Where Did All of the Lofts Go?
Pocket Listings and Other Unlisted Lofts in Downtown L.A.
Many Downtown loft seekers never see all of the properties for sale because they do not know how to gain access to unlisted lofts and condos called “pockets listings.” Most buyers, agents and brokers are unaware, and they do not have access to these special deals.
A pocket listing is a type of exclusive property for sale where a broker holds a signed listing agreement with the seller, but where it is never advertised nor entered into a multiple listing system (MLS), or where advertising is limited for an agreed-upon period of time. The reasons for a pocket listing may vary from the need for privacy or secrecy to discrimination, and some sellers may have their own reasons for not advertising a listing in conventional ways, including wanting to sell only to certain types of people.
Pocket listings may give buyers an extra advantage when searching for real estate which is not advertised anywhere else. The transaction typically only has one real estate agent, thus potentially lowering the overall commission costs. If the buyer’s objective is to look at all the available homes for sale in a given area, they would need to look at MLS and all private listings for sale.
Read the entire Wikipedia article about Pocket Listings at: http://en.wikipedia.org/wiki/Pocket_listing
In Downtown LA, pocket listings are a significant factor in the success of many buyers and sellers. Realtor Corey Chambers reports that 45% of his buyer clients purchased pocket listings over the past 2 years. And more than 80% of his team’s seller clients opted to keep the property off of the public market as a pocket listings for at least a short time in order to appeal to more fully qualified VIP buyers who are seeking extraordinary opportunities.
It’s easy to gain access! Buyers can request free access to the largest number of pocket listings, other unlisted properties and bargains with the pocket listing specialists at LAcondoInfo.com