The Hoffman Team joined Compass seven months ago now, and I have to say that the culture, technology and energy of the company is an incredibly potent combination — and one that our Manhattan market sorely needed. The genius idea of bring 21st century technology to our industry and also setting a culture of respect and admiration for your fellow colleagues is a powerful combination. A combination that, when cultivated with the right touch, can produce an amazing work environment that makes success easy to achieve.
In that spirit, the Hoffman Team has just celebrated over $75 million in closings and contracts signed in our seven-month tenure at Compass. We worked very hard in our early weeks — establishing ourselves in this new system and learning new technology — but when April 1 rolled around, we hit the ground running!
Recently Compass achieved what very few three-and-a-half-year-old startups have ever achieved — a $1-billion-dollar valuation thanks to a new round of funding. That milestone makes Compass what's known as a "unicorn" investment circles.
When Compass CEO Robert Reffkin was asked on Bloomberg West what led to the successful round, he responded, "This is a $75 billion broker commission market we play in, and we're already profitable in several of our offices. I think [investors] found that compelling." Phil Libin, General Catalyst managing director, added "I really like what Compass is doing because they're adding a lot more data and information to a process that traditionally has been fairly closed-loop … ."
"This funding will provide us with additional resources to accelerate our growth into new markets and inject transformative technology to improve the experience for consumers and agents," remarked Ori Allon, Compass co-founder and chairman. To that end, Compass has launched its much-anticipated presence in San Francisco, expanding our reach into another tremendous real estate market.
Thank you to all our buyers and sellers who continued trust us with your most valued asset. We look forward to wrapping up the year with huge expectations for ourselves and a continued focus on satisfying our No. 1 team member — YOU!
Hoffman Team Listings
Coming To Market Later This Month:
- 200 East 57th Street | 3 Bed | 2 Bath | $2,495,000
- 200 East 57th Street | 3 Bed | 2 Bath | $1,950,000
- 90 Riverside Drive | 3 Bed | 2 Bath | $1,850,000
- 432 West 52nd Street | 2 Bed | 2 Bath | $1,575,000
- 432 West 52nd Street | 1 Bed | 1 Bath | $1,150,000
- 432 West 52nd Street | 1 Bed | 1 Bath | $1,080,000
- 734 East 5th Street | 2.5 Bed | 2 Bath | $775,000
In August we saw a slight dip in new inventory, which is normal for August.
For the two and three bed plus categories we saw big drops, almost 25% off of July's numbers.