Raveis following homebuyers to Florida
Company expands luxury network south
William Raveis Real Estate won’t stop until the its brand can be found along the entire East Coast.
The family-owned real estate company headquartered in Shelton announced Tuesday its acquisition of Florida-based The Fite Group Luxury Homes, extending its network in the luxury real estate market into that state. The acquisition was the product of a joint venture allowing Raveis to absorb the family-run firm and its holdings.
Raveis has established itself in the luxury real estate market over the years with holdings in Nantucket, Westchester County, Manhattan and beyond, and now Palm Beach, Fla.
“We are going deep into the luxury markets on the East Coast, especially areas with shifting demographics with an inflow of population which we are seeing in Florida, and it serves our customer base well,” said Ryan Raveis, the company’s co-president.
With $10.2 billion in real estate sales recorded last year, Raveis has maintained its reputation as one of Connecticut’s most prominent agencies, with thousands of workers spread among more than 130 offices in nine states. Predominantly in the Northeast, the company’s latest acquisition brings the company a step closer to its goal of expanding its network up and down the Eastern Seaboard.
The Fite Group Luxury Homes, active on the eastern coast of Florida, has recorded roughly $5 billion in sales since its founding a decade ago. Based in Palm Beach, the firm has additional offices in Delray Beach, Palm Beach Gardens and Wellington with over 100 agents.
“This partnership is a win-win for our companies, for our agents and, importantly, for our clients,” said David Fite, founder and principal of The Fite Group, in a press release.
As the number of people moving south continues to grow, Raveis said his family’s company is following their clients. A study conducted by Florida State University reported that roughly 85 percent of homebuyers in Palm Beach County comes from the Northeast.
In recent years, the company has also established its brand on Florida’s western coast, acquiring firms in Naples. Raveis has 200 agents spread across six offices in Florida.
Chairman and CEO William Raveis said the company set its sights on extending its reach deeper into Florida, with plans to continue its expansion in coming years.
“We look at where people are retiring and that’s where we want to go with offices,” he said.