J
osh Altman, co-founder of The Altman Brothers Team at Douglas Elliman, has expressed his optimism about the potential of Orange County, California, which he believes holds significant opportunities for growth in real estate sales. The team has recently opened a flagship office in Corona del Mar, which is expected to generate $1 billion in annual sales. The new office has already generated $148 million in sales since the start of the year, with active listings over $350 million. The team plans to replicate the success they have achieved in Los Angeles in Orange County, where they have about a dozen agents.
One of the reasons for their optimism is the lack of a "mansion tax" in Orange County, which has been implemented in Los Angeles since April 2023. This tax applies a 4% transfer tax on transactions above $5.15 million and a 5.5% tax on those above $10.3 million or more. The thresholds are updated annually based on the Consumer Price Index.
The new office, designed by Heather Altman, CEO and Josh's wife, is a lounge open to the community. It is located on a busy stretch of road at 3700 Pacific Coast Highway. The office features a 20-foot Esmeralda stone counter with an etching of the Altman Brothers logo, a kitchen, coffee station complete with a foam printer, a residential-like powder room, and a media space for Zoom calls and content creation.
The Altmans have also been careful in their expansion strategy, focusing on quality control rather than quantity. They have a team of 25 people in Scottsdale, two in San Diego, three in Las Vegas, and $100 million in Miami sales last year without the need for a Florida office. They are measured on whether they will add more offices or agents based on whether the numbers make sense for them.
Heather Altman, who recently assumed the CEO position, has built an in-house infrastructure that didn't exist before, including a director of operations, a transaction manager, a financial advisor, two real estate assistants, a listing coordinator, and a two-person marketing team. The team has declined offers to scale more rapidly through franchising or acquisition, preferring to maintain control over their business.
Their business is growing, but they have set a target of $1.1 billion in California sales this year. As for their 2025 growth target, Josh Altman believes it's not just about numbers but about balance.
