San Francisco, CA (PRWEB) July 22, 2010
Pacific Union International (PUI) announced today the acquisition of South Beach Real Estate (SBRE) and South Beach 4 Rent as part of a strategic expansion to serve the South of Market (SOMA), South Beach and Mission Bay neighborhoods (aka District 9), a region that represents one of every five residential sales transactions completed in City and County of San Francisco in 2010.
“The Bay Area real estate market varies tremendously neighborhood by neighborhood. With four years in the SOMA/South Beach and burgeoning Mission Bay areas, no other team matches South Beach Real Estate’s insights and contacts,” noted Patrick Barber, San Francisco president of Pacific Union International. “The business of real estate comes down to people—and SBRE’s entrepreneurial culture and team are an ideal fit with ours.”
More than half of all units sold in District 9 over the past year have been located in the SOMA, South Beach or Mission Bay neighborhoods, including a heavy concentration of new condominiums built over the past five to eight years. The new combined team of PUI, SBRE and South Beach 4 Rent represents the largest market share by volume of SOMA, Mission Bay and South Beach real estate offering clients more access to the city’s hottest area. Median home prices in the area have increased from $550,000 in May 2009 to $646,000 for May 2010.
“The SBRE team brings experience with new development sales and a strong knowledge of the area and the changes and growth that have occurred over the past few years,” said Christine Dwiggins, Vice President & Branch Executive of Pacific Union International. “This knowledge and expertise will be invaluable to PUI clients and agents.”
Given this concentration and quick access to the South Bay, the District 9 buyer demographic is heavily concentrated among young working professionals. Additionally, in the past few years, SBRE professionals have seen an increase of empty nesters attracted to the area, many looking to downsize from larger Bay Area properties and live within walking distance to a mix of restaurants, entertainment options and open space.
As part of the acquisition, Pacific Union International will take over the SBRE office located at 2nd and Townsend, in the heart of SOMA. Sean Dwyer, president and founder of South Beach Real Estate and South Beach 4 Rent and a 17-year veteran in the Bay Area residential real estate market will join the PUI team. Also joining the combined team is SBRE Sales Manager, Morton Mah.
About Pacific Union International
Pacific Union International (PUI) is the San Francisco Bay Area’s premier international luxury real estate brand operating In six counties including Alameda, Contra Costa, Marin, Napa, San Francisco and Sonoma for 35 years. Locally owned, PUI leadership operates with an entrepreneurial mindset and unwavering commitment to invest in the right people, processes and tools to ensure deep, long-standing client and agent relationships. In 2009, its team of over 400 brokers achieved #1 ranking in average sales price and #1 ranking for professional productivity in all six counties. Through its exclusive relationship with Christie’s Great Estates in the San Francisco Bay Area, Pacific Union delivers international reach in its property marketing programs and provides clients with access to international investors.
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