Huge news in the Dallas high end broker industry.
Something’s been up with news about Allie Beth Allman & Associates for a couple of weeks! I got word last week that Allie Beth’s affiliation with Christie’s Great Estates had been severed. While I was researching that for accuracy—Duke Jimerson told me at an event Thursday night he knew nothing about it— Steve Brown was hot on the trail. He reports that Warren Buffett’s HomeServices of America, Inc. a Berkshire Hathaway affiliate, has snapped up the $1.5 billion in sales company:
One of Dallas’ top residential sales firms has been purchased by investor Warren Buffett’s growing real estate empire.
Allie Beth Allman & Associates—a 12-year-old local real estate sales company that specializes in high end home sales—has been acquired by HomeServices of America Inc., a Berkshire Hathaway affiliate.
Allie Beth Allman is one of North Texas’ top residential firms, and sold about 2,100 houses last year valued at $1.5 billion.
“Allie Beth Allman & Associates is a strong company with an exceptional reputation in a growth market,” Ron Peltier, HomeServices’ chairman and CEO, said in a statement. “This transaction aligns with our vision of acquiring distinguished companies in leading markets that share our core values.”
Terms of the purchase were not disclosed.
Allie Beth Allman has more that 300 agents and sells homes in markets including North Dallas, the Park CitiesTurtle Creek, Uptown and Lakewood.
She’s personally handled marketing for some of the largest estates in North Texas, including businessman Tom Hicks’ $100 million estate in North Dallas.
The acquisition is Buffet’s HomeServices entry into real estate in Texas.
The company—the second largest U.S. property sales firm—has about 26,500 real estate agents operating in 480 offices in 27 states which operate under a variety of brand names, including Prudential Real Estate and Real Living Real Estate.
In 2015, the company expects to handle more than $77 billion in residential real estate sales and more than 220,000 transactions.
“We are joining an organization known for its strength and stability; one that is consistent with our high standards of service, integrity and community involvement, making this a win/win for our clients and our agents,” Allman said.