Pacific Union International, the eighth-largest real estate brokerage in the country, is expanding into the Los Angeles market.
As part of the change, the brokerage's name will immediately replace those of John Aaroe Group, Partners Trust and Gibson International on listing signs in front of hundreds of homes for sale in the county. Pacific Union bought the three independent luxury brokerages over the last two years.
The company also announced that Nick Segal, the former chief executive of Partners Trust, will become president of Pacific Union L.A., the Southern California branch of San Francisco-based Pacific Union International.
He now oversees more than 900 real estate agents in 20 offices on the Westside, San Gabriel Valley and San Fernando Valley under the Pacific Union banner.
Pacific Union L.A. has about 625 active listings of homes, condominiums and commercial properties for sale, Segal said, and plans to post new listings on its website before they hit the Multiple Listing Service.
"These are going to be vetted properties," he said.
The supply of homes for sale in Los Angeles County is tight, he said, but "the market is steady."
The company's economist, Selma Hepp, predicts that the local median home price of $585,000 will rise 6% in 2018, 5% in 2019 and 2% in 2020.
"We've got more runway left in this market," Segal said. "There is no precipitous crash [coming] that I can see."