Unpublished listings

if that broker is a member of rebny, and they have a signed agreement with the owner, it MUST be listed withinn 48 hours.

perhaps the listing broker doesn't have an exlusive, but a handshake agreement with the owner to advertise the apartment.

Is the apartment incredibly expensive? That tends to be the case. That or it is owned by someone of interest.

steve, our industry term is "pocket listing" -- (though I like "gray inventory" too). It is technically a violation of the rules of our trade association -- REBNY -- but it has always happened. Generally the explanation is that the seller craves privacy.

ali r.

DG Neary Realty

This is why I love realtors...

i wouldn't find it too unlikely if the owner didn't want to sign the exlusive agreement, but agreed to pay a commission to the broker if they bring a buyer.

gcondo, what offends you about this?

Or you can go halfway and put it on the broker's site but without an address. E.g., Joan Rivers' condo at http://www.sothebyshomes.com/nyc/sales/0016359 but not at http://streeteasy.com/nyc/building/1-east-62-street-manhattan

I have seen some sponsor units that are not listed.

I think some of these sponsors prefer "sell-direct".
However, no clue how to get these information properly. The two I saw are through my buyer's broker (who knows someone in the sponsor firm). According to the rep from sponsor... these apartments sell themselves so they don't advertise...

I did not go for it but certainly made me curious.

My sponsor uses an independent broker who pretty much limits herself to sponsor sales in a few buildings. Until recently she didn't feed to SE.

many sponsors and some sellers don't want to pay the full commission and don't want to sign exclusives. the sponsors especially, have brokers begging for listings. when one of those apartments become available, they know that 5-10-50 brokers will start bringing their buyers in. they save money and get a sale.

To clarify, this is not a sponsor unit, and owner is not a public figure.
I am a tenant in a condo, whose landlord (individual owner) is selling.
Not a super high end property (1BR, similar units in building are in the 700-900K range).
While I don't know whether there is any sort of signed exclusive, I do know the seller is definetely using a specific broker (not 5-10 brokers).
Apartment isn't even listed if you go to brokers webpage and look at the agent's listings.

Seems like an odd way to sell an apartment, another form of "shadow inventory", perhaps?

jim_hones10
about 2 hours ago
ignore this person
report abuse i wouldn't find it too unlikely if the owner didn't want to sign the exlusive agreement, but agreed to pay a commission to the broker if they bring a buyer.

from about 4 hours ago...you can all hypothesize, then come to a conclusion, or you can listen to someone who knows what there are talking about from the start.

i'm guessing that since you still live there, this will be a + for you. if they would do a full listing, you would be innundated with viewing.

I agree with jim that this is a likely answer:

"perhaps the listing broker doesn't have an exlusive, but a handshake agreement with the owner to advertise the apartment."

Hey 30yrs you were greatly missed!

Yes, good to see you back.

yes, indeed. we've lost quite a few recently. very glad to have you back.

I think jim_hones10 is right. Considering what you have told us, they probably didn't want to sign an exclusive agreement.

REBNY allows this if the seller has specified he/she only wants one broker to handle the sale. Probably only wants to pay a 2-3% commission.

Jim, the REBNY rule about exclusive listings is 24 hours, not 48 hours. I just went to the required class this week.

And yes, the seller's instructions trump REBNY rules about exclusive listings, of course. That's consistent with NYS law. If the seller says I don't want you to put it up on such-and-such website, then you don't do it. That's one thing fiduciary responsibility means, and agents have a fiduciary responsibility to their clients (be they sellers or buyers).

Street Easy only accepts exclusive broker listings. If the seller is For Sale By Owner (FSBO), aka open listing, who wants me to show the apartment to my buyers, then it cannot be posted on Street Easy. I just sold an apartment like that this week. It was never listed on Street Easy.

This is not a violation of REBNY rules, REBNY rules only pertain to exclusive listing agreements.

For completions sake-
He was originally shopping it to a neighbor, but that fell through.
Apparently he sold to a board member, so there probably was never a "listing".

are they letting you re-new your lease?