Brokerage giant Anywhere Real Estate acquired a 48-agent firm based in Jupiter, The Real Deal has learned.
The Jupiter brokerage, Home Sales Palm Beach (HSPB), will be absorbed into Atlantic Shores Realty Expertise ERA Powered, a division of Anywhere’s ERA Real Estate brand, according to HSPB founder Gregg Amaral. Amaral founded HSPB in 2018, and has focused on the residential markets in Jupiter, Palm Beach Gardens and Stuart since then. The team closes an average of $120 million in annual sales volume, primarily in Jupiter and Palm Beach Gardens, he said.
Amaral will remain as managing broker, and the team will continue to work out of its Jupiter office at 2562 West Indiantown Road and Stuart office at 4836 Southeast Railway Avenue, he confirmed. Now, the firm is focused on expanding its agent base, with the aim of reaching 100 agents within the next 18 months, according to Amaral.
“We’re really going to try to recruit more, train more,” he said. “I really think we’re going to grow substantially.”
Amaral said that over the past two years he was approached by several brokerages looking to acquire HSPB. Rapid growth in the Jupiter and Palm Beach Gardens markets has drawn the attention of South Florida’s biggest brokerages, and many of them have opened offices in the area in recent years. The Corcoran Group, another Anywhere brand, opened a Palm Beach Gardens office in 2022, and Compass opened one last year.
Publicly traded Anywhere, formerly Realogy, is the parent company of Coldwell Banker, Sotheby’s International Realty and Century 21 Real Estate, in addition to Corcoran.
Amaral said he ultimately chose Anywhere because its commission structure was very similar to HSPB’s. The brokerage giant first approached him earlier this year.
The luxury sector in Jupiter and Palm Beach Gardens, particularly in gated Admirals Cove, Bear’s Club and Old Palm Golf Club, has continued to see pricey sales in the past year. Now, Amaral expects the Fed’s recent rate cut to bolster the market at the $1 million price.
“We think we’re going to see some buyers coming off the sidelines here,” he said.