RISMEDIA, December 2, 2010—NRT LLC, one of the nation’s largest residential real estate brokerage companies and a subsidiary of Realogy Corporation, announced that its Sotheby’s International Realty, Inc. brokerage firm has acquired the assets of Santa Fe Realty Partners in Santa Fe, N.M. The acquired firm will now operate as Sotheby’s International Realty. The addition of more than 100 sales associates from Santa Fe Realty Partners will more than double Sotheby’s International Realty’s existing Santa Fe sales force of 86 agents.
“This is our fifth brokerage acquisition across the United States during the past two months, and we are pleased with the positive momentum generated by our national growth strategy,” said Bruce Zipf, president and chief executive officer of NRT LLC. “The acquisition of Santa Fe Realty Partners will strengthen our Sotheby’s International Realty brokerage operations, which represent fine properties in some of the world’s most sought-after markets, including Santa Fe.”
Founded in 2007 by the husband and wife team of Tommy Gardner and Darlene Streit, Santa Fe Realty Partners quickly became a strong player in the market. In its second year, the company achieved the fifth highest transaction volume in the Santa Fe Multiple Listing Service (MLS), climbed to third in 2009, and was ranked second highest in the third quarter of 2010. Sotheby’s International Realty’s two existing offices in Santa Fe are ranked No. 1 in combined sales volume year-to-date on the MLS, participating in approximately 50% of all transactions for properties priced over $1.5 million.
According to the company, Gardner will now co-manage Sotheby’s International Realty’s operations in Santa Fe with Darci Burson, who has managed the firm’s Santa Fe offices since 2005. Streit will join Sotheby’s International Realty in a sales capacity.
“The Sotheby’s International Realty brand has had a strong presence in Santa Fe for decades, and this transaction demonstrates its continuing commitment to serving clients throughout Santa Fe County,” said Kathryn Korte, president and chief executive officer of Sotheby’s International Realty, Inc. “Santa Fe Realty Partners is an ideal fit with Sotheby’s International Realty based on its historical performance. Their team offers a fresh perspective on the local real estate market and is well known and respected in the area, achieving an impressive level of growth in the past few years. We are excited to welcome a team that has such in-depth local expertise and mirrors our commitment to exceptional client service.”
Gardner is equally enthusiastic about the acquisition. “It’s exciting to become a part of the Sotheby’s International Realty organization,” he said. “We appreciate the company’s successful history and quality of service, and believe that our agents and clients will benefit from the enhanced regional and global presence as well as the referral opportunities the company offers. Sotheby’s International Realty provides a strong and far-reaching platform, with a name that opens doors to clients around the country and the world.”