Redondo Beach Pocket Listings: Homes for Sale Not in the MLS

Pocket listing marshallfield ln redondo beachOne of the most popular "urban myths" circulating among home buyers today is that there are a lot of "pocket listings" that agents are sitting on.

Makes me think back to a  few years ago, buyers were all waiting for the "wave of foreclosures" that were coming that would drive down prices another 20-30%. Everyone was reading the same misinformation article that kept circulating around all the web sites. In fact, I recall buyers who were still waiting for this to happen while prices were starting their 20-30% raise UP. So, maybe the right percentage but the wrong direction.

I'm not surprised that home buyers really think there are a lot of off market properties because a) in this low inventory market everyone is grasping at straws and b) it gives buyers hope that they can somehow avoid the multiple offers and sales over list price.

Truthfully, most properties are sold "on market". Here's why.

Sellers WANT the maximum exposure and bidding wars. Wouldn't you if you were selling?

What many listing agents do have are properties that haven't been listed yet but will be. If that's the definition of pocket listing, I probably have a dozen or so (lol).

For example, I have one at 2109 Marshallfield Ln (picture above). Sign is up but not in the MLS yet. Is it off market? Sort of. Bring me an offer and its yours.Why is the sign up and no MLS listing yet? Trust sale and the family is going through the house to decide what to dispose of, what to keep, what to sell etc. This particular property would be a great buy for an investor or builder wanting to develop 2 detached townhomes on a 7500 sq ft (approximately) R-2 lot on a great street. A recent appraisal came in at about $725K with the value being in the land. So, considering how few level lots that you can build on may be left in North Redondo Beach, we're hoping to get closer to $750K when it sells. (If you are thinking of buying 2109 Marhsallfield for lot value please do your own research as to development potential and don;t rely on my blog!)

Also in my "pocket" are a 2 bedroom remodeled townhome in MLS Area 152, a detached 4 bedroom 2 on a lot and another 3 bedroom in MLS Area 151 as well as a 3 bedroom newer 3 on a lot also in Area 152 South of Artesia Blvd.