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Zillow iBuyer program officially ends as last homes leave the market

 Zillow iBuyer program officially ends as last homes leave the market 

                                        (from Inman Connect)

A year after announcing it would abandon its iBuyer program, Zillow has offloaded the last of the homes it bought with Zillow Offers, marking the end of a major chapter in real estate historyNearly a year after Zillow shocked the real estate world by announcing it would abandon its iBuying program Zillow Offers, the company has finally and officially bowed out of the home flipping business.

A Zillow spokesperson confirmed the end of the program, saying on Thursday when Inman reached out that the company now no longer has any homes listed for sale. The comment comes about two months after Zillow’s most recent earnings report, at which time the company said it still had 71 homes to sell. Company leaders said at the time of the report that they would be done selling those houses by the end of the third quarter of this year, which wrapped up last week.

Zillow did not say exactly when or where the final Zillow Offers home sold. The “listed for sale” language is also notable, as it implies that there may still be contracts that are yet to close. The company did not provide additional information.

Still, the fact that all of Zillow’s inventory is gone from the market marks the end of a significant chapter in the history of iBuying.The concept — quick cash offers from a big company, which then renovates and sells at a profit — began with Opendoor in 2014. Zillow jumped into the game in 2018, and quickly became the second largest player in the segment. IBuying also became a center piece of Zillow’s “Zillow 2.0” initiative, which was meant to grow the company beyond its traditional roles as a portal for consumers and a lead source for agents.

                                                Rich Barton

But buying, renovating and reselling homes proved to be a challenging business, and just in 2021 the company lost $881 million on the venture. The year before, it lost $320 million.

By last August, the company had enough, with CEO Rich Barton saying in an earnings report that “we’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.” Barton later explained during a call with investors that Zillow simply wasn’t able to predict the future prices of homes “to a level of accuracy that makes this a safe business to be in.”

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MUST READ - Everything You Need to Know About HOA’s - The Good, The Bad and The Ugly!

Homeowner’s Associations- Friend or Foe

 

When they are run properly and conscientiously, they make your home, your community and your life a “walk in the park”.  When they aren’t, the community becomes the 7th Circle of Dante’s Inferno.  Here’s an article that can provide a theoretical Ground Zero for your understanding.

Everything You Need To Know About HOA’s - The Good, The Bad and The Ugly

Champlain Towers South Collapse - The Aftermath (Milestone Inspections and Structural Integrity Reserve Studies)

On June 24, 2021, at approximately 1:22 a.m. EDT, Champlain Towers South, a 12-story beachfront condominium in the Miami Beach suburb of Surfside, Florida, United States, partially collapsed. Ninety-eight people died. Four people were rescued from the rubble, but one died of injuries shortly after arriving at the hospital.

 

In the aftermath of this horrific tragedy, the State of Florida has responded by passing Chapter 553 Section 899 of the 2022 Florida Statutes (https://m.flsenate.gov/Statutes/553.899) mandating what are referred to as “Milestone Inspections” targeting the structural integrity and safety of condominiums and cooperatives of 3 stories or more and 30 years or older. If the building is located within 3 miles of coastline, the age threshold is 25 years or older. Also, the Milestone Inspection must be conducted every 10 years after the building’s 30th birthday ( every 7 years after the building’s 25th birthday if within 3 miles of coastline).

When does it take effect?: December 31, 2022

Are milestone inspections required for all buildings in Florida three (3) stories or more in height?

a. Milestone inspections must be performed by December 31 of the year the building reaches 30 years in age, based on the issue date of the building’s certificate of occupancy, and every ten years after that.

b. Buildings within 3 miles of the coastline must perform a milestone inspection by December 31 of the year they reach 25 years in age and every seven years after that.

4. When has the State required the milestone inspections to begin?

a. Buildings with a certificate of occupancy issued on or before July 1, 1992, must have the initial milestone inspection performed before December 31, 2024.

b. All others follow the year based on the issue date of the building’s certificate of occupancy mentioned in question 3. 

5. Who is responsible for the cost of the milestone inspection?

a. Condominium and cooperative associations are responsible for the scheduling and costs associated with the milestone inspection.

6. What type of inspection takes place in the milestone inspection?

a. Milestone inspection means a structural inspection of a building’s primary structural systems.

7. Who can perform the milestone inspection?

a. Milestone inspections must be performed by a Florida licensed engineer/architect who must attest to the life safety and adequacy of structural components of the building.

8. What should be determined in the milestone inspection?

a. To the extent that it’s reasonably possible, the inspection must determine the general structural condition of the building as it affects the safety of the building, such as necessary maintenance, repairs, and replacements of structural components.

b. “Substantial structural deterioration” is described as substantial structural distress that negatively affects the building’s general structural condition and integrity.

9. How many phases does a milestone inspection consist of?

a. Milestone inspections will consist of two (2) phases.

10. What is Phase 1 of the Milestone Inspection?

a. A visual examination of habitable and non-habitable areas of a building. If no signs of structural deterioration are found, phase two is not required.

11. What is Phase 2 of the Milestone Inspection?

a. If substantial deterioration is found during phase one, phase two may involve destructive or non-destructive testing at the inspector’s discretion. This additional inspection may be as extensive or limited as necessary to fully assess areas of distress.

12. What should the building owners do once the milestone inspection report is completed?

a. Architect/engineer who performed inspections must submit a sealed copy of the inspection report and findings to the association and appropriate local building official.

13. Will an association be advised when a milestone inspection should occur?

a. Local enforcement agencies will provide buildings required to comply with this law notice of required inspection by certified mail.

14. Once notice is received, how long does a building have to comply?

a. Upon receiving notice, condominium/cooperative associations will have 180 days to complete phase one of the inspection.

15. Who is responsible if an inspection was not performed and repairs were not made?

a. Associations that fail to complete the mandatory Milestone Inspection will breach the officers’ and directors’ fiduciary relationship to the unit owners.

Also, the state will now be requiring the preparation and distribution of Structural Integrity Reserve Studies (SIRS).

Here are some common questions about the newly instituted Florida Structural Integrity Reserve Studies:

1. Who must complete a Structural Integrity Reserve Study?

a. Must be completed for buildings three (3) stories or higher in height every ten years and completed by December 31, 2024, for associations existing on or before July 1, 2022, which unit owners control.

2. Are developers required to perform this study?

a. Developers must perform this study before turning the association over to unit owners.

3. Who can perform the reserve study?

a. May be performed by any person qualified to perform such study. However, the visual inspection portion of the study must be performed by a licensed engineer/architect.

4. What should the Structural Reserve Study Include?

a. Must identify the common areas being visually inspected, state the remaining expected useful life and replacement costs, and provide a recommended annual reserve amount that achieves the replacement or deferred maintenance costs of elements being visually inspected by the end of remaining useful life.

b. Regarding reserves, the amount reserved for an item will be determined by the most recent structural integrity reserve study.

5. Can an Association waive Reserves?

a. Effective December 31, 2024, members may not vote to waive reserves, provide less reserves, or use reserves for any purpose other than their intended purpose for the following items:

i. Roof

ii. Load-bearing walls or other primary structural members

iii. Floor

iv. Foundation

v. Fireproofing and fire protection systems

vi. Plumbing

vii. Electrical systems

viii. Waterproofing and exterior painting

ix. Windows

x. Any other items requiring replacement/repair costs that exceed $10,000 and the failure to replace or maintain the item negatively affects the above items as determined by a licensed engineer/architect

6. Will a Developer be able to Waive Reserves?

a. Developer-controlled associations may not vote to waive reserves or reduce funding of the reserves.

7. Who could get in trouble if reserves are not collected?

a. Associations that fail to complete a structural reserve study will breach the officers’ and directors’ fiduciary relationship to the unit owners.

8. Who can receive and review the study?

a. A copy of this study is considered an official record, is open to inspection by association members/authorized representatives, and must be kept by the association for 15 years.

In Their Own Words...

 

Just Listed! 14810 SW 110th Terrace Miami, FL 33196

 Just Listed!

14810 SW 110th Ter
Miami, FL 33196

English

Nestled in the tree-lined heart of The Hammocks' Chanterelle lakeside community, this lovely, spacious, and well-appointed 2-story / 4 Bedroom  / 2.5 Bath pool home is the setting for a lifestyle where serenity, community, and comfort come together in 3-part harmony. High ceilings, wood floors, fully-featured kitchen, dining/ family room and a gorgeous master suite adorn the lower level. Three spacious additional bedrooms grace the upper level. Step out onto the patio for a dip in the pool, or maybe go for a walk, run or bike ride along the lake path that spans over 5 miles.  Community pools, fitness centers, parks, clubhouse, vast green spaces, basketball/ squash courts, RV/Boatyard, and more.  We have it all in The Hammocks, and you can too. By the way, did I mention the brand new roof!

Español

Situada disimuladamente entre los hogares y paisajes panorámicos del reparto de Chanterelle en la preciosa y codiciada comunidad de los Hammocks se encuentra esta espaciosa y encantadora residencia de 4 recámaras, 2 baños y medio, piscina, doble garaje y techo nuevo! La cocina es un primor, con fogón de gas, mostradores de cuarzo, y electrodomésticos de alta eficiencia. La piscina es una delicia y el jardín es plena inspiración para su relajamiento o talvéz para reunirse con familia y amistades. La comunidad es incomparablemente impresionante y unida entre sus vecinos. Estarías a unos pasos del lago majestuoso donde podrás caminar, correr o montar bicicleta a su alrededor. También los Hammocks ofrece centros de ejercicio, piscinas comunitarias, canchas de squash y baloncestos, y mucho mas.

 F.S. 720 is in dire need of enforcement capacity. Without enforcement, this statute gives HOA’s license to concoct fraudulent elections and rule with impunity, reducing homeowners to serfdom without recourse.  We, the Hammocks homeowners are facing an extortionate, usurious and fundamentally unsupported universal HOA monthly maintenance fee increase in excess of 300% effective March 1st after falling victim to a fraudulent Board of Directors election.  Volumes of conclusive evidence proves the illegitimacy of the “newly elected, same as the old” board beyond question.  No annual statute-required certified financial statements have been released and distributed in several years.  This is an outrageous miscarriage of justice.  Many members of our community are facing financial disaster in the wake of this blatant abuse of power.  We implore the leaders of our state to examine their oaths and their consciences. This is a desperate call for justice. The 6500+ Hammocks homeowners and her 17,000 residents are in immediate need of rescue from the heavy hand of a despotic HOA.  This is as much a law enforcement matter as it is cry for statutory remedy. If a community as large and as visible as The Hammocks can fall victim to such abuse without immediate corrective action by our elected leaders and government officials, the homeowners of thousands of HOA communities throughout Florida are potentially cannon fodder to abuse by their respective HOA’s.  Please help us NOW.