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Industry News

Who Bought eNeighborhoods?

February 7, 2002

Original Founders Reclaim Ownership Of Neighborhood Info Service

Inman News Features

A new company called Siegel Enterprises announced today it has purchased eNeighborhoods from Westlake Village, Calif.-based Homestore.

Philadelphia, Pa.-based Siegel Enterprises, which aims to be known as "Siegent," was founded by Stuart Siegel, Jerry Meyer and David Meyer--the same threesome who founded eNeighborhoods, then known as Lysias, in 1996.

ENeighborhoods merged with and QSpace in February 2000 and changed its name to iPlace. Homestore bought iPlace in August in a $151 million deal comprised of $73 million in cash and $78 million in stock.

Siegel said today the eNeighborhoods founders are "excited about the opportunity to get eNeighborhoods back from Homestore."

Homestore yesterday announced the sale of eNeighborhoods, but didn?t reveal the identity of the buyer. Neither company has disclosed the purchase price or any terms of the acquisition. The sale includes only the eNeighborhoods business unit, not the whole of iPlace.

Siegel Enterprises also reported its recent acquisition of HomeData Corp., a LaGrangeville, N.Y., company that compiles data about recent home buyers and sells targeted direct mail and telemarketing lists of those individuals.

ENeighborhoods gives real estate practitioners access to neighborhood information, including schools data, home values, crime rates, cost-of-living and other demographics. Real estate agents can use the data to market their services by providing neighborhood reports that can be printed, sent by e-mail or posted on a Web site, according to the company.

Copyright: Inman News Service

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