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Non-MLS Sales Thrive in Hot Market, Afford Privacy
Real estate experts say "pocket listings"- private, off-market listings that don't appear on the local Multiple Listing Service-are surging in the luxury market. Three real estate professionals share their perspectives on the growing trend:
Q: Pocket listings are increasing in markets like the Silicon Valley and New York, where the inventory is tight and demand is high. Is that happening in the local market?
Tim Smith, the Smith Group, Coldwell Banker Residential Brokerage: Absolutely, would estimate that pocket listings have conceivably doubled since 2013, when everything needed to be on the market to sell.
Adrienne Brandes, Surterre Properties: The percentage is approximately 25%, according to my broker. In my experience, however, it is closer to 45%. Corona del Mar, my area, has several cottages that are on valuable lots. The best use is to tear them down and build bigger, newer homes. I have builders that are looking for this product, so I scout these homes out and often sell them off-market.
Q: What do you attribute the increase to?
Chris Brigandi, owner, founder of Arbor Real Estate: For high-end homes, our clients really want privacy. Once a home hits the MLS and is...