Speaking of this last unit, Zillow bought it for $700K in Nov 2021, and withdrew the listing at $625K last month. Then they sold it to Opendoor for $354K. I haven’t pulled comps, but it’s not hard to imagine a fat discount that’ll look good on paper for Opendoor in the future.
And here’s a piece I wrote about their exit. Their failure wasn’t about market conditions, but strategy. In other words, this wasn’t about them foreseeing the future and knowing the market would change due to rates being at 7%.
Originally tweeted by Ryan Lundquist (@SacAppraiser) on October 5, 2022.
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