Douglas Elliman is expanding to Vero Beach, The Real Deal has learned, as more South Florida brokerages head north.
Elliman acquired Daley & Company, led by Sally Daley. At the same time, top Vero Beach brokers Joseph Schlitt and Joseph O’Neill of Coldwell Banker’s The Joseph & Joseph Team joined Elliman.
Daley & Company’s sales volume totals more than $232 million since 2020, according to Elliman. The Joseph & Joseph team has sold more than $350 million since it was formed four years ago, according to a news release.
Daley and four of her agents, plus Chris Mickley of the Joseph & Joseph team, joined Elliman.
Vero Beach, part of the Treasure Coast, has become a destination for many South Florida locals. A number of homeowners in Miami-Dade, Broward and Palm Beach counties have taken advantage of the hot market and sold their homes for huge returns, but are outpriced when it comes to finding a new property.
Douglas Elliman Florida CEO Jay Phillip Parker said more of those people are heading north to markets like Vero Beach.
“As people continue to maximize value with these huge sales in Miami, Fort Lauderdale, Palm Beach, they’re looking for opportunity [in Vero Beach],” he said. “People will naturally, organically migrate north.”
Other brokerages such as One Sotheby’s International Realty have been expanding to other parts of Florida. Miami-based One Sotheby’s recently acquired a Sotheby’s affiliate in Jacksonville and is planning to grow into the Sun Belt region next.
Like other firms in Florida, Elliman had a record year in 2021. The brokerage, which went public in December, reported $51.2 billion in sales last year, nearly matching the two prior years combined.
Elliman, with a presence in Naples, Ponte Vedra Beach, and St. Petersburg/Naples, opened its Vero Beach office in Central Beach, at 3001 Ocean Drive. Daley & Company, now called The Daley Group, and the Joseph & Joseph team are working out of that office.
The acquisition brings Elliman’s agent count to 1,200 in Florida with 22 offices.
Parker declined to comment on the terms of the expansion, but said his focus is on being a “luxury provider” to clients in that market.
“We’re not looking to grow the markets like Vero by having a huge number of agents,” Parker added.