September 29, 2017
Douglas Elliman announced yesterday that it is acquiring the Boston luxury firm, Otis & Ahearn. The transaction is expected to be closed next month and will give Douglas Elliman an additional three office in Boston and one in Charlestown with 30 sales associates specializing in the markets from Back Bay to the Boston Gold Coast.
Founded in 1978 by Kevin J. Ahearn, Otis & Ahearn enjoys a major presence in Boston’s real estate market with sales that include luxury homes and new development condos along the downtown waterfront. Ahearn who will be named CEO of Douglas Elliman’s Boston division, said ‘there is no other company that could match the national and international reach that our agents and clients will gain from this union. The Douglas Elliman umbrella will help propel our agents to new, untold levels of success.’ See PR Newswire article
Douglas Elliman Chairman Howard Lorber told the Boston Globe that the acquisition will give DE the chance to market the city’s growing inventory of new condominium developments. ‘We thought it was a natural, and we wanted to wait for the right opportunity,’ Lorber told the Globe. ‘We try to enter markets where we think we can make a real dent in new development.’ See Boston Globe article
The acquisition is the latest in Douglas Elliman’s ongoing expansion. Last month, Douglas Elliman acquired Teles Properties, a Los Angeles based company with 20 offices in California and five in Colorado. See Long Island Business News article
How does Douglas Elliman’s nationwide expansion effect sellers in South Florida? It provides the strongest global exposure under one organization. An oceanfront home listed in the Palm Beaches is immediately showcased to thousands of agents across the nation and high-end buyers are readily accessible through well-organized networking efforts across the globe. Nicholas Malinosky and Randy Ely are pleased to be with Douglas Elliman’s Delray Beach office. Mr. Malinosky and Mr. Ely are ready to help you achieve your luxury real estate goals. Contact them today.