Gibson Sotheby’s International Realty today announced that they will be opening their first office in the city of Cambridge, Massachusetts come the beginning of 2015. This transition into yet another key luxury market for the firm seemed as an advantageous opportunity that they truly had to meet with aplomb.
Larry Rideout, the Chief Executive Officer of the firm shared that, “It really came down to it being a seamless transition for our Boston-based company that we couldn’t pass up. The Cambridge market has realized immense growth over the past few years and the need for a luxury brand with the international power and local expertise like Sotheby’s International Realty here is a perfect fit.”
With now over 170 independent sales associates, Gibson Sotheby’s International Realty is coming off of their most successful year ever in 2013, having sold over $1 Billion worth of real estate. Specializing in the fine homes in the Greater Boston region, the independently owned and operated business also has thrived in the Cambridge market recently. In fact, Gibson Sotheby’s International Realty listed and sold the significant 93 Winthrop Street #7 in Harvard Square. Over the past eighteen months, this extraordinary residence remains as the most expensive property sold in all of Cambridge, having been listed for $4,250,000 and closing for $3,974,000; or $1,831/square foot.
Going forward, as Mr. Rideout explains, the firm has set a realistic grand opening date for the beginning of 2015, “We are so fortunate to be backed by our own in-house marketing team of five dedicated professionals, a Relocation Department, a Rental Department, and more who are all steadfastly working with myself and my partner, COO Paul McGann, on getting this endeavor accomplished in a timely and professional manner.” It is this exceptional level of support both for their agents and clients that set his company apart from the competition, as Rideout continued by stating, “As one would expect from the Sotheby’s brand, we are excited to embark on this new challenge and bring our world-renowned white-glove service to Cambridge. As the number one independently owned Boston-based firm for total sales volume in 2014, we are confident that our spectacular marketing and referral opportunities will expose the luxury Cambridge market to a global buying populace like never before.”
Over the past year, according to the Multiple Listing Service (MLS), Cambridge has seen 86 closed single-family homes averaging sales prices of $1,413,632 with an average days on the market of 31.03. The previous year resulted in just 66 sales with an average sales price of $1,375,714 and an average days on the market of 53.02. This displayed a 2.75% increase in sales prices and 41.47% decrease in the average days on the market for single-family homes, respectively.
Looking to condominiums, a total of 374 closings have occurred with average sales prices of $668,190, with an average days on the market of 36.27 over the past twelve months. With a decrease in the available inventory this year, the previous year actually realized more sales of condominiums with 395, however with a lower average sales price of just $566,935 and higher average days on the market of 49.06. This translated to a 17.86% increase in sales prices and 26.07% decrease in the average days on the market for condominiums, respectively.
By extending their Downtown Boston roots, this new Cambridge venture will operate out of 1008 Massachusetts Avenue, appropriately and strategically positioned between Central and Harvard Squares and next to Cambridge College. The superb accessibility and visibility from the street-level office location will make it easy for clients to meet the Gibson Sotheby’s International Realty team and inquire about all of the luxury sales and rental opportunities available to them throughout the entirety of Cambridge and beyond. Coming in early 2015, a new luxury experience in real estate, stay tuned.
For more information to get updates text “Gibson” to 77948.