House flipping startup called open door wtf
invite response
2018 Jun 13, 12:05pm 9,561 views 59 comments
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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
https://www.redfin.com/CA/Fontana/17049-El-Agua-Dr-92337/home/3049912
15
zzyzzx
2022 Sep 19, 8:33am
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
$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
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%???
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?
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
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
$3.4775 -0.0825 (-2.32%)
Bid: $3.47 Ask: $3.48
Volume: 5,444,541
21
zzyzzx
2022 Oct 11, 9:41am
zzyzzx
2022 Oct 11, 9:41am
New 52 week low!
Opendoor Technologies Inc. (OPEN)
$2.8200/sh -0.1200 (-4.0816%)
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
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
AD
2022 Oct 11, 4:58pm
EBGuy says
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.
.
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
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
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
https://www.redfin.com/CA/Irvine/135-Neptune-92618/home/143910128
26
zzyzzx
2022 Oct 28, 6:27am
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
Opendoor’s $154,000 flip loss illustrates Denver woes
27
AD
2022 Oct 30, 11:08pm
AD
2022 Oct 30, 11:08pm
EBGuy says
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.
/
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
1337irr
2022 Oct 30, 11:31pm
ad says
Love me that super dependable data science algorithm!
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
AD
2022 Oct 30, 11:36pm
1337irr says
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.
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
1337irr
2022 Oct 31, 3:01am
ad 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.
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
AD
2022 Oct 31, 6:42pm
1337irr says
Please clarify or elaborate more. You mean because it is becoming an extension of Mexico and is left wing authoritarian and dysfunctional ?
.
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
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
AD
2022 Oct 31, 7:22pm
1337irr says
I mean it acts as almost like Mexico in that it is corrupt and has a declining quality of life.
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
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.
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
komputodo
2022 Nov 3, 8:40pm
zzyzzx says
these flippers never lose money on their deals on the TV:
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:
38
AD
2022 Nov 5, 12:44am
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.
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39
1337irr
2022 Nov 5, 5:57am
1337irr
2022 Nov 5, 5:57am
ad says
It is going to get hammered a bit more on properties that don’t sell with increased taxes.
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.
43
zzyzzx
2022 Nov 8, 7:12am
zzyzzx
2022 Nov 8, 7:12am
Opendoor Technologies Inc. (OPEN)
$1.5050/sh -0.2300 (-13.2565%)
As of 10:11AM EST. Market open.
$1.5050/sh -0.2300 (-13.2565%)
As of 10:11AM EST. Market open.
46
zzyzzx
2022 Nov 8, 12:13pm
zzyzzx
2022 Nov 8, 12:13pm
https://finance.yahoo.com/news/didnt-want-wait-too-long-130000623.html
'I didn't want to wait too long': Nearly 75% of pandemic homebuyers are now suffering remorse
Kingsman doesn’t believe she will ever be completely happy with her current home, mainly because she doesn’t have a designated parking spot and has to resort to parking on the street.
The previous homeowners were embroiled in a conflict with the HOA and one of the stipulations of the resulting lawsuit was that the future owner of the lot wouldn’t have access to designated parking either.
What a moron!
'I didn't want to wait too long': Nearly 75% of pandemic homebuyers are now suffering remorse
Kingsman doesn’t believe she will ever be completely happy with her current home, mainly because she doesn’t have a designated parking spot and has to resort to parking on the street.
The previous homeowners were embroiled in a conflict with the HOA and one of the stipulations of the resulting lawsuit was that the future owner of the lot wouldn’t have access to designated parking either.
What a moron!
47
zzyzzx
2022 Nov 8, 12:16pm
zzyzzx
2022 Nov 8, 12:16pm
https://www.morningstar.com/news/marketwatch/20221107282/redfin-stock-falls-as-much-as-15-after-analyst-says-sell
Redfin stock falls as much as 15% after analyst says sell
He explained that Redfin's business model prevents the company from optimizing margins when housing markets decline, and prevents it from gaining market share when markets rebound.
Redfin stock falls as much as 15% after analyst says sell
He explained that Redfin's business model prevents the company from optimizing margins when housing markets decline, and prevents it from gaining market share when markets rebound.
50
zzyzzx
2023 Mar 10, 11:23am
zzyzzx
2023 Mar 10, 11:23am
https://www.fool.com/investing/2023/03/05/the-real-estate-market-has-officially-closed-on-op/
it seems Opendoor is actually quite bad at home flipping. For example, in August of 2022 it is estimated that the company lost money on 42% of its transactions.
it seems Opendoor is actually quite bad at home flipping. For example, in August of 2022 it is estimated that the company lost money on 42% of its transactions.
53
EBGuy
2024 Nov 8, 10:58pm
Opendoor, a real estate tech company headquartered in San Francisco, announced Thursday that it will lay off 300 workers.
CEO Carrie Wheeler announced the cuts, which total 17% of Opendoor’s staff, in a letter to shareholders attached to the company’s quarterly earnings report. They continue a brutal trend for Opendoor’s staff: The company slashed 550 jobs in November 2022, and 560 more in April 2023. But the layoffs haven’t reversed Opendoor’s fortunes. The firm lost $278 million from January through September.
https://www.sfgate.com/tech/article/opendoor-layoffs-300-workers-real-estate-19900852.php
CEO Carrie Wheeler announced the cuts, which total 17% of Opendoor’s staff, in a letter to shareholders attached to the company’s quarterly earnings report. They continue a brutal trend for Opendoor’s staff: The company slashed 550 jobs in November 2022, and 560 more in April 2023. But the layoffs haven’t reversed Opendoor’s fortunes. The firm lost $278 million from January through September.
https://www.sfgate.com/tech/article/opendoor-layoffs-300-workers-real-estate-19900852.php
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https://www.cnbc.com/2018/06/13/house-flipping-start-up-opendoor-raises-325-million-series-e.html?__source=realestate%7Cnews%7C&par=realestate