CHICAGO and ST. THOMAS, U.S. Virgin Islands, Dec. 01, 2022 (GLOBE NEWSWIRE) -- – Geography, sovereignty, and differing laws and tax codes present a multitude of challenges for people looking to buy or sell homes throughout the Caribbean. However, a new alliance of independently owned real estate firms under the Christie’s International Real Estate brand aims to make the process much more streamlined.
Christie’s International Real Estate, the world’s leading luxury real estate network, has entered into a master license agreement with a St. Thomas-based broker to create Christie’s International Real Estate Caribbean Affiliates. The new entity will provide a central source for listings, market data, marketing, and inter-island cooperation among luxury brokerage firms and their clients in the region.
The network within a network is the brainchild of Nick Vanassche, managing partner of Christie’s International Real Estate Caribbean Affiliates. Vanassche is also an owner of Christie’s International Real Estate | The Saints, which will join the network as the affiliate for the US Virgin Islands. He is in active discussions with potential new affiliates in the Dominican Republic, St. Martin (Dutch and French), and Puerto Rico, and is targeting network expansion to Belize, Anguilla, Jamaica, Aruba, St. Kitts and Nevis, and other Caribbean nations and territories.
Outside of the master license, Christie’s International Real Estate already has existing affiliates in the Bahamas, St. Barts, the Cayman Islands, Turks and Caicos, and the British Virgin Islands. Those companies will strategically partner with Caribbean Affiliates and eventually come under the alliance.
“Caribbean real estate brokerage has always been very fragmented, with little collaboration or consistency between firms, even those operating under the same brand. That has made it particularly challenging for consumers. By creating a framework to bring more firms together under one umbrella, we will foster better communication, better information and better service for our clients,” said Vanassche.
The alliance also aims to strengthen the connection between Caribbean members and Christie’s International Real Estate brokerages in other parts of the world. By building the local network and plugging into the global one, Vanassche believes the brand can reach $1.5 billion in sales per year in the Caribbean.
Christie’s International Real Estate co-CEO Thad Wong said, “The goal is to create a stronger, richer ecosystem for Caribbean property transactions. The team recognizes the opportunity for Christie’s International Real Estate to be the unrivaled leader in this region – not just in terms of sales volume but also service – and we are excited to provide the full support of the brand and network to make that vision a reality.”
Member firms in the Caribbean will be able to offer another layer of service to clients through Christie’s, the world-leading auction house, which is separately owned but strategically aligned with Christie’s International Real Estate. Real estate agents can refer clients to Christie’s and vice versa. In fact, the recent sale of a $9.5 million mansion in St. Croix was a referral that came through the Christie’s auction house.
"This is exactly what the region needs, a partner whose sole focus is the Caribbean, with an island to suit every buyer, every referral and every investor, all under the elite Christie’s International Real Estate brand,” said Sarah Humphrey, vice president of operations for Christie’s International Real Estate Caribbean Affiliates. “We look forward to working together to serve our clients with the utmost knowledge of island living and the inner workings of the Caribbean network."
The Caribbean is the second region where Christie’s International Real Estate has created a master license this year. In July, the company struck a deal with H2 Group to grow the Christie’s International Real Estate brand in Japan. Christie’s International Real Estate has also been growing rapidly through direct agreements with independent brokerage firms. Recently, the brand has signed market-leading companies in Los Angeles; Miami; the San Francisco Bay Area; Atlanta; Southwest Florida; Italy; Malta; and Estonia.
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About Christie’s International Real Estate
Christie’s International Real Estate has successfully marketed high-value real estate around the world for more than 30 years. Through its invitation-only Affiliate network spanning nearly 50 countries and territories, Christie’s International Real Estate offers incomparable services to a global clientele at the luxury end of the residential property market. For more information, please visit christiesrealestate.com.
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