SOL Sotheby's International Realty Expands North

Posted by — February 26, 2006

(Miami, Florida)—SOL Sotheby’s International Realty—a member of the Sotheby’s International Realty Network—announced its first major expansion since forming a little over a year ago. SOL Sotheby’s International Realty, which specializes in ultra luxury residential properties in Miami-Dade, recently completed a merger with Broward luxury waterfront specialist, Tim Elmes, of The Elmes Group. They have opened a new office, located in the lobby of the prestigious Bahia Mar Resort & Yacht Marina, and will operate under the SOL Sotheby’s International Realty name with Elmes, the top producing broker and now a principal of the company, managing the new office with his team. The Elmes Group had previously been affiliated with Coldwell Banker in Ft. Lauderdale on the 17th Street Causeway.

Irving Padron, and Carlos Justo, the existing Principals, formed SOL Sotheby’s International Realty in January 2005, and contemporaneously entered into a franchise agreement with Sotheby’s International Realty Affiliates, Inc.  In its first twelve months of operation, the company achieved over $400 million in closed and pending sales of property in the most exclusive neighborhoods of Miami-Dade including Star Island, Indian Creek and Tahiti Beach.  During the same period, the company averaged asales price of over $7 million dollars.

“Ft. Lauderdale is a very important real estate market where Tim Elmes and his team have excelled in client service and achieved remarkable success,” said Irving Padron, CEO of SOL Sotheby’s International Realty. “Their stellar reputation is widely known in the Fort Lauderdale market and will complement our current reputation in Miami very well.”

“We are truly excited to join SOL Sotheby’s International Realty and look forward to being a part of this brand in South Florida,” said Elmes. “We also look forward to being part of the Sotheby’s International Realty family because the worldwide recognition and prestige they have achieved are invaluable. Clients recognize Sotheby’s International Realty as the premier name in exceptional real estate sales.”In Broward County, SOL Sotheby’s International Realty will specialize in luxury waterfront estates valued at over $1 million, Elmes’ forte for the past 20 years. In 1994 Elmes started his own real estate company called Waterfront Estates, Inc., which eventually merged with Wimbish-Riteway in 1999. He has been working with Coldwell Banker’s International Previews ever since NRT/Coldwell Banker Residential Real Estate purchased Wimbish in 2002.

Elmes and Justo, once partners at Wimbish-Riteway, are excited to be working together again. Padron, the former CFO and Senior Vice President of Terremark Inc., structured the merger to bring Elmes into SOL Sotheby’s International Realty as part of a long-term strategy to grow the world’s leading brand in high-end real estate in South Florida.

 “We have created a boutique, top-quality firm to address all the needs of high-end clientele—discretion, strong customer service, specific market information and exceptional results,” said Padron. “Our business strategy is to expand with productive, high-performing real estate professionals, such as Elmes, who is widely known and highly respected in Ft. Lauderdale.” Including Elmes, 7 real estate professionals from The Elmes Group will be joining SOL Sotheby’s International Realty. About SOl Sotheby’s International Realty

SOL Sotheby’s International Realty was formed in January 2005 by principals Carlos Justo and Irving Padron with a vision to be the world’s leading brand in ultra luxury residential real estate. The brokerage has the prestigious Sotheby’s International Realty® franchises for both Miami and Fort Lauderdale, specializing in the region’s most exclusive waterfront communities. Its clients include international royalty, entertainment and sports celebrities and wealthy business moguls who demand accurate product knowledge and superior service. In 2005, the company was featured in a reality-based television show called Million Dollar Agents that aired nationally in the United States and in several countries overseas. SOL Sotheby’s International Realty currently has offices in Miami, located in a historical 1920’s mansion on Brickell Avenue, and Fort Lauderdale, in the prestigious lobby of the Bahia Mar Resort & Yacht Marina.  Its Web site can be accessed at www.solsothebysrealty.com.

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