Richard Swerdlow, CEO of Condo.com, Houses.com and now Property.com stated "the acquisition made perfect sense for us. We are now able to leverage our online real estate platform, licensing and team to expand into the broader global commercial property market - including office, retail, industrial and land. It is exciting to have the opportunity to create leading online real estate portals across all property types, satisfying a growing global demand from property owners, buyers and sellers that are increasingly using the web for property searches.” The commercial real estate market is one of the largest asset classes in the United States with over $11 trillion in value and the potential size of the marketing and data services industry for commercial real estate professionals is approximately $30 billion. “We hope to secure market share through the use of our platform and category domain expertise,” he added. The combination doubles the Company’s potential market size.
The domains were acquired from Rick Schwartz, an entrepreneur known as the “Domain King” who previously sold Candy.com, iReport.com and other high-trafficked domains, and who also puts on a leading domain name industry trade show. Owning the category domain name provides traffic, enhanced name recall and brand credibility that would otherwise take years to build. Schwartz stated "it was only a matter of time before these domains ended up in the right hands. I am very happy to be partners with the Condo.com and Houses.com team and know that with the proper execution of their plan for the domains, we will have an extremely valuable web asset.” Financial terms of the transaction were not disclosed. The acquisition is well-timed with the momentum in the online real estate market, including Zillow’s (Nasdaq: Z) successful IPO today.
Property.com (http://www.property.com) will be launched in Q4 2011.
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About Houses.com and Condo.com
Houses.com and Condo.com are the world’s largest marketplaces for houses and condominiums. The sites showcase over 4 million properties for sale, rent and vacation in the United States and 70+ countries around the world. The sites receive 1.5 million+ visitors per month and cost-effectively deliver exposure and qualified leads to builders, real estate professionals and homeowners. In addition to property for sale and rent, site visitors have access to a wide variety of real estate-related products and services including mortgages, credit repair, home improvement, moving and more. The Company is privately held and headquartered in Miami, Florida. For more information, please visit Houses.com (www.houses.com)