UK-based hybrid estate agent Purplebricks is launching its services in New York.
The platform will launch into the New York designated market area (NY DMA) in the second quarter of this year.
The NY DMA is the largest DMA in the US, covering 31 individual counties, with 7.4m households and 20m people.
With real estate commissions reaching as high as 7% and an average property sales price of around $561,000 (£367,000), the region is particularly suited to Purplebricks’ business model. Transaction volumes for homes priced around this level are double the national median.
Purplebricks is already recruiting local real estate experts in the area and has already opened an office in Midtown Manhattan.
The US team will be led by Eric Eckardt and Phil Felice, and supported by founders Michael and Kenny Bruce.
Purplebricks commenced its US expansion when it launched in Los Angeles in September 2017 and subsequently expanded into San Diego, Sacramento and Fresno earlier this month.
Michael Bruce, Purplebricks group chief executive officer, said: “It is a sign of confidence in the potential of the US business that we are expanding to cover both the US East and West coast, with our planned entry into the New York market. With higher-than-average rates of commission and transaction volumes, New York was the natural first move on the East Coast for Purplebricks.
“While it is still early days in the US we are encouraged by the exceptional quality of the licensed real estate agents that we are able to recruit.”
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