Condos.com launches as iBuying website for new development units in US

Richard Swerdlow and Neel Kawale have nearly 60 projects in Florida and California on the site

National /
Jul.July 15, 2021 12:00 PM
Condos.com founders Richard Swerdlow and Neel Kawale (Getty, Hauskey, Condos.com)

Condos.com founders Richard Swerdlow and Neel Kawale (Getty, Hauskey, Condos.com)

Condo.com founder Richard Swerdlow and Haüskey founder Neel Kawale partnered to launch Condos.com, an iBuying website for new development and preconstruction condos, The Real Deal has learned.

The partners are hoping to capitalize on growing demand for new condos and the rise of buyers embracing online shopping for real estate.

Swerdlow and Kawale said they invested several millions of dollars in Condos.com, which includes a 24/7 concierge.

Swerdlow, a Miami-based real estate and proptech investor whose other ventures include BulkCondoDeals.com, has owned the Condos.com domain for about a decade. The pandemic accelerated his and Kawale’s plans to partner on the website, as developers pivoted to virtual sales, Swerdlow said.

Condos.com follows a similar model as Kawale’s Toronto company, Haüskey, does in Canada.

Condos.com launched with about 60 projects, the majority of which are in South Florida, as well as some in California. Buyers can pay for their units using Escrow.com, Better.com, Spark, and if they want to use cryptocurrency, BitPay. Condos.com will generate revenue off of commissions and will offer commission rebates to buyers that can range from $10,000 to $100,000.

The website includes a combination of listings that are exclusive and not exclusive. The new development marketplace is fragmented and lacks transparency in its current state, with developers controlling the release of units and pricing, Swerdlow and Kawale said.
Prior to the pandemic, they often required an in-person visit to a sales center for deals to move forward.

“In new construction, developers don’t release all the inventory at once. Brokers don’t disclose all of the pricing,” Swerdlow added. “We wanted to peel the curtain back.”

They plan to expand to markets such as Austin, Nashville, Chicago and Atlanta, Kawale said. Condos.com is selling units from PMG, OKO Group, Newgard Development Group and other developers.

Unlike Condos.com, Condo.com features listings for resale units across the country. Condo.com provides weekly condo data to TRD. Last year, Swerdlow teamed up with South Florida developer Bruce Goldstein to launch Bulk Condo Deals, betting on the growing distress of condo markets in the U.S.





    Related Articles

    arrow_forward_ios
    Eric Gordon
    Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
    Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
    Big Tech locations in NYC
    MAP: Here’s a look at all the Big Tech locations in NYC
    MAP: Here’s a look at all the Big Tech locations in NYC
    What will proptech look like in 2019 and beyond?
    What will proptech look like in 2019 and beyond?
    What will proptech look like in 2019 and beyond?
    Michael Stern of JDS Development
    Michael Stern forms $200M SPAC with former Citadel analysts
    Michael Stern forms $200M SPAC with former Citadel analysts
    Rentable creates tools for property owners that streamline listing, leasing and management (Getty)
    Proptech startup Rentable secures $22M in Series B funding
    Proptech startup Rentable secures $22M in Series B funding
    45 South Grove St in East Orange (Rendering via Progress Capital)
    Hero Construction lands $20M loan to build East Orange apartments
    Hero Construction lands $20M loan to build East Orange apartments
    The rise of e-commerce, fueled by the pandemic, has created unprecedented demand for cardboard-producing facilities. (iStock)
    Cardboard demand could fuel an industrial real estate boom
    Cardboard demand could fuel an industrial real estate boom
    Revitalization Initiatives for the Hampton Bays (South Hampton Town Gov.)
    NIMBYs plague rezonings in the Hamptons, too
    NIMBYs plague rezonings in the Hamptons, too
    arrow_forward_ios

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

    Loading...