Zillow sells more homes to Pretium as home-flipping operation unwinds - Bloomberg News

[mahatmakanejeeves]

Reuters

Zillow sells more homes to Pretium as home-flipping operation unwinds - Bloomberg News

Fri, February 11, 2022, 10:40 AM · 1 min read

(Reuters) - Online real estate platform Zillow Group Inc is selling more properties to New York-based investment firm Pretium Partners as it exits the business of flipping houses, Bloomberg News reported on Friday, citing people familiar with the matter.

Pretium recently bought more than 800 properties from Zillow for nearly $300 million and has signed a roughly $150 million agreement to acquire 400 more, according to the report.

The sale comes as Zillow shifts towards becoming a "housing super app", which will integrate the currently fragmented process of buying or selling a house.

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[PortTack]

1. GD Zillow! Selling their houses to a corporation instead of just putting them on the market

Corporations will ruin those homes, put nothing in them and when they are unlivable they will abandon them ruining neighborhoods and existing home values

I will never look at Zillow again ever!

[mopinko]

2. if they are good flips, it's a good thing.

if they are cosmetic shit jobs that leave buyers w hidden crap to deal w, it's a very, very bad thing.

i've got a rental listed on zillow right now, and a realtor told me that private v realtor listings are very different. shared in different circles.

[PortTack]

3. The corporations aren't buying them to flip. They are buying them as rental properties. And, as

Mentioned, they do nothing to them allowing them to fall into disrepair ruining surround home values. It closes out ppl that just want to own a home.

Zillow bought them to flip, did little or nothing to them and drove the prices up. They are getting out of home flipping after suffering a billion+ loss.

[mopinko]

4. the article doesnt say that. it says flip

which is pretty much defined as fix-up-and-sell.
says nothing about rentals.

[PortTack]

6. Zillow was the one that was flipping as the article says..not corporations

Black rock and other corporations squeezing the middle class out of home ownership

[Hestia]

5. There are some further Laws of (Un)Intended Consequences from sales like these

Remember back oh 15 years ago or so with the Housing & Mortgage Crisis that was crammed down our throats? Flippers and other predators created their own system - MERS - to not have to pay Personal Property Taxes & Fees for the sales of homes. It decimated County Treasuries instead of topping them up, as should had happened. It's when the hollowing out and real destruction of our cities happened, i.e., no road work, no infrastructure upgrades, etc. Counties are still tied to the lack of funding and lack of Real Estate Taxes, most likely in your area. It's why a dilapidated house that is falling in is still on the PP Tax Rolls. Counties can't afford to tell the truth about what the actual Accounts Receivable (lack of) funding is/isn't and can't afford to have it come out.

What really scares me now is all the empty retail buildings sitting empty. Corps are trying to get out of paying the Empty Structure PT that is assessed. That is really going to come back and bite homeowners asses in 5 years. We'd already been assessed for the value of our home just a year or so ago and the County can't raise taxes for 5 years.

What I don't get is why Metro Plan allows for the rape and destruction of new retail spaces (bulldozers knock down each and every living thing on a lot, causing pollution via storm water run off) instead of making these "job creators" to rehab and reuse what is already out there.

Living through that first nightmare (long, personal story) of 2005-2012 of Mortgage Crisis, actions such Zoom will be our new nightmare. Actions such as in the OP need to be stopped in their tracks, 'cause you know the saying, shit rolls downhill right onto us.