Prediction: Celebrity & Wealthy homes sold quietly off the market to increase

by WestsideDB on May 4, 2011 · 0 comments

in Local Real Estate Statistics and Trends,Real Estate,Santa Monica home prices,Santa Monica real estate,Santa Monica Short Sales

People are always asking me about pocket listings and quiet sales and the fact of the matter is that in this market, not a lot of pocket listings get sold.  However, I believe that there is a higher percentage of properties being sold off market, quietly that don’t show up in the MLS.

Here’s my reasons why:

It is estimated that 65% of American home owners are short sale candidates.  If you reference my last blog post about the relative declines in real estate prices from the peak of the market, you will see that most of the westside has declined, but not as much as other, less desirable areas.

Who lives on the Westside?  Its celebrities, high profile artists, creatives, entertainment industry people, athletes and anyone who can afford the price tag of admission.  And what do you think happens when they buy at the top of the market, and are suddenly falling on hard times – they can’t sell that script, bonuses aren’t what they used to be, that $9000 a month mortgage is killing them while they watch the value of their property go down, week after week, day after day.

 

For most homeowners, we would consider a short sale, where we can get out from under the house with no cost out of pocket, and a small ding on our credit and avoiding a foreclosure.  But if you are a celebrity or hold a high profile job, do you think you want people knowing that you short sold your house?  Do you think it would cause a public perception problem?  You bet it would.  So, I believe that more homes will be sold quietly off the market to interested parties either in short sale situations without public marketing to that effect, or at a cash equity loss due to the seller’s financial situation.
Seem far fetched?  I don’t think so.  Are you thinking about that as a possibility for you?  Let me know and I can discreetly share with you options that may make sense for your financial and real estate situation.

As always, I’m working hard so you don’t have to – I’m looking forward to hearing from you.

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