The real estate downturn was a game-changer for the competitive landscape of real estate companies in Westchester County. Sotheby’s closed one corporately-owned office and sold four offices to a CT-based company, which now operates as a Sotheby’s franchise. Smaller businesses shut their doors, while other locally-based companies become franchisees of national brands. Even the casual observer may now notice new and unfamiliar company names on real estate office awnings in Westchester County.
While no one could have predicted the severity and depth of the real estate upheaval triggered by frozen credit markets, Houlihan Lawrence’s thorough and rigorous analysis of national, county, industry and company-wide data alerted us to the real estate slowdown long before it became news. As a result, we made pro-active changes that allowed us to remain a nimble, consumer-focused and innovative company.
Well-positioned for the downturn, Houlihan Lawrence’s 2009 market share increased to 31% -- a 19% lead over the number two firm, and greater than the combined total volume of Coldwell Banker, Julia B. Fee/Sotheby’s and Prudential. Our market share trajectory has been moving in the right direction with an increase of 6% since 2007, and almost 10% since 2004.
Houlihan Lawrence has survived and surpassed the competition through many real estate cycles, and we are committed to remaining the dominant real estate services provider in Westchester, Putnam and Dutchess Counties.