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New York, New York! Purplebricks set to take a bite out of the Big Apple?

Land Insight to 17 April NS

Purplebricks, which launched in California last September, has now opened for business in New York, the US media has reported.

So far, it has reportedly 13 people in New York, where the team is led by experienced realtor Robert DiBiase.

The US roll-out of Purplebricks is set to be accelerated by a £125m investment by media giant Axel Springer in exchange for a stake in the company, although this has to be approved by a shareholder meeting on April 18.

Erick Eckardt, Purplebricks’ US CEO, told American media that in 2018, sellers should not be paying between 5% and 7% in commission.

In the US, Purplebricks charges a flat $3,200 fee.

Eckardt would not be drawn on Purplebricks’ sales volumes in California, but said there were month-on-month increases and that it is listing homes priced from a few hundred thousand dollars to “several million”.

He added: “Our proposition will hopefully resonate across all segments of the market.”

Yesterday evening, Purplebricks shares closed almost unchanged from the day before at about 302p on the London Stock Exchange.

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Source:: New York, New York! Purplebricks set to take a bite out of the Big Apple?