Purplebricks, the hybrid estate agent, have announced its plans to launch operations in New York in the second quarter of the calendar year 2018.
The New York area has over 7.4 million households and over 20 million people call it their home.
The region is particularly suited to the Purplebricks’ proposition, with real estate commissions reaching as high as 7% and an average property sales price of around $561,000.
Transaction volumes for homes priced around this level are double the national median in the US. The high population density of the area should also allow for accelerated brand awareness when compared to other regions.
Purplebricks is already recruiting local real estate experts in the area and have already established an office in Midtown Manhattan.
The US team, led by Eric Eckardt and Phil Felice, and supported by founders Michael and Kenny Bruce, have considerable local knowledge and expertise of the real estate market in the area.
Purplebricks commenced its US expansion plans when they launched in Los Angeles in September 2017 and subsequently expanded into San Diego, Sacramento and Fresno in January 2018.
Commenting on the announcement, Michael Bruce, Group Chief Executive Officer, said: “It is a sign of confidence in the potential of the US business that we are today announcing our expansion to cover both the East and West coast, with our planned entry into the New York market.
“With higher than average rates of commission and transaction volumes, New York was the natural first move on the East Coast for Purplebricks.”