Corcoran launches first international franchise in British Virgin Islands
30-person Oil Nut Bay Properties to be renamed Corcoran BVI
The Corcoran Group is going international with its first franchise outside the United States.
The New York City firm will expand into the British Virgin Islands later this month, after inking a franchise deal with Oil Nut Bay Properties Ltd., which will be known as Corcoran BVI, it said Thursday.
David V. Johnson, a developer of luxury homes, will run the 30-agent affiliate. In 2016, Johnson’s company, Victor International, developed a resort in Oil Nut Bay, on the island of Virgin Gorda. The property has 88 luxury homes “built in harmony with nature,” according to a promotional video.
In a statement, Corcoran CEO Pam Liebman said the British Virgin Islands are among the most beautiful in the world, offering a “true oasis” as a second-home market.
A subsidiary of Realogy, the Corcoran Group has been franchising in luxury and second-home markets.
Its first affiliate, Corcoran Global Living, launched early last year in San Francisco and Lake Tahoe. It now has 42 offices and nearly 1,500 agents and claims gross annual sales of $6.1 billion.
In November, Corcoran Global Living absorbed Los Angeles-based PLG Estates, which described its approach to real estate as “punk rock.”
Corcoran has also started franchises in Arizona, Chicago and Hawaii, where it struck a deal with a 250-agent firm, Elite Pacific Properties, that was renamed Corcoran Pacific Properties.