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Corcoran Icon Properties, a franchise of the Corcoran Group, has expanded its presence into Palo Alto with the launch of a new office, the firm has informed Inman.
Benyam Mulugeta | Corcoran Group
Managing Broker Benyam Mulugeta and Sales Manager and Partner Susan LaRagione are heading up the new office, which will serve as a resource for existing agents in the Silicon Valley area and any new agents who onboard from Palo Alto specifically.
“Our new office in Palo Alto represents an exciting step forward for Corcoran Icon Properties,” Mulugeta said in a statement. “This expansion allows us to better serve local consumers by providing them with expert market insights and a dedicated team focused on Palo Alto. For our existing agents, this new location offers state-of-the-art resources and a collaborative environment that will help them thrive in one of the most luxurious markets in the country.”
The new office is located in Town & Country Village, across the street from Stanford University, at 855 El Camino Real, Building 5, Suite 311 in Palo Alto.
Susan LaRagione | Corcoran Group
“The opening of our new Palo Alto office is incredibly valuable for both our team and the community,” LaRagione said in a statement. “There has been strong demand from our existing agents for a presence in Palo Alto, as it’s a key market for our clientele. We’re already seeing a lot of excitement from local agents who are eager to join Corcoran Icon Properties and take advantage of the innovative tools, top-tier support and team-oriented culture we provide.”
With its prime location near the tech hub of Silicon Valley, Palo Alto is one of the country’s most elite real estate markets. As of July, the median sale price was $3.2 million, which was up 15.9 percent year over year, according to Redfin. The market is “very competitive,” according to Redfin, with many homes seeing multiple offers, some with waived contingencies. Average homes sell for about 4 percent above asking and go pending in about two weeks. Hot homes, however, might command 10 percent above their asking price and go pending within nine days.
The area’s housing stock ranges from historic single-family properties to contemporary estates, as well as mid-century ranches and luxury townhouses and condos.
Steve Belluomini | Credit: Corcoran Group
“The strength of our agents and the power of our brand are the steppingstones that have carried Corcoran Icon Properties through market headwinds and ultimately brought our Palo Alto expansion efforts into reality,” Steve Belluomini, president of Corcoran Icon Properties, said in a statement. “Opening an office in this competitive market is also possible due to our stellar local leadership in both Benyam and Susan, and I am excited to see our Palo Alto office not only grow but also succeed.”
Corcoran Icon Properties was launched at the end of 2022 by a number of Northern California-based agents and staff who had previously been members of the now-defunct Corcoran Global Living. That Corcoran franchise, which had been led by former CEO Michael Mahon, was shuttered after Mahon was accused in a series of lawsuits of fraud and breach of contract after agents in Southern California reported severe delays in commission payments, and some of the firm’s offices had their power cut after bills and rent went unpaid.
Corcoran Icon Properties has about 900 agents across Northern California. With the Palo Alto office, the company now has 24 physical offices.
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