Five years ago Terry Sprague strategically placed himself and his company at the forefront of real estate when he founded Luxe Platinum Properties in Lake Oswego and affiliated with Christie’s International Real Estate, the real estate arm of the esteemed auction house that was founded 250 years ago. The global exposure, strength of brand, network collaboration and access to high-net wealth individuals made sense to Sprague.
Terry knew that his focus would start with a niche Lake Oswego market however he admits, “luxury properties hadn’t quite come back” from the depths of the real estate crash of 2007-2009.
But he saw tremendous potential in the high-end market — and his instincts paid off.
Today, Luxe Platinum Properties, as a company, has excelled in this space with over $122 million in sales volume in 2016 from just nine full time brokers, making the average sales volume per broker much higher than other area real estate firms. Why is this important? When a client chooses to work with one of the Luxe Platinum Properties brokers, they are actually hiring an entire firm of brokers that specialize in selling homes over $1 million.
According to a Sept. 8 article in the Portland Tribune, Lake Oswego is the most expensive real estate market in Oregon, with an average price of $652,682. Luxe Platinum Properties average sales price in Lake Oswego was $1,134,000 in 2016, far more than average for the market.
“The luxury market is healthy and continues to grow in the Portland metro area,” said Rebecca Green, who recently came to the Christie’s International Real Estate Affiliate as Director of Brand Management & Development after working for years with a local Sotheby’s International Realty franchise. Luxe Platinum Properties Vice President, Kendra Ratcliff who represents vineyards, legacy estates and recreational properties throughout Oregon and Washington notes, “Our markets represent sound real estate investment options for our clients that view real estate as the global currency.”
Sprague has recently sold several homes valued above $2.0 million and as a broker continues to lead the market in this price point with higher volume than any other area broker.
In January of 2017, Terry Sprague set the pace for the luxury market in Lake Oswego with the closing of a home in Palisades Terrace for $6.3 million and another lakefront home for just over $4.6 million. Last year Kendra Ratcliff participated in the highest priced sale in Dunthorpe. All setting records for the time.
”The luxury market will continue to grow in 2017, according to the research I’ve seen,” said Sprague, defining “luxury” as homes above $1 million. “That’s our sphere.”
The reach for buyers for such transactions is international. “Last year, Luxe Platinum Properties worked with buyers from China, Russia and Dubai. With broker Jenny Zeng, our Asia Pacific Director, we have a great platform for continued reach into Asia. Our company has also had the pleasure of working with local sports figures, such as Trail Blazers superstar Damian Lillard and former Blazers general manager Kevin Pritchard as well as fashion and entertainment industry professionals.
Not only is Oregon – and Lake Oswego in particular – appealing as a place to live, but also as a part-time retreat or an investment.
The connection to Christie’s is key to his company’s success, said Sprague.
“In the first interview with many of my clients, I ask ‘Why did you call me?’ Many respond ‘Because you’re Christie’s.’” The name carries cachet worldwide, has access to that clientele and this helps with the marketing our properties, he added.
“When we list a home, it reaches the entire Christie’s network, made up of 32,000 brokers. We’re an international company.” Our brokers have traveled to China, Ireland, Chicago, Los Angeles and are soon heading to London for another global conference.
Sprague praises the brokers that he hand-picked to power the company to success: Mimi McCaslin and Anne Marie Knapp, who represent some of the finest homes in our market; and Matt Tercek who works with Stoneridge Custom Development is a leader in new construction and millennial Michael Woodley is a driving force in our technology enhancement.
In such a small boutique firm, there is tremendous collaboration that exists. A business plan and marketing plan are created for each property that we represent and our brokers collaborate to bring the best experience possible to our clients. Sprague says they specialize in properties that have a story to tell and they employ writers, photographers, videographers and graphic designers to create and present that story in a compelling way.
Sprague is confident the upward trajectory for luxury business with continue. Our company is currently working on completing the marketing launch packages on a lakefront home priced at $2.5 million, an extraordinary riverfront home just over $2 million, a high profile SW Portland home at $4.7 million and another exclusive vineyard listing.
“We are confident about the market,” said Sprague. “We have a good group of buyers coming to us and an exceptional group of brokers in our office to represent them. There will always be a place for high-end real estate — and our results speak for themselves.”
“I had a vision for the company. I saw an opportunity to create a company known for meeting and exceeding the expectations of luxury sellers and buyers.” – Terry Sprague, Luxe Platinum Properties.