Conover Real Estate and LandVest Merge in Business Alliance

By JOSHUA SABATINI

In a newly formed business alliance, Conover Real Estate Inc. last
week merged with Vineyard-based LandVest, and the two upscale firms
opened joint offices in a refurbished 1850's house on South Summer
street next to the Charlotte Inn.

The merging partners are David C. Thompson, principal of the Island
LandVest office, and Gerret C. Conover and Thomas E. LeClair, principals
of Conover Real Estate.

Considered two of the Island's premier high-end real estate
agencies, the days of competing against one another are behind them.

LandVest, founded in 1969, is a regional real estate marketing firm
based in Boston. Mr. Thompson joined the firm in 1985, and he brought
LandVest to the Island when he opened an office located in his home on
the Vineyard. For the past seven years, he continued to work on the
Island with a staff of one - himself.

In 1990, Mr. Conover and Mr. LeClair opened Conover Real Estate.

"We have been spending altogether too much time and effort
competing with one another in the narrow, high-end market
segment," said Mr. Thompson. "A fundamental rationale for
combining our offices is simply the elimination of that
duplication."

The three have become leading figures in the Island's real
estate market. Combined, they have controlled a large slice of the
Vineyard market share for expensive Island properties.

Over the years, one company or the other has been involved in 21, or
73 per cent, of the Vineyard's brokered residential sales over $5
million, and 92 per cent, or 12, of the Island's largest sales of
$10 million or more, according to financial figures released by the two
firms.

Conover Real Estate was the lead agency involved in two of the
largest property transactions ever recorded on the Vineyard,
specifically the $64 million conservation sale of Herring Creek Farm in
Katama and a $21.8 million residential sale in Edgartown.

For the past 10 years, either Conover Real Estate or LandVest has
held the record for marketing the highest valued Island property. In
1992, the record price was set at $6,205,000 and in 2001 it was $21.8
million, the statistics showed.

Mr. Thompson said he has always had a fine working relationship with
his two new partners and even offered advice to Mr. Conover when he
first appeared on the Island real estate scene.

So it was no surprise when the idea to merge arose four years ago as
the three real estate brokers often found their paths crossing. Over the
past year and a half, the merger discussions grew serious.

"I wanted to be able to have a little freedom from the
business," said Mr. Thompson. "This opportunity is going to
permit me to cut back to 60 hours a week, instead of 80 hours a week.
That was my motivation." He stressed he does not plan to retire.

"We are always looking for ways to grow our company and we
consider the opportunity to work with David and
LandVest/Christie's as a perfect strategic fit," said Mr.
LeClair. "I think their operation complements ours very well and
that this merger will position us to take advantage of our expanding
high-end market."

The merger takes place amid the Island's thriving high-end
real estate market, which shows no signs of slowing despite the
nation's uncertain economy.

"One of the primary reasons for the strong high-end market
here is the disappointing developments on Wall Street," said Mr.
Conover. "The strongest component of the domestic economy has been
real estate, and resort properties in particular. There is a perception
that a Vineyard property represents a safe economic haven . . . an
appreciating investment."

Each company will retain its name; two signs, one for LandVest, the
other for Conover, hang outside the partners' new office
headquarters. The biggest change from the merger will be an improvement
in service, the three partners agreed.

Mr. LeClair said each company has had a distinct strength in the
market. "For a long time, David had a monopoly essentially on the
major listings [on the Island]," said Mr. LeClair. "We in
our approach to marketing always seemed to come up with a lot of buyers.
To combine that is going to serve the property owner better and
certainly the buyer, because it is going to give the buyer a better
opportunity to get a crack at these high-end properties.

"Seventy-five per cent of these things never hit the
market," he added. "Working together, we can match a seller
and buyer together in a better way."

Overall, the operational approach and character of the two companies
will remain intact.

"From the perspective of the Island property owners and buyers
for whom we work, there will be no changes," said Mr. Thompson.
"Same broker. Same exceptional level of service. All of our
efforts will continue to focus exclusively on the Vineyard's most
desirable properties."