Berkshire’s HomeServices acquires its Hudson Valley franchise

HomeServices is picking up 400 agents in the deal, its second franchise buy this year

Tri-State /
Sep.September 01, 2021 09:45 AM
HomeServices’ Candace Adams and HomeServices Hudson Valley Properties' Steven Domber (BHHS)

HomeServices’ Candace Adams and HomeServices Hudson Valley Properties’ Steven Domber (BHHS)

Berkshire Hathaway’s HomeServices brokerage acquired a franchise in the booming Hudson Valley as its northeast division seeks to lift market share.

HomeServices’ acquisition of the 400-agent, independently owned franchise, Berkshire Hathaway HomeServices Hudson Valley Properties, closed on Sept. 1, the company said. Terms weren’t disclosed.

Buoyed by a housing market whose demand remains unabated even as prices surge, many brokerages are capitalizing by starting new business lines and expanding to new markets. The Hudson Valley firm had $1.5 billion of closed sales over the 12 months ending in June 2021, compared with its typical annual total of $850 million, according to Steven Domber, its principal broker and founder.

“I was looking for new avenues and resources that I didn’t have access to as an independent owner,” said Domber, who became a franchisee in 2014. After talks for a potential sale stalled or halted over the past seven years, Domber said he struck up the conversation again in December. “I think getting over that billion-dollar mark helped get their attention.”

HomeServices said the purchase was part of an “accelerated expansion” in the northeast, not just a reaction to the state of the market, according to Candace Adams, the firm’s CEO of properties in New England, Westchester and New York. “I would say it’s unrelated frankly,” she said. “Our commitment goes beyond the market condition.”

Adams said she’s also interested in adding strong leadership, noting recent hires of veteran New York City executives including former Halstead and Brown Harris Stevens executive Diane Ramirez in August and Elliman’s Steven James and Brad Loe in April.

“We want to make sure we have a very strong position,” she said. “We will look at any company that we believe is aligned with our values.”

In June, HomeServices acquired one of its West Coast-based franchises, which had 3,000 agents working in California, Arizona and Nevada, as well as stakes in three title and escrow companies. A spokesperson for HomeServices, which was the third-largest in the nation by closed sales volume last year, called the deals a “franchisee benefit.” HomeServices now has 46,650 agents operating in 32 states.

Berkshire Hathaway spent $6 billion in stock buybacks last quarter, a slight drop from the $6.6 billion it spent in the first quarter of the year.





    Related Articles

    arrow_forward_ios
    Westchester estate breaks local sale-price record: $11.3M
    Westchester estate breaks local sale-price record: $11.3M
    Westchester estate breaks local sale-price record: $11.3M
    840 Meadow Lane (Photos via Tim Davis)
    Southampton home on Meadow Lane fetches $70M
    Southampton home on Meadow Lane fetches $70M
    (L-R) Four Seasons Sotheby’s International Realty's Gary DiMauro, Redfin's New York market manager Matthew Frary; Four Seasons Sotheby’s International Realty President Laurie Mecier-Brochu and CEO Alan DiStasio are expanding their Hudson Valley footprint (Redfin, Four Seasons Sotheby’s International Realty)
    Battle for Hudson Valley heats up as Sotheby’s, Redfin seek to cash in
    Battle for Hudson Valley heats up as Sotheby’s, Redfin seek to cash in
    Click, bid, buy: Suffolk County breaks precedent with virtual auction
    Click, bid, buy: Suffolk County breaks precedent with virtual auction
    Click, bid, buy: Suffolk County breaks precedent with virtual auction
    Peloton CEO John Foley lists East Hampton home for $4.5M
    Peloton CEO John Foley lists East Hampton home for $4.5M
    Peloton CEO John Foley lists East Hampton home for $4.5M
    (iStock)
    Hamptons towns take sale-price rankings hit
    Hamptons towns take sale-price rankings hit
    Joe Farrell’s Hamptons Sandcastle finally sells for $31M
    Joe Farrell’s Hamptons Sandcastle finally sells for $31M
    Joe Farrell’s Hamptons Sandcastle finally sells for $31M
    Lloyd and Barbara Macklowe with the home at  51 West End Avenue (Google Maps, Getty)
    Harry Macklowe’s brother lists Hamptons home for $60M
    Harry Macklowe’s brother lists Hamptons home for $60M
    arrow_forward_ios

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

    Loading...