Wednesday, August 3, 2005

Sotheby's buys Associated Brokers

Partner says outright sale will bring new opportunities


By GREGORY FOLEY
Express Staff Writer

Darlene Young, a partner and broker with the former Associated Brokers of Sun Valley, will now serve as vice president and managing broker for the Sun Valley brokerage of Sotheby's International Realty, which acquired the Ketchum-based real estate firm on July 27. Photo by Willy Cook

Sotheby's International Realty, a renowned residential real estate brokerage firm with links around the world, has bought Associated Brokers of Sun Valley, a Ketchum-based real estate brokerage firm with nearly 30 sales agents.

Sotheby's announced the outright acquisition on Wednesday, July 27. The terms of the deal were not disclosed.

The company's office, located on Main Street in Ketchum, will now operate as the Sun Valley brokerage of Sotheby's International Realty.

Darlene Young, previously an owner and broker with Associated Brokers of Sun Valley, will remain with the new organization as vice president and managing broker.

"We're all very excited about it because we're going to have a lot more resources," Young said. "It brings us to another level, yet we can keep our local flavor."

The primary benefits of becoming a part of Sotheby's are the "worldwide recognition" of the Sotheby's name and increased exposure via Sotheby's widespread advertising network, Young said.

In her new role, Young will report to Clayton Andrews, executive vice president and chief operating officer of the Mountain Region for Sotheby's International Realty.

"For 25 years, Associated Brokers of Sun Valley has been serving the area's buyers and sellers with a successful combination of local market knowledge and commitment to outstanding service," Andrews said. "We are honored to enter Sun Valley with such highly regarded professionals on our team."

With the acquisition, Sotheby's International Realty adds 29 sales associates who accounted for more than $212 million in total closed sales volume over the last 12 months. The combined organization now has more than 1,300 real estate professionals operating in 32 offices across the United States and in London.

Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house and represents fine properties at a range of price points. Today, Sotheby's International Realty operates brokerage offices in key metropolitan and resort markets, including Manhattan, Greenwich, Conn., Cape Cod, Mass., Palm Beach, Fla., Southern California, San Francisco, and Jackson, Wyo.

Andrews, who is based in Jackson, said Sotheby's in 2004 commanded a 68 percent market share in that region.

Based in New York City, Sotheby's International Realty, Inc. is a subsidiary of NRT Inc., the largest residential real estate brokerage company in the United States. In 2004, NRT posted a real estate industry record of over $200 billion in closed sales volume.

Young said all of the partners and sales associates of Associated Brokers of Sun Valley will stay on with the new company.

"We're still going to be a local company," she said.




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