The Corcoran Group franchise now has 24 bodily workplaces with the launch of its newest in Palo Alto. The workplace is led by Managing Dealer Benyam Mulugeta and Gross sales Supervisor and Associate Susan LaRagione.
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Corcoran Icon Properties, a franchise of the Corcoran Group, has expanded its presence into Palo Alto with the launch of a brand new workplace, the agency has knowledgeable Inman.
Benyam Mulugeta | Corcoran Group
Managing Dealer Benyam Mulugeta and Gross sales Supervisor and Associate Susan LaRagione are heading up the brand new workplace, which is able to function a useful resource for present brokers within the Silicon Valley space and any new brokers who onboard from Palo Alto particularly.
“Our new office in Palo Alto represents an exciting step forward for Corcoran Icon Properties,” Mulugeta mentioned in an announcement. “This expansion allows us to better serve local consumers by providing them with expert market insights and a dedicated team focused on Palo Alto. For our existing agents, this new location offers state-of-the-art resources and a collaborative environment that will help them thrive in one of the most luxurious markets in the country.”
The brand new workplace is positioned in City & Nation Village, throughout the road from Stanford College, at 855 El Camino Actual, Constructing 5, Suite 311 in Palo Alto.
Susan LaRagione | Corcoran Group
“The opening of our new Palo Alto office is incredibly valuable for both our team and the community,” LaRagione mentioned in an announcement. “There has been strong demand from our existing agents for a presence in Palo Alto, as it’s a key market for our clientele. We’re already seeing a lot of excitement from local agents who are eager to join Corcoran Icon Properties and take advantage of the innovative tools, top-tier support and team-oriented culture we provide.”
With its prime location close to the tech hub of Silicon Valley, Palo Alto is likely one of the nation’s most elite actual property markets. As of July, the median sale value was $3.2 million, which was up 15.9 p.c yr over yr, in line with Redfin. The market is “very competitive,” in line with Redfin, with many properties seeing a number of gives, some with waived contingencies. Common properties promote for about 4 p.c above asking and go pending in about two weeks. Scorching properties, nonetheless, would possibly command 10 p.c above their asking value and go pending inside 9 days.
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Steve Belluomini | Credit score: Corcoran Group
“The strength of our agents and the power of our brand are the steppingstones that have carried Corcoran Icon Properties through market headwinds and ultimately brought our Palo Alto expansion efforts into reality,” Steve Belluomini, president of Corcoran Icon Properties, mentioned in an announcement. “Opening an office in this competitive market is also possible due to our stellar local leadership in both Benyam and Susan, and I am excited to see our Palo Alto office not only grow but also succeed.”
Corcoran Icon Properties was launched on the finish of 2022 by quite a few Northern California-based brokers and workers who had beforehand been members of the now-defunct Corcoran International Residing. That Corcoran franchise, which had been led by former CEO Michael Mahon, was shuttered after Mahon was accused in a sequence of lawsuits of fraud and breach of contract after brokers in Southern California reported extreme delays in fee funds, and a few of the agency’s workplaces had their energy reduce after payments and lease went unpaid.
Corcoran Icon Properties has about 900 brokers throughout Northern California. With the Palo Alto workplace, the corporate now has 24 bodily workplaces.
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