It kills me that I looked at shorting that stock at the end of last year in the mid $20s. Oh well, money to be made elsewhere.
Someone could buy them out I guess for the properties they own. Interesting that redfin is the agent selling some of their properties.
This is what they own in JUST maricopa county:
I just don't understand why they didn't learn from zillow. They just kept buying until very recently.
Because ALGO! They are going bankrupt just like Zillow's iBuyer division. I saw 4 price drops of their Irvine owned homes yesterday and they are already down 5-10% from their purchase price.
I think they have big fees when they buy something. (more than if you just went to a regular agent and then there is the commish they makes selling). Still losing on every property and having carrying costs seems to be not such a good thing. LOL! At least in AZ their carrying costs are MUCH lower than Irvine. I just paid my property taxes............. less than $700 for the entire year. Next year they will probably be full value so less than $2000. Since they just bought all these properties, they are probably paying even less than I did (lots of lower cost homes in lower cost areas).
I tried to buy a house from open door in December. We couldn't get in to see it! I met the realtor at the house, she had to CALL to get a code to get in and there was only a recording saying they are closed on weekends! Told the realtor, this is ridiculous. There is a spec home from the builder. Lets go get that.
Tay Mo is their own worst enemy, imo. I get emails from them several times a week and not a week goes by they don't have another opening for another neighborhood. So I went to the sales office here, WHY!? They said they can't stop building because it becomes a supply issue later. LOL! I said well it is a supply issue NOW! LOL! They don't seem worried.