Compass wants to make waves in Malibu

Miami /
Dec.December 22, 2015 02:15 PM

From the New York website: Barbara Streisand, Courtney Cox and Dustin Hoffman are among the celebrities who call Malibu home. Those A-listers now have a new neighbor: Startup brokerage Compass is opening an office in the tony beachfront community.

On the heels of launching an outpost in Los Angeles in November, and Miami Beach in August, the two-year-old firm announced it would expand to Malibu. Although it’s still finalizing a location, Compass said it’s hired Jay Rubenstein, a manager at Coldwell Banker’s Malibu West Office, to lead the new office.

Rubenstein, a 37-year veteran of the real estate business, had been at Coldwell Banker’s Malibu West office since 1994. Last year, the office had an average sale price of $4.5 million.

In New York, Compass’s aggressive recruitment was met with backlash from rival firms. It isn’t shying away from the strategy on the West Coast. The firm said it’s hired 45 agents in Los Angeles since debuting in early November, with top producing agents like Scott Segall, of Douglas Elliman; Jeep O’Reilly, also of Elliman; and The Agency’s Ari Afshar already in tow.

In Malibu, where the median sale price is $3.795 million, Compass will compete with Coldwell Banker, Sotheby’s, Westside Estate, Pritchett-Rapf and the Agency.

As it buffs up its presence in Southern California, Compass has tapped former Douglas Elliman VP of Marketing Leanne Rogan to head up marketing operations. Coldwell Banker defectors Stan Richman, a regional vice president, and Kathy Mehringer, a regional director of risk management and education, will also join Compass’ roster.

Compass, which has raised about $125 million from investors and is valued at $800 million, launched its national expansion earlier this year. Headquartered in Manhattan, the brokerage now has offices in Park Slope, Williamsburg, Miami Beach, Boston, Bridgehampton, East Hampton, Washington, D.C., and L.A. It has nearly 400 agents nationwide.

Compass said it has $1.4 billion in exclusive listings around the country and a $2.5 billion new development pipeline.


Related Articles

arrow_forward_ios
Ethan and Ruthie Assouline (Getty, Assouline Team)
Assouline Team returns to Elliman after stretch at Compass
Assouline Team returns to Elliman after stretch at Compass
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
RIley Smith (Compass)
Riley Smith Group leaves EWM for Compass
Riley Smith Group leaves EWM for Compass
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Palm Beach agent Margit Brandt (Sonya Revell)
Top Palm Beach agent joins Premier Estate Properties after stint at Compass
Top Palm Beach agent joins Premier Estate Properties after stint at Compass
Denver Bright, Neil Solomon and William Talbert III
Movers & Shakers: Denver Bright returns to Elliman, PropertyForce promotes CEO & more
Movers & Shakers: Denver Bright returns to Elliman, PropertyForce promotes CEO & more
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
arrow_forward_ios

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

Loading...