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Warren Buffett Makes a Play for Local Luxury Real Estate

Warren Buffett Makes a Play for Local Luxury Real Estate

The third-richest man in the world, Warren Buffett, is making a play for luxury real estate. His Berkshire Hathaway affiliate HomeServices of America just bought Dallas real estate firm Allie Beth & Associates, marking the company’s first foray into Texas.

One of the highest-grossing firms in Dallas, the brokerage specializes in luxury properties, with $1.5B in sales last year. “We love Texas...,” said HomeServices chairman and CEO Ron Peltier. “It’s a big market that we plan to grow. This certainly wont be the last acquisition.”

This year, HomeServices of America associates completed more than 22,000 transactions totaling over $77B in sales. [WFAA]