House flipping startup called open door wtf

5

zzyzzx 2022 Aug 3, 8:53am

https://techcrunch.com/2022/08/01/ftc-slams-opendoor-with-62m-settlement-over-false-advertising-claims/amp/

FTC slams Opendoor with $62M settlement over false advertising claims

6

zzyzzx 2022 Aug 3, 9:36am

Opendoor Technologies Inc. (OPEN)
$5.15/sh + 0.30 (+6.18%) As of 12:35PM EDT.
52 Week Range 4.30 - 25.33
EPS (TTM) -0.61
Earnings Date Aug 04, 2022

7

AmericanKulak 2022 Aug 3, 10:05am

Open Door should sponsor a Monkeypox San Fran Orgy

8

Booger 2022 Sep 2, 5:14pm

9 EBGuy 2022 Sep 2, 6:36pm

Here's what the property history for 3016 E Palm Ln Phoenix, AZ 85008 looks like on the OpenDoor website.
https://www.opendoor.com/homes/3016-e-palm-ln-phoenix-az-85008
History
Aug 31, 2022 For sale $409,000 ARMLS
Aug 30, 2022 Off market $409,000 ARMLS
Aug 29, 2022 For sale $409,000 ARMLS
Aug 24, 2022 Off market $409,000 ARMLS
Aug 18, 2022 For sale $409,000 ARMLS
Oct 2, 2018 Sold $235,000 ARMLS
Sep 1, 2018 Pending $235,000 ARMLS
Aug 26, 2018 For sale $235,000 ARMLS

Notice anything missing? Hate to see VCs give away money like this....
https://www.redfin.com/AZ/Phoenix/3016-E-Palm-Ln-85008/home/27515756

10 EBGuy 2022 Sep 2, 6:47pm

Talk about setting fire to piles of cash. Here's another home owned by OpenDoor. They appear to be as successful as the Zillow i-buyer program. Somebody check the algorithms...
https://www.redfin.com/AZ/Phoenix/3030-N-38th-St-85018/unit-106/home/120136369

11 EBGuy 2022 Sep 2, 7:30pm

One final one for the day.
https://www.redfin.com/AZ/Phoenix/2513-W-Carter-Rd-85041/home/28050078

12

Hircus 2022 Sep 3, 9:59am

AmericanKulak says

Open Door should sponsor a Monkeypox San Fran Orgy

Call it the "OpenBackDoor" event.

13 Blue 2022 Sep 3, 2:27pm

EBGuy says

Talk about setting fire to piles of cash. Here's another home owned by OpenDoor. They appear to be as successful as the Zillow i-buyer program. Somebody check the algorithms...
https://www.redfin.com/AZ/Phoenix/3030-N-38th-St-85018/unit-106/home/120136369

May be it just started cooling off but its not crashing yet!
# of Home sold 20% down y-o-y
Median sale price up 24% up y-o-y
There is a lot of buffer even if it crashes! Biden super inflation cycle eventually lift all the boats so does the gov debt inversely.

14 EBGuy 2022 Sep 14, 2:22pm

This will not end well for Open Door investors. As featured in Fontana CA...

https://www.redfin.com/CA/Fontana/17049-El-Agua-Dr-92337/home/3049912

15

zzyzzx 2022 Sep 19, 8:33am

Opendoor Technologies Inc Common Stock (OPEN)
$3.8501 -0.2099 (-5.17%)
Bid: $3.85 Ask: $3.86
Volume: 4,919,965
DATA AS OF SEP 19, 2022 11:33 AM ET

16

Booger 2022 Sep 19, 2:19pm

https://www.bloomberg.com/news/articles/2022-09-19/home-flipper-opendoor-hit-with-losses-in-echo-of-zillow-collapse.

Home-Flipper Opendoor Hit With Losses in Echo of Zillow Collapse
Company lost money on 42% of its August resales after it failed to anticipate slide in housing demand.

Only 42%???

17 stfu 2022 Sep 19, 2:41pm

58% of sales in August were profitable? BULLISH! Buy Buy Buy!

Where's BTC today?

18 EBGuy 2022 Sep 19, 3:04pm

I would be calling them up if they operated in the Bay Area. "Make me an offer..."

19

zzyzzx 2022 Sep 21, 8:02am

Opendoor Technologies Inc Common Stock (OPEN)
$3.4775 -0.0825 (-2.32%)
Bid: $3.47 Ask: $3.48
Volume: 5,444,541

20

zzyzzx 2022 Sep 29, 5:56am

21

zzyzzx 2022 Oct 11, 9:41am

New 52 week low!

Opendoor Technologies Inc. (OPEN)
$2.8200/sh -0.1200 (-4.0816%)

22 EBGuy 2022 Oct 11, 3:57pm

This one sold for $540,000 on September 29, 2022. So Opendoor lost over $80k on this sale alone (likely over 6 figures taking into account holding costs, commissions and sprucing up the property.

EBGuy says

Talk about setting fire to piles of cash. Here's another home owned by OpenDoor. They appear to be as successful as the Zillow i-buyer program. Somebody check the algorithms...
https://www.redfin.com/AZ/Phoenix/3030-N-38th-St-85018/unit-106/home/120136369

23

AD 2022 Oct 11, 4:58pm

EBGuy says

This one sold for $540,000

For 3030 N 38th St #106, Phoenix, AZ 85018 there is a monthly HOA assessment or fee of $295.

It was built in 2017 and sold for $407,513. It sold for $400,000 in 2019 :-(

So it went up 32.6% since 2017 based on $540,000 sales price this September.

That is about a 6% annual increase in value since 2017.

.

24

zzyzzx 2022 Oct 12, 10:54am

https://www.businesswire.com/news/home/20221010005734/en/INVESTOR-DEADLINE-Opendoor-Technologies-Inc.-Investors-with-Substantial-Losses-Have-Opportunity-to-Lead-Class-Action-Lawsuit-%E2%80%93-OPEN-OPENW

Opendoor Technologies Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

25 EBGuy 2022 Oct 12, 1:41pm

Here's another OpenDoor owned home that is a six figure loss in the making...
https://www.redfin.com/CA/Irvine/135-Neptune-92618/home/143910128

26

zzyzzx 2022 Oct 28, 6:27am

https://businessden.com/2022/10/27/nightmare-on-newton-opendoors-154k-flip-loss-illustrates-denver-woes/

Opendoor’s $154,000 flip loss illustrates Denver woes

27

AD 2022 Oct 30, 11:08pm

EBGuy says

Here's another OpenDoor owned home that is a six figure loss in the making...
https://www.redfin.com/CA/Irvine/135-Neptune-92618/home/143910128

I checked the sales history on Zillow for this home. Before selling for $1 million in May 2022, it sold in November 2016 for $552,500. The owner made some serious gains when they sold in May 2022.

A conservative or safe estimate for this home is $785,000 based roughly on a 6% annual price increase since 2016.

/

28

1337irr 2022 Oct 30, 11:31pm

ad says

EBGuy says

Here's another OpenDoor owned home that is a six figure loss in the making...
https://www.redfin.com/CA/Irvine/135-Neptune-92618/home/143910128

I checked the sales history on Zillow for this home. Before selling for $1 million in May 2022, it sold in November 2016 for $552,500. The owner made some serious gains when they sold in May 2022.

A conservative or safe estimate for this home is $785,000 based roughly on a 6% annual price increase since 2016.

/

Love me that super dependable data science algorithm!

29

AD 2022 Oct 30, 11:36pm

1337irr says

Love me that super dependable data science algorithm!

Its a SWAG but given its California, I think 6% annual price appreciation is reasonable as far as figuring out where it may bottom. So 135 Neptune in Irvine, CA will lose about 25% of value by dropping around $750,000.

30

1337irr 2022 Oct 31, 3:01am

ad says

1337irr says

Love me that super dependable data science algorithm!

Its a SWAG but given its California, I think 6% annual price appreciation is reasonable as far as figuring out where it may bottom. So 135 Neptune in Irvine, CA will lose about 25% of value by dropping around $750,000.

Call me a conspiracy theorist, I believe California could be in for a long term decline based on demographics and policies at least I feel pretty certain of that in SoCal. The Bay Area might still have some appreciation but I'm bearish.

31

AD 2022 Oct 31, 6:42pm

1337irr says

Call me a conspiracy theorist, I believe California could be in for a long term decline based on demographics and policies at least I feel pretty certain of that in SoCal. The Bay Area might still have some appreciation but I'm bearish.

Please clarify or elaborate more. You mean because it is becoming an extension of Mexico and is left wing authoritarian and dysfunctional ?

.

32

1337irr 2022 Oct 31, 7:18pm

I think the Bay Area’s tech economy is superior to Southern California based on their contribution to GDP. California as a whole lost two Congressional seats in the most recent census due to population decline. I don’t know what you mean by California being an extension of Mexico. I think California’s state government is inept.

33

AD 2022 Oct 31, 7:22pm

1337irr says

I don’t know what you mean by California being an extension of Mexico. I think California’s state government is inept.

I mean it acts as almost like Mexico in that it is corrupt and has a declining quality of life.

34

zzyzzx 2022 Nov 3, 8:38am

https://www.opendoor.com/w/blog/a-message-from-our-ceo-and-co-founder-eric-wu

It’s with a heavy heart that I share this news today. For those who missed the Open House, we’ve made the difficult decision to reduce our team by ~550 people across all functions – approximately 18% of the company.

Severance pay:
Everyone leaving will receive ten weeks of pay, with an additional two weeks of pay for every full year beyond two years of tenure.

Health care coverage:
All current healthcare benefits will remain active for the rest of the month, then we will pay for three months of health insurance.

Job transition support:
We will also offer job transition support and launch an opt-in talent directory to help departing team members connect with new opportunities.

35

komputodo 2022 Nov 3, 8:40pm

zzyzzx says

https://businessden.com/2022/10/27/nightmare-on-newton-opendoors-154k-flip-loss-illustrates-denver-woes/

Opendoor’s $154,000 flip loss illustrates Denver woes

these flippers never lose money on their deals on the TV:

36

zzyzzx 2022 Nov 4, 5:47am

37

zzyzzx 2022 Nov 4, 10:57am

38

AD 2022 Nov 5, 12:44am

Open Door is a weak company as far as debt level and profitability. And given the housing crisis now, it is going to $0 unless it can borrow money and turn its business around.
.

.

39

1337irr 2022 Nov 5, 5:57am

ad says

Open Door is a weak company as far as debt level and profitability. And given the housing crisis now, it is going to $0 unless it can borrow money and turn its business around.
.

.

It is going to get hammered a bit more on properties that don’t sell with increased taxes.

40

zzyzzx 2022 Nov 7, 7:12am