RealEstate.com Gold Rush

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

There is a lot of buzz on AR about RealEstate.com. The guys are actively selling the ownership of a whole city. Sounds enticing.

So, I am on RealEstate.com.

I type “Daytona Beach”. Then in property type I pick “Condo/ Townhouse”

18 results. 5 of those are condo-hotels, which is a very different animal.

4 are not in Daytona Beach, but in Daytona Beach Shores, and 1 in South Daytona, which is clearly stated in the address.

So far we have 8 out of 18, which are actually in Daytona Beach, and are condos/townhouses.

Daytona MLS shows 225 condos/townhouses in Daytona Beach active today.

Why is such discrepancy? Well, if you scroll all the way down, you will see the disclaimer, “The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange of the Flagler County Association of REALTORS.”

There is no surprise. Daytona Beach is not in Flagler County. It is in Volusia County.

I am trying to understand how the whole notion of buying a city can work and do not see it.

Take Miami as example. There are several municipalities with this name.

There is Miami (returns 804 Mil records on Google), North Miami (259 Mil), Miami Beach (270 Mil), North Miami Beach (133 Mil), Miami Gardens (42.4 Mil). If the price is the same, do I need to continue with my rhetorical question which to buy?

I know that they say the site would be up and running in February, so we need to wait till February. Are we expected to sign for 6 months while the site is not going to be up and running until February?

And what if February is a wish and not a reality, and it would take another couple of months just to launch it, and then another couple of moths to fix the bugs, so, by the time it is up and running, my $894 are gone with doing nothing to me. Are we in research and development of the product? If there are about 8K AR members who buy a city, ML would have paid for the domain already.

Is this what we are here for?

Also, is everything on the Internet a lie nowadays? RealEstate.com would have only one expert for a whole city… Sounds so nice… but show me BS which does not sound nice...

So, now there will be one “expert” for Miami, there will be one “expert” for Manhattan, one “expert” for Los Angeles, one “expert” for Chicago, one “expert” for Atlanta…

Take me, for example. I am in a much smaller place. If I buy a city of Daytona Beach, I become touted as the expert for Daytona Beach. Am I? It is not by the product, and if it were, I would fight for being a condo expert... It is still a pretty serious stretch, but at least closer to the truth than an expert for Daytona Beach.

And who would have chutzpah to call themselves an “expert” for Miami. Even an “expert” for Miami condos?

So, in essence, the “experts” are just people who paid, and their “expertise” having little to do with their knowledge, abilities, as what they got is too big to chew for any mortal.

This is one side. There is another side. What about these small cities and towns, where agents work in several of them. There the opposite may occur, the city they “bought” may not give them back enough. But buying a neighboring city would cost them double… or triple.

I am trying to see the genius behind it… so far I see readiness to start shoveling money….

Do you see the genius? Or a gold rush?

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Rainer
90,359
Maya Swamy
Funds Available - Long Beach, CA
Ph.D. Long Beach, CA - fundsavailable.com

John - my thoughts exactly except I was too repelled toeven write about it

Dec 09, 2011 10:34 PM #1
Ambassador
543,889
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- Concierge Service - Atlanta, GA
Timesaving Strategies for Atlanta Sellers & Buyers

Dear Jon,

I am trying to look at it as TERM INSURANCE.
Once that term's over - it is gone!

Still mulling over the offer for my area.

Have a happy day -
Lynn

Dec 09, 2011 10:46 PM #2
Rainmaker
515,088
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan, NYC

Three calls this week from different sales people.  They are selling an ad. An ad is just an ad. An expensive one with no data or track record to justify rate. It doesn't make one an expert. The ad shows up adjacent to the listing with the listing agents name. Most people will switch over to the source. National websites are not very relevant in my market. We have better local ones.

Dec 09, 2011 11:09 PM #3
Rainmaker
494,252
C. Lloyd McKenzie
Prudential Allstar Realtors - Albuquerque, NM
MBA - Prudential Allstar Realtors -

Good Evening Jon:

Great Post...I received one such call from a gentleman about this thing today.  I have drafted up a blog post an will be ublishing it tomorrow.  Itis amazing how the buzz happens.  I am still not in. Not going to chase good dollars after bad ones

 

Dec 09, 2011 11:37 PM #4
Rainmaker
2,008,545
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Jon, my area isn't even covered by RealEstate.com.   I'm suggesting this, but i doubt it will be featured.

Dec 10, 2011 08:15 AM #5
Rainer
38,773
I Pike
Ormond Beach, FL

Jon - from what I read it is gold rush. I did not smell the genius.

Dec 10, 2011 10:29 AM #6
Ambassador
1,356,255
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Maya - welcome to the club. Not that I am happy with it, of course. If the sale operation look brainless, why do we expect the product to be of a genius?

Dec 10, 2011 11:03 AM #7
Rainmaker
629,519
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

I decided not to pursue this - just another "lead" generator except that this time it's back by Active Rain.  I was very disappointed about the whole thing but I guess that's progress.

Dec 10, 2011 01:35 PM #8
Ambassador
1,356,255
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Lynn - it is not for nothing, and so far I know what they want from me, but I have no clue what they give me in return for that money

Dec 10, 2011 03:06 PM #9
Ambassador
1,356,255
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Mitchell - I guess this is all it is. But sounds so enticing. you "own" the city... How come you do not want to "own" New York City? (LOL)

Dec 10, 2011 03:07 PM #10
Ambassador
1,356,255
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

C. Lloyd - I read your post and left a comment.

I do not know the answer yet. I sort of torn between the wish to "control" my city and the cost of this wish, which can be pretty selfish and silly

Dec 10, 2011 03:20 PM #11
Ambassador
1,356,255
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Gabe - strange. As long as blogging is not part of RealEstate.com, his should not be a problem. Will they resolve it? It is a good question. If they are dealing with local association to get the data, it is such a headache.

Dec 10, 2011 03:23 PM #12
Ambassador
1,356,255
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Inga - what is wrong with your sense of smell? (LOL)

Dec 10, 2011 03:23 PM #13
Ambassador
1,356,255
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Margaret - I can understand.

Dec 10, 2011 03:24 PM #14
Rainmaker
825,887
Nicholas Goglucci
South Florida Real Estate & Development, Inc. - Pompano Beach, FL
The Listing Whisperer

I received three phone calls from a representative stating that I am a top producer on Active Rain, why? Because of the points, which by the way doesn't mean anything but I blog alot. It doesn;t make me an expert, closing sales makes me the expert. Do they have the ability to see the results of those they praise as being experts?

Dec 11, 2011 09:06 AM #15
Rainmaker
825,887
Nicholas Goglucci
South Florida Real Estate & Development, Inc. - Pompano Beach, FL
The Listing Whisperer

Suggested again - but somehow we will have a look see as to who will be featured this weekend...

Dec 11, 2011 09:07 AM #16
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Jon Zolsky, Daytona Beach, FL

Selling Daytona paradise for heavenly good prices
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