In a move shaking the national real estate scene, Compass announced it will acquire rival Anywhere Real Estate for a staggering $1.6 billion — a deal that could reshape markets even in Rhode Island.
Anywhere, headquartered in Madison, New Jersey, owns some of the nation’s most recognizable real estate brands, including Century 21, Coldwell Banker, Corcoran, and Sotheby’s International Realty.
In Rhode Island, the local scene is dominated by Residential Properties, the largest independently owned brokerage in the state. Compass, based in New York, carries a market value of roughly $5 billion.
While high interest rates and limited housing inventory have slowed sales nationwide, Rhode Island has seen steady price increases, with the median single-family home price holding above $500,000 for four consecutive months.
Acquiring Anywhere gives Compass a foothold in international markets and adds diverse revenue streams, including title insurance, escrow, and relocation services.
“By merging two of the top companies in the industry, while maintaining the unique independence of Anywhere’s brands, we now have the resources to create a platform where real estate professionals can truly thrive,” said Compass CEO Robert Reffkin.
Locally, Compass has already expanded its presence by purchasing Lila Delman in Rhode Island.
The deal will face federal regulatory review for antitrust concerns, and Compass’ stock reacted with a 9.2% drop at market open.
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The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.
He also writes humorous articles about real estate, investors, and realtors.
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