R
eal estate firm named Best Luxury Brokerage
William Raveis Real Estate, an independent real estate company in Florida, South Carolina and the Northeast, was recognized as the Best Luxury Real Estate Brokerage for Florida, South Carolina, Connecticut and Massachusetts in 2024 by the International Awards Committee at Luxury Lifestyle.
The recognition coincided with the company’s 50th anniversary as a family-owned business delivering its luxury brand to real estate customers since 1974.
According to Luxury Lifestyle Awards, this year’s accolade highlights William Raveis agents’ understanding of their discerning clientele, including affluent and celebrity homeowners and investors, in the luxury real estate markets across Florida, South Carolina, Connecticut, Massachusetts and beyond.
The committee evaluates over 5,000 luxury goods and services across 400 categories and 100 countries annually to select the winners.
William Raveis provides luxury real estate services and comprehensive mortgage, insurance and title insurance products under one roof. The company has 4,500 sales associates from Hilton Head to Naples and Palm Beach, Nantucket to New York, Sarasota, Boston and Greenwich.
“We are greatly honored. As a luxury brand, our agents understand that expectations run high,” said William Raveis, the company’s founder and CEO. “They know exactly what it takes to cater to a sophisticated clientele of international buyers and sellers. It requires a special level of partnership and expertise to excel in the luxury sector, and we’ve been doing this for over 50 years.”
Fort Myers Beach restaurant property sold
The iconic Plaka restaurant in Fort Myers Beach recently sold for $3.65 million, closing at a record-setting $1,100 per square foot, a new benchmark for the area, according to the real estate agent.
The deal was made by Joe Pavich Jr., a local Realtor who represented both the seller and the buyer.
The new owners plan to redevelop the property into a two-story restaurant with a rooftop component. A parking garage will be constructed next door.
Pavich also connected the new owners with MHK Architecture to help them develop the property with an “old Florida style” to stay in line with the charm of old Fort Myers Beach.
Realtors: Higher inventory continuing to drive summer sales
Despite evolving challenges in the real estate market, Bonita-Estero Realtors report that the marketplace continues to show resilience and strength in sales.
While consumers are facing increasing questions about insurance, interest rates and inventory levels, local experts emphasize the importance of cutting through the confusion and misinformation circulating in the broader media landscape, especially in outlets outside Southwest Florida.
“Headlines can be misleading and often don’t reflect the nuances of our local Southwest Florida market,” said Angie Parker, CEO and broker with Local Real Estate.
Bonita-Estero Realtors remind buyers and sellers to “ignore the noise” and seek advice directly from local and trusted real estate agents who are intimately familiar with the local market dynamics.
“There’s a lot of misinformation out there, and it’s easy to get caught up in the guessing game,” said Erin McDonald, a manager with Premier Sotheby’s International Realty. “With inventory up across all price tiers, there are renewed opportunities for buyers who missed out during the previous market frenzy.”
While average days on the market have slightly increased to 67 days (up from around 50 this time last year), this is still significantly lower than pre-pandemic levels, where homes often sat for close to four months.
“We may find ourselves in a multiple offer climate sooner rather than later, similar to the market conditions from 2016-2019, where average days on the market were consistently in the 90s,” McDonald added.
For more information, visit bonitaesterorealtors.com.
Business that manages Mercato acquired by investment firm
Jamestown, a global real estate investment and management firm with $11.7 billion in assets, announced it will acquire the Atlanta subsidiary of Cincinnati-based North American Properties, a family-owned real estate company founded by William J. Williams, Sr. in 1954.
The acquisition also includes the platform’s real estate services business that manages Mercato in Naples, along with Avalon in Alpharetta, Ga., and Riverton in Sayreville, N.J. These third-party service engagements will add to Jamestown’s growing real estate services business, which currently includes 22 projects across 19 cities and ten countries.
The Atlanta subsidiary, which has $2 billion in assets, is an owner/operator and real estate services provider of mixed-use properties in suburban, high-growth markets across the eastern United States.
As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprised of Colony Square (Atlanta, Georgia), The Forum Peachtree Corners (Peachtree Corners, Georgia), Avenue East Cobb (Marietta, Georgia), Birkdale Village (Huntersville, North Carolina), Ridge Hill (Yonkers, New York), and Newport on the Levee (Newport, Kentucky).
“Our goal is to be the best mixed-use investor and operator globally, focusing on creating innovation hubs and community centers,” said Matt Bronfman, CEO of Jamestown. “As part of the firm’s next chapter, Jamestown plans to continue to scale its vertically integrated platform and mixed-use expertise to more markets. This acquisition advances our goal and is a major step toward realizing our long-term vision for the future.”
Upon closing, which is subject to customary closing conditions, pending approval from lenders and investors, and anticipated to occur by the fourth quarter of 2024, the Atlanta-based operating platform and its assets will move forward under the Jamestown name—as will its more than 200 employees.
