LAKE MARY, FL-A name change and a global affiliation helped Stirling Sotheby's International Realty Inc. post a company record $1.03 billion in 2005 townhome and single-family sales from its suburban Orlando headquarters here. Stirling founder and owner Roger Soderstrom projects his firm will do $1.7 billion in 2006.
"We have dramatically altered our approach to the market," Soderstrom says. "The luxury homes market is changing and we are anticipating that evolution by expanding our scope and substantially strengthening our brand…now that we are exposed to a worldwide market."
Stirling International operates Real Estate Galleries at suburban Heathrow, Winter Park, Downtown Orlando, Dr. Phillips, MetroWest and Clermont. Soderstrom says he plans to open a gallery in east Orlando by spring
Metro Orlando's hot housing market also generated $214 million in townhome, multifamily and single-family sales at Orlando-based Vance Realty Group and almost $102 million in sales Engineered Homes in Winter Park.
At Vance, $40 million from two commercial sales helped the company pass the $200-million sales mark for the first time since broker Barbara Vance founded the company nine years ago. She projects the firm could do $250 million in 2006 sales. Vance Realty have averaged about 38% annual sales growth over the past five years, indicating the company could reach $300 million this year.
"There are a lot of extenuating factors that derail the most ambitious projections," Vance says. "That's why we prefer to take a more conservative approach. If we hit the $300-million mark, great. But $250 million is what we're shooting for and what we believe to be realistic and achievable expectations for our company."
Engineered Homes topped the $100-million sales mark for the second consecutive year, chalking up $101.8 million on 258 home sales in the first 11 months of 2005. The 10-year-old, privately owned company did $171.5 million on 629 sales in 2004.
"Considering we had very little inventory to work with from March on, we're delighted with the sales numbers, especially with the immediate impact from our new multifamily development," says Marilyn Anderson, the company's sales and marketing director.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.