Deasy Penner to buy out Podley Properties

 

By Gregory Cornfield

The wave of consolidation involving California residential brokerages is showing no sign of abating.

In the latest combination, L.A.-based brokerage firm Deasy Penner said it will buy Pasadena-based Podley Properties to expand its presence in Southern California. The deal will create a network of almost 300 salespeople from Malibu to Palm Springs, and an estimated annual sales of more than $1.6 billion, the firms announced Monday.

The acquisition follows the blockbuster deal in August in which New York-based Compass acquired Pacific Union International Realty, one of the largest brokerages on the West Coast, with $14 billion in sales last year.

Deasy Penner has about 100 partners working at its five offices in Pasadena, Venice, Silver Lake, West Hollywood, and Santa Monica. Mike Deasy, the brokerage’s CEO and Co-Managing Director, touted the “positive cultural alignment” between the two firms.

“We have been looking for both the right westside and eastside acquisitions for a while,” Deasy said in a statement.

To read the full article visit their website here.

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Photography by Justin Juarez

Located in the heart of Culver City, the Lawrence and Martha Joseph Residence Apartments, more playfully known as Hobbit’s House, is a fanciful site nestled between studio lots and busy thoroughfares. Built as a labor of love by former Disney Studios artist, Lawrence Joseph between 1946 and 1970; Hobbit’s House looks as if torn from the pages of a fairytale. The nautical elements inside the apartments are a nod to Joseph’s accomplished sailing skills, and the handmade original furniture show off his excellent carpentry. Any fantasy fan would instantly be transported to Middle Earth, where the cottages take their name and inspiration from. And any discerning architectural fan would be charmed by the old world whimsy of these Storybook style apartments. Hobbit’s House is a gem of the Los Angeles architectural landscape and is a registered historical landmark.

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Pasadena’s Podley Properties Bought by deasy/penner

By Brian Day with David Cross

The local real estate industry is undergoing a remodel with the purchase of Pasadena-based Podley Properties by another local firm, deasy/penner.

Podley Properties owner and founder Bill Podley said while he’s enjoyed building his company, the time has come to hand over the reins.

“I’m in a point in my life where I’ll be 70 before too long and it just seemed to be the right time to pull back,” he said. “I will continue to list and sell property and represent clients, because I love that part of it, but I felt it was time for me to pass the baton on to someone that wanted to see the company continue on and grow.”

Deasy/penner is that someone, Podley said.

To read the full article visit their website here.

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Deasy/Penner’s Mike Deasy Ranked As One of Hollywood’s Top 30 Real Estate Agents

By Peter Kiefer

THR’s annual report on the pros making the biggest sales, including L.A.’s first-ever 10-figure listing.

You hear it in their voices, in the measured words that THR’s top real estate agents use to describe the shift in L.A.’s gravity-defying market. It’s not that the party is over, but the lights are being turned on — slowly. The median sales price of an L.A. home was down 5 percent compared to the same period last year, according to an Elliman report. In Bel Air and Holmby Hills, it dipped 10 percent. The luxury market (the top 10 percent) hasn’t seen a turndown — it was up 5 percent in that same period — but growth has slowed thanks to factors from rising interest rates to President Donald Trump’s tax bill, which limits real estate deductions. “We’ve had a great run-up in values over the past several years but we’re at the top,” says Douglas Elliman’s Ernie Carswell. “It’s time for the buyers to get some of the goodies now.” And these 30 market stars — chosen for their sales volume, headline-making deals and clout with entertainment clients — will be the ones helping Hollywood home-seekers capitalize.

Mike Deasy

“Our niche and specialty is architectural and historic gems. We get just as excited over a $300,000 Harwell Harris home as we do by a $30 million house,” says Deasy, a former urban planner whose 87-agent firm is low-key, familial and eschews flashiness — but still draws clients like Jerry Bruckheimer. Deasy sold the producer’s Brentwood Case Study home for $11.5 million in June.

To read the full article visit their website here.

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Deasy Penner to Acquire Podley Properties

FOR IMMEDIATE RELEASE

Contact: Victoria Koch, (424) 248-8263
hello@agiftedsociety.com

 

DEASY PENNER TO ACQUIRE PODLEY PROPERTIES

 

The Purchase Expands the Real Estate Firm’s Geographic Reach in
La Canada, Altadena, Sierra Madre, Monrovia, and Glendora

 

Los Angeles, CA September 14, 2018 – Luxury real estate brokerage firm Deasy Penner has agreed to purchase Podley Properties, creating a Southern California network of nearly 300 sales professionals—stretching from Malibu to Palm Springs—and estimated annual sales in excess of $1.6 billion.

“We’re honored to have this opportunity,” said Mike Deasy, Chairman of Deasy Penner. “We have been looking for both the right Westside and Eastside acquisitions for a while. Not only is Podley an exceptional brokerage, with excellent agents and a great reputation, there’s also a very positive cultural alignment between our two firms.”

Deasy Penner is a lifestyle real estate brand focused on providing superior representation to their clients, service and growth opportunities for agents, as well as the ability to connect and engage with the community.

With the recent consolidation of mega-firms, being independent and entrenched in the region has allowed Deasy Penner to further differentiate itself from the competition.

“We had the opportunity to sell to many firms, but Deasy Penner was the natural choice,” stated Bill Podley, Chairman of Podley Properties. “DPP is locally owned and operated by leaders who are technologically innovative, but more importantly, understand the value of people and community.” Podley will relinquish all executive duties and voting rights, and will remain a sales agent in the new entity.

“Real estate, like many industries, is evolving rapidly with the Internet,” said George Penner, CEO of Deasy Penner. “DPP uses a people-based platform that leverages technology, not the other way around. This allows us to reach and have a meaningful dialogue with the community and our clients at a hyper-local level. Our agents are deeply involved in approximately 150 individual community-based and philanthropic organizations, from The Canyon Charter School in Santa Monica to Pasadena Heritage in the San Gabriel Valley.”

“This acquisition allows us to capitalize on the strengths of both Deasy Penner and Podley, from marketing and design capabilities, to technology platforms and continued education opportunities for the benefit of our valued agents,” Penner added.

Adam Bray-Ali, a Manager at Podley Properties said: “Many of our agents have been desiring a Westside presence with the ability to refer clients. Deasy Penner gives that ability immediately, with an agent roster consisting of incredible depth and experience.”

 

About Deasy Penner

A residential brokerage firm whose founders have more than fifty years of real estate experience, Deasy Penner has represented billions of dollars in real estate transactions. The firm is internationally recognized for its creative vision, dynamic business model, and unparalleled client service. DPP currently has offices and agents in Venice, Santa Monica, West Hollywood, Silver Lake and Pasadena. Deasy Penner is looking forward to adding Podley Properties’ additional branch offices in Pasadena, La Canada, Altadena, Sierra Madre, Monrovia and Glendora. The firm is led by Mike Deasy, Chairman and George Penner, Chief Executive Officer.

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