Off-market properties (also called pocket listings or whisper listings) are growing in popularity with several different segments of the homebuying market. Real estate professionals and wealthy homebuyers have bought and sold off-market properties for years, but now off-market real estate is becoming more popular with the general public.
Wealthy individuals, including celebrities, often sell their property without listing it on MLS. They don’t want people touring their home who aren’t serious about purchasing the property. The goal is to sell the home without becoming a tourist attraction. These sellers and their agents usually allow a small number of selected people to know the home is for sale by informing a small network of discreet real estate specialists with a qualified clientele for high-end homes.
A recent example is a large estate in Woodside, California. The property sold for around $117.5 million, but the home never appeared into public listing portals. The seller and buyer wanted privacy in regards to the sale. Another large off-market deal, which also occurred in California, was the sale of a $100 million mansion in Los Altos Hills.
Quite all hotel deals come closed without appearing into the traditional advertising internet portals.
VIP buyers mostly prefer to buy off-market properties and related news becomes public when the deal has already been concluded. This happens all over the world!