Can anyone explain this behavior in Phoenix real estate?

repeat of 2009-2013..trying to get in before "2008"

trying to offset total, capital gains

projects consolidation

pending divorce/lawsuits

More interested in the Moran that sold in July and made a 60% profit.

Blackrock losing 70k is chump change tbh, when your trying to reset.

Here's the listing:

[link to www.arizonarealestate.com (secure)]

AZ market peaked in June and depending on the zip code is cooling off fast

definitely

many reasons something like this could happen

Someone who was wrapped up in the fever of "owning a house" and then realized they bought a house in phoenix?

Minorities probably moved into the neighborhood after someone bought the place. What's a racist to do? Keep living there? Or get the hell out now before it depreciates even more?

I wanted to add some more color to this thread.

Check out this listing:

[link to www.zillow.com (secure)]

Sold on 6/30 for 642K.

Placed back for sale almost immediately and price is vomiting, now offered at 594K with a full day open house.

Turns out the property is owned by OpenDoor, a site that buys property for cash based on a 30-min showing with a mobile phone.

So I checked on OpenDoor's Maricopa County Holdings. They own 1766 properties:


[link to mcassessor.maricopa.gov (secure)]


I clicked on a handful of their properties. All for sale, all with prices dropping steadily. Most of the ones I saw were For Sale and prices below where they bought the homes.

Look out below. These fuckin' guys are massively long in a bidless market.

If they lose $50K per property @ 1766 properties, that's $88M in losses in just one county in Arizona.

The total number of sales in all of Maricopa county was 4700 in July. That number is almost certainly going to be a lot lower in August. These morons are themselves sitting on a 2-3 weeks of housing supply.

You shouldn't buy anything until these guys a belly up and puking out at fire sale prices.

Only a fool would play in this market. Its time to sit on the side lines and HOLD good deals coming very soon.

money laundering is my first thought.

.

ahhh, cash flow problem. they're selling the most
recent purchases because that's the lowest loss
and holding the rest for The Recovery.

.

It's black rock and smaller players liquidating ahead of margin calls etc.

From an economic perspective it's a very bad thing

Probably selling to a family member.

Some people do this to keep pricing on the MLS books.

Only if you are wrapped in equities or in the market. Guy's sitting on the sidelines waiting for total and pure carnage?

This is starting to look like the buy opportunity of a century.

Opendoor just lost a massive lawsuit, OP.

"Opendoor fined $62M to settle claims of cheating home sellers":

[link to www.azfamily.com (secure)]


Simply put: They're just liquidating.

I live in Arizona and I've watched the local real estate market for years, and this sort of behavior by investors and related companies isn't really unusual.

Its all tied to those behind ghost housing. China. US Govt. bought up all the housing. Causing artificial inflation then collapse of market just like they did in china. They are sitting vacant but maintained to appear they are still being lived in. People collecting mail. Yards being maintained. Cars and property all there. Giving property away on the sidewalk for free. The real question is, how many real Patriots did they genocide to invade their houses? They are posing as those people and those people are long gone.

Easy. Open Door is going down in flames. They bought speculating prices would continue to rise, but they leveled off, and in some areas, prices went down a bit. They hoped to hold the property a couple months, sell for more and make money without investing any work in the property. Open Door started to implode, they were under contract and had to buy at a price that was overpriced, then tried to dump the property asap before prices continued to drop further in an attempt to mitigate their losses.

Drug money laundering

Maybe they read the article that I did about all the vacancies that will be created in the many large Retiree Only Communities that Phoenix Host in the coming10-15 Years. Same for parts of Florida …. Or maybe that is why the Democrats want Open Borders.. to fill up all the houses and create demand…. Or like the above poster said… laundering drug money… if the listing gets swapped between accomplices… they might be taking some unreported substances in on the deal… and getting a write off to boot….

Water...wait till Vegas dries up

Bastards - don't give a damn about anyone. It's sickening.

It will hurt more when you have double lose that soon

Might have had an amount of cash change hands.

Moving the pieces around on the board, sometimes you need to cut and run. Sometimes a loss at the right time is ok.

The seller is probably very smart not to be greedy at this time. They could also be fuck that over bought.

Maybe going through a divorce. Lots of possibilities.

Did you learn something from your thread OP?

Margin call

I live in Phoenix

3 months ago I got several calls a day asking if I wanted to sell my house.

Now I get zero calls wanting my house.

what changed.

fed reserve.

Precisely what Blackrock is waiting on. The houses they have already purchased are intended as rentals. Not resale. That said, they will likely be adjusting their return models on those, but will more than recoup any losses in the upcoming “flipper” bloodbath that’s just now starting.

So, if you have a bit of cash, sit on it for now. Do the same - about 6-12 months from now.

Not sure if someone said it yet or not, but the price listed next to sold is not the sales price, but rather the listing price. More than likely there was a bidding war and the true sales price is not listed. We use zillow alot at work and I can confirm this first hand.

Maybe it's sneaky reparations.

They have been looking for work arounds for a long time.

Are those houses really sold on an open market, or do they go through banks with a special housing policy?

Artificially creating a market panic so that it sets off a wave of panic and market falls exponentially. They then get back in at far lower prices with much greater upside potential when people have to move inland. Landlords can dictate rent and create artificial housing shortages as well.