#879 - Zillow Thought Flipping Houses Meant Easy Money But a North Portland Home Shows the Downside

A house on North Russet Street in the Piedmont neighborhood sold in late June for top dollar. The three-bedroom, 2,652-square-foot single-family home, with a brick fireplace and detached garage, sold for $661,600. Two months later, the owner put it back on the market.

But it hasn’t sold, and the house is still empty. Now neighbors say it is attracting squatters.

It was Zillow, a publicly traded online realty company, not a conventional homebuyer, who purchased the Russet Street house on June 29, along with 150 other homes in the Portland area it bought over eight months.

https://www.wweek.com/news/2021/11/24/zillow-thought-flipping-houses-meant-easy-money-a-north-portland-home-shows-the-downside/

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