One Sotheby’s International Realty is extending its reach in Palm Beach County.
The Miami-based brokerage acquired fellow Sotheby’s affiliate Nestler Poletto Sotheby’s International Realty, a nearly 80-agent firm with offices in Boca Raton and Delray Beach. One Sotheby’s, led by CEO Mayi de la Vega and president Daniel de la Vega, now has 17 offices and more than 900 agents in South Florida.
Daniel de la Vega said that both Boca and Delray have reported recent gains in luxury sales, and called both markets the “only missing pieces” in the brokerage’s portfolio. Luxury home and condo sales rose year-over-year in Boca Raton and Delray Beach in the third quarter, according to a recent report.
Nestler Poletto, led by Mark Nestler and John Poletto, closed $235 million in sales volume in 2017, according to a release. Nestler and Poletto founded the brokerage in 1989, and it is considered one of the top firms in Boca and Delray.
De la Vega plans to go after new development projects in Boca and Delray, and expand both offices.
One Sotheby’s has been expanding north of Miami as of late. About a year ago, it closed on the acquisition of Coastal Sotheby’s International Realty in Palm Beach Gardens, Jupiter and Stuart. The company is based in the Miami Design District and has offices in Fort Lauderdale, Weston, Coral Gables, Miami Beach, Sunny Isles Beach, Bay Harbor Islands, Brickell, Aventura, Boca Raton, Delray Beach and Key Biscayne.
De la Vega said he’s been in talks with Nestler Poletto for about eight to 10 months, “but it’s been on my mind for the last seven years.”
One Sotheby’s recently partnered with lenders Joel Eidelstein and Matthew Eidelstein to launch CapHouse Financial, a new mortgage lending company also based in Miami.