A deal that brings iconic investor Warren Buffett to the Silicon Valley housing market was announced Tuesday with the acquisition of Intero Real Estate Services by Buffett's HomeServices of America.
The acquisition of the fast-growing Cupertino real estate brokerage expands Buffett's real estate footprint in California, where HomeServices already has operations in Southern California and the Central Valley. The sale price was not disclosed.
"It's a very, very good company and we paid fair value," said Ron Peltier, chairman and CEO of HomeServices. "The owners clearly did not need to sell."
Since its founding in 2002, Intero has grown to 2,000 agents in seven states, including California.
Founded in 2002, Intero has grown to 13 offices throughout San Mateo, Santa Clara and San Benito counties, with nearly 50 affiliates in six states, including California. (Joanne HoYoung Lee/Staff file photo)
The company says it moved 7,300 properties for $5.7 billion in the greater Silicon Valley area in 2013, and its affiliates generated more than $1.5 billion.
Intero President and CEO Gino Blefari said the company's growth plans are now backed by the resources of one of the country's biggest residential real estate companies.
"This will allow us to grow even more," he said.
The deal means that HomeServices now has more than 23,000 real estate professionals in 25 states.
HomeServices, a Berkshire Hathaway affiliate, has reportedly had its sights on the valley for some time.
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