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Zillow Acquires StreetEasy, Goes Vertical, Literally

Posted By Jonathan Miller On August 19, 2013 @ 10:41 am In Analysis & Research,Bloomberg News | Comments Disabled

I was reading my twitter feed and it just jumped out at me: Zillow announced their acquisition of StreetEasy [6] for $50M in cash. I also heard it simultaneously on the show Bloomberg Surveillance [7]. Their CEO Spencer Rascoff [8] will be on the show tomorrow morning to talk about the acquisition [9].

While there will be lots of prognosticating about Zillow [10]‘s entrance into the NYC housing market through a heavily used resource like StreetEasy [11] (Zillow was here already, just not taken very seriously).

I think there’s a bigger story for Zillow. If Zillow leverages the StreetEasy data presentation model [12], Zillow will be shaking up the housing market real estate information space across the US.

Think highrise urban housing markets – I call them “vertical” markets (not to be confused with “vertical” in marketing parlance).

• All national data aggregators and brokerage companies haven’t yet figured out vertical housing markets yet in terms of their presentation of information.
• MLS systems remain firmly single family orientated and have yet to present data in highrise markets in a visually logical way – ie co-ops and condos. Symbolic of the general primitiveness of MLS systems in handling multi-unit housing, one MLS system in the NYC metro area still tags “co-ops” as “condos.”

Kudos to Streeteasy for shaking up the market from day one. When they launched, StreetEasy became the housing data resource of choice for most in NYC. I met most of the team a while back and I was impressed with how a small group of people could really shake things up in a huge market. While presenting clean data in a very dirty data environment continues to be a challenge, I think their greatest contribution to the housing market has been how they displayed their information – in a way that consumers screamed for.

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URL to article: http://www.millersamuel.com/zillow-acquires-streeteasy-goes-vertical-literally/

URLs in this post:

[1] @StreetEasy: https://twitter.com/streeteasy

[2] http://t.co/iDdfELDNzN: http://t.co/iDdfELDNzN

[3] #NewYork: https://twitter.com/search?q=%23NewYork&src=hash

[4] #RealEstate: https://twitter.com/search?q=%23RealEstate&src=hash

[5] August 19, 2013: https://twitter.com/zillow/statuses/369413147179769856

[6] Zillow announced their acquisition of StreetEasy: http://investors.zillow.com/releasedetail.cfm?ReleaseID=785901

[7] Bloomberg Surveillance: http://www.bloomberg.com/video/bloomberg-surveillance/

[8] Spencer Rascoff: http://www.zillow.com/corp/WhoWeAre.htm

[9] about the acquisition: http://www.bloomberg.com/news/2013-08-19/zillow-paying-50-million-for-real-estate-website-streeteasy.html

[10] Zillow: http://www.zillow.com

[11] StreetEasy: http://www.streeteasy.com

[12] StreetEasy data presentation model: http://streeteasy.com/nyc/building/15-central-park-west-new_york

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