After more than a decade in business, the partners at Villa Real Estate ended their independent identities to join Coldwell Banker Realty’s Newport Beach office, real deal Learned.
On April 25, Villa co-founder and investor Gary Jabara, who is also founder and CEO of well-known wireless infrastructure company Mobilitie, signed off on a change of affiliation with Coldwell Banker. Five partners and 20 agents from Villa Real Estate will transfer to the new brokerage.
Villa Real Estate will officially cease operations and the company name will be retired on or about July 1, at which time escrow for the remaining transactions will end, said Steve High, co-founder and president of Villa Real Estate.
The partners agreed to join Coldwell Banker Realty’s decision due to slowing markets in the national and Southern California markets.
“The last quarter of 2022 is the slowest quarter since 2011,” High said. “We feel like if this continues, we want to work with the strongest company we can find. You want to get on the best ship.”
During its operation, Villa Real Estate sold some of the most expensive homes in Orange County and holds records for certain OC transactions. High and fellow Villa Real Estate co-founder Evan Corkett represented the buyer of the 2021 2585 Riviera Drive in Laguna Beach. The $70 million deal for this waterfront mansion is the most expensive home sale in Orange County.
Other notable transactions in which Villa Real Estate has been involved include author Dean Koontz’s 2020 residence at 1 Canyon Terrace, which fetched $50 million. In March 2021, the agency was involved in a $41 million transaction for the sale of a mansion at 28 Midsummer on the Newport Coast.
Villa Real Estate partners joining Coldwell Banker Realty will include High, who was previously vice president of Coldwell Banker Realty Newport Beach. Others joining the firm will be Corkett, Tim Carr, Jon Flagg and Kim Bibb, who sold more than $141.5 million worth of real estate in 2020, according to Real Trends. Another partner, John Stanaland, joined Douglas Elliman in January with his 11-person team.
