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They have sold 7000 of their homes to an Institutional Investor. Not sure who but it will be interesting to see what happens if they hold, lease or put on the market.
They have sold 7000 of their homes to an Institutional Investor. Not sure who but it will be interesting to see what happens if they hold, lease or put on the market.
The inevitable end of this fiasco.
If the houses are not sold, Zillow overpaid to take a bunch of houses out of the owner-occupant market.
I was just perusing their homes for sale. It’s really almost mind blowing seeing as how they sometimes paid $50k over asking price a few months ago and now Zillow has lowered said asking prices either at or below what they paid. I mean, this smells as fishy as the Atlantic Ocean.
I guess they can take off the loss on taxes. In hot neighborhoods compared to years or decades ago they did help walk up the prices.
I guess they can take off the loss on taxes. In hot neighborhoods compared to years or decades ago they did help walk up the prices.
Corporations that are losing money don't pay taxes. Heck, in America, numerous corporations that are making billions and billions of dollars in profits don't pay taxes either.
Apparently Zillow and other i-buyer firms collectively only hold about 1.0 percent of the total home inventory nationally. Granted in some markets that ratio is higher (3 to 6 percent). Still, not a very large amount overall.
The the main drivers of the strong residential market: low interest rates, low inventory, people seeking more space while working from home and a demographic spike (a large cohort of millennials entering peak home-buying years).
Location: Was Midvalley Oregon; Now Eastside Seattle area
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DS worked for Zillow 2013-2019, just short of 6 years. One day in early Feb 2019, he was called into an office and fired, without cause and no reason given. He was looking for another position within Zillow and was accepted by other groups he had worked with on-loan capacity. He's a researcher and got loaned out a lot. In the last 6 months or so, he got a new direct supervisor and new group manager. DS was on the hiring committee for both. He was denied transfer. I kinda suspected that he was canned because his new managers came from the same company and kinda jealous of his salary and stock options accumulated over the 5 years. DS made a few trips to AZ to help out the new group, and offer OfferPad and OpenDoor data services.
Now I think his demise at Zillow came about in the Rascoff-Barton face off. He was just part of the fallout in the battle.
Zillow's Seattle office have a stupendous view, but maybe inauspicious (used to be the Washington Mutual Building). DS had desks on multiple floors and with a view of Mt Rainier and another of the Sound.
DS commented to me that 2019 was his biggest year in Income, to date: Severance Pay. Unemployment compensation (it took him a full 6 months before he found something and at reduced pay), and Airbnb income. He stayed at our place in Redmond or did more camping to free up his Seattle townhouse.
Just an interesting story.
(5 years in a technology job, is a long time.)
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,080 posts, read 7,527,706 times
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I asked DS how can Zillow afford buying and flipping houses?
"There is some big banks/money."
I think Barton/Zillow got called.
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