Sotheby's International Realty Expands into South Dakota

Rhea-AI Summary

Sotheby's International Realty has announced its expansion into South Dakota with the opening of Grand Sotheby's International Realty in Sioux Falls. The new office, owned and operated by Dana Fisher and Danielle Konechne who bring nearly 40 years of combined real estate experience, marks the brand's first affiliated office in the state. Fisher serves as a planning and zoning commissioner, while Konechne is known for achieving record-breaking prices.

The expansion strengthens Sotheby's International Realty's network, which currently includes more than 26,300 affiliated independent sales associates across 1,100+ offices in 83 countries and territories. The new office will benefit from Sotheby's global marketing programs, auction house association, and exclusive marketing tools to serve clients in Sioux Falls and surrounding areas.

Positive

• Expansion into new market (South Dakota) increasing geographic footprint
• Addition of experienced leadership team with strong local market knowledge
• Network growth to over 26,300 affiliated sales associates across 83 countries

Negative

• None.

Insights

Real Estate Market Analyst

This expansion into South Dakota represents a strategic move in Sotheby's International Realty's growth trajectory, but its immediate financial impact on HOUS will be minimal. Sioux Falls, while South Dakota's largest city, has a relatively modest luxury real estate market compared to major metropolitan areas. The median home price in Sioux Falls is significantly lower than in traditional luxury markets, hovering around $300,000. However, the city's recent economic growth and increasing appeal to remote workers could present long-term opportunities. The selection of experienced local leaders Fisher and Konechne, with their combined 40 years of market expertise, suggests a well-planned entry strategy. This expansion completes Sotheby's presence in another U.S. state but is unlikely to materially affect HOUS's near-term financial performance or stock value.

Business Development Analyst

The entry into South Dakota fills a geographic gap in Sotheby's national coverage but represents a modest expansion opportunity. Sioux Falls' population of approximately 200,000 and its growing business sector provide a foundation for luxury real estate services, yet the market size is compared to Sotheby's established territories. The partnership leverages local expertise through well-connected operators, which minimizes operational risks. This franchise model expansion aligns with HOUS's asset-light growth strategy, requiring minimal capital investment while potentially generating steady franchise fee revenues. However, given Sioux Falls' market size and current luxury property inventory, this expansion will likely contribute marginally to HOUS's overall revenue stream, which already spans over 1,100 offices globally.

NEW YORK, Dec. 9, 2024 /PRNewswire/ -- Sotheby's International Realty has announced the opening of Grand Sotheby's International Realty in Sioux Falls, South Dakota, marking the brand's first affiliated office in the state.

Headquartered in Sioux Falls, Grand Sotheby's International Realty will serve Sioux Falls and the surrounding area. The firm is owned and operated by Dana Fisher and Danielle Konechne, who together bring nearly four decades of real estate experience to the company. With a dedicated career in real estate, Fisher serves as a planning and zoning commissioner for Lincoln and Minnehaha County and the City of Sioux Falls. As a highly accomplished broker with a strong foundation in business and economics, Konechne has a remarkable track record of achieving record-breaking prices.

"As South Dakota's largest city, Sioux Falls is a vibrant business and cultural hub that offers a rich array of restaurants, cafes, art galleries, and theaters. It has become a magnet for buyers who value community and a quieter pace of life while still enjoying first-class services and cultural offerings," said Philip White, president and CEO, Sotheby's International Realty. "We look forward to supporting the Grand Sotheby's International Realty team as we expand our presence into South Dakota."

"Our mission is to help clients navigate the complexities of buying and selling real estate while ensuring a seamless, stress-free experience," said Fisher. "Our affiliation with Sotheby's International Realty will allow us to better serve our clients and elevate our offerings by providing global reach and exclusive marketing tools to help them achieve their real estate goals," added Konechne.

The Sotheby's International Realty^® network currently has more than 26,300 affiliated independent sales associates located in more than 1,100 offices in 83 countries and territories worldwide. Grand Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.

Sotheby's International Realty

Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house. Today, the company's global footprint spans more than 1,100 offices located in 83 countries and territories worldwide, including 48 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Anywhere Real Estate Inc. entered a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated. Sotheby's International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. Affiliates and agents also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.

The affiliate network is operated by Sotheby's International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby's International Realty, Inc. Both entities are subsidiaries of Anywhere Real Estate Inc. (NYSE: HOUS) a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Both Sotheby's International Realty Affiliates LLC and Sotheby's International Realty, Inc. fully support the principles of the Fair Housing Act and the Equal Opportunity Act.

CONTACT 
Rachel Colletta
Senior Manager, Public Relations & Communications 
Sotheby's International Realty 
212.606.4134
rachel.colletta@sothebys.realty

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SOURCE Sotheby's International Realty

FAQ

When did Sotheby's International Realty expand into South Dakota?

Sotheby's International Realty announced its expansion into South Dakota on December 9, 2024, with the opening of Grand Sotheby's International Realty in Sioux Falls.

Who owns the new Grand Sotheby's International Realty office in Sioux Falls?

The new office is owned and operated by Dana Fisher and Danielle Konechne, who together bring nearly four decades of real estate experience.

How many offices does Sotheby's International Realty currently have worldwide?

Sotheby's International Realty network has more than 1,100 offices across 83 countries and territories worldwide, with over 26,300 affiliated independent sales associates.