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House flipping startup called open door wtf


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2018 Jun 13, 12:05pm   8,590 views  52 comments

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Oh well, lets party like it's 2006-2008 for awhile longer yet while people run amuck.

https://www.cnbc.com/2018/06/13/house-flipping-start-up-opendoor-raises-325-million-series-e.html?__source=realestate%7Cnews%7C&par=realestate

« First        Comments 8 - 47 of 52       Last »     Search these comments

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

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
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.

.
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

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:

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.
43   zzyzzx   2022 Nov 8, 7:12am  

Opendoor Technologies Inc. (OPEN)
$1.5050/sh -0.2300 (-13.2565%)
As of 10:11AM EST. Market open.
45   GNL   2022 Nov 8, 12:08pm  

zzyzzx says




Sounds like a resounding success.
46   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!
47   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.

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