Opendoor revenue plunged 45% in 2020

first_img iBuyingopendoorResidential Real Estate Share via Shortlink Opendoor CEO Eric Wu (Opendoor, iStock/Illustration by Alexis Manrodt for The Real Deal)In its first earnings as a public company, Opendoor reported a 45 percent drop in revenue attributed to its pause in home-buying in the early months of the pandemic.The iBuyer generated $2.6 billion in revenue last year, compared to $4.7 billion in 2019. The company reported a net loss of $286.8 million, down from $339.2 million a year earlier.Even as it sought to rebuild its inventory during the fourth quarter, it had few homes to sell and quarterly revenue was $248.9 million, down 80 percent from $1.3 billion in 2019. Opendoor’s net loss for the fourth quarter was $87.8 million compared to $91.7 million.During its earnings call Thursday, CEO Eric Wu acknowledged the toll the pandemic took on its home-buying operation. Opendoor sold off an estimated $1 billion worth of inventory last year amid uncertainty in the market. It has since rebuilt its inventory to 1,827 homes valued at $466 million.ADVERTISEMENTNotwithstanding the turbulence of 2020, Wu said Opendoor is poised to benefit from the U.S. housing boom and adoption of digital home-buying tools. “We’ve been building Opendoor behind the scenes for this moment,” he said. “The adoption of digital products is rising sharply; real estate is no exception.”Read moreHere are the big winners from Opendoor’s IPO Opendoor’s valuation soars to $18B ahead of trading Opendoor to go public in $4.8B SPAC deal Founded in 2014, Opendoor is the leader in the nascent-but-growing iBuying sector. It makes cash offers for homes, providing sellers the speed and certainty of a transaction for a fee. Competitors in the space include Zillow, Offerpad and Redfin, among others.Last spring, nearly all of the major iBuyers suspended home-buying, citing the difficulty in valuing homes during the early part of the pandemic. U.S. home sales have since rebounded, and 2020 home sales hit a 14-year high, according to the National Association of Realtors.Opendoor went public in December after merging with a blank-check firm backed by investor Chamath Palihapitiya. The IPO valued Opendoor at $4.7 billion and generated net proceeds of $970 million. Opendoor later raised $860 million in follow-on equity.The stock has bounced around over the past few months, however. Shares closed at $31.25 on Dec. 21, its first day of trading. The stock hit a high of $38.26 on Feb. 11. But the price closed at $24.39 per share on Thursday, down 15 percent from a day earlier.During the earnings call, Opendoor said it plans to expand to 42 markets — twice what it has now — including six new markets during the first quarter of the year.In addition to working with sellers, Opendoor recently launched a “cash offer” program that allows buyers to make cash offers backed by Opendoor. “We know the market is competitive,” Wu said. “This feature, and more to come, demonstrates our ability to innovate quickly based on what we’re seeing in the market.”Asked during the call about Opendoor’s competition with Zillow, Wu replied that he’s focused on building a new sector.Contact E.B. Solomont Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address* Message* Full Name*last_img read more

Former North Shore studio of Whitney Museum founder lists

first_img Tags Gertrude Vanderbilt Whitney and her Old Westbury home (Getty, Redfin, iStock)The last remaining piece of the Whitney family’s sprawling North Shore compound in Old Westbury — which once spanned 1,000 acres and included horse stables and a McKim, Mead & White-designed mansion — is hitting the market, the Wall Street Journal reported.The six-acre property is home to Gertrude Vanderbilt Whitney’s elaborate former art studio, a 7,000-square-foot building that was converted into a five-bedroom home in the 1980s. The property was built in 1912, according to the report, and is asking $4.75 million.Whitney was a sculptor and best known as the founder of the Whitney Museum of American Art. She regularly hosted raucous parties at the studio with guests including Albert Einstein. Now, the studio space is the home’s living room and dining room, while some of the attributes that would have been attractive to an artist — including 20-foot ceilings and a north-facing skylight — remain.ADVERTISEMENTThe 1980s renovation added a larger kitchen and other amenities. The original formal gardens and swimming pool also remain. [WSJ] — Dennis Lynch Share via Shortlink hamptons-weeklytristate-weekly Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

Fifth Wall launches third SPAC to raise $250M

first_imgFifth Wall’s Brendan Wallace (right) and Andriy Mykhaylovskyy (Facebook/Fifth Wall; iStock)Venture capital firm Fifth Wall is launching another blank-check company — the third the company has founded since the beginning of the year.The Los Angeles-based firm is aiming to raise $250 million for the new special-purpose acquisition company, Fifth Wall Acquisition III. It will issue 25 million shares on NASDAQ at $10 apiece. Deutsche Bank, Goldman Sachs, and Bank of America are underwriting the deal.Fifth Wall co-founder Brendan Wallace will lead the newly formed company as CEO and chairman, while one of the VC firm’s managing partners, Andriy Mykhaylovskyy, will be the CFO.Read moreThe definitive real estate SPAC trackerCushman launches $250M SPACSonder considers going public via SPAC Message* Full Name* Fifth WallIPOproptecSPACTechnology Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Email Address* With the new blank-check company, Fifth Wall is looking to target proptech firms outside the United States, which could include real estate companies as well as adjacent industries. Previously, the venture capital firm has backed companies including Opendoor, States Title, VTS, Industrious and Smart Rent.In February, Fifth Wall Acquisition I, Fifth Wall’s first SPAC, closed its $345 million initial public offering. And Fifth Wall Acquisition II, its second blank-check company, filed in March with the SEC to raise up to $150 million in an IPO.SPACs — which raise money on a stock exchange aiming to merge with a startup — have become an increasingly popular alternative to traditional IPOs. Celebrities, venture capitalists, and real estate firms formed their own blank-check firms.The frenzy led the U.S. Securities and Exchange Commission to seek information on how bank underwriters are managing the potential risks associated with blank-check company acquisitions.Contact Akiko Matsudalast_img read more

Primary production of phytoplankton off Signy Island, South Orkneys, the Antarctic

first_imgMarine planktonic primary production was studied in Borge Bay, Signy Island, the Antarctic, during the period January 1972–February 1974. Productivity was measured in situ by the radiocarbon uptake method. In 1972–1973 and 1973–1974, respectively, 86 and 289 gC m-2 a-1 was fixed in 16.5 m of water. The seasonal production cycle consisted of a rapid increase of a diatom standing crop dominated by Thalassiosira antarctica Comber, to a peak crop of 0.381-1 m-2 standing cell volume, 605 mg chla m-2 and 23.5 gC m -2, by the first week of January. Mid-summer productivity was high, 4.8 gC m-2 d-1 being fixed on occasion but specific fixation rates were relatively low (maximum 1.12 mgC mg-1 chla h-1). In late February the standing crop declined abruptly and during the winter period productivity and standing crop was small. Productivity and standing crop was greatly influenced by light climate and water stability.last_img read more

Imaging of firn isochrones across an Antarctic ice rise and implications for patterns of snow accumulation rate

first_imgIt has been an underlying assumption in many studies that near-surface layers imaged by ground-penetrating radar (GPR) can be interpreted as depositional markers or isochrones. It has been shown that GPR layers can be approximately reproduced from the measured electrical properties of ice, but these material layers are generally narrower and more closely spaced than can be resolved by typical GPR systems operating in the range 50-400 MHz. Thus GPR layers should be interpreted as interference patterns produced from closely spaced and potentially discontinuous material layers, and should not be assumed to be interpretable as precise markers of isochrones. We present 100 MHz GPR data from Lyddan Ice Rise, Antarctica, in which near-surface (< 50 m deep) layers are clearly imaged. The growth of the undulations in these layers with depth is approximately linear, implying that, rather than resulting from a pattern of vertical strain rate, they do correspond to some pattern of snowfall variation. Furthermore, comparison of the GPR layers with snow-stake measurements suggests that around 80% of the rms variability in mean annual accumulation is present in the GPR layers. The observations suggest that, at least in this case, the GPR layers do approximate isochrones, and that patterns of snow accumulation over Lyddan Ice Rise are dominated by extremely persistent spatial variations with only a small residual spatial variability. If this condition is shown to be widely applicable it may reduce the period required for measurements of surface elevation change to be taken as significant indications of mass imbalance.last_img read more

Mass and electron densities in the inner magnetosphere during a prolonged disturbed interval

first_imgThe equatorial plasma density and composition at L = 2.5 were studied during an extended disturbed interval using field line resonance measurements (yielding plasma mass density), naturally and artificially stimulated VLF whistlers (electron number density) and IMAGE EUV observations (plasmapause position and line-of-sight He+ intensity). During the storm the plasmapause moved to L < 2.5 and at least one density notch and drainage plume formed. These features were evident in all the data sets for some days. One notch extended from 2.4–4.5 R E and spanned <4 hours in MLT. Plume mass and electron densities were enhanced by a factor of about 3. In the plasmasphere and plasmatrough the H+: He+: O+ composition by number was ∼82:15:3. However, just outside the plasmapause the O+ concentration exceeded 50%, suggesting the presence of an oxygen torus.last_img read more

The power of ecosystem monitoring

first_img1. Implementing an ecosystem approach to fisheries management requires an effective ecosystem monitoring programme, the utility of which depends upon its ability (measured by the statistical power) to detect effects that trigger management action. 2. Using data from a long-term ecosystem monitoring programme of the predators of Antarctic krill Euphausia superba at South Georgia together with a krill population model to simulate natural and fisheries induced variability in krill abundance, the power to detect the effects of different levels of fishing was examined. 3. The power to detect the effects of fishing using either the krill population or a combined predator response index was low (20-40% power after 20 years with the probability of a type I error (alpha) = 0.05). The power increased to > 50% when a was increased to 0.2 when the ability to detect change was greater with the predator response index than using the krill population itself. 4. The results indicate that although this monitoring programme has a proven ability to detect the effects of natural variability in krill abundance, its ability to detect the effects of fishing may be limited if there is a requirement for statistical significance at the 95% level. A situation where changing a produces a marked increase in statistical power, and the difference in the relative ecological costs of making type I and type II errors is likely to be high, may require a more flexible approach to choosing significance levels required to trigger management action. 5. Although long-term monitoring provides a wealth of basic ecological information it is essential to evaluate, the ability to detect specific changes in order that management action is not delayed because of an inability to detect an effect rather than the lack of an effect of the fishery.last_img read more

Energetic electron precipitation from the outer radiation belt during geomagnetic storms

first_imgRelativistic electron precipitation changes thechemistry of the upper atmosphere and depletes ozone,but the spatial and temporal distributions are poorly known.Here we survey more than 9 years of data from low altitudesatellites for different phases of geomagnetic storms. Wefind that for the outer radiation belt, electron precipitation>300 keV peaks during the main phase of storms whereasthat >1 MeV peaks during the recovery phase. Precipitation>300 keV can occur at all geographic longitudes in bothhemispheres whereas that >1 MeV occurs mainly polewardof the South Atlantic anomaly (SAA) region. The datasuggest that wave-particle interactions are strong enough toprecipitate >300 keV electrons into the bounce loss cone,but precipitate >1 MeVelectrons into the drift loss cone. Wefind that whistler mode chorus waves alone cannot accountfor the higher MeV precipitation flux during the recoveryphase. We suggest that whistler mode chorus wavesaccelerate electrons up to MeV energies during therecovery phase which are then precipitated by EMICwaves. The effects on atmospheric chemistry due to MeVelectron precipitation are more likely to occur in thesouthern hemisphere poleward of the SAA region with adelay of 1–2 days or more from the peak of the storm.Citation: Horne, R. B., M. M. Lam, and J. C. Green (2009),Energetic electron precipitation from the outer radiation beltduring geomagnetic storms, Geophys. Res. Lett., 36, L19104,doi:10.1029/2009GL040236.last_img read more

Retrieving the paleoclimactic signal from the deeper part of the EPICA Dome C ice core?

first_imgAn important share of paleoclimatic information is buried within the lowermost layers of deep ice cores. Because improving our records further back in time is one of the main challenges in the near future, it is essential to judge how deep these records remain unaltered, since the proximity of the bedrock is likely to interfere both with the recorded temporal sequence and the ice properties. In this paper, we present a multiparametric study (δD-δ18Oice, δ18Oatm, total air content, CO2, CH4, N2O, dust, high resolution chemistry, ice texture) of the bottom 60 m of the EPICA Dome C ice core from central Antarctica. These bottom layers have been subdivided in two sections: the lower 12 m showing visible solid inclusions (basal ice) and the 48 m above which we refer to as “deep ice”. Some of the data are consistent with a pristine paleoclimatic signal, others show clear anomalies. It is demonstrated that neither large scale bottom refreezing of subglacial water, nor mixing (be it internal or with a local basal end-term from a previous/initial ice sheet configuration) can explain the observed bottom ice properties. We focus on the high-resolution chemical profiles and on the available remote sensing data on the subglacial topography of the site to propose a mechanism by which relative stretching of the bottom ice sheet layers is made possible, due to the progressively confining effect of subglacial valley sides. This stress field change, combined with bottom ice temperature close to the pressure melting point, induces accelerated migration recrystallization, which results in spatial chemical sorting of the impurities, depending on their state (dissolved vs. solid) and if they are involved or not in salt formation. This chemical sorting effect is responsible for the progressive build-up of the visible solid aggregates that therefore mainly originate “from within”, and not from incorporation processes of allochtone material at the ice–bedrock interface. We also discuss how the proposed mechanism is compatible with the other variables described. We conclude that the paleoclimatic signal is only marginally affected in terms of global ice properties at the bottom of EPICA Dome C, but that the time scale has been considerably distorted by mechanical stretching of MIS20 due to the increasing influence of the subglacial topography, a process that might have started well above the bottom ice.last_img read more

On the microphysical processing of aged combustion aerosols impacting warm rain microphysics over Asian megacities

first_imgThis paper delineates the process of activation of soot or black carbon particles into cloud droplets over Chennai, India (an Asian megacity). Archaic wood-fired cooking stove emissions from crowded shantytown settlements dispense copious amounts of carbonaceous particles into the city’s atmosphere during morning and evening cooking periods. Traffic emissions also add considerably to the city’s particulate matter loads. At other times, when these sources are reduced (e.g. during non-cooking periods), a pall of residual pollution hovers above the city. This study assesses this problem definitively through process modelling studies undertaken during a typical pre-monsoonal month (October) when the levels of pollution are very high. The novelty of this paper includes a clear quantification of the percentage of activated nuclei resulting from these sources using a sophisticated cloud chemical parcel model. The results show that 85% of the soot and black carbon particles are activated into very small low-lying cloud droplets within Chennai’s boundary layer. We further show for the first time that the presence of these particles results in a slowing down of the auto-conversion process (cloud water to rain droplets). This study could serve as a pointer for other Asian Cities with a sizeable shantytown population in India and elsewhere.last_img read more