In a piece in its new issue, the Real Deal considers what those involved like to call “Whisper listings” in Manhattan.
They are, of course, what might be more forthrightly termed “pocket listings.” And they are (in my opinion and that of many others) unethical. I believe that to be true even though the Real Estate Board of New York (REBNY) and other authorities permit a loophole if the seller requests that their property’s availability be acknowledged only with utmost discretion.
By the Real Deal’s definition, whisper properties are for sale but are not officially on the market. The monthly publication says such listings are becoming more common as sellers seek to avoid the perception that they are unloading properties because of financial distress. Also known as “quiet listings,” they are often among the most expensive properties in the city.
Some sellers are asking that addresses, prices and pictures of their homes not be posted on brokers’ Web sites and that agents not co-broke or even advertise their listings.
Of course, that approach leaves brokers with the difficult task of selling those homes while adhering to strict privacy standards.
Such sellers also are limiting the market that might have an interest in the property, almost guaranteeing that they will not get the best price.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022