William Raveis Real Estate has merged with The Fite Group Luxury Homes, a luxury real estate firm headquartered in Palm Beach, Florida.
“Together we will become the luxury real estate powerhouse in Florida,” said Bill Raveis, founder, chairman and CEO of WRRE.
The deal – whose financial details were not available – gives WRRE a presence in the high-end Florida markets of Palm Beach, West Palm Beach, Delray Beach, Jupiter, Palm Beach Gardens and Wellington. The Shelton, Connecticut-based brokerage maintains over 130 offices with 4,000 agents.
The partnership will operate under the William Raveis name, with the brand being rolled out over the next six months, according to David Fite. He and Nadine Fite – Fite Group founder/principal and chief marketing officer, respectively – will continue leading the Palm Beach firm’s four offices and 100 agents.
The Fite Group previously had an affiliation with New York-based Town Residential that began in June 2017 and ended after Town closed earlier this year.
Fite and Raveis are looking to capitalize on each other’s markets, especially as more wealthy northeastern residents from markets like Greenwich, Westchester County and Manhattan consider moving to South Florida, partly due to changes in tax laws. Eighty-five percent of new residents in Palm Beach County are coming from New York, New Jersey and Connecticut, according to David Fite.
The Fite Group has completed more than $5 billion in sales since it was founded about 10 years ago. WRRE completed $10.2 billion in sales last year.