June 6, 2023

Mega-selling The Altman Brothers staff, recognized for starring on Bravo’s Million Greenback Itemizing Los Angeles, has simply signed a brand new, multiyear deal to stay at their brokerage of Douglas Elliman Realty.

Co-founded by brothers Josh and Matt Altman and led by CEO Heather Altman (who can be Josh’s spouse), The Altman Brothers transacted greater than $2.5 billion in offers previously 24 months. “That equates to about $4 million a day in gross sales daily of the 12 months,” says Josh Altman in an unique interview with The Hollywood Reporter. “We did nearly $1.2 billion in 2022 and $1.5 billion in 2021.” (Total, throughout the nation, Douglas Elliman had $42.9 billion in gross transactions in 2022 and $51.2 billion the prior 12 months.)

The Altman Brothers — one of many top-producing actual property groups within the U.S. and regulars on THR’s listing of high Hollywood brokers — first joined Douglas Elliman in 2015 (having beforehand been at Hilton & Hyland), and in 2022, they ranked because the brokerage’s No. 1 giant staff for the 12 months.

“We’re tremendous pumped. It’s been an important experience, and we didn’t see any motive to vary something,” says Josh about signing their new deal at Elliman. “For us, it’s concerning the significance of continuous what we’re attempting to perform not solely regionally however globally with actual property, which was our unique motive for becoming a member of Douglas Elliman. The assist that they provide us is top-notch, and we’re not the best folks on this planet to take care of due to the quantity of offers that we do. They’re at all times there for us, they usually at all times have our again.”

Matt Altman provides in a press release, “We had been among the many first brokers to affix Douglas Elliman when it expanded to California. Because the agency’s Western Area grew, we grew proper together with it.” Says Heather Altman, “We’re continually empowered with one of the best instruments, one of the best branding and a wonderful management staff with an agent-first perspective. Elliman is our dwelling, and we look ahead to our continued, shared success.”

Josh additionally spoke with THR about adjustments at Million Greenback Itemizing Los Angeles, which final 12 months noticed Douglas Elliman’s Fredrik Eklund and The Company’s James Harris and David Parnes exit the present. That put a highlight on the not too long ago concluded season 14 and on remaining castmembers Tracy Tutor, Josh Flagg and Josh Altman (all of Douglas Elliman).

“Subsequent season can be season 15. We’ve had a profitable run,” says Josh Altman. “It was good this [past] season as a result of it was completely different. It wasn’t simply all about the actual property, which is what that they had completed for the primary 13 years. It was extra about all of {our relationships} collectively and residential life. We sort of opened up greater than we’ve got earlier than into our properties. I believe viewers can count on extra of that subsequent season.”

Additionally on the following season of Million Greenback Itemizing, count on to see extra of Josh and Heather Altman each on the job and at dwelling in Orange County, California.

In 2020, the Altman Brothers expanded their focus to incorporate the O.C., and they’re going to quickly open a brand new flagship workplace at 3700 East Coast Freeway in Corona Del Mar. Additionally, inside the previous few weeks, Josh and Heather purchased a five-bedroom waterfront dwelling in Newport Seashore. “Heather and I purchased our dream home,” says Josh, “and we’re excited. We’re gonna begin reworking it any day now and be 50/50 sort of between Newport and L.A.”

The Altman Brothers’ present (and short-term) actual property workplace in Corona del Mar, California.

Douglas Elliman

Relating to The Altman Brothers’ new, multiyear deal, Howard M. Lorber, govt chairman of Douglas Elliman, says in a press release: “The Altman Brothers signify the head of success, and we’re lucky to depend them as Elliman brokers. Josh, Matt and Heather are recognized for promoting and advertising and marketing among the world’s most iconic properties. Their uncompromising professionalism and tenacious drive have fueled their fast rise to grow to be probably the most profitable groups in Los Angeles actual property 12 months after 12 months. We look ahead to their continued development and success at Douglas Elliman.” Provides Douglas Elliman president and CEO Scott Durkin, “Josh, Matt and Heather … have modified the sport of Los Angeles actual property. Their intensive market information, expertise and connections, each nationally and globally, have propelled their large success, and I’m assured that they’ll proceed to lift the bar within the years to come back.”

Amongst The Altman Brothers’ large gross sales of the previous few years is the all-time highest residential transaction in Brentwood (the place, based on Dust.com, Scooter Braun spent $65 million on a new-build dwelling in 2021) and the very best sale in Orange County in 2022 (a $55 million sale by Actual Housewives of Orange County star Heather Dubrow). Over time, The Altman Brothers’ superstar purchasers have included Justin Bieber, James Cameron, Gene Simmons, Alicia Keys, Norman Lear, Kathy Griffin and Britney Spears.

The staff’s deal to stay at Elliman bucks the current business pattern of top-producing brokers bolting established brokerages to start out their very own corporations, corresponding to Oren and Tal Alexander, who left Elliman to start out Official Companions final 12 months, and quite a lot of Hilton & Hyland brokers who left in 2022 to discovered Carolwood Companions. “We’re not these people who prefer to go to the most recent and best firm,” says Josh Altman.

After they joined Elliman seven years in the past, the staff had six brokers. At present, The Altman Brothers, who’ve greater than $6 billion in profession transactions, has grown to round 20 brokers throughout its workplaces in L.A. and Orange County.

The Altman Brothers’ present listings embody this modern dwelling on Angelo Drive in Beverly Hills, available on the market for $19.995 million. A collaboration between Iconic x Paul McClean, the six-bedroom, 10-bath home boasts an 80-foot zero-edge infinity pool swimming pool.

Marc Angeles

Wanting forward at the remainder of 2023, Josh Altman says that luxurious residential actual property is going through quite a lot of challenges, beginning with L.A.’s ULA Measure, which matches into impact April 1 and can impose an elevated switch tax, beginning at 4 p.c, on dwelling gross sales within the metropolis of $5 million or extra.

Whereas the variety of luxurious dwelling gross sales declined nationally within the three months ending Jan. 31, 2023, partly as a consequence of excessive rates of interest, Los Angeles noticed one of many largest drops in that interval, down 55.5 p.c year-over-year. Like many L.A. residents, Altman is worried that the ULA Measure, which is able to fund inexpensive housing, will additional dent gross sales exercise on the highest reaches of the market in L.A.

However he’s hardly counting town out: “Sadly, over the previous couple years, we’ve misplaced some folks to locations like Florida and Las Vegas and Texas as a result of their taxes are a lot decrease. On the finish of the day — and I’ve this dialog with my purchasers on a regular basis — L.A. is a life-style. Would you fairly pay rather less in taxes or have an important life dwelling out right here in California?” says Altman. “L.A. is L.A. It’s one of many locations that at all times will get by means of no matter it must get by means of. Though proper now, everyone is determining that new tax, everyone will alter.”