Opendoor Starts Flipping Homes in NYC Suburbs as It Hunts Growth
Tech-powered real estate company is moving into Westchester, Long Island and New Jersey as the pandemic housing rally stretches into third year.
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Opendoor Technologies Inc., which pioneered a tech-powered spin on flipping homes, is expanding into the hot suburban housing markets outside New York City as it pursues growth in more expensive neighborhoods.
The company, the largest of the so-called iBuyers, will begin buying and selling homes across Long Island, Westchester and several counties in New Jersey, according to a statement Tuesday. There are more than 4 million housing units in these areas and Opendoor will target properties between $300,000 and $950,000.