The practice is not new, but the frequency and acceptance of pocket listings has grown.
By Camilla McLaughlin
Off market … private listing … coming soon. These phrases in high-priced markets characterize properties offered for sale, but not publicly listed in the traditional manner in the MLS. The way these listings are perceived has changed significantly in the last 10 years.
Even after the advent of formalized platforms such as the MLS, the most expensive properties were often closely held, giving rise to the term “hip-pocket” listing. Traditionally, in the industry, pocket listings have evoked concern that unscrupulous agents would keep them in house and pocket the entire commission.
Post recession, the number of pocket listings seemed to increase exponentially; most in the industry remained skeptical. Today, the terms “off-market” or “private” listing are often used instead of pocket, and, in a number of places, it is becoming an acceptable — some would even say savvy — marketing strategy.
“Now I’ve noticed it’s really changed and it’s a lot more accepted,” says Patrick Ryan, senior vice president and managing broker, Related Realty, Chicago.
“It’s certainly become a very big part of our market, and it’s not something we’re necessarily driving. We’re being led by what the sellers want,” says Chris Dyson with The Agency in Beverly Hills.
In a survey of members conducted by the Institute for Luxury Home Marketing (ILHM) for Unique Homes, an overwhelming majority, 97 percent of agents responding, said private listings were part of their market. A third indicated there were only “a few,” while 17 percent saw it as a growing trend.
“As I travel around the country training agents from a variety of other states, I hear differing opinions,” says Florida agent Tami Simms with Coastal Properties Group International in St. Petersburg, who is also a trainer for the Institute. “In some markets, it works in a positive way, and in some markets, it’s considered to be underhanded.”
In the ILHM survey, 38 percent of respondents agreed that industry professionals looked more
favorably on off-market listings. About a quarter disagreed with this statement, while 35 percent neither agreed or disagreed.
The latest twist in off-market properties are platforms and professional networks, accessible only to licensed agents, designed to facilitate the sharing of information. The Top Agent Network, a national affiliation of agents in the top 10 percent of the market, is a forum for premier agents to exchange information. Additionally, networks formed just to publicize off-market properties are popping up in hot market cities such as Austin.
In August, several agents from The Agency in Beverly Hills launched thepls.com, the Private Listing Network. In little more than six months, the network claims 600 active listings worth $3 billion. Approximately 5,000 agents have signed on to the service. “Information shared on the platform is information they already email to one another on a daily basis,” says Dyson, who founded the network along with James Harris and Mauricio Umansky of The Agency.
“We have always had off-market activity. However, I think it is even greater right now,” says Meghan Bach with Colorado Landmark, Realtors in Boulder. Not only have they become more common, but there is greater acceptance among consumers. “People used to think they were Realtor-driven and that the listing agent was trying to double-end the sale. This is very much not the case today. It is seller-driven,” says Bach.
Ask agents about off-market practices and responses vary by location. In Palm Springs, Lucio Bernal with Coldwell Banker Residential Brokerage says, “We typically do not see off-market as being common in the valley. Privacy does not seem to be an apparent issue here.”
On the other hand, in Los Angeles’ platinum locales, Bob Hurwitz, founder and president of Hurwitz James Company, says, “Off market, a.k.a. pocket listings, have become so popular that the terms are basically oxymorons. It is frankly ludicrous.”
Technology also plays a role in this trend. “There have always been pocket listings, but it’s a little more evident now because of our electronic world and the fact that information is so immediate and widespread. The truth is if a house is of any substance, it generally doesn’t remain private,” says Joyce Rey, executive director, Coldwell Banker Global Luxury.
Lack of inventory is also boosting interest in private listings. Boulder has seen 10-plus percent appreciation year-over-year since 2013; demand still far exceeds inventory. “Good products fly off the shelf, so having a pocket that brokers chat about, and get under contract fairly hassle-free is ideal for sellers, particularly in the high end,” says Bach.
In Atlanta, Jaime Turner and Heather Armstrong with Engel & Völkers find, “The shortage of inventory is worrisome to both buyers and sellers. Sellers are hesitant to list and sell without an identified home to move to. By using an off-the-market strategy, sellers are able to command a price that gives them the comfort of selling while they look for a home to purchase. Buyers like it because they feel like they are getting ahead of the curve and are able to see a home that has limited showings. It has also been a good tool for us because when we have a seller that is concerned with finding a home, we utilize our agent connections and resources to locate the right home for our seller.”
For properties not in a luxury price bracket, off-market might not be the right route. “In the lower end, anything below $1.5 million in our market, coming to market creates a bidding war and advantageous sales prices for sellers. The higher end, $2.5 million and up, sells word of mouth and pretty close to where initially priced,” says Bach. Even for high-end properties, she says, “I do see huge value in coming to the market and being broadly online. That said, when there are privacy issues — divorce, job transitions, health issues — off market makes so much sense.”
Desire for privacy remains a major incentive for sellers. According to research from Luxury Portfolio International, privacy has never been more important to wealthy consumers who are also concerned about identity theft.
This desire has fueled an increase in requests from high-end sellers asking agents to privately market their homes. “Sellers actually demand it more than a Realtor suggests it to them,” explains Ryan. “They don’t want to be bothered with people just going through the house. They don’t want it to be a museum tour, so they instruct agents to be strategic and not make property information available to the public.”
Some contend not being available to the general market potentially enhances a home’s cachet. “A lot of buyers want something that they officially can’t have. Anyone that can essentially offer something that not everyone else can have, has a unique value in itself,” says James Harris. “The reality is the less you can tell people, the more exclusive it becomes, and the more people want it.”
But restricting information about a property to a limited audience is not without risk. “It’s a two-edged sword for sellers,” says Rey. “Is privacy worth getting less money for their home? If they do not get wide exposure, they may not be getting the best price.” “It also defies logic,” says Hurwitz. “The more qualified buyers who can find a property, the more likely a sale. If a property is not visible to agents with a qualified buyer, they aren’t going to know about it and will sell something else they can find.”
“I also hear a variety of opinions. Some sellers like the idea of avoiding showings, open houses, etc. (for privacy and convenience) if they can get a price they’re happy with without listing on the open market. The opposing argument tends to be that not offering it on the open market isn’t working in the best interest of the customer if there could be better terms/conditions in a wider pool of prospective buyers,” says Simms.
Even those who express concern about this approach recognize there are situations in which not being on public platforms is a strategic move. Hurwitz has used pocked listings on rare occasions for celebrity clients who wish to remain as anonymous as possible.
“Sometimes certain types of clients are not really comfortable having lots of people come see a property,” says agent Jennifer Ames with Coldwell Banker Residential Brokerage in Chicago. In instances like this, Ames says she will do a marketing campaign directly to agents who work in this price bracket. Invitation-only previews of big, exclusive properties are a traditional avenue to publicize properties.
Luxury properties often take significantly longer to sell than those priced close to the median.
According to research from Concierge Auctions, average days on market for the highest-priced properties in top markets hovers around 522 days, ranging from 55 days in San Francisco to 1,062 in Nashville.
Once a home is listed on the MLS the clock begins ticking on the number of days on market. “The way the market works in the U.S., if you go on the market everything has to become public. Not just the price and the address, but the days on market. The longer a property is on the market, the more detrimental it becomes for the property,” explains Harris.
Being on the MLS opens the door to inclusion on public platforms including Zillow, Trulia and many others. Along with days on market, changes in photography, prices, and broker representation are all tracked. “We’ve started to realize more and more with the Internet, you want to have all your ducks in a row before going on the MLS,” says Ryan.
“Coming soon” has become an official category incorporated into a growing number of MLS systems. “We see a lot of Coming Soon strategy as opposed to off market in Florida,” says Simms. “I believe that the off-market approach is more appropriate for properties that are particularly expensive and/or unique, which would likely end up having a tremendous number of days on the market if listed traditionally.
Initially offering a property off market is considered an effective method to test a price. “If you are trying to get a very aggressive number for your house, you may want to start off market to test the price,” says Harris. Agents also use this strategy when an owner has a much higher price in mind than the market will likely accept.
“It’s a way to test the market without going on record,” says Ames. Another circumstance that could call for an interval of off-market strategy, she says, is a situation where owners don’t actually plan to move for months, but still want to give the property exposure.
In the pre-Internet era, agents relied on phone calls to agents who worked in similar price brackets. But, “you could only call so many people and network so much,” shares Ryan. Today, robust CRM systems give agents a laser focus on most-likely buyers. Additionally, national brands and affiliate groups promote networking among agents both nationally and internationally.
More formalized networks and platforms such as thepls.com are a way for agents to keep track of what’s available. For example, in Los Angeles, agents might receive hundreds of emails a week regarding off-market properties. “The PLS is essentially a place where agents can put information, so it can be searched when another agent needs it. That was really the motivation behind it,” says Dyson.
Tried and true methods to ensure those who work in luxury are aware of new listings, both off-market and publicly listed, remain the most important marketing tools, particularly for well connected agents.
Will the penchant for private listings continue if markets cool? While blockchain reduce reliance on the MLS? Both questions point to variables that could affect the off-market trend in the future.
The “Market Maker”
“Market maker” is the way Robert Dankner characterizes what he does. Dankner, president of Prime Manhattan Residential, takes off-market to the next level by finding and creating opportunities for buyers and sellers in tight markets in New York City. “There are a lot of people looking for the same thing that doesn’t exist, which is why they’re all creating things for themselves,” he says referring to the boom in renovations.
Dankner sees market potential others often overlook and is equally skilled at bringing clients —buyers and/or sellers — together, crafting a deal advantageous to both. “In my world, off-market is something that not everybody can do. In addition to obviously being extremely well connected, you have to have a memory like a computer because as things arise on both sides of the equation, you have to be able to mix and match very quickly to see what can be put together. It’s just a matter of having the resources and tools to know where and how to hunt. There’s no algorithm, no smoking gun. It’s just a matter of understanding every nook and cranny from the standpoint of things that used to be on the market or understanding through connections who, what, why and where somebody might be willing to part with something under the right conditions.”
Photos courtesy of iStockPhoto.com
Grace Bay Resorts developer Mark Durliat introduces his new vision for luxury island living in Turks and Caicos with the launch of Rock House, a residential resort tucked into the rugged, untouched limestone cliffs of Providenciales’ north shore, the first of its kind. The first phase of Rock House is slated to be finished in 2020, with a second phase of homes to follow.
Rock House is designed to emulate a seaside town found in the South of France, Capri or elsewhere on the Mediterranean coast. 41 studio suites are on the property, with one and two-bedroom cottages ranging from 631 to 1,907 square feet and priced from $600,000 to $1.625 million. Four additional four and five-bedroom single-family estates at the hillside resort will be offered for sale in the second phase.
“We are re-imaging what it means to escape to the islands, and buyers are responding. Fifty percent of the homes have already been sold,” said Mark Durliat, CEO and co-founder of Grace Bay Resorts. “With an exclusive location in the upscale residential neighborhood of International Drive, Rock House will deliver an elegant property with timeless appeal that cannot be found in a traditional oceanfront condominium.
The free-standing one- and two-bedroom cottages will include private pools and outdoor terraces, bathrooms with outdoor private shower gardens, 13-foot vaulted ceilings and floor-to-ceiling glass windows and doors to maximize the views of the island’s turquoise waters. Envisioned by Architectural Digest’s AD100 interior designer Shawn Henderson, each residence’s interiors will feature an eclectic mix of contemporary and traditional design with Scandinavian and custom-made furnishings, porcelain and terrazzo flooring, oversized soaking tubs and Waterworks fixtures in their kitchens and bathrooms.
Rock House’s signature restaurant will offer dazzling 180-degree views of the archipelago’s barrier reef and Atlantic Ocean. A spa and fitness center, tennis courts and jogging trails will enhance the sense of well-being for residents of Rock House.
One of eight inhabited islands out of the 40 Turks and Caicos Islands, Providenciales is world-renowned for its pristine, white-sand beaches and turquoise waters. It has become one of the most sought-after destinations for luxury second-home owners. Selected as one of the World’s Best Islands by TripAdvisor, the destination features diving and snorkeling in the island’s miles of spectacular coral reefs; water sports including world-renowned kite surfing, horseback riding, golfing, and notable sites including the world’s only conch farm and relics from the island’s plantation history.
Photos courtesy of Rock House
Eco-friendly furniture and sustainable decor are more than a cute trend — they are a priority for STEM.
With the increasing amount of plastic in our oceans, shrinking forests, and our overall impact on Mother Earth, sustainable designs are becoming more and more popular. Companies like STEM are realizing the importance of sourcing materials responsibly and spreading the message.
Going beyond the typical one or two eco-friendly pieces that most companies offer, STEM’s collection takes sustainability carefully into consideration. Founded by two brothers, Ryan and Travis, STEM is inspiring buyers and designers alike with its entirely eco-friendly collection. The company prides itself on creating a “Healthy Planet, Healthy Home.”
STEM ensures satisfaction by building each piece one at a time in L.A. from eco-materials like natural latex and wool, bamboo, organic cotton, and more. Cutting out harsh chemicals like fire retardants and certain glues are also a part of the process. Sofas and sectionals — being the biggest portion of STEM’s business — are made with FSC certified wood frames, natural jute, and organic cotton. Pieces like the Rio Sofa and Blumen Sectional can be made to the inch to get it just right for each customer and space.
Bamboo Float is a unique style that STEM incorporates into sofas, tables, and more. Bamboo is an ideal material because it grows as quickly as a weed. STEM uses sheets of bamboo for the base and then attaches an upholstered piece for the seating component.
For the Voya Side Table, the piece is handcrafted with FSC certified walnut or hard maple and is covered in zero VOC matte finish. The design can also be made into a coffee table as well.
Also using FSC certified walnut or hard maple for the base is the Sino Coffee Table. The top is white carrera marble and has the option for a draw for storage. STEM makes each piece as it’s needed, therefore cutting out the mass production of generic goods.
Soccer is now the third most popular sport in the U.S., and real estate developers are beginning to take notice.
The 2018 FIFA World Cup, the most-watched sporting event in the world, just kicked off in Russia, and all over the globe fans and non-fans alike are getting in the soccer spirit. But the soccer frenzy isn’t just growing with the start of the Cup.
Some properties in New York City are being designed to accommodate residents who play soccer and want to do so without leaving their home, with the inclusion of indoor and outdoor fields, simulators, and more. Here is a round-up of the most lux properties with soccer amenities.
180 East 88th Street
Situated in the Upper East Side’s Carnegie Hill neighborhood, 180 East 88th Street is a condominium inspired by New York during the 1920s-1940s. Featuring 48 graciously-appointed private residences designed and developed by DDG, this is an ideal spot in NYC, including a twist: residents have access to a partially indoor soccer pitch. Residents can feel free to practice their penalty kicks at any time, making this space ideal for soccer lovers.
Waterline Square
Waterline Square is a three-tower development in NYC, intentionally designed with expansive indoor soccer fields. Designed by Rafael Viñoly Architects, Richard Meier & Partners Architects, and Kohn Pedersen Fox Associates, this waterfront development is on the Upper West Side of Manhattan and features 263 luxury condominium residences. The property includes several sports and fitness spaces, specifically an indoor soccer field with lots of turf-playing surface.
Madison Square Park Tower
The 63-story Madison Square Park Tower designed a “Simulator Room,” where residents can play any sport of their choosing virtually, including soccer, without ever leaving the building. Madison Square Park Tower is also the tallest residential building between Midtown and Lower Manhattan at 777 feet.
Missoni Baia
Missoni Baia is certainly suited for soccer super fans who would be ecstatic to share an address with a professional soccer star. This 57-story luxury condominium lies in Miami’s popular Edgewater neighborhood and is home to Miguel Borja, forward for the Brazilian club Sociedade Esportiva Palmeiras, participating in the FIFA World Cup for 2018 in Russia. Notable features include five swimming pools, including an Olympic-sized lap pool.
Photos courtesy of Noe & Associates with The Boundary, March Made for DDG, missonibaia.com
Minimalism is oftentimes a more classic, aesthetically pleasing sense of design that makes a statement in a simplistic way. Incorporating simple and timeless designs, Arteriors offers a selection of pieces, bringing a warm tone of sophistication to lighting, furniture and accessories in their most natural forms. Below are several pieces from their assorted collections that complete any minimalistic theme.
All photos courtesy Arteriors.
2018 Winners in Six Categories Announced at Private Dinner at Beverly Hills Home
Founded in Europe in 2010 by Jean-Christophe Chopin (architect of E-Trade Europe), the BORN Awards, which celebrate creative achievements across multiple categories of the design-led lifestyle, landed on American shores. The BORNS are the first U.S.-based regional competition recognizing work that strives to enhance people’s lives through aesthetics and functionality. All of the winners, both emerging and established men and women, invented something beautiful and carried their visions to society.
Operating in six countries, the BORN Awards are the premier platform for honoring and empowering artists while providing exposure to some of the world’s most influential retailers, brands and industry professionals. The winners from each region, now including the U.S., are invited to present their creations during an exclusive exhibition at Milan Design Week each year, and to participate in The BORN Conversations, an exclusive series of fireside chats held with renowned thought-leaders about the intersection of creativity and business. Once all of the regional winners are selected, they will go on to compete against one another in the global final held in London each year.
The theme of the 2018 competition is “Peerless,” which aims to elevate singular creations that combine functionality and aesthetics in one of six categories: Architecture, Technology, Home, Leisure, Sport and Mobility. Additionally, The BORN Awards partnered with two industry leaders to bestow special prizes – Tastemade, a global, digital food, home and travel network, will award the best in “Food + Design,” while Machinima, a leading gaming platform, will select the best in “Immersive Storytelling + Narrative Design In Gaming.”
The 2018 BORN Award Winners are:
Architecture & Design: Jacques Garcia and Sydell Group, NoMad Hotel, Los Angeles
Technology & Innovation: Scott Painter, CEO & Founder, Fair.com
Home: Noah Kaplan, Lena Sound Sculpture by LEON Speakers
Sports: RabbitsFoot Surfboard, Ryan Lovelace based on an original idea by Dan Malloy
Leisure: Ryan & Adam Goldston, Athletic Propulsion Labs
Mobility: Stuart Parr,, MV AUGUSTA
Tastemade Prize For Food + Design: Jeni Britton Bauer, Jeni’s Splendid Ice Creams
Machinima Prize For Immersive Storytelling + Narrative Design In Gaming: Guerrilla Games, Horizon Zero Dawn
Photos courtesy of EM50 Communications
Interior design experts predict that more dramatic kitchens — featuring darker wall colors, cabinets and countertops — will take over 2018.
Photo courtesy of Volley
Each year marks a new design trend, especially in kitchens. Dark kitchens are now the luxury seal of approval for home design. Interior design experts quoted in Vogue and ELLE Décor predicted that white kitchens have reached the peak of popularity, and to look for darker, more dramatic kitchens — whether it be the wall color, cabinets and/or countertops.
Below is a list of luxury developments that are already taking note of these dark, moody kitchen design trends:
Interior Designer, Kimberly Peck, masterfully included Italian composite matte black cabinets for the grand, open kitchens at 62-66 North Third Street, a luxury condominium in the heart of Williamsburg. This modern and sleek design element offers residents a moodier industrial living space, which reflects the neighborhood’s ambience.
This is a 19-unit boutique property nestled within Miami Beach’s exclusive South of Fifth neighborhood, featuring spectacular interiors by Thomas Juul-Hansen that are guaranteed to inspire. Each residence is equipped with custom kitchen cabinets and Miele appliances that add a touch of dark contrast to the overly used stark white kitchen palate in Miami Beach. Other features include a built-in bottom mount fridge/freezer, fully integrated dishwasher, espresso machine, convection oven, undercounter wine storage and designer fixtures from Vola and Hansgrohe.
Internationally acclaimed furniture designer Holly Hunt’s first-ever residential development, L ‘Atelier is a 24-residence boutique oceanfront luxury high-rise in Miami Beach. Beautifully crafted Luxury Poliform Italian Kitchens, featuring World-Class Gaggenau Appliances with exquisite dark-colored finishes, L’ Atelier’s kitchens are a modern work of art which showcase this new design trend. Residences will be priced from $3.5 million to $25 million and are scheduled to be completed in 2018.
4. 1 Flatbush
Whitehall Interiors added a dark accent wall to the kitchens in this Downtown Brooklyn apartment to complement the lighter cabinets and countertops, as well as add a bit of drama to the rooms.
The spacious kitchens at this Whitehall Interiors-designed luxury condo in Harlem feature darker gray custom oak wood cabinetry to balance the natural light shining in from the floor-to-ceiling windows and the Athens Silver Cream marble backsplash and countertops.
Photo courtesy of MNS
Photo courtesy of MAQE
New penthouse located in the Nine on the Hudson development in the Port Imperial neighborhood of West New York, New Jersey showcases Alexander Hovnanian’s inspiration from a variety of developers and architects.
By Brielle Bryan
K. Hovnanian at Port Imperial Urban Renewal VI, LLC has introduced its $8 million dollar penthouse at its Nine on the Hudson development, which consists of beautiful new luxury condos and is located in the Port Imperial neighborhood of West New York, New Jersey, which is just north of Jersey City and Hoboken. Nine has spacious floorplans with views of New York City and five-star amenities.
The penthouse showcases Alexander Hovnanian’s inspiration from a variety of developers and architects that he admires. Nine pushes the envelope with the penthouse’s design by creating a zen oasis, inspired by Japanese design and Dutch aesthetics — a design incomparable to other penthouses in New Jersey or New York City.
The one-of-a-kind dining room, inspired by a hibachi concept, was designed to bring people closer together in a less than typical arrangement. The minimalistic designed kitchen has a greenhouse. The penthouse also has a private zen garden and a dedicated tatami room. A floating staircase graces the foyer, and leads up to a modern-glass cube on the penthouse’s expansive private terrace.
Photos courtesy of VDP
Opening in late 2019, The Royal Atlantis Resort and Residences will immerse its guests and residents in a world of unrivaled ocean views, lush green spaces and incredible dining and entertainment experiences.
By Brielle Bryan
Enhancing the landscape of Dubai, The Royal Atlantis Resort and Residences will be the first ‘Super Prime’ residences of its kind in Dubai. To be located on the crescent of The Palm Island next to the existing resort called Atlantis, The Palm, The Royal Atlantis will provide a rich cultural and sophisticated lifestyle experience to all its guests and residents. All who visit or live within this luxurious expanse will find themselves immersed in a world of unrivaled ocean views, lush green spaces and incredible dining and entertainment experiences.
Opening in late 2019, this luxurious 43-story building will offer 231 residential homes comprised of two, three, four and five-bedroom residences including skycourts, penthouses and garden suites ranging from 1,434 to 17,088 square feet. The property will offer more than 90 swimming pools in total, a Givenchy Spa, Beach Club and bespoke interior styling and art work by Sybille de Margerie.
New York City’s Kohn Pedersen Fox Associates designed the exterior of The Royal Atlantis, while the interiors of each hotel guest room and suite were designed by London-based G.A Design. David Mexico Design Group, renowned for creating a new paradigm in architecture and design, created Dubai’s newest icon, a sky-high infinity sky pool, elevated at 295-feet. Similarly, another ground level central water feature encompasses jaw-dropping fire and water elements by Californian master creators, WET Design.
Kerzner International, which owns multiple luxury hotel resorts including Atlantis, The Palm, will be bringing The Royal Atlantis to Dubai. Renowned for innovative food and beverage concepts, Kerzner International has a series of new world-class restaurants with award-winning celebrity chefs for The Royal Atlantis, as well as new entertainment experiences. Similarly, residents and guests will have access to the existing 23 dining establishments at Atlantis, The Palm at their fingertips, bringing a Michelin Star chef directly into their private residence at The Royal Atlantis.
Sybarites that stay in The Royal Atlantis can adventure nearby and discover exotic marine life at The Lost Chambers Aquarium at Atlantis, The Palm, take the plunge at Aquaventure Waterpark or indulge in culinary lessons.
Photo courtesy of the Property of The Royal Atlantis Residences