[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 I had to pause when I saw the numbers from Q3. It just isn’t everyday that you see a billion dollar quarterly loss, not from a company whose market cap was only $1.6B just prior to reporting. That this came after a relatively upbeat Q2, when they cautioned about a slowing market, but said that they were making adjustments, and that they had a “fortress balance sheet” with $2.5 billion in cash is what was so surprising.

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Rob Hahn

Rob Hahn

Managing Partner of 7DS Associates, and the grand poobah of this here blog. Once called "a revolutionary in a really nice suit", people often wonder what I do for a living because I have the temerity to not talk about my clients and my work for clients. Suffice to say that I do strategy work for some of the largest organizations and companies in real estate, as well as some of the smallest startups and agent teams, but usually only on projects that interest me with big implications for reforming this wonderful, crazy, lovable yet frustrating real estate industry of ours.

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