UPDATE: This story has been edited from its original version — a statement that Overstock could not be reached for comment has been deleted.
Overstock.com Inc., which sells excess inventory of consumer goods like clothing and furniture, has entered the real estate space with a dedicated listings channel that claims nearly 3 million properties, including distressed, foreclosure and auction homes.
The Overstock.com real estate channel claims 2.9 million properties, including 2.6 million residential listings. Of those, 1.96 million are single-family homes, 246,000 are condos and townhouses, and another 73,720 are multi-unit properties.
Nearly 300,000 properties are categorized as foreclosures, and another 7,000 as "distressed." The site lists more than 300 homes up for auction.
Some listings receive "O-HotValue" designations, indicating "property that may be a better relative value in this market." Clicking on a listing will often take users to the listing broker’s site.
In its last quarterly report to investors, Overstock.com said revenue grew 27 percent year-over-year, to $200.7 million, but that the company incurred a $3.9 million net loss for the first quarter of 2008.
To date, Overstock.com has accumulated losses of $247.6 million, the company said, and expects to continue to incur "significant operating expenses and some capital expenditures" to expand or modify its product offerings and develop enhanced technologies and features.
At the end of March, the online closeout retailer said it had fulfillment partner relationships with approximately 750 third parties whose products the company offers for sale on its Web site.
Founded in 1997, the Salt Lake City, Utah-based company added automobile listings in December 2006. The car listing service allows sellers to list vehicles for sale and allows buyers to review vehicle descriptions and post offers to purchase. Overstock.com said revenue from the car listing business is not significant enough to separate out as its own segment.
What’s your opinion? Leave your comments below or send a letter to the editor.