Loading ...The Time is Now
By Mark MoffaManaging Editor
A couple of weeks ago, as we were focusing on the launch of Disney’s luxury real estate project, a move that likely will have a bigger impact on high-end real estate was in the works. Harcourts International announced that it is entering the United States.
Harcourts is establishing a partnership with California-based Altera Real Estate. Altera has 23 offices and 700 salespeople (21 offices are in California, one in Oregon and one in Hawaii). Harcourts will hold 50 percent of Altera, and plans to use this venture to gain a foothold in the U.S.
While we often focus on what U.S.-based companies are doing abroad, here is a company from outside the U.S. coming in to do business. What’s more is that Harcourts has a high-end focus. And it’s decided that the luxury real estate market in the U.S. right now is ripe for it to jump in.
Listen to Harcourts International Managing Director Mike Green: “The United States’
property market is just beginning to show signs of improvement and we believe the timing for this step is perfect. The market opportunity is huge, with a population of nearly 310 million.”
If you are not familiar with Harcourts, you should be. Started in New Zealand in 1888, Harcourts is a powerhouse with more than 600 offices and 4,200 agents in 10 countries. In 2009, it exceeded $18 billion in sales. In just over a decade, Harcourts has established itself as one of the top three real estate groups in Australia, and expanded into South Africa, China, Indonesia, Zambia, Botswana and Hong Kong in the last two years alone.
Harcourts is a successful, long-standing, progressive and innovative company. And this strategic move should send a message to the weary U.S. real estate world that — instead of bemoaning the latest drop in home sale statistics — now is the time to position yourself to make money as the market improves.
