Over Year)

Overall:

• Median sales price increased 5.9% to $320,000

• Average sales price rose 7.2% to $445,007

• Number of sales rose 10.6% to 3,518

• Days on market was 81 up from 44

• Listing discount was 5.6%, down from 5.7%

• Listing inventory rose 20.9% to 12,071 units

Luxury Condo

• Median sales price slipped 3.8% to $812,500

• Average price per square foot rose 4% to $470

• Days on market was 178 days, up from 155

• Listing discount was 7.8%, down from 8.1%

• Listing inventory declined 18.9% to 2,505

• Entry threshold began at $610,000, up 27.1%

Luxury Single Family

• Median sales price rose 6.7% to $1,387,500

• Average price per square foot jumped 16.8% to $479

• Days on market was 130 days up from 67

• Listing discount was 8.5%, up from 8.4%

• Listing inventory rose 12.6% to 1,111 units

• Entry threshold began at $890,000, up 3.5%

Fort Lauderdale

Overview:

• Condo sales rose above for the fourth consecutive quarter

• Condo listing inventory rose for the first time in six quarters

• Single family price trend indicators were mixed as condos moved higher

• Condo luxury price trend indicators surged

• Single family luxury price trend indicators showed mixed results as average sales size declined

Key Trend Metrics(Year Over Year)

Overall:

Luxury Condo

• Median sales price increased 25.8% to $1,550,000

• Average price per square foot rose 21.1% to $619

• Days on market was 131, down 34.5%

• Listing discount was 5.6%, down from 7.7%

• Listing inventory fell 28.7% to 256 units

• Entry threshold began at $1,095,000 up 41.3%

Luxury Single Family

• Median sales price rose 7.4% to $2,125,000

• Average price per square foot slipped 4% to $572

• Days on market was 176, down from 190

• Listing discount was 9.5%, down from 16.4%

• Listing inventory declined 7.4% to 338 units

• Entry threshold began at $1,500,000, up 22%

BOCA RATON

Overview:

• Condo median sales price hasn’t seen a year over year decline in ten quarters

• Sales for condos and single-families have increased year over year for two consecutive quarters

• Luxury condo and luxury single family price trends moved higher, consistent with rise in sales size

Key Trend Metrics(Year Over Year)

Overall:

Luxury Condo

• Median sales price rose 9.4% to $902,500

• Average price per square foot rose 32.8% to $466

• Days on market was 108 days, up from 101

• Listing discount was 6.7%, down from 8.9%

• Listing inventory declined 13.7% to 308

• Entry threshold began at $590,000, up 9.6%

Luxury Single Family

• Median sales price rose 5.6% to $2,112,500

• Average price per square foot rose 5.8% to $402

• Days on market was 187 days, down from 217

• Listing discount was 9.7%, down from 12.5%

• Listing inventory edged up 1.7% to 408

• Entry threshold began at $1,286,200 up 0.7%

DELRAY BEACH

Overview:

• Single-family sales and median sales price have been rising year over year for four consecutive quarters

• Condo median sales price showed twelve consecutive quarters without a year over year decline

• Luxury single family price per square foot moved higher as the other indicators were pulled down sharply by drop in sales size

Key Trend Metrics (Year Over Year)

Luxury Condo

• Median sales price rose 14.5% to $537,500

• Days on market was 102, up from 66

• Listing discount was 6.9%, up from 4.9%

• Entry threshold began at $325,000, down 1.5%

Luxury Single Family

• Median sales price declined 10.9% to $1,741,250

• Days on market was 156, up from 104

• Listing discount was 5.9%, down from 10.4%

• Entry threshold began at $1,150,000, down 3.4%

WELLINGTON

Overview:

• Condo median sales price year over year for the tenth consecutive quarter

• Condo sales rose annual for three of the last four quarters

• All single-family price trend indicators increased year over year for the third consecutive quarter

• Luxury condo price trend indicators pulled lower by sharp decline in average sales size while the opposite occurred for luxury single-family price trends

Key Trend Metrics(Year Over Year)

Luxury Condo

• Median sales price slipped 1.8% to $665,000

• Average square footage declined 18.3% to 1,878

• Days on market was 77, down from 148

• Listing discount was 4.5%, down from 8.2%

• Listing inventory jumped 52.2% to 35

• Entry threshold began at $435,000, down 17.9%

Luxury Single Family

• Median sales price jumped 88.2% to $2,000,000

• Average square footage rose 1.7% to 4,662

• Days on market was 195, up from 115

• Listing discount was 8.9%, up from 7.7%

• Listing inventory declined 33.6% to 186

• Entry threshold began at $1,010,000 up 47.4%

Palm Beach

Overview:

• Condos continued to dominate with the highest sales share

• Single family and luxury price trend indicators skewed significantly lower by the sharp decline in average sales size

• Majority fourth quarter market wide sales in 5 years

• Luxury inventory returned to more modest levels after limited availability over the past two years

Key Trend Metrics (Year Over Year)

Luxury Family And Single Condo

• Median sales price declined 57.8% to $6,426,750

• Average price per square foot fell 22.5% to $1,443

• Average sales size dropped 52.1% to 4,515 square feet

• Days on market was 100, down from 496

• Listing discount was 9.1%, down from 18.3%

• Listing inventory jumped 104.1% to 100

• Entry threshold began at $4,250,000, down 59.9%

JUPITER / PALM BEACH GARDENS

Jupiter Overview:

• Single family price trend indicators and sales moved higher

• Condo sales and price trend indicators all rose for the third consecutive quarter

Palm Beach Gardens Overview:

• Single-family price trend indicators showed double-digit gains as sales decreased

• Condo sales slipped again as price trend indicators continued to rise

Key Trend Metrics (Year Over Year)

Jupiter Single Family                                                                              

• Median sales price jumped 15.4% to $525,000

• Days on market was 70, up from 62

• Listing discount was 5.8%, up from 5.6%

• Listing inventory declined 5.7% to 413

Jupiter Condo

• Median sales price rose 11.3% to $310,000

• Days on market was 60, up from 59

• Listing discount was 4.1%, down from 5.2%

• Listing inventory rose 5.2% to 304

Palm Beach Gardens Single Family

• Median sales price increased 10.6% to $470,000

• Days on market was 82, unchanged

• Listing discount was 7.8%, up from 6.6%

• Listing inventory rose 5.2% to 527

Palm Beach Gardens Condo

• Median sales price rose 2.1% to $240,000

• Days on market was 52, up from 48

• Listing discount was 3.9%, down from 4.6%

• Listing inventory jumped 41.7% to 299

Article by Stephanie Warren

Douglas Elliman Appoints Patricia Rotsztain As Managing Broker for Miami Beach Offices

Douglas Elliman, the third largest residential real estate company nationwide, has appointed Patricia Rotsztain as the new Managing Broker for the firm’s Miami Beach offices. Patricia holds a Master’s Degree in Psychology and is a graduate of Harvard's AMDP (Graduate School of Design). During her previous tenure, Rotsztain closed on major deals such as the sale of the Auto Nation Honda dealership, a selection of Wynwood properties, Little Havana multifamily buildings and land deals throughout the area. She has also served as Governor of the Miami Association of Realtors, comprised of over 50,000 members.

“We are honored to welcome Patricia Rotsztain to Douglas Elliman where her wealth of experience and leadership skills will serve as phenomenal asset in overseeing our daily operations in Miami Beach,” said Jay Phillip Parker, Douglas Elliman’s Chief Executive Officer for Florida.

Under Rotsztain’s leadership, Douglas Elliman will open a third Miami Beach office as the firm further expands its reach in South Florida, located at 120 Ocean Drive in South Beach’s newest luxury development, GLASS. The ground retail space will serve as the home to Miami Beach top agents Eloy Carmenate, Mick Duchon and Dina Goldentayer. The 671 SF office was designed by renowned Miami architect, Rene Gonzalez. The office was designed with warm tones and decorations, encapsulating the appeal and present day improvement represented through the South of Fifth neighborhood. With over 20 years of experience specializing in commercial deals, investment properties, new development sales and luxury residential, Patricia Rotsztain explained “Douglas Elliman is home to many industry leaders and top agents across the nation, it is truly an honor to bring my expertise to Elliman’s Miami Beach region while working alongside some of the most recognized brokers in the business.”

Article by Stephanie Warren

Douglas Elliman Continues South Florida Expansion With Announcement Of First Coral Gables Office

Douglas Elliman, the third largest residential real estate company nationwide, has continued their expansion across South Florida with the opening of its first Coral Gables office location. The 4,040 SF office will be located on the first floor at Facundo Bacardi’s 1515 Sunset Drive, designed by Leo A. Daly, and will house approximately 75 agents and will be led by Managing Broker Maggie Buck. With the addition of Coral Gables, Douglas Elliman now has 20 offices across Florida, including Boca Raton, Fort Lauderdale, Miami, Miami Beach, Palm Beach, Aventura, Bay Harbor Island, Jupiter, Wellington and Delray Beach.

“Coral Gables is a strong market for luxury buyers and with our existing foothold in the area, we always believed this particular region was a critical market to tap into as we continue our expansion across Florida,” said Jay Phillip Parker, Chief Executive Officer of Douglas Elliman’s Florida brokerage. “As purveyors of luxury real estate, Douglas Elliman caters to the interest of our global clientele and with Coral Gables being an international destination for real estate buyers we look forward to offering our world-class services in one of South Florida’s most coveted neighborhood.”

The new Coral Gables location has been designed with the same charming character and architectural design seen throughout “The City Beautiful” including terrazzo flooring accentuating the Coral Gables aesthetic of a historical yet modernized neighborhood. The new office setting offers an array of private offices and two conference rooms featuring dHive glass, known for creating professional private environments that offer seamless accessibility to open work spaces where professionals can collaborate in a communal setting.

In June of 2018, Douglas Elliman made a significant mark on Coral Gables when the firm closed on the $19 million sale of Hilda Bacardi’s estate, Casa Costanera, which marked the highest price ever paid for a single-family home in the exclusive gated community Cocoplum. The listing was represented by Hilda Jacobson of Douglas Elliman’s Sports & Entertainment Division, who will now join the Coral Gables office.

Maggie Buck, who previously served as Douglas Elliman’s Managing Broker for the firm’s Miami Beach offices, will now oversee daily operations in Coral Gables. Buck is deeply connected to the South Florida community and active in her industry, brining more than 25 years of luxury real estate experience to her new role in addition to a strong expertise in the local Coral Gables market.

“The Coral Gables community is known to attract buyers from around the world looking for the South Florida lifestyle with direct access to waterways and celebrated architecture,” said Maggie Buck, Managing Broker of Douglas Elliman’s Coral Gables office. “As our brand continues to grow in South Florida, I am thrilled to return to the community of Coral Gables, I look forward to growing our newest office and implementing my expertise in the area to build a team of strong real estate professionals.”

The Agency And The Agency Development Continue To Expand In South Florida

Just two months after Beverly Hills-based real estate brokerage and lifestyle company, The Agency, launched its operation in South Florida, it has announced the opening of its second and third locations and expanded its new development division, The Agency Development Group (TADG). The launch of The Agency will be celebrated at a private event at The Agency’s Boca Raton office located at 20 SE 3rd Street on Friday, February 1.

In addition to the Boca Raton flagship, The Agency now has offices at 20900 NE 30th Avenue in Aventura and 95 Merrick Park Way in Coral Gables. All three locales will be led by industry veterans Chris Franciosa and Jared Ringel, who together have sold more than $100 million of new development and resale product. Howard Elfman will take the helm as Managing Broker, while Oliver Ruiz will serve as Strategic Growth Manager. The elite team of agents from The Dustin Fealy Group, along with other top producers who recently joined The Agency, will be headquartered at the Coral Gables office.

“South Florida is a coveted market for The Agency, and the insatiable appetite for new development and luxury residential product across Miami-Dade, Broward and Palm Beach counties makes our expansion both timely and exciting as we further our footprint on the East Coast,” said Founder and CEO, Mauricio Umansky.

The Agency’s new development arm TADG has hit the ground running, having been selected to represent sales at 353 Sunset, Aventura Village and Bay Harbor One, three distinct and impactful projects located in Fort Lauderdale, Aventura and Bay Harbor Islands.

“The Agency Development Group is making a splash in South Florida and we are honored to have been chosen to represent such prestigious projects,” said Gina de Varona, Managing Director, TADG. “We currently represent some of the best-in-class new development projects around the world and are looking forward to adding more to our South Florida portfolio in due course.”

353 Sunset, developed by Weiner, Vollrath & Partners LLC, is a boutique collection of eight private, waterfront homes offering effortless turnkey living along the scenic Sunset Lake in Las Olas. Four residences remain available, featuring modern design and exceptional amenities including private, individually powered, deep-water yacht slips, with direct access to the Intracoastal Waterway and Atlantic Ocean, a private, heated lakefront pool situated amidst lushly landscaped grounds, and 150 feet of Sunset Lake frontage. Additionally, each residence has a dedicated, two-car, air-conditioned garage, direct elevator access and private elevator entry foyers located moments from the shopping, dining and entertainment of Fort Lauderdale’s thriving Las Olas Boulevard. The remaining residences are priced starting at $2,789,000.

Aventura Village, which was developed by Land Developers Group, is a gated residential community located in the heart of Aventura, just minutes from Aventura Mall. The project offers 96 townhomes and 12 residential loft studios with prices starting at $345,000. The residences include studio, two- and three-bedroom units with amenity access to a community garden, pool, playground, recreational area and private garden for residents. Units are scheduled to be completed by the end of 2019. TADG will also spearhead another project developed by Land Developers Group, Bay Harbor One. Located in sought-after Bay Harbor Islands, Bay Harbor One offers 36 residences with balcony bay views and amenities including a sky-view rooftop lounge, large swimming pool, and a fully-equipped recreational and wellness area. Pricing at Bay Harbor One residences starts at $870,000 and the building is scheduled for completion by Spring 2019.

Article by Katya Demina

Mauricio Umansky’s The Agency Celebrates Opening of Boca Raton Office at Private Faena Reception

Beverly Hills-based brokerage The Agency has picked Boca Raton as its first location in its highly anticipated expansion plan throughout South Florida.

The luxury brokerage celebrated the announcement last week at a private cocktail reception hosted in Faena’s Living Room, where they hit the ground running; contracts were signed and deals were inked on the hotel’s velvet, cheetah-print couches. The celebration followed The Real Deal’s South Florida Real Estate Showcase & Forum where Umansky revealed the finalized location.

The Agency is launching its office at 20 Southeast Third Street in mid-November, according to managing partners Chris Franciosa and Jared Ringel, who are leading the Agency’s expansion in South Florida along with Howard Elfman, the managing broker.

The brokerage was attracted to the “long-term stability” of Boca Raton and its potential for growth. The two-story, 6,700-square-foot office will house the Agency Development Group and the Agency Creates, its creative division.

The Agency plans to expand the business to Broward and Miami Dade, according to managing partners Franciosa and Ringel who joined the Agency from Douglas Elliman and have sold more than $100 million of real estate in their careers. The Agency anticipates about 20 agents joining the Boca office, but Ringel hinted at the possibility of a Miami location already in the pipeline as well.  

In addition to its home base in Beverly Hills, the firm has 25 offices in Brentwood, Calabasas, Danville, Malibu, Noe Valley, Venice, Orange County, Pacific Palisades, Palm Desert, Park City, Scottsdale, Sherman Oaks, Turks and Caicos, Los Cabos, Punta de Mita and elsewhere. 

It will compete with other high-end brokerages in South Florida like One Sotheby’s International Realty, the Keyes Company and Lang Realty.

Mike Pappas, CEO of the Keyes Co., stated that “Just as the L.A. market is very intense and competitive, so now is the South Florida market with all the major players, both local firms and firms outside of this market.”

Article by: Katya Demina

Extortion & MLS Manipulation: Inside Kevin Tomlinson Vs. The Jills Legal Battle

The drama has now wrapped up in a high-profile legal drama between real estate broker big-wigs Kevin Tomlinson of ONE Sotheby's International Realty vs. The Jills of Coldwell Banker, led by Jill Eber and Jill Hertzberg. While the legal proceedings have wrapped up, this is a case where there are no winners. Tomlinson was sentenced in August 2018 to an extended period of probation and has been banned from the real estate industry after being convicted on 2 counts of extortion. Tomlinson had threatened to expose The Jills for manipulation of Multiple Listing Service (MLS) property sales data unless they paid him $800,000 to keep quiet. Tomlinson will now endure 2 years of probation with an ankle monitor followed by an additional 15 years of probation. Tomlinson had faced 30 years in jail for his actions.

In the Tomlinson vs. The Jills case, The Jills took full responsibility for the manipulation, pinning the actions on a rogue employee, Juan Carlos Otoya, and claiming that they were unaware and don't use the MLS. The Jills had manipulated listings on the MLS 552 times between 2011 and 2015, erasing 23,740 days on market from the firm's listings sales velocity on over $372 million worth of property. Tomlinson had filed a complaint with the Miami Association of Realtors in regards to The Jill's inflated sales data. Despite the admission, neither Otoya nor The Jills have been punished or further investigated and it is believed that the drama behind the Tomlinson extortion case has overshadowed the MLS manipulation complaint. 

Unexplored in the court proceedings, should The Jills have known of the manipulation, using the manipulated data to secure listings could constitute as fraud, defined "as the the wrongful or criminal deception intended to result in financial or personal gain." While the manipulation of MLS data can make a realtor look good to prospective clients, both buyers and sellers alike, the manipulation of MLS data can also effect everything down the line in the real estate industry such as home appraisal value, mortgages, and the accuracy of comparable sales data, which can be used from everything previously mentioned to an buyer's fair ability to make the proper choice of property and offer price based on data backed to be accurate. Additionally, their statements under oath that they were unaware of the manipulation could constitute perjury should they have made any references to the manipulated data previously during either showing, listing appointment or negotiation. There is currently no investigation made public into the matter.