Seven Predictions for 2023: The Grime Edition

Welcome to yet another edition of the Seven Predictions, sure to be wrong or your money back. (Does not apply to VIP Subscriptions.) This is one of my favorite annual traditions around this time of year. For those keeping track at home, I just published my results from last year’s predictions, and my lifetime average … Read more

[VIP] Opendoor 3Q/22: I Can See Clearly Now

As most of you know, I am a big giant iBuyer bull, which means I am a big giant Opendoor bull. I am long OPEN and remain long OPEN. I have a lot of faith in the company, in the business model, in the value to consumers, and in the team at Opendoor. And even … Read more

[VIP] 3Q22 CoStar Group: The House of the Rising Sun

Last year I published a special Red Dot on CoStar after its entry into residential real estate. I subtitled it, “The Rising Sun” for a few reasons. One of them was that CoStar was the most serious entrant into residential real estate in recent memory… perhaps ever. Even Sears or Merrill Lynch (who had entered … Read more

Somebody Call 911: Thoughts on the Opendoor + Zillow Partnership

I was at Inman doing the #lobbycon thing when Opendoor and Zillow both released their 2Q/2022 earnings. So I saw the news about the multi-year exclusive partnership on the iPhone, then couldn’t really look into it until the weekend. While there are other interesting tidbits in both earnings reports and the discussions from the management … Read more

On Opendoor’s Settlement with the FTC

It appears that Opendoor has preemptively caved in to the Federal Trade Commission, agreeing to a consent order. As is usually the case, the Complaint was filed along with the Consent Order agreement earlier today. I initially thought, “Oh wow, this is bad for Opendoor.” Then I read the Complaint and the Consent Order, and … Read more

Four Horsemen of the Housing Apocalypse, Part 5: What It All Might Mean

At last, we come to the end of this dismal series. While it has been dismal, some of your emails and private messages have been very kind and encouraging. Dark these thoughts may be, but some of you share them and there is a comfort in knowing we’re not alone. (Update: but see below in … Read more

Opendoor 1Q2022: The King is Dead, Long Live the King

[NOTE: I am long OPEN and have been for a while as the self-proclaimed Biggest Bull on Market Maker iBuying in the World. None of this is investment advice or solicitation; it is education/entertainment from an industry analyst perspective.] Q1 of 2022 is when I will mark a major turning point in the history of … Read more