Multistate brokerage acquires Acadia Realty Group in Ellsworth
Courtesy / Better Homes and Gardens Real Estate The Masiello Group
From left, Better Homes and Gardens Real Estate The Masiello Group principals Josh Shelton and Chris Masiello and Acadia Realty Group principals Steve Shelton and Brenda Shelton are seen at Acadia’s Ellsworth office.
A real estate firm with offices across northern New England has acquired a Downeast brokerage, and says the goal of the deal is to create synergy within the region's competitive home sales market.
Better Homes and Gardens Real Estate The Masiello Group, headquartered in Bedford, N.H., acquired Acadia Realty Group, headquartered in Ellsworth.
The deal was finalized July 1. Terms of the acquisition were not disclosed.
"With the Maine market at a 40-year high and interest in Mount Desert Island stronger than ever, the timing of this move could not be better," Steve Shelton, who owns Acadia Realty Group with his wife Brenda, said in a news release. "Our agency and agents have earned an excellent reputation over the years. Joining the Masiello Group, strengthens our ability to serve our communities."
The agreement aims to strengthen the ability for both groups to serve Hancock and Washington counties.
The Masiello Group, owned by president and CEO Chris Masiello, was founded in 1966 by Chris's father, James. Chris joined the firm as an agent in the early 1980s, according to the company’s website.
Masiello, the largest real estate company north of Boston, joined the Better Homes and Gardens Real Estate brand in 2008, just months after it launched. Masiello was one of the brand’s original affiliates and the first multistate company to affiliate with the brand.
Since then, Better Homes and Gardens Real Estate The Masiello Group has grown to 33 offices in Maine, New Hampshire and Vermont. It entered the Downeast market 10 years ago, with an office in Ellsworth as part of a merger with Town and Country Realtors.
Acadia Realty Group was co-founded in 2009 by Shelton, a Bar Harbor native. Today it has about 30 agents.
Coming out of the pandemic, Masiello was ready to continue its growth. Shelton, at Acadia Realty Group, was considering the next best way to support his agents when Chris Masiello connected with him. The Sheltons said they expect the deal to help them focus on serving clients while providing their agents with Better Homes support systems.
Eventually, Masiello’s Ellsworth agents will move into Acadia Realty Group’s Ellsworth space, while retaining Acadia’s Bar Harbor office. Overall, the deal will double the number of agents Masiello has in the Acadia area.
The company offers residential, commercial, land and relocation services and in-house services for title, mortgage, home insurance and home warranty.
“Our two agencies have a lot of synergies and aligned core values,” said Chris Masiello. "Acadia is one of the most exciting and popular corners of Maine. Combining our two teams of professionals who know the communities and the local market so well strengthens our commitment to servicing our customers."
The acquisition comes when real estate sales are strong, and home prices are on the rise in the Downeast region, creating a competitive housing market. In Hancock County, including Ellsworth and Bar Harbor, the number of single-family home sales in April increased nearly 70% over the same month the previous year. The median home sale price rose to $278,500, a 21% increase over April 2021.
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Congratulations, Steve ; sounds like a wonderful opportunity for all of you . Best wishes for continued success in your new adventure !
Steve Hobbs
Down East Magazine
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