Orange County’s Caruso Brokerage Moves to Christie’s SoCal

Caruso Real Estate’s Michael Caruso has owned and operated his own brokerage in the past. Now, he’s finding success helping others gain a foothold in his bread-and-butter market of coastal Orange County.

As a result, he and his son Phillip Caruso’s most recent affiliation has their Corona Del Mar-based business linked with Christie’s International Real Estate Southern California. They brought to the brokerage, helmed by founder and CEO Aaron Kirman, more than $1.2 billion in career sales.

The template isn’t a new one for the Carusos.

Most recently, they partnered with Beverly Hills boutique brokerage Carolwood Estates earlier this year to establish the company’s Newport Beach presence. Before that, Michael Caruso served as broker of record for The Agency, running its first two Orange County offices in Laguna Beach and Corona Del Mar.

“We both decided the Caruso name is fun, but why not be with a global entity like Christie’s?” Michael Caruso said of the decision to work with the brokerage. “It’s been there, done that; let’s do that. But we don’t regret anywhere we’ve been or anyone we’ve worked with.”

Joining Christie’s International Real Estate which, along with @properties, is in the process of an acquisition by Compass in a $444 million deal announced last week, gives the Carusos international reach, the two said.

“We want to focus on our local clients, our local markets, but have that opportunity to expand into a diverse group of areas abroad or some of those beautiful ski towns across the United States and in London,” Phillip Caruso said.

Family business

The Caruso name in Orange County’s luxury residential market began with Michael, who has some 35 years of experience in the real estate business. After moving his family from Huntington Beach to a gated community in south Orange County, it was there he made the decision to start his first brokerage working with his wife Cristina Caruso, who served as administration and compliance director.

Under the parent company Michael Caruso Real Estate Group were the boutique brokerages Ocean Ranch Realty, Orange County Real Estate Services and High Rise Home Sales.

“Whether [the kids] wanted to or not, they were immersed in the real estate business,” he said. “That was the conversation at breakfast, lunch and dinner.”

Michael Caruso also took his children with him door knocking and as they got older and joined sports teams, the broker continued expanding his connections.

“What we didn’t get at the time — what I didn’t get — was the sense of community that I was unknowingly going to build through sports participation with these youngsters,” he said.

When Phillip changed his major from business to regional development, it struck his father that his profession rubbed off on his son. Phillip Caruso cut his teeth in the commercial world on the investment side but later joined his father in the residential business.

“Where we think we have this dynamic combination is the father-son team,” Michael Caruso explained. “You have a younger perspective and a senior perspective, so we don’t agree 100 percent of the time. But we’re able to sit with clients and give two distinctly different perspectives and help that client in their decision-making and the direction of the marketing.”

Building spec homes

The Carusos’ business has evolved well beyond transactions. They view themselves as wealth advisors to their high-net-worth clients.

Additionally, about 25 percent of the business consists of residential development, and that figure is growing, the two said.

Their most recent completion is a more than 8,000-square-foot Spanish Transitional in Laguna Niguel’s guard-gated Bear Brand Ranch. The home, about two miles from the beach, sits on nearly half an acre and is set to be listed at $18 million in the first quarter.

Michael Caruso projected they’ll end the year with a 5 percent increase in property values locally as the coastal markets continue to offer stability for homebuyers.

Meanwhile, Phillip Caruso pointed out parts of the market ripe for opportunity.

“It’s undervalued in certain parts of coastal Orange County that may be sleepy,” he said.

That includes San Juan Capistrano, which has seen the unveiling of the 60,000-square-foot boutique retail center River Street Marketplace in the Los Rios neighborhood. There’s also the $600 million Dana Point Harbor redevelopment project that will add retail, restaurants, high-tech docks and hotels. Additionally, Newport Beach continues to see new restaurants with high-end grocer Erewhon rumored to be opening.

While the Carusos’ book of business continues to grow, they underscore the importance of maintaining a steady hand on their brand.

“We have a reputation of being good to people and that means not just your clients but being good to the people on the other side of the transaction and their agents,” Michael Caruso said. “It’s a smaller off-market environment in Orange County and that means the relationships with other agents are even more critical.”