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Craigslist.org, the on-line social networking website for the Craigslist Communities announces that it can begin offering properties on its New York website. Over the past 12-month period, New York's Listing Services district has seen a 33 per cent rise in its unprecedented per month usage, a doubling of its housing offers and a tripling of its property sales lists, a development that could have an impact on the property ad space which is more than $60 million in revenue per year for subway newspaper and websites.
Following the recent divestment of a 25 per cent interest of the Bay Area firm to the eBay on-line auctions, the fee also attracts the interest of observers looking to take a step towards a profitable business. Housing offers are particularly prone to duplication of effort as porters are always trying to keep their offers up on the page, he says.
The New York website was welcomed by the dotcom crowd in mid-2000 and now receives more than 1.2 million Unique User per months, up from 900,000 in October last year. During the same time frame, the location now receives 400,000 new housing offers per months, twice as many as in the previous year.
Unparalleled offers per months have risen to 40,000, up from 20,000 a year ago. Whilst most home hunting enthusiasts use Craigslist to find lettings, the site's real estate ads have risen from 9,000 a year ago to 30,000, and their one-of-a-kind sales records are now valued at 3,000 per month, compared to about 1,000 per month in October 2003.
"He says, "We believe we see a lot of great housing offers that are higher than any other New York class. The New York Times and The Village Voice, two of the most sought-after resources for offers in the five counties, did not deliver ad traffic, although officials from both newspapers say the free subscription does not threaten their position.
Times dominate about 80 per cent of property reclassified earnings in the New York City area, according to Liron Razak, an unaffiliated counselor who said a conservative valuation of his property reclassified earnings was about $910,000 a week, or $47. 3 million a year. As a Times spokesperson said, the document does not reveal the percentage of its revenue that comes from printed ads compared to on-line ads.
"are monopolizing the New York Times when it comes to printed advertising," says Razak. Jason Krebs, NYTimes.com VP of Sales and Marketing, says The Times immersed itself in 1999 in on-line publicity. Serving a more ubiquitous Manhattan store, The Voice packs its printed and on-line ads automaticly, says Jessica Bellucci, a spokesperson for the free newspaper.
Prices vary from $17.49 to $11.08 per line, based on the number of ad placements. Whilst printed titles have adjusted to an on-line classifieds audience, some broker say the New York Times' branding will protect the business from on-line intruders. "Lots of publicity is done by the salesman, and the dominant position of the Time will not shift until the salesmen stop thinking that an ad in the Sunday New York Time' classification section is no longer worthwhile," says Karen van de Vrande, Douglas Elliman's VP of Communications and marketing.
Says Sreenivasan he now hears from Craigslist as a resource for industrial property deals and residential leases.