Chuck Ponzi January 30th, 2007
Last year, I surmised that we’d just about heard the end of Condoflip.com with my post of Condoflip + 6 months = Condoflop.
Then, after a little over a month, the Panic Buttons appeared and I thought I might have to eat my words in my Panic Attack! post.
In markets, timing is much more difficult than direction and this was no exception.
In the original announcement of Zilbert Realty’s Condoflip.com in June 21, 2005, Mark Zilbert stated:
Condo Flip(TM) could become the most significant advancement in real estate technology since the Multiple Listing Service (MLS) concept was introduced for residential resales.
Fancy that.
What we find most interesting interesting is the prophetic vision of the original article’s statements:
Zilbert developed Condo Flip(TM) to allow flippers to get a head start - sometimes by a few years - on the resale of their condos, rather than wait until the “last minute” where panicked selling is more likely.
and
To avoid “selling panic” that sometimes occurs when a flipper cannot sell their condo, Condo Flip(TM) will allow a flipper to offer dramatic price reductions, but in a controlled and deliberate manner. Would-be buyers are able to receive notifications when dramatic price reductions occur in Condo Flip(TM), and this should allow reduced-priced condos to sell quickly.
“By managing and distributing price drops, we should be able to minimize condo inventory being dumped on the market, which can have a significant impact on overall market values,” Zilbert said.
It was 10 months later that the “Panic Buttons” appeared on the site.
Until recently, it actually appeared to be able to connect buyers and sellers.
Today, all but one link is a dead-end. The live link leads back to the Zilbert Realty homepage. It would seem the site has Condoflopped.
In likewise uncanny foresight, my original post on the matter stated:
I am certain that they have since realized that disintermediation of their own business would mean that they would no longer be getting fat commission checks on fewer transactions, but thinner commission checks on far more transactions. Doesn’t work if there aren’t any transactions coming through.
So it is.
Sometimes superior ideas take a while to catch on.
Sometimes crummy ideas just fall flat on their faces.
