Homie was in a particularly difficult spot during this process thanks to its concentration in western states. The rising rates have slowed price growth and weakened buyers’ ability to afford homes. A recent study reveals that rates in 2022 have been more chaotic than at any point since the late 1980s. The bullish housing market of recent years has been good to companies like Homie, but that bullishness ended in 2022 thanks to mortgage rates that went from below 2 percent to above 6 percent. DIVVY UTAH SERIESThe company has raked in a total of $35.1 million in venture capital throughout its existence, most recently raising $23 million in a Series B round in February 2020. Over the years, Homie has also expanded into Arizona, Nevada, Colorado and Idaho. Its cheeky billboards referencing pop culture and criticizing traditional agent commissions have become a fixture in the region. Homie is based about 30 minutes south of Salt Lake City, Utah, in a tech-centric area known as the Silicon Slopes. The firm charges homeowners just $1,500 to list and sell their homes. Assuming the staff was still roughly that same size as of this month, the latest layoffs would represent about 13 percent of the company.Īfter its founding, Homie quickly became among the most prominent of a new class of flat-fee companies. However, after the layoffs earlier this year, the company employed just under 300 people. It was unclear how many workers Homie had before the most recent round of layoffs. At the time of those layoffs, the company pointed to an ongoing inventory shortage that “created a challenging real estate market for home buyers,” among other things. The latest round of departures comes about seven-and-a-half months after Homie laid off more than a quarter of its workforce. “As the real estate market continues to shift, Homie was forced to evaluate the current business structure and let go of 40 team members last week,” the statement added. The statement further quantified the number of layoffs. The statement also noted that Mike Peregrina, previously a cofounder and president of the company, had been elevated to CEO. In a statement to Inman Tuesday, Homie confirmed that Hanna had stepped down as CEO but is becoming chairman of the board. Hanna reportedly said the market has “been thrown into turmoil” thanks to significantly higher mortgage rates and explained that in addition to his departure, other workers would also be leaving the company. You must be logged in to post a comment.Johnny Hanna, who cofounded Homie in 2015 and went on to serve as the company’s CEO, announced his departure during the Silicon Slopes technology conference near Salt Lake City on Friday, according to Axios. Tags: divvy, Okland Construction, tenant improvements Other Specialty Contractors: CSI Drywall, Inc., Fisher Painting, Metro Surfaces, Boswell Wasatch Mill, Spectra Contract Floor Glass/Curtain Wall: Mollerup Glass Company The building’s floor plan maximizes working space and location, giving employees breathtaking views across the valley.Īrchitect: HUB Studio, Babcock Design (Core & Shell Designer)Įlectrical Subcontractor: Rydalch Electric In key areas of the building, wall paneling, crown and gridded glass walls were installed to mix in a more traditional feel. The design has a mix of both traditional and modern elements and incorporates glass walls throughout to let in natural light. The remaining floors feature an open-office concept with numerous conference rooms, huddle areas and solo rooms. The first floor consists of common and amenity spaces, featuring a two-story central gathering area, fitness and bathroom facilities, a large break room, beverage bar, training rooms, interview rooms and multiple lounge areas. The project was built to support the fast-growing financial services firm with an intentional focus on how the space can best support the people occupying it.Ĭoordination among the design and construction teams was vital to this fast-moving project as work started in the middle of the core and shell building itself with the tenant improvement design still not fully complete. This 150,000-SF, six-story tenant improvement sets a high standard for office space around Silicon Slopes. DIVVY UTAH DOWNLOADBy UC&D Magazine Most Outstanding Tenant Improvement Project-Divvy Tenant Improvement at 136 Center Office BuildingĬlick here to download Divvy Tenant Improvement-SinglesĬlick here to download Divvy Tenant Improvement-Spreads
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