Sotheby’s sold record $108B in luxury homes in 2017

Firm sold $4B in 2005

New York /
Mar.March 13, 2018 11:15 AM

CEO Phillip White

UPDATED, March 14, 1:40 p.m.: Sotheby’s International Realty sold a record $108 billion worth of real estate in 2017 — a 14 percent jump from the year prior, the company said.

In the U.S., sales rose from $85 billion in 2016 to $96 billion last year. International sales increased from $10 billion to $12 billion.

“The U.S. business grew faster than the overall market partly due to pent-up demand in the luxury space and some very strong operating franchisees,” CEO Phillip White told Inman.

Realogy — the parent company of the Corcoran Group and Citi Habitats — bought the right to license Sotheby’s name from the auction house in 2004. Sotheby’s sales volume has skyrocketed since 2005, when it closed $4 billion in sales.

Sotheby’s franchisees currently operate 950 offices worldwide. The New York City and Hamptons offices, however, are company-owned.

Sotheby’s is one of the city’s residential top firms, according to The Real Deal‘s 2018 ranking of Manhattan brokerages. The 286-agent company closed $1.35 billion worth of sell-side deals in 2017, up 59 percent from 2016. It also has a significant presence in the outer boroughs via franchisees. [Inman] — E.B. Solomont


Related Articles

arrow_forward_ios
Realogy CEO Ryan Schneider (Realogy)
Realogy transactions soar 44% thanks to white-hot market
Realogy transactions soar 44% thanks to white-hot market
90 Jule Pond Drive (Sotheby’s International Realty)
Hamptons estate asking $145M under contract, may set record
Hamptons estate asking $145M under contract, may set record
90 Jule Pond Drive is on t he market for $145 million (Sotheby’s International Realty)
$145M Hamptons estate languishes on market amid surging demand
$145M Hamptons estate languishes on market amid surging demand
Redfin CEO Glenn Kelman, Compass CEO Robert Reffkin and eXp CEO Jason Gesing. (Getty, Redfin, eXp)
Compass, eXp rise in Real Trends’ annual brokerage rankings
Compass, eXp rise in Real Trends’ annual brokerage rankings
Realogy CEO Ryan Schneider
Realogy’s revenue hits $6.2B after housing rebound
Realogy’s revenue hits $6.2B after housing rebound
Compass CEO Robert Reffkin and Realogy CEO Ryan Schneider (Reffkin via Getty Images;/Illustration by Kevin Rebong for The Real Deal)
Compass accuses Realogy of lying, cheating and stealing
Compass accuses Realogy of lying, cheating and stealing
Realogy CEO Ryan Schneider (iStock)
Realogy’s iBuying program expands after pausing in spring
Realogy’s iBuying program expands after pausing in spring
The Corcoran Group founder Barbara Corcoran (Getty)
Extortion, 9/11 and a toy gun: The story behind Barbara Corcoran’s brokerage sale
Extortion, 9/11 and a toy gun: The story behind Barbara Corcoran’s brokerage sale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...