With the acquisition, Cascade Sotheby’s creates an even bigger presence securing twice the market share of its nearest competitor in the luxury market on the Oregon Coast.
PORTLAND, Ore. (PRWEB) November 05, 2018
Cascade Sotheby’s International Realty has acquired the Lincoln City real estate pillar John L. Scott Lincoln City office effective immediately. With the acquisition, Cascade Sotheby’s creates an even bigger presence securing twice the market share of its nearest competitor in the luxury market on the Oregon Coast, and welcomes the talent of 12 top performing new brokers to the Cascade Sotheby’s team.
“As always, our strategy is to look for acquisitions that fit our growth trajectory and that most importantly bring a great team with the intelligence and integrity that mirror the way Cascade Sotheby’s does business,” says Deb Tebbs, chief executive officer, Cascade Sotheby’s International Realty. “Managing broker Leslie Green has built an incredibly productive team, secured some of the finest listings in the region and has just done a superb job of building an enviable partner for our brokerage.”
Longtime managing broker and franchise owner of the Lincoln City realty, Green brings 40 years of real estate experience, 12 top performing brokers, and 49 current listings to Cascade Sotheby’s.
“Cascade Sotheby’s offers my clients superior services and a global reach that is recognized worldwide,” says Green. “The Sotheby’s network offers incredible collaboration and marketing tools unlike any other—and the panache the Sotheby’s name carries will really support our efforts to grow our footprint on the central coast.”
According to a recent article in The Financial Times, year-over-year price increases on the Oregon Coast ranging from 7%-12% have been typical. Last year, Oregon’s oceanfront housing market saw a 9.5% increase in the number of homes sold compared to 2016, according to data collected by the state’s Regional Multiple Listing Service (RMLS). The average price of a home grew 7.8%, while the average number of days on the market for a home shrank 8.7%.
On the coast, Cascade Sotheby’s enjoys an average price point that is $35,000 over its nearest competitor and $100,000 over the next competitor. The brokerage produced $130 million in sales in 2017 and is projected to increase that by 30% this year in their coast markets.
The Lincoln City John L. Scott team now joins the growing team at Cascade Sotheby’s International Realty, which exceeded $1.3 billion in closed sales in 2017 and continues its innovative approach to uniting extraordinary lives with extraordinary homes building on these statistics:
- $30 million in company revenue in 2017
- 325% sales growth from 2015 to 2017
- More than 2.5 times the market share in Central Oregon than closest competitor
- More than 300 brokers across Oregon and SW Washington
- More than 80 new brokers signed in 2017 alone
- 47 new agents year-to-date 2018 representing $400 million in sales revenue
- Average price point for Cascade Sotheby’s agents is 33% higher than other agents in Portland and SW Washington
- 10 offices in Oregon and SW Washington
Cascade Sotheby’s affiliation with Sotheby’s International Realty offers a distinctive advantage to reach an affluent global audience. With over 20,000 sales associates in approximately 960 offices and 72 countries and territories, and 108 billion in sales, the Sotheby’s network provides a profound international reach to market properties in Oregon and SW Washington.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.
About Cascade Sotheby’s International Realty
Harnessing the worldwide recognition and prestige of the Sotheby’s name, Cascade Sotheby’s International Realty expertly represents the most distinctive properties at every price range. The firm's 11 strategic locations throughout Oregon and southern Washington form the most expansive luxury real estate network in the Pacific Northwest. Cascade Sotheby’s International Realty brokers are masters of their craft, combining local expertise and global connections to artfully unite extraordinary places with extraordinary lives. The firm achieved a billion dollars in sales in the first 11 months of 2016, joining only 25 Sotheby’s International Realty affiliates in the world with this distinction. Exceptional service, continual innovation, and unrivaled market knowledge continue to set Cascade Sotheby’s International Realty apart as an industry leader.
Contact: Claudia Johnson, Public Relations, 503-799-2220