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Mega-selling The Altman Brothers team, known for starring on Bravo’s Million Dollar Listing Los Angeles, has just signed a new, multiyear deal to remain at their brokerage of Douglas Elliman Realty.
Co-founded by brothers Josh and Matt Altman and led by CEO Heather Altman (who is also Josh’s wife), The Altman Brothers transacted more than $2.5 billion in deals in the past 24 months. “That equates to about $4 million a day in sales every day of the year,” says Josh Altman in an exclusive interview with The Hollywood Reporter. “We did almost $1.2 billion in 2022 and $1.5 billion in 2021.” (Overall, across the country, Douglas Elliman had $42.9 billion in gross transactions in 2022 and $51.2 billion the prior year.)
The Altman Brothers — one of the top-producing real estate teams in the U.S. and regulars on THR’s list of top Hollywood agents — first joined Douglas Elliman in 2015 (having previously been at Hilton & Hyland), and in 2022, they ranked as the brokerage’s No. 1 large team for the year.
“We’re super pumped. It’s been a great ride, and we didn’t see any reason to change anything,” says Josh about signing their new deal at Elliman. “For us, it’s about the importance of continuing what we’re trying to accomplish not only locally but globally with real estate, which was our original reason for joining Douglas Elliman. The support that they give us is top-notch, and we’re not the easiest people in the world to deal with because of the amount of deals that we do. They are always there for us, and they always have our back.”
Matt Altman adds in a statement, “We were among the first agents to join Douglas Elliman when it expanded to California. As the firm’s Western Region grew, we grew right along with it.” Says Heather Altman, “We are constantly empowered with the best tools, the best branding and a fabulous leadership team with an agent-first attitude. Elliman is our home, and we look forward to our continued, shared success.”
Josh also spoke with THR about changes at Million Dollar Listing Los Angeles, which last year saw Douglas Elliman’s Fredrik Eklund and The Agency’s James Harris and David Parnes exit the show. That put a spotlight on the recently concluded season 14 and on remaining castmembers Tracy Tutor, Josh Flagg and Josh Altman (all of Douglas Elliman).
“Next season will be season 15. We’ve had a successful run,” says Josh Altman. “It was nice this [past] season because it was different. It wasn’t just all about the real estate, which is what they had done for the first 13 years. It was more about all of our relationships together and home life. We kind of opened up more than we have before into our homes. I think viewers can expect more of that next season.”
Also on the next season of Million Dollar Listing, expect to see more of Josh and Heather Altman both on the job and at home in Orange County, California.
In 2020, the Altman Brothers expanded their focus to include the O.C., and they will soon open a new flagship office at 3700 East Coast Highway in Corona Del Mar. Also, within the past few weeks, Josh and Heather bought a five-bedroom waterfront home in Newport Beach. “Heather and I bought our dream house,” says Josh, “and we’re excited. We’re gonna start remodeling it any day now and be 50/50 kind of between Newport and L.A.”
Regarding The Altman Brothers’ new, multiyear deal, Howard M. Lorber, executive chairman of Douglas Elliman, says in a statement: “The Altman Brothers represent the pinnacle of success, and we are fortunate to count them as Elliman agents. Josh, Matt and Heather are known for selling and marketing some of the world’s most iconic properties. Their uncompromising professionalism and tenacious drive have fueled their rapid rise to become one of the most successful teams in Los Angeles real estate year after year. We look forward to their continued growth and success at Douglas Elliman.” Adds Douglas Elliman president and CEO Scott Durkin, “Josh, Matt and Heather … have changed the game of Los Angeles real estate. Their extensive market knowledge, experience and connections, both nationally and globally, have propelled their massive success, and I am confident that they will continue to raise the bar in the years to come.”
Among The Altman Brothers’ big sales of the past few years is the all-time highest residential transaction in Brentwood (where, according to Dirt.com, Scooter Braun spent $65 million on a new-build home in 2021) and the highest sale in Orange County in 2022 (a $55 million sale by Real Housewives of Orange County star Heather Dubrow). Over the years, The Altman Brothers’ celebrity clients have included Justin Bieber, James Cameron, Gene Simmons, Alicia Keys, Norman Lear, Kathy Griffin and Britney Spears.
The team’s deal to remain at Elliman bucks the recent industry trend of top-producing agents bolting established brokerages to start their own firms, such as Oren and Tal Alexander, who left Elliman to start Official Partners last year, and a number of Hilton & Hyland agents who left in 2022 to found Carolwood Partners. “We’re not those people that like to go to the latest and greatest company,” says Josh Altman.
When they joined Elliman seven years ago, the team had six agents. Today, The Altman Brothers, who have more than $6 billion in career transactions, has grown to around 20 agents across its offices in L.A. and Orange County.
Looking ahead at the rest of 2023, Josh Altman says that luxury residential real estate is facing a number of challenges, starting with L.A.’s ULA Measure, which goes into effect April 1 and will impose an increased transfer tax, starting at 4 percent, on home sales in the city of $5 million or more.
While the number of luxury home sales declined nationally in the three months ending Jan. 31, 2023, partly due to high interest rates, Los Angeles saw one of the largest drops in that period, down 55.5 percent year-over-year. Like many L.A. residents, Altman is concerned that the ULA Measure, which will fund affordable housing, will further dent sales activity at the highest reaches of the market in L.A.
But he’s hardly counting the city out: “Unfortunately, over the past couple years, we’ve lost some people to places like Florida and Las Vegas and Texas because their taxes are much lower. At the end of the day — and I have this conversation with my clients all the time — L.A. is a lifestyle. Would you rather pay a little less in taxes or have a great life living out here in California?” says Altman. “L.A. is L.A. It’s one of the places that always gets through whatever it needs to get through. Although right now, everybody is figuring out that new tax, everybody will adjust.”
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