Site Search

Get Luxury News by Email

Live the Good Life

Categories more

Sections

Other

Christie's International Real Estate Lands In Miami: New Ownership, New Technology, New Affiliate

Be the first to review this item!

#realestate #oceanfront #beachluxury #luxuryrealestate
Published
12/07/2022 by

Backed by new ownership and offering a comprehensive technology solution and an enhanced connection to the world-renowned Christie's auction house, Christie's International Real Estate has returned to Miami, signing one of South Florida's largest independently-owned brokerage firms, Fortune International Realty, as its newest affiliate.

Since its acquisition last December by Chicago-based brokerage and technology firm, @properties, Christie's International Real Estate has been updating and expanding its global luxury brand – integrating @properties' proprietary pl@tform™ technology; launching new luxury marketing programs; and introducing a full curriculum of agent coaching and training resources.

Christie's International Real Estate has also been in growth mode, signing market-leading affiliates in Chicago, Atlanta, Detroit, Dallas, the San Francisco Bay Area, Massachusetts, Rhode Island, and most recently, Southwest Florida. Internationally, the network has brought on new affiliates in Italy, Malta, Japan, and Estonia. The company is promising more announcements by the end of the year.

Fortune International Realty was founded in 1983 by the Defortuna family and is still led by president and CEO Edgardo Defortuna. The company was among the first to establish a direct line between Latin American buyers and Miami's luxury property market. Today, Fortune has over 600 agents in 11 Miami offices and will open an office in Fort Lauderdale later this year. The deal with Christie's International Real Estate makes Fortune the brand's exclusive affiliate for Miami-Dade and Broward counties. The firm will now be known as Fortune Christie's International Real Estate.

"Over the years, we have been approached by every major real estate brand you can think of, but none has ever demonstrated the ability to add value for our business the way that today's Christie's International Real Estate does. The technology, luxury branding, and international visibility will give our team an incredible edge as we look to grow and deliver an even higher level of service for our agents and luxury clients in South Florida," Defortuna said.

Defortuna also praised new ownership, noting that Christie's International Real Estate is now led by executives who have sold real estate, supported agents and built a brokerage firm from the ground up. According to RealTrends, @properties is the 9th largest residential brokerage firm in the U.S., based on 2021 closed sales volume of $23.9 billion. @properties' co-founders, Thad Wong and Mike Golden, are also co-CEOs of Christie's International Real Estate.

In acquiring the business, one of the priorities for Wong and Golden was strengthening the connection between Christie's International Real Estate and Christie's auction house. Christie's CEO, Guillaume Cerutti, predicts that Miami will play a key role in that initiative.

"Miami has been a focus of Christie's art and luxury business for decades. Now, we are excited to have the brand associated with the luxury property market through Fortune Christie's International Real Estate," Cerutti said. "Miami has that rare combination of some of the world's best art, fashion, and real estate – offering the ideal location and creative energy to produce what we know will be exciting collaborations and opportunities."

"Christie's International Real Estate is built to support the independent luxury brokerage, and Fortune is an outstanding example of a thriving independent, with a culture and vision that has helped them become one of Miami's most trusted real estate agencies," added Chris Lim, president of Christie's International Real Estate. "No one knows Miami better than Edgardo and his team, and we are thrilled to welcome them as our Miami affiliate."

Miami's real estate market remains strong according to June data from Miami REALTORS. While unit sales saw a year-over-year decline from their pandemic peak, the median sales price was up 15.8% for single-family homes and 20.6% for condos. Homes sold for full list price on average, and the market had less than 3 Months' Supply of Inventory.

Comments