Zillow buys the MLS of the Hamptons

HREO will be the yin to StreetEasy's yang, says Susan Daimler

New York /
Jan.January 13, 2017 02:50 PM

New York City isn’t enough for Zillow — it’s taking on the Hamptons too. Under its StreetEasy subsidiary, the real estate database company acquired prominent Long Island real estate portal Hamptons Real Estate Online, or HREO.

Terms of the deal were not disclosed, according to Investopedia.

As part of the acquisition, Zillow will also own software that HREO offers to real estate professionals for listing management and distribution, called RealNet and Open RealNet Exchange.

HREO and StreetEasy are “intrinsically linked to one another,” StreetEasy general manager Susan Daimler said in a statement. “[T]he Hamptons and NYC. It’s a natural pairing.”

Seattle-based Zillow acquired StreetEasy for $50 million in 2013, and bought out its closest competitor, Trulia.com, for $2.5 billion in 2015, after which its revenue rose by over 300 percent. The company’s stock price jumped 63 percent in the last year, and it turned a profit by the third quarter of 2016.

Zillow coughed up $130 million in June to settle a lawsuit with Move Inc. and the National Association of Realtors, which sued the former over alleged theft of trade secrets after it poached two Move execs in 2014. [Investopedia] — Cathaleen Chen


Related Articles

arrow_forward_ios
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Placeholder image
Zillow to pay $50M for StreetEasy
Zillow to pay $50M for StreetEasy
(Illustration by The Real Deal with Getty)
Contracts for Hamptons, North Fork homes fall 50%
Contracts for Hamptons, North Fork homes fall 50%
East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
Hamptons town could buy former department store land to build homes
Hamptons town could buy former department store land to build homes
Alibaba Group's Michael Evans with 1080 and 1100 Meadow Lane (Zillow, Getty, Alibaba Group)
Alibaba prez scores $66M for oceanfront Hamptons properties
Alibaba prez scores $66M for oceanfront Hamptons properties
(Getty, Americasroof/CC BY-SA 3.0/via Wikimedia Commons)
Amagansett leads U.S. in home price appreciation
Amagansett leads U.S. in home price appreciation
160 Ox Pasture Road (Tim Davis Hamptons)
Southampton’s Linden Estate trades for $70M in long-awaited sale
Southampton’s Linden Estate trades for $70M in long-awaited sale
(Illustration by The Real Deal with Getty)
Hamptons, North Fork pass affordable housing fund
Hamptons, North Fork pass affordable housing fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...