Illustrated Properties brings Valore Group in Palm Beach under its brand

Keyes plans more acquisitions later this year

TRD MIAMI /
Apr.April 19, 2017 06:00 PM

The Illustrated Properties brand just got a little bit bigger.

Illustrated Properties Real Estate, which merged with the Keyes Company last summer, brought Palm Beach-based Valore Group Real Estate under the Illustrated brand, Keyes CEO Mike Pappas said.

Pappas, whose company already owned the Valore Group, said the brand merger shows the company’s commitment to the Illustrated brand. The expanded office at the Paramount Theatre Building in Palm Beach will open later this year with about 50 agents, according to a press release.

Eric Sain, incoming 2019 president of the Florida Realtors, was named district sales manager for the new Palm Beach office, at 139 North County Road. Valore’s founder Kevin Leonard joined Keyes in 2011, and was recently promoted to vice president of Keyes’ luxury division, which listed more than $1 billion in luxury homes in 2016.

Pappas said Keyes is working to acquire more companies this year. “The brokerage business is continuing to consolidate and the margins keep changing,” he said. “In my dad’s day, it was a fifty-fifty split, and now it’s not that. … The only way it can work if you’re a brokerage is to do volume.”

When Keyes and Illustrated merged last year, the firms said they generated more than $6 billion in annual revenue and have more than 1,100 agents in Palm Beach County, more than double their competitors.


Related Articles

arrow_forward_ios
Andy Unanue & 111 El Brillo Way (Credit: Google Maps)

Goya Foods heir buys Palm Beach mansion for $11M

Goya Foods heir buys Palm Beach mansion for $11M
Carl Esrey & 119 E Inlet Drive (Credit: Google Maps)

Real estate financier drops $6M on Palm Beach home

Real estate financier drops $6M on Palm Beach home
The late Kate Ford with 300 North Lake Way (Credit: William Jacobellis/New York Post Archives /(c) NYP Holdings, Inc. via Getty Images, and Google Maps)

Ford family estate in Palm Beach lists for $58M

Ford family estate in Palm Beach lists for $58M
Donald Burns and 1021 North Ocean Boulevard (Twitter, Realtor)

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M
From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

South Florida signed resi contracts up in September: Elliman

South Florida signed resi contracts up in September: Elliman
11750 Turtle Beach Road, North Palm Beach (Realtor)

Billionaire businessman sells North Palm Beach mansion for $19M

Billionaire businessman sells North Palm Beach mansion for $19M
Tad Smith and 250 Indian Road (Courtesy of Sotheby's, Realtor)

Former Sotheby’s CEO buys Palm Beach home for $8M

Former Sotheby’s CEO buys Palm Beach home for $8M
Joseph McMillan, CEO of DDG, and Kerry Warwick with 3550 South Ocean

Corcoran takes over sales of 3550 South Ocean

Corcoran takes over sales of 3550 South Ocean
arrow_forward_ios

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

Loading...