Sotheby’s to open first Vancouver office

Sotheby’s International Realty, one of the most recognized names in high-end real estate sales, will open an office in Vancouver in March as part of a new franchise deal by the company for the Portland-Vancouver market.

Sotheby’s awarded the Portland metro franchise to Cascade Sotheby’s International Realty, the company’s franchise holder for Central Oregon, said Rebecca Green, director of marketing and development for Cascade Sotheby’s. The Bend-based franchisee aims to have about 20 brokers in Southwest Washington by the end of this year, Green said.

The first Vancouver office, called a gallery office because it will serve as a showcase and hub for community events such as wine tastings and art walks, will be across from Esther Short Park at 402 W. 8th St. The firm is also seeking a larger space in Vancouver for more brokers, she said.

“We’ve got some great brokers coming on board already,” she said.

The Portland Business Journal reported Friday that Sotheby’s hopes to have 50 brokers in the metro region within the next 12 months, increasing to as many as 100 the following year, The company has secured a gallery office in Portland’s Pearl District that will open the second week in February with up to 10 brokers, the Portland newspaper said. The main metro region office will be in Lake Oswego, Ore., where Sotheby’s already has an office. The firm will work in both home and condominium markets, and is likely to form an alliance with a commercial real estate firm for commercial deals, the newspaper reported on its website.

While Sotheby’s is recognized as a prestigious name in real estate, it is not limited to the high-end market, Green said.

“We do perform extremely well across all price ranges,” she said. “In Southwest Washington, we do plan to specialize in all price points.”

Sotheby’s intends to launch a vineyard division as a specialty in the Portland-Vancouver area, Green said.

Cascade Sotheby’s International Realty serves Oregon’s Deschutes, Jefferson, and Crook counties. Green said the firm outsold its nearest competitor last year in that market area by $195 million.

Janice Hall, president of the Clark County Association of Realtors and a broker for Keller Williams, said she was unaware that Sotheby’s would be opening an office in Vancouver. “I absolutely welcome them,” she said.

Hall said she has friends in other parts of the country who are owners of Sotheby’s franchises, and said their focus is on high-end real estate. She expects the company to focus on that end of the market, which she said represents about 15 percent of Clark County’s inventory, not lower-priced housing that Green said would be part of their target market.

“All of their tools cater to the high-end market,” she said. “I’m anxious to see what they’re trying to do here.”

There are 1,450 real estate agents in the county, Hall said.

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