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Nov 10, 2021
, Bloomberg News
(Bloomberg) -- Zillow Group Inc. reached an agreement to sell about 2,000 properties from the home-flipping business that it’s winding down.
New York-based investment firm Pretium Partners LLC will purchase the homes, according to a person with knowledge of the matter. Zillow and Pretium representatives didn’t immediately respond to requests for comment.
Zillow, based in Seattle, announced last week that it’s pulling the plug on its tech-powered flipping operation after an ambitious effort to transform the company collapsed when its vaunted pricing algorithms proved unequal to the task. The company plans to take writedowns of as much as $569 million and reduce its workforce by 25% as it winds down the business in coming months.
The decision to abandon home-flipping came as the company’s third-quarter results showed it lost more than $380 million in the operation, called Zillow Offers. The business hit a major snag in recent months as Zillow tweaked its algorithms to make more aggressive offers, causing it to overpay for houses just as the heated U.S. real estate market began to cool slightly.
The agreement with Pretium was reported earlier Wednesday by the Wall Street Journal.
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