By Christine Davis
In real estate it’s always been about location, location, location and our beautiful barrier island fits those requirements perfectly. This might explain the recent rash of real estate brokerage consolidations, mergers, moves and even new office openings in the Lantana/Manalapan area lately.
If you’re keeping a scorecard, break it out and follow the changes:
Ocean and Intracoastal Properties, at 237 E. Ocean, Lantana, which Bob Montgomery started 20 years ago, has been taken over by Linda and Tom Shea and Diane Harbison of Keller Williams.
“It’s a perfect match,” Montgomery said. “They are delightful and they are very entrepreneurial. They want to build the company and I’m past that. I just want to service my clients.
“It’s now their company, and that frees me up to sell, which is what I love to do. I never did want to spend my time as an administrator.”
This is a win-win for the Sheas and Harbison, too. “We are owners of two other Keller Williams market centers (franchises), in Lake Worth and Wellington,” Linda Shea said. “We went into this area because we know the value of that waterfront property and we want to be a part of that. The value that Keller Williams adds — we are a nationwide franchise, 72,000 agents strong — offers a nationwide reach to this wonderful boutique office.”
In July, Illustrated Properties Realty opened a new office at Plaza del Mar, 230 South Ocean Blvd.
Palermo-Long Realty, which had an office in Lantana for 35 years, merged with Illustrated and moved to the Plaza del Mar office.
“Once Bob Long, owner/broker of Palermo Long Realty, decided to close his office, I wanted to connect with a brokerage firm with similar values of the Palermo-Long brand, which had a reputation of integrity, expertise, customer service through relationship-building and networking within the community,” said Diane Duffy, a realtor with Palermo-Long who, after the merger, joined Illustrated Properties.
“Illustrated Properties was a perfect choice for me, since it is a long-standing family-owned business, yet it also provides a 26-office network of real estate professionals and offers corporate support, including specialized divisions in Relocation and Luxury Properties as well as a strong regional and international marketing plan.”
The transition has enhanced services for sellers and buyers, she said. “The Palermo Long roots run long and deep in the community and our personalized service and long-term relationships continue to sell properties.”
Bill Quigley, who opened Illustrated Properties’ first franchise nine years ago, has closed his office and moved to the new Illustrated Properties office in Plaza del Mar.
It’s a good move to be east of the bridge, which is scheduled to be closed for repairs, he said. “Most of our business is in the coastal communities.”
It’s a good business decision, too, he adds: “Illustrated, the largest independently owned real estate company in the area, saw an opportunity to increase market share,” he said.
“I had quite a few listings, as did Palermo Long. By combining the two offices, Illustrated Properties immediately had increased its market share and dominates the Hypoluxo Island and Point Manalapan area.”
Illustrated Properties strengths include “a complete marketing department and Web site coverage throughout the world,” Quigley said.
“We had opened a small office with Bill Quigley years ago,” said Chappy Adams, Illustrated Properties president. “We thought this would be a great opportunity to bring some great people together.”
Further south, Tauriello and Company Real Estate, which had branch offices in Manalapan and Lake Worth, has merged those offices with its Delray Beach office. “Delray Beach is my home base,” Sue Tauriello said. “When the market was booming, it was fine to have branch offices, but, in a recession, it just wasn’t cost-effective to keep them open.”
The new player in the area — Engel & Volkers — is a franchise purchased by Sheri and Paul Reback and their family last summer. They opened a Manalapan office in Plaza del Mar in December.
“Our franchise in Palm Beach was going well, and we decided that we wanted the bordering area,” Sheri Reback said. “When we learned that we could have the location we wanted, across the street from the Ritz-Carlton, which would be good for walk-in traffic, we bought the franchise.”
The Rebacks, who owned Reback Realty and have a 35-year history with North Palm Beach high-end residential properties, chose Engel & Volkers for the firm’s connections in Europe as well as its network here.
“The company did $7 billion in sales in Europe in 2008, and that was in a down market,” Reback said. “There are 500 franchises in 32 countries, and the company now has 28 offices in Florida.”
Another perk, she said, are three magazines that the company publishes that are good marketing tools for her agents: Global Guide European, Private Office and Private Residences.
“We have lots of listings in the Manalapan area. Within the next few months, we could have listings adding up to $150 million.”
Joining the Rebacks at Engel & Volkers in the Manalapan office are Bunny Hiatt and Jack Elkins, who specialize in waterfront homes in the Manalapan area and previously worked for the Corcoran Group. Also in the office is Charles Velie, formerly a Realtor with Premier Estate Properties.
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