Mega Real Estate Deal — Consolidation at the Top, Impact on RI

Mega Real Estate Deal — Consolidation at the Top, Impact on RI

Leading real-estate brokerage Compass said it has agreed to acquire rival Anywhere Real Estate for $1.6 billion.

It is a mega deal nationally and in Rhode Island.

Anywhere, based in Madison, New Jersey, owns some of the country’s most recognizable real-estate brands, including Century 21, Coldwell Banker, Corcoran and Sotheby’s International Realty.

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In Rhode Island, Residential Properties is locally owned and is the largest independent brokerage.

New York-based Compass has a market value of about $5 billion.

High interest rates and low inventory have stifled sales across the country.

In Rhode Island, prices continue to climb year over year, and the median price of a single-family home has been over $500,000 for the past four months.

Buying Anywhere gives Compass exposure to international markets and revenue from Anywhere’s businesses, including title insurance, escrow, and relocation services.

“By bringing together two of the best companies in our industry, while preserving the unique independence of Anywhere’s leading brands, we now have the resources to build a place where real estate professionals can thrive,” said Compass Chief Executive Robert Reffkin in the announcement.

Locally, Compass had previously purchased Lila Delman in Rhode Island.

The deal will be reviewed by federal regulators for potential antitrust issues.

Compass' stock opened down 9.2% as of 10:30 AM.