Illustrated Properties buys 2 realty firms

By Staff Writers

08/12/2005

In a buy that has increased its market share in northern Palm Beach County, Illustrated Properties said it has bought PGA National Realty and Old Port Cove Corp.

Independently owned Illustrated Properties (IPRE) predicted the buys will boost its sales this year to more than $2 billion. Last year, IPRE said it sold $1.7 billion worth of homes

It also said the 35 workers at PGA National Realty and seven at Old Port Cove will increase its sales force to 550 Realtors.

"These acquisitions further strengthen our position in the luxury and country club real estate markets," added F.F. "Chappy" Adams, IPRE president.

PGA National Realty handles about 70 percent of sales at PGA National, a 5,000-home golf course community in Palm Beach Gardens. The brokerage specializes in country club/golf course communities including PGA National Ballen Isles, Ibis Golf and Country Club, Mirasol, Ironhorse and Old Palm.

Old Port Cove works with buyers and sellers in North Palm Beach, Palm Beach Gardens, Jupiter, Tequesta, Juno, Palm Beach, West Palm Beach, Stuart, Palm City and Singer Island.

IPRE did not say how much it paid for either realty firm.

***