Sotheby’s International Realty has announced the acquisition of Prudential Malibu Realty, bringing together two real estate companies sure to strengthen their hold in Malibu.
“We thought it would serve the community so much more,” said Michael Novotny, Prudential Malibu’s former general manager who will now serve as vice president and brokerage manager at Sotheby’s International Realty.
Prudential Malibu, also known as Terra Coastal Properties, first opened in 1946 to serve Malibu and Topanga. Its offices — now Sotheby’s International Realty — are in Malibu on the corner of Pacific Coast Highway and Cross Creek Road, along with two in Point Dume. They also have one location in Topanga, off of Topanga Canyon Boulevard and Almar Road.
“[Prudential] has been a fixture of the community for all these years,” Novotny said.
“It’s been locally owned and operated since 1946, which is by real estate standards a really long time,” said Frank Symons, executive vice president and COO of Sotheby’s International Realty’s western region.
Symons added that the acquisition made sense to both he and Novotny, who have been friends for more than two decades.
“One of the great things is now we have close to 60 sale associates [in the area] that have the combined benefit of resources,” Symons said. “It gives them a better real estate experience.”
Novotny began working with Prudential in 2001 and Symons has been with Sotheby’s International Realty since 1995.
Since opening in 1976, Sotheby’s International Realty has built a strong worldwide network, with more than 15,000 sales associates who work in affluent locations like the Hamptons, Manhattan, Houston, Beverly Hills, Cape Cod and Santa Barbara. The company has a total of 720 offices located in 52 countries and territories, including Russia, Japan and Australia.
“Moving forward with Sotheby’s International Realty offers our associates and clients the best of both worlds: local experts focused on providing white-glove service with the strength and reach of an international marketing organization,” Novotny said.
As for the outlook on business going forward in a town that is widely cited as one of the most expensive ZIP codes in Los Angeles, the housing market continues to thrive in Malibu, where Novotny and Symons report a spike in international clientele.
During the 12-month period from August 2013 to July 2014, Sotheby’s International Realty notched more than $4 billion in sales among its 700 sales associates and 16 Southern California office locations.
“We have seen an influx from China a little more,” Novotny said. “But we still see Europeans.”
“It’s pretty diverse,” Symons added.
Thankfully, the local market seems to have fully recovered from a housing and mortgage crisis that popped the bubble for Realtors and homeowners between 2007 and 2009.
“Some of the big sales are coming in on the beach, [also] off the beach,” Symons said. “We certainly have made a lot of strides from where we were. It’s going to be a strong year again this year.”
Symons and Novotny said they were not at liberty to discuss the price-tag of the Prudential acquisition. Associates from both offices celebrated the acquisition during an event at the Malibu Pier last Thursday, and new Sotheby’s International Realty signs at each office should be unveiled soon.
Editor’s note: This story previously misspelled Symons’ last name as Lymons.