New Online Marketplace Plands To Be The "eBAY" Of The Red-Hot Condominium Market

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Contact: Anne Kazel-Wilcox

June 15, 2005                                                         

Gold Coast Communications

(561) 741-1010              

akazel@goldcoastcommunications.com

 

 

NEW ONLINE MARKETPLACE PLANS TO BE THE "EBAY" OF THE RED-HOT CONDOMINIUM MARKET

USCONDEX Globalizes Buying/Selling; First Ever Real-Time Online Purchases

 

Miami, Fla. - U.S. Condo ExchangeT, LLC today announced the launch of USCONDEXT ("USCONDEXT"), a revolutionary online marketplace dedicated exclusively to condominium sales and purchases in the U.S.  The online exchange, www.uscondex.com, brings together buyers, sellers, brokers and developers to one central marketplace where condos can be researched, negotiated and purchased online 24-hours a day from anywhere in the world. USCONDEX offers buyers and brokers exhaustive research capabilities so they can make the most educated purchase possible; the service provides sellers cost-effective access to a large and targeted, worldwide customer base and offers developers and financial intermediaries objective data for development and underwriting decisions.  The U.S. Condo Exchange's mission is to increase market liquidity in the rapidly proliferating condominium market while adding a level of standardization to democratize and revolutionize the buying and selling of condominiums.

 

"USCONDEX will forever change the way people sell, buy and compare condo opportunities," said Richard Swerdlow, Chief Executive Officer of the U.S. Condo Exchange. "The rapid growth in the condo market has led to confusion due to a lack of consistent data for comparing existing developments, pre-construction properties and condo conversions. USCONDEX will change all that by creating a level playing field on which all participants will benefit from increased knowledge."

 

There are three significant factors that distinguish USCONDEX in the real estate marketplace. First, transactions can be consummated completely online in real time at www.uscondex.com. Second, USCONDEX is dedicated exclusively to the condominium industry, as condominium buyers and sellers have unique, identifiable needs separate and apart from single family homebuyers. That singular focus sets USCONDEX apart from the majority of online real estate sites which mix various real estate property types. Third, USCONDEX already has over US $5 billion of condo inventory onsite.

 

James Haft, Chief Financial Officer of U.S. Condo Exchange stated, "We plan to be the eBay of the condo market, commoditizing condominiums so they are easily exchanged in an informed marketplace. From day one we are enabling the global community to view and purchase condos in the Florida market. We will be adding new markets first domestically, and then internationally, to become a truly global marketplace of buyers and sellers."

 

With real time buying, a singular focus on condominiums and unmatched inventory, USCONDEX plans to transform the condo market into a centralized and efficient marketplace. Part of that standardization will be derived from the easy to navigate, user-friendly site that includes convenient side-by-side condo comparisons, with easy comparison being a hallmarks of the success of online marketplaces, creating educated buyers and faster sales.

 

A vast array of resources on the exchange further enhances informed decision-making. USCONDEX offers everything from condo buying tips, comparative market studies, an affordability calculator and mortgage pre-qualification, to information on pre-construction investing, condo hotels and 1031 exchanges, a metric converter, a currency converter and even assistance in relocating or complying with income tax declarations for non-residents.

 

For international market participants, USCONDEX can instantly calculate the cost of a condominium into any currency in the world, from the Hong Kong dollar or Venezuelan Bolivar to the Euro, or convert the condo's square footage to square meters. USCONDEX will serve as a one-stop marketplace where buyers, sellers, developers and financial intermediaries can access virtually every possible piece of data they need for informed decision making right there, right online. The exchange will also direct participants to everything from Condo inspectors, lenders, escrow agents, the nearest doctor, grocery store or schools, to the closest golf course, movie theatre or houses of worship.

 

Already, 71% of web-enabled homebuyers use the Internet to shop for a home, according to a survey by the National Association of Realtors, and that number is growing. An overwhelming majority of real estate brokers also said that the Internet makes their job easier by educating buyers. Now, with USCONDEX, buyers can enter into definitive agreements online, where contractual forms may also be found. And while brokers and developers are expected to rely heavily on USCONDEX for marketing, sellers can also self-list starting at just $149 per month.

 

USCONDEX unveils its marketplace beginning with over $5 billion in South Florida condominiums on the exchange. A subsequent nationwide rollout is planned to include Florida statewide, Las Vegas, New York, Southern California, Seattle, Boston, Atlanta and Houston. Plans for a EuroCondex, AsiaCondex and LatAmCondex (Latin America) are expected to follow.  

 

Already, USCONDEX has some of the most prestigious and recognizable financial services providers in the nation as online partners including Bank of America and Equifax.

 

USCONDEX was founded by principals of Miami-based Swerdlow Group, one of the preeminent real estate development firms in the Southeastern U.S., and Pacific Alliance Limited, LLC, a New York-based merchant bank specializing in e-commerce, communications businesses, technology and emerging markets. The exchange, www.uscondex.com, brings together buyers, sellers, brokers and developers to one central marketplace where condos can be researched, negotiated and purchased 24-hours a day from around the world. USCONDEX offers buyers and brokers exhaustive research capabilities to make educated purchases; it provides sellers cost-effective access to a large and targeted, worldwide customer base; and it offers developers and financial intermediaries objective online real time marketing tools and data for condo development and underwriting decisions. The firm's offices are located in Miami and New York City.

 

 

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