title
November 2017   Volume 43, Number 11      
 

1

Berkshire’s HomeServices of America Acquires Long & Foster

Chantilly-based Long & Foster, a small real estate brokerage founded in 1968 that grew to become one of the nation’s largest, has been acquired by HomeServices of America Inc., an affiliate of Warren Buffett’s Berkshire Hathaway. The acquisition includes the companies that fall under Long & Foster’s umbrella, including Long & Foster Real Estate and businesses in mortgage, settlement services, insurance and property management.

Long & Foster was the country’s largest private independent brokerage by sales volume, having sold over $28.93 billion in homes last year. Jeff Detwiler, Long & Foster’s president and chief operating officer, will become CEO, while founder Wes Foster becomes chairman emeritus.

The financial terms of the Berkshire Hathaway deal were not released. The company is expected to continue operating as a separate brand while also maintaining its current offices in the Greater Washington D.C. area, including its headquarters in Chantilly, Va., according to Detwiler. “It is business as usual tomorrow,” he said in an interview. “This is not meant to be a destabilizing event.”

Long & Foster, with $13.92 billion in metro-area sales volume in 2016 and $14.65 billion the year prior, has long been the subject of acquisition discussions, especially as the 85 year-old P. Wesley “Wes” Foster, Jr,. founder and chairman emeritus of the company, grew older. Analysts often speculated that Foster would eventually sell the company.

Long & Foster employs 4,527 agents in the D.C. region with a total of 5,026 local employees.

[return to top]

 

 

 

 

In this issue:

The 5 Hottest Hipster Real Estate Markets Across America

Could DACA Repeal Impact Real Estate?

Houston Rethinks Real Estate Development After Harvey

Hurricane Irma Not Likely to Affect Florida Real Estate Prices

NAR Forced MLS Membership Up for Review

REIT Investors Look to Alternative Property Sectors for Bigger Returns

Berkshire’s HomeServices of America Acquires Long & Foster

Harvey Victims Facing Temporary Housing Shortage in Houston

Malls Need New Business Model Says CBRE Report

The End of Facebook for Real Estate?

 


The information presented and conclusions within are based upon our best judgment and analysis. It is not guaranteed information and does not necessarily reflect all available data. Web addresses are current at time of publication but subject to change. SmartsPro Marketing and The Insurance 411 do not engage in the solicitation, sale or management of securities or investments, nor does it make any recommendations on securities or investments. This material may not be quoted or reproduced in any form without publisher's permission. All rights reserved. ©2017 The Insurance 411. Tel. 877-762-7877. theinsurance411.com