C
ompass has acquired @properties and Christie's International Real Estate in a deal worth $444 million. Local affiliates were caught off guard by the news, including Edgardo Defortuna, owner of Fortune Christie's International Real Estate, one of the largest partnerships with Christie's. Defortuna said he was still waiting for notification about the acquisition, which is expected to close next year.

    The deal won't significantly impact Defortuna's firm, as it has exclusivity in Miami-Dade and Broward counties. Compass agents will not be part of Christie's network, and vice versa, with each brand operating independently. The acquisition is a sign of consolidation in the real estate industry, where companies must grow to stay competitive.

    Compass' senior regional director, Beth Butler, previously stated that growth is essential for success in the industry. This sentiment was echoed by Mike Pappas, owner of Keyes Company, who said "if you're not growing, you're dying." The acquisition follows a trend of consolidation in the real estate sector.

    In other news, an entity linked to Frederick Howe paid $31.1 million for two units at Seaway at the Surf Club in Surfside. The University of Miami acquired land near its Allapattah medical school campus for $68 million. A tropical estate in Coconut Grove hit the market for $55.5 million.

    NASA is working on a mission to the moon, set to launch in January as part of the Artemis program. In other Florida news, the manufacturer of the Orlando FreeFall ride was ordered to pay $310 million to the parents of a boy who died in 2022. A couple featured on "60 Minutes" is suing their insurance company for allegedly manipulating claims assessments. State Senator Gayle Harrell has filed a bill to ban adding recreational facilities to state parks, in response to a proposal by Governor Ron DeSantis' administration.