Last week, HomeServices of America,one of Berkshire Hathaway’s many real estate subsidiaries, announced that it had purchased Houlihan Lawrence, a New York residential real estate firm. The financial terms of the deal were not disclosed. This purchase will mark the second entrance into the New York real estate market for HomeServices of America.
Houlihan Lawrence was established in 1888 and services Westchester, Putnam, Dutchess, Orange and Ulster counties in New York as well as Farfield county in Connecticut. It is based in Rye Brook, New York, and its sales volumes totaled around $6.7 billion in 2016. The chairman of the company, Nancy Seaman, will be stepping down.
“Houlihan Lawrence is a very prestigious, well-run and well-established company. It is a wonderful way for us to enter the marketplace,” Peltier told Reuters. “Even though the market may be experiencing a bit of a slowdown, it is going to be temporary.”
All things said and done, the addition of Houlihan Lawrence is not exactly a surprising or unexpected acquisition, however, as the the purchase was announced just eight days after the announcement that Berkshire Hathaway HomeServices will be opening an office in New York.
HomeServices is the second largest residential real estate brokerage in the country and it currently operates in more than ten states offering its customers real estate services and assistance.