Sotheby’s International Realty today announced that its independently owned and operated affiliate, Cascade Sotheby’s International Realty in Oregon, has merged with local firm, The Hasson Co., which achieved more than US$2.8 billion in sales volume in 2021. The partnership brings together two of the biggest real estate firms in Oregon that will now operate as Cascade Hasson Sotheby’s International Realty.
In 2021, the two companies achieved a combined total of US$6 billion in sales volume, and through the partnership, are now the largest real estate company in Oregon in terms of sales volume. Cascade Hasson Sotheby’s International Realty will now consist of a total of 22 offices and 575 independent sales associates.
“The integration of Cascade Sotheby’s International Realty and The Hasson Co. combines the prowess and renown of two leading real estate firms in Oregon,” said Philip White, president and CEO of Sotheby’s International Realty. “This strategic partnership solidifies their position as a leading residential real estate firm in the state of Oregon. I greatly look forward to supporting Deb, Steve, Lynae, and the entire Cascade Hasson Sotheby’s International Realty team.”
“Our partnership with The Hasson Co. brings together the strengths and synergies of two established, family-run businesses,” said Deb Tebbs, co-CEO of Cascade Hasson Sotheby’s International Realty. “In addition to being affiliated with the most trusted and recognized real estate brand in the world, our clients know they can rely on us for global representation with a local family feel from listing to close.”
As part of the merger, Steve Studley and Lynae Forbes will remain in place as Co-CEO and President, respectively. The strategic integration unites two well-respected, family-run organizations that will service the state of Oregon and the Southwest Washington region. The partnership expands the firm’s service areas to include the cities of West Linn and Wilsonville, Oregon, and builds upon the company’s existing locations in Portland; Ashland; Bend; Cannon Beach; Vancouver, Washington; and more.
Cascade Hasson Sotheby’s International Realty is part of the Peerage Realty Partners portfolio.
Sotheby’s International Realty is pleased to announce that its global network achieved a record US$204 billion in 2021 global sales volume, a 36% increase in sales growth year over year, as U.S. cities saw a resurgence of interest following the pandemic and sales activity in secondary and resort markets around the world remained strong. The brand’s U.S. sales volume grew by 33.8% year over year, significantly outpacing NAR’s national increase of 20.6% from the prior year,¹ underscoring the brand’s leadership in the high-end market.
“Real estate proved to be a hot investment in 2021,” said Philip White, president and CEO of Sotheby’s International Realty. “Once again, agents affiliated with Sotheby’s International Realty outperformed the industry average and achieved record-breaking home sales as buyers continued to depend on their trusted expertise to navigate a constrained market.”
Reinvigorated Interest in Cities and Continued Strength in Secondary Markets Fueled Sales
The Sotheby’s International Realty® brand’s existing presence in major metropolitan and resort markets around the world ensured the brand was well-prepared to meet the renewed interest in cities and the sustained boom of secondary home markets.
Interest in U.S. cities such as New York, Miami, San Francisco, and Austin returned to pre-pandemic levels and helped trigger record-breaking sales. Other U.S. cities, such as Atlanta, Houston, and Los Angeles, also saw strong performances in 2021.
With remote and hybrid work models influencing buyer behavior in 2021, secondary markets and resort areas continued to produce high demand and increased prices. In the U.S., areas such as Florida, Hawaii, and Colorado saw record performances. Globally, second-home markets in Australia, Spain, and Switzerland and resort areas in the Bahamas, Cayman Islands, Turks & Caicos, and Puerto Rico achieved notable growth and record sales.
As buyers continued to prioritize properties that offered more space and land, states with no income tax such as Florida, Texas, and Wyoming offered added appeal, while the Bahamas, Cayman Islands, Switzerland, Hong Kong, and Singapore remained popular for their favorable tax structures and saw significant gains.
An Award-Winning Year for the Brand’s Innovative Technology and Offerings
Sotheby’s International Realty continued to lead the industry with its technology and marketing efforts. Sothebysrealty.com saw more than 46 million visitors in 2021, a 25% increase year-over-year and the most visits to the website in its history. The site was also named Best Real Estate Website in the People’s Choice Category in the 25th Annual Webby Awards, recognizing the brand’s efforts to introduce translations in 14 languages, nearly 60 currency conversions, and a mobile-first approach to emphasize the method in which today’s clients are buying and selling homes.
Property videos, which exploded in popularity during the 2020 lockdown, have continued to trend as more buyers start the initial viewing process online. Videos produced by Sotheby’s International Realty agents were played nearly 90 million times – a 50% increase year-over-year.
Sotheby’s International Realty was also awarded the honor of 2021 Top Luxury Brokerage by Inman, the industry’s leading source of real estate information. The prestigious award is a testament to the brand’s achievements in luxury marketing, record-breaking sales, and high-quality service.
“Buyers continue to rely on virtual technology to make their homebuying process more convenient,” said Chief Marketing Officer, Bradley Nelson. “As a brand, we have always sought out to establish the highest standard for marketing luxury properties and I am proud that our marketing and technology investments have been recognized as the ‘best’ in the industry in 2021.”
Fortifying a Strong Network with Global Growth
During another record year, Sotheby’s International Realty continued to strategically expand its presence around the world. In 2021, the brand opened 86 new offices, bringing the brand’s total presence to more than 1,000 offices in 79 countries and territories with more than 25,000 independent sales associates worldwide.
“Sotheby’s International Realty continued to expand internationally in key markets,” said Tammy Fahmi, senior vice president of global servicing and strategy for Sotheby’s International Realty. “In 2021, the brand opened offices in five new territories and our international sales volume grew by 56% year over year. Our global presence is a draw for our agents and clients, and we continue to evaluate markets that will support our strategic growth.”
In the EMEIA region, the brand expanded to Oman and Morocco and opened three new offices in the Swiss Alps region. In the Caribbean and Latin American region, the brand opened new offices in Jamaica and St. Kitts & Nevis during a boom of Caribbean interest.
As affluent individuals looked to purchase homes in a market with limited inventory, Sotheby’s International Realty agents acted as true global real estate advisors. Referral sales volume within the brand’s global network increased by nearly 80% year over year and the average sales price of these referrals increased by 21% year over year.
“Our ability to produce another historic year amid record demand and low inventory shows beyond a doubt that Sotheby’s International Realty agents are resourceful, committed, and informed to meet and exceed the needs of their clients,” concluded White.
According to a recent report from Bloomberg discussing a report from Sotheby’s said: “The only thing that can slow the global luxury market in 2022 is … greed.”
It’s impossible to underprice a property in this environment,” says Bradley Nelson, Chief Marketing Officer of Sotheby’s International Realty, which released its 2022 Luxury Outlook report on Monday.
A potent combination of sky-high bonuses, accelerating intergenerational transfers of wealth, low-interest rates, and the specter of inflation “makes investing in a concrete, fixed asset like real estate attractive to many as they balance their portfolios,” Nelson says. The environment is such that, no matter how low a property is listed, demand and competition will push its price to the top of the market.
“We brokered a co-op sale in New York,” Nelson says. “The asking price was $40 million, and there were multiple billionaires interested in purchasing it at the same time,” he continues. “The market is a living, breathing thing, and it’s going to give you feedback when fresh, desirable inventory comes on the market.”
“The real estate market is now being driven by hybrid work vs. remote work,” he says.
Tax considerations continue to drive luxury purchasing decisions. “That’s really the headline in both the United States and internationally,” says Nelson. “You’re going to see the greatest investments continue to be in tax havens.”
The article continued: “The lack of state income tax in Texas and Florida will help those states’ luxury markets retain their luster, he says, while tax increases in countries as disparate as Oman, Ireland, and Canada, which just instituted a 1% tax on the value of homes held by nonresident, non-Canadian owners, could adversely impact luxury prices.
Finally, Nelson says the biggest impact on luxury real estate is gradually going to become apparent over the next five years: “Transacting in crypto,” he says, “is going to grow in exponential ways.”