By Doug Miller
Realtor Daniel Ryan announced Tuesday that he has sold his business, Ryan & Walis, to Prudential Douglas Elliman, which is among the largest residential real estate firms in the U.S.
The terms of the sale were not disclosed.
In 2004, Ryan & Walis claimed 14 percent of the $673 million Long Beach-area real estate market, which includes the entire barrier island and Island Park. The Long Beach office of Prudential Douglas Elliman claimed 5.3 percent of that pie. With the acquisition, Ryan's 40 agents will join the existing 15 or so Prudential Douglas Elliman has kept in Long Beach and occupy new office space at 30 W. Park Ave., in the large storefront that was once Echo stationers.
Sounding like a proud parent, Ryan said the sale was the next logical step in the story of his firm. "Ryan & Walis started as a small house and grew to become the No.-1-market-share firm in this town for the last five years," he said Tuesday. "But in order for us to continue to grow, which is important in this market that is constantly changing and consolidating, I thought it was important for us to hook up with a proven market leader."
Ryan's former partner, Don Walis, retired several years ago, so the firm has been jointly owned and operated by Ryan and his wife, Katie. The new office is scheduled to open in October. In addition to his interest in Ryan & Walis, Ryan is president of the Long Island Multiple Listing Service. The new company will operate under the title Prudential Douglas Elliman Ryan & Walis, and the Ryans are now employees of Prudential.
Prudential Douglas Elliman is part of the Prudential Network, which did $185 billion in sales last year. Locally, Prudential Douglas Elliman has 60 offices representing 350 communities from New York City east to the Hamptons, and reported more than $10 billion in sales last year. Its Web site, www.prudentialelliman.com, gets more than 1 million hits each month.
"We're very excited to be adding this group of people to our family," said Barbara Schultis, who manages the Long Beach and Merrick offices of Prudential Douglas Elliman. "And we're very excited about taking this new space." Her office took over Custom Wise Real Estate in 2003.
Ryan said he very much doubts there is any kind of bubble that could pop in Long Beach. Mortgages, he said, are still too cheap. "Short-term interest rates keep rising, but long-term rates have yet to move," he said. "The market may be flattening in some areas, but there is still tremendous activity from buyers. Barring a major terrorist attack or oil hitting $100 a barrel, I don't see it. There will be no drop like you'd see in the stock market."
In particular, he said, the apartment sales market in the area remains red hot, since it's almost cheaper to buy than rent. And a balloon in inventory over the next several years -- with condo projects going up on the Superblock and the site of the Atlantic and Brighton hotels - will only serve demand, Ryan said.
"It's an exciting time right now, and this was the right move," he said. "It's like Herb Brooks said after his hockey team won the gold: 'Great moments are born from great opportunities.'"
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