The Corcoran Group, a leading U.S. residential real estate brokerage firm, has entered into an alliance with John Taylor, one of the world’s premier international luxury real estate companies.
The two firms have entered into the alliance to satisfy growing demand from American and international clients seeking unique properties in the United States and abroad.
Announcement of the relationship between the two firms was made by The Corcoran Group president and CEO, Pamela Liebman and Delphine Pastor, John Taylor president.
John Taylor was founded in 1864 in Cannes, France making it one of the oldest luxury real estate brokerages in the world. The company specializes in homes for high net-worth clientele in luxury real estate markets across nine countries including France, Italy, Spain, Monaco, the United Kingdom, Qatar, Russia, Mauritius and Switzerland.
The firm has over 2,400 properties in its network portfolio representing more than $12 billon of property value. In 2013, the average transaction price for John Taylor was $5.5 million.
Commenting on the new alliance, Liebman remarked, “Corcoran is honored to enter this relationship with John Taylor. It is an extraordinary company with a rich history, renowned for superb client service and for representing the world’s most prestigious properties.
“This alliance exemplifies Corcoran’s strategy for expanding its global reach by aligning with premier local firms in targeted global markets. With a large percentage of Corcoran condominium sales coming from international buyers today, our affiliation with John Taylor enhances the level of client services and property selections both firms can offer on a global basis.”
Delphine Pastor, added: “The alliance with Corcoran is fully in line with our strategy to optimize our international network. New York City, the Hamptons and South Florida are the three top destinations attracting our international clients in search of exclusive luxury real estate properties in North America. Corcoran is the perfect partner for John Taylor thanks to its unrivalled expertise and success built across the years and their commitment to excellence.”
Daniel Masnaghetti, managing director of John Taylor Corporate added, “High-end American clients have always been very important for John Taylor. Historically, they have eagerly sought top properties in their favored locations such as France’s Côte D’Azur, Paris, Monaco, Geneva and Lake Como. This alliance will enable us to facilitate their real estate investments outside the United States and guarantee a unique standard of service.”
The alliance comes on the heels of Douglas Elliman’s decision in September to partner with the international London-based brokers Knight Frank and as the city’s ultra-luxury market enjoys some of the best returns in the business.
In October reports, the median sales price in the luxury market — defined as the top ten percent in terms of price — rose by 22 percent, while the number of sales at or above $10 million grew by 89.7 percent, according to Douglas Elliman.
In its 2014 profile of the international buyer’s impact on the US housing market, the National Association of Realtors found that foreigners spent $92.2 billion in the 12 months ending March 2014
Foreign buyers are alos upscale and pay a mean purchase price above that paid by domestic buyers.
Five countries (Canada, China, Mexico, India, U.K.) accounted for 54 percent of foreign sales.