Are the Most Expensive Homes Being Sold in Secret ? | Realtypin.com
LOS ANGELES, March 11, 2013 /PRNewswire-iReach/ -- Remember when you were younger, and the kids on the playground had a secret that they wouldn't share with you? Well, that's what's going on in one sector of today's housing market! According to a recent article on real estate portal Realtypin.com, luxury home sales are doing awfully well these days. In fact, in California, the luxury real estate market is seeing an unprecedented boom! However, many of those sales – along with luxury sales in other markets around the country – are a big, fat secret.
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How can that be?
All home sales have to be documented in public records once the transaction officially goes through. However, there's nothing that requires the listings for any of those homes to be made public. As a result, some high-priced homes are being scooped up before they ever hit the "regular" market. In fact, there's a term for what's going on here. It's called an "off-market" deal.
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When a home is sold off-market, it's not listed with the Multiple Listing Service (MLS), like virtually every other home for sale is. As a result, very few people actually know that the home is for sale! This is one of those cases when "who you know" comes into play. If your realtor is part of the chosen few, she'll know about these exclusive listings. If she isn't – and if she relies solely on the MLS listings to see what's for sales (like most realtors do) – you'll find out about these transactions along with everyone else, when the new owner is listed in the official public records.
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Off-market deals are almost like something you'd see in a movie. After all, giant (almost fiction-like!) sums of money are exchanging hands – like a $100 million mansion in Los Altos, California that sold in an off-market deal last year, or the $38 million Miami home that sold in an off-market deal last year. But in addition to all of the money, much of the bartering is done through movie-like backroom deals. The public may never find out which brokers were involved, and the parties involved may even sign confidentiality agreements!
But what's the point of off-market deals in the first place?
Many times, sellers simply don't want the attention of officially listing their mega-mansions for sale. In other cases, they feel that the exclusivity of the deal will drive up the price. And, in many instances, off-market deals are used to simply "test the waters" before a property is officially listed the old fashioned way. In any event, it's a fascinating aspect of the housing market that you probably never knew existed!
Media Contact: James Paffrath RealtyPin.com, 1-(866) 960-8649, firstname.lastname@example.org
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