Implode-o-Meter News - Douglas Elliman's profitability falls over 50% with fewer new dev closings

The New York-based brokerage pulled in $190.4 million in revenue, up 3.2 percent from $184.5 million during the prior-year period, according to filings by its parent company, Vector Group. But net income was $4.2 million -- down from $8.7 million in 2016.
Those numbers were the result of a strong low-end market but softer new development segment, where Elliman has had fewer closings despite a robust pipeline of projects it is marketing.
"There were more closings in '16 than in '17 -- quite a bit more," Chairman Howard Lorber said during an earnings call Tuesday.
Overall, Elliman closed $7 billion worth of sales during the quarter compared to $6.8 billion in 2016. For the first nine months of the year, Elliman closed sales worth $19.8 billion compared to $18.9 billion a year earlier.
Lorber said the low-end of the market is "very, very strong," as is the high-end. The mid-market segment is "kind of quiet," he said.

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Douglas Elliman's profitability falls over 50% with fewer new dev closings