Source: Highlands Ranch Herald —
The collapse of online real estate giant Zillow’s venture into home buying and selling, announced Nov. 2, can be traced, in one small part, back to its over eagerness to invest in Colorado’s red-hot real estate market.
The company bought hundreds of homes in the Front Range this summer, mostly in August and September, often paying more than what sellers were asking.
Now the company, as it folds its ill-fated Zillow Offers business of flipping homes with a promise to investors to unload roughly 18,000 homes across the country, is selling more than 500 homes in 10 Front Range counties, and more homes it purchased in October are hitting the market every day.
Zillow is slashing prices for those homes. Nearly all the properties are priced well below what the company paid only a few months — or even weeks — ago.
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