[VIP] 3Q22 CoStar Group: The House of the Rising Sun

Last year I published a special Red Dot on CoStar after its entry into residential real estate. I subtitled it, “The Rising Sun” for a few reasons. One of them was that CoStar was the most serious entrant into residential real estate in recent memory… perhaps ever. Even Sears or Merrill Lynch (who had entered real estate back in the 70s and 80s, only to exit) were not as significant an entity as CoStar in my judgment. I thought CoStar’s entry signaled the dawn of a new era in real estate portal wars.

Well, we’ve heard very little from CoStar in the intervening months. Sure, there was the big party in San Diego with a Keith Urban concert, but those were the heady days of 2021! Yes, CoStar acquired Homes.com but ignored that; Homes.com was such a distant laggard in the portal race that it would have been roughly the same thing if CoStar had acquired some small brokerage website.

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-rsh

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Rob Hahn

Rob Hahn

Managing Partner of 7DS Associates, and the grand poobah of this here blog. Once called "a revolutionary in a really nice suit", people often wonder what I do for a living because I have the temerity to not talk about my clients and my work for clients. Suffice to say that I do strategy work for some of the largest organizations and companies in real estate, as well as some of the smallest startups and agent teams, but usually only on projects that interest me with big implications for reforming this wonderful, crazy, lovable yet frustrating real estate industry of ours.

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