The standard knee-jerk response about pocket listings is to insist that some sellers don’t want to be on the open market for personal reasons, and that’s fine. In reality, those should be limited to major Hollywood icons who are unsure of how much their star-power adds to the price of a home, AND those who are flat-out bamboozling the buyer – like these sellers, who just sold this property off-market for $11,000,000. The buyer’s agent has been in the business for two years and this is his only sale ever on his Zillow profile!
Eight months ago, the sellers paid $7,195,000 for it after 1+ years on market:
If the sellers are fully aware that they are engaging in an off-market deal, then fine. But most are being duped into thinking they are on the open market, but then all of a sudden – whiz, bang, boom, whoosh – and there is an offer on the table that is good enough to get them on their way.
It moves so fast that they never realize they weren’t on the open market.
They only owned it for eight months and flipped it for almost $4 million dollar profit! WOW!!!
Daytrip rule #569067:
Nothing succeeds like success.
How many buyers are there in the market for an $11 million dollar home? If you have that kind of money, do you want to buy some one else’s dream home or build your own dream?
Having an off market listings at this price point, even given that this is Montecito, almost feels advantageous to the seller. High end homes that are average-good, generally still languish on the market for a while, months-years(?). Being technically off market actually, but still available for sale at the right price, puts the seller at a psychological advantage. With the right sales person and emotional buyer, you have a $4 million flip.
Thoughts?
An $11 million buyer hires an agent who is on his first deal? They deserve what they get.
“How many buyers are there in the market for an $11 million dollar home?”
That’s akin to asking, “how many people are on the market for a $70 million dollar 1968 Ferrari?”
The answer is, there’s enough, they only need one, and they aren’t bragging to you or me about it.
“If you have that kind of money, do you want to buy some one else’s dream home or build your own dream?”
The answer might be, people with a crapload of money, don’t have a crapload of time to deal with architects, construction workers, etc., which always sucks. Always.
Would you like to spend a part of your 50’s or 60’s, which is the ass-end of you being mobile without pills, being pissed off day in and day out? Neither do many rich folks who know better. Admittedly, there’s categories of rich. I’m talking $11 million for a house rich. Not Bill Gates rich.
In any case, rich folks are just like us, except when they aren’t. When they aren’t, it’s a different universe than we inhabit.