Welcome to the ColoradoHouseFinders.com Blog

2018-07-25 09:30:15
Overstock is making a push into real estate

Overstock is making a push into

real estate

by Paul R. La Monica July 23, 2018: 9:33 AM ET/CNN.com

Online retailer Overstock recently hitched its wagon to bitcoin and other cryptocurrencies. And now the company is hoping to cash in on another volatile market: real estate.

Overstock announced Monday that it is relaunching Houserie, a real estate property management site it bought in February. The site will be geared toward landlords with services like background checks for potential tenants and rent payment management.

Overstock said Houserie will become part of a broader O Real Estate platform that will launch in September and include more information for renting, buying, and managing properties.

'Overstock has connected customers with premium home goods, helping them build their dream homes; now, we look forward to expanding those services in the real estate industry,' said Seth Moore, Overstock's senior vice president of strategy, in a statement.

It's unclear if investors will applaud the move.

It's not as if Home Depot (HD), Lowe's (LOW) or Amazon(AMZN) is trying to manage properties. The real estate business is much different than selling home furnishings.

But Moore said in an email to CNNMoney that Overstock was not taking on real estate risk with the move.

'To be clear, we are not owning these homes,' he said.

Moore said the site will help people who are searching for a new house or are in the process of relocating, while also selling them furniture to match their new home 'more seamlessly.'

This isn't the first time Overstock has made a move into the real estate business. It set up a real estate search site in 2008, only to close it down in 2011.

But the renewed push into real estate is yet another example of how Overstock is trying to diversify beyond retail, particularly through bitcoin.

Related: Forget bitcoin. Here come the blockchain ETFs

Overstock CEO Patrick Byrne is a cryptocurrency bull. Overstock was one of the first retailers to accept bitcoin. The company owns a venture capital unit called Medici Ventures that has invested in firms specializing in blockchain technology and also owns a crypto trading platform called tZero.

Shares of Overstock (OSTK) have been riding the bitcoin wave for the past year. The stock is up more than 135% over the past 12 months but it has plunged nearly 40% so far in 2018.

Overstock's bitcoin moves have also made the stock even more vulnerable to attacks from short sellers, investors who profit when a stock goes down.

Short sellers borrow a stock and sell it, with the hopes of buying it back later at a lower price and pocketing the difference.

Overstock has often been a favorite stock for shorts to target. Byrne was even featured in a '60 Minutes' segment in 2006 about short sellers.

And back in 2003, after Overstock reported strong holiday sales, Byrne told CNNMoney in an interview that 'when opportunities come along where we can knee the shorts in the groin, that's always good for fun and amusement. That's just icing on the cake.'



Blog Archive
2019-07-12 08:41:57
First-Time Home Buyer Nightmare: Why It's Taking Longer to Find the Perfect Home

2019-07-06 16:23:07
Unicorn, T-Rex Costumes Generate Buzz for Ky. Listing

2019-07-02 15:12:24
Firework display locations 2019

2019-06-25 09:18:43
9 Popular Home Improvement Projects to Do This Summer

2019-06-20 15:23:22
On It: Why Letting Buyers Spend the Night Could Pay Off Big for Sellers

2019-06-14 23:30:29
June 2019 Market Update

2019-06-11 16:06:54
'Barndominium' Home Trend

2019-06-06 16:46:05
As Tiny Homes Spread Across the Nation, They’re Getting Bigger—and Pricier

2019-06-04 09:14:57
Why Summer is the best time to move!

2019-05-28 06:53:05
May Market Update

2019-05-17 13:32:08
Good News Anxious Home Buyers: Denver Real Estate Has Cooled A Bit

2019-05-14 10:20:01
Float Away Any Summertime Blues: 7 Homes With Lavish Lazy River Pools

2019-05-09 09:58:43
Home Sellers Spill: 'The Home Upgrade I Wish I'd Done Sooner'

2019-05-02 07:42:23
Give It a College Try: 10 Best Cities for New Grads to Live, Work, Play

2019-04-24 09:30:13
April Market Update

2019-04-16 08:33:07
Melanie Griffith Parts With Her Luxe Aspen Retreat for $4M

2019-04-13 17:31:57
Wish You Lived in a 'Game of Thrones'-Style Castle? Buy One Right Here

2019-04-10 15:17:12
Co-working space born out of displacement gives nonprofits and small businesses somewhere to go

2019-04-05 09:50:53
An Offer You Can't Refuse: NYC 'Godfather' Home Is Week's Most Popular Listing

2019-04-03 10:27:24
Why I Don't Take a Home Office Deduction—Even Though I Could

2019-03-29 14:09:25
March Market Update

2019-03-22 09:18:18
Why millennials are starting to move to this rural Colorado town of just 1,500 people

2019-03-19 18:39:21
8 Mistakes That Can Derail Your Kitchen Remodel

2019-03-15 14:49:41
The Best City to Celebrate St. Patrick's Day Will Surprise You Big-Time

2019-03-12 11:29:32
Don’t Be Fooled: Denver’s Real Estate Market Is Still Hot

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.