The biggest residential brokerages in New York are bulking up their presence in Beantown, where low inventory and climbing prices have formed a seller’s market.
Douglas Elliman, Compass and Engel & Völkers have all been expanding in the city over the past month, according to Inman. Engel & Völkers established three new shops on the South Shore; Compass is about to open an office in the neighboring town of Wellesley; and Douglas Elliman has brought senior agents Pamela Cushing and Haley Cutter onto its team, co-founders of the Boston brokerage Live in Luxury.
Compass now has 200 agents across four offices in Boston, while Douglas Elliman — which acquired new development marketing specialist brokerage Otis & Ahearn last year — has three offices and 40 sales associates.
The city has a very low inventory right now with just one month’s supply, plus a hot new development condominium market.
Engel & Völkers CEO Anthony Hitt told Inman that his company was attracted to the city because of its booming tech, biotech and health care industries.
“Boston’s presence as a global hub for technology and innovation is certainly growing,” he said. “As one of the largest markets for biotech and medical innovation, we’re seeing new clientele from all over the country—and all over the world—moving to the greater Boston area and investing in our real estate market.” [Inman] – Eddie Small