105 Tearose and 33 Coriander in Quail Hill

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CapitalismWorks_IHB

CapitalismWorks_IHB

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According to a realtor flier on my doorstep, both these homes are listed as "pending", however neither ever show up on Redfin. Additionally, neither is listest as "accepting backup offers", which I find confusing.



Can anyone shed any light?
 
[quote author="CapitalismWorks" date=1239756964]According to a realtor flier on my doorstep, both these homes are listed as "pending", however neither ever show up on Redfin. Additionally, neither is listest as "accepting backup offers", which I find confusing.



Can anyone shed any light?</blockquote>


MLS says 105 Tearose is a closed sale as of 4/10 for a price of $1.443M.
 
[quote author="ipoplaya" date=1239758178][

MLS says 105 Tearose is a closed sale as of 4/10 for a price of $1.443M.</blockquote>


Anything seem fishy to you? This place never shows up for sale on Redfin, then ends up closing at nearly exactly the list price of $1.445. At $450/sq.ft this represents quite a premium over recent comps in QH, and those are for higher end homes (Sienna and Vicara vs. Chantilly).
 
I spoke to a local realtor regarding the Tearose sale. He mentioned it was a "pocket listing" (not on the MLS), and that there typically are a number of pocket listings in the area at any given time.



Anyone have any details on this shadow inventory?
 
What is a pocket listing? Does the seller pay a lower fee? If you are a seller - why would you agree to a pocket listing?
 
A pocket listing is a real estate industry term used in United States which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an "Exclusive Right to Sell" or "Exclusive Agency" agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS) -<a href="http://'http://en.wikipedia.org/wiki/Pocket_listing'">Wikipedia</a>
 
From what I gather, a pocket listing is one that is not listed on the MLS. I believe there are several potential reasons one would choose to list this way.



1) privacy. Your neighbors won't be able to look at your effort and history on Redfin.

2) low traffic. Selling a house can be torturous. Having recently sold a place, and had at least 150 visitors over a 6 month period, and knowing that most of the "buyers" were unqualified, I can attest to how painful the process can be.

3) price savings. Unlike the MLS where there is a specific offer to provide revenue to the buying agent (through shared commission), pocket listings to not necessarily include an expecation of commission sharing.



If yuo live in Quail Hill you have probably received numerous flyers from a married real estate team touting their recent efforts as both selling and buying agent. At least one of these, and most likely others were pocket listings. Clearly part of their strategy.



The costs of a pocket listing would obviously be the lack of exposure through the MLS, increasing informational asymetry, that should (at least statistically) result in lower final sales price.
 
[quote author="CapitalismWorks" date=1240374023]

If yuo live in Quail Hill you have probably received numerous flyers from a married real estate team touting their recent efforts as both selling and buying agent. At least one of these, and most likely others were pocket listings. Clearly part of their strategy.</blockquote>


Ha! I <em>don't</em> live in Quail Hill, but I have a feeling I know who you're talking about. (I get around.)



Am I right?:



<img src="http://cdn.homes.com/cgi-bin/readimage_v2/175213499" alt="" />
 
[quote author="SoCal78" date=1240381657][quote author="CapitalismWorks" date=1240374023]

If yuo live in Quail Hill you have probably received numerous flyers from a married real estate team touting their recent efforts as both selling and buying agent. At least one of these, and most likely others were pocket listings. Clearly part of their strategy.</blockquote>


Ha! I <em>don't</em> live in Quail Hill, but I have a feeling I know who you're talking about. (I get around.)



Am I right?:



<img src="http://cdn.homes.com/cgi-bin/readimage_v2/175213499" alt="" /></blockquote>


F*nchel's an @$$hat. I can understand an agent asking questions to better understand what their ultimate desire is but this guy was interrogating my wife and I. It's not what you say but how you say it, this guy talked to us all wrong.



It was fun to tell him that we're just a bunch of tire kickers and only qualified for 90k.
 
[quote author="Serious Weapon" date=1240386053]

F*nchel's an @$$hat. I can understand an agent asking questions to better understand what their ultimate desire is but this guy was interrogating my wife and I. It's not what you say but how you say it, this guy talked to us all wrong.



It was fun to tell him that we're just a bunch of tire kickers and only qualified for 90k.</blockquote>


Haha. Yes, similar experience here. The first time I visited Quail Hill, I went to an open house at a detached townhome where I met the listing agent (the wife). She was nice and all but she was no IR2 when it came to area info. I mean, she couldn't even tell me where the nearest library was. Anywho, after that just we decided to drive up the hill a ways and I went inside a beautiful house with a view. I didn't realize it was priced well over $1mil. I walked inside and that listing agent automatically gave me a very weird look and asked me how much I'm qualified for. I guess I must look like I belong in the flat-lands! It totally caught me off guard, being the first thing he said right after "hello". He saw me holding the flyer from the previous house and pointed out that is his wife. So yeah, I was double-F*encheled in one day. haha
 
[quote author="SoCal78" date=1240381657][quote author="CapitalismWorks" date=1240374023]

If yuo live in Quail Hill you have probably received numerous flyers from a married real estate team touting their recent efforts as both selling and buying agent. At least one of these, and most likely others were pocket listings. Clearly part of their strategy.</blockquote>


Ha! I <em>don't</em> live in Quail Hill, but I have a feeling I know who you're talking about. (I get around.)



Am I right?:



<img src="http://cdn.homes.com/cgi-bin/readimage_v2/175213499" alt="" /></blockquote>


haha. you guys are totally funny. I heard too from a relator I know that this guy is a total a-hole and screams at all other agents.
 
their listings always start way over market (like 150,000 on a 1.3m home), and end up sitting forever and ever. i never understand why anyone who has a fair idea of the value of their home would list with them.



having said that, the dude works really hard, sitting in open houses for more hours than any other agent i've seen. when others locked up at 2pm, he sat until 6pm.



on the personal side, he was extremely long winded, just kept talking and talking. didn't bother me, but my wife thought he was super annoying.
 
Yes you were all right. My experience with this agent matches those described here (I started another thread about it).



Given the emphasis on pocket listings, and the attendant need to source qualified buyers directly, I can understand why he is so pushy. Off-putting yes, but perhaps it is effective. More importantly for competitive agents, they seem to consistently win listings. And isn't that more important than making friends?
 
I actually like Eric Finchel, I may buy with him some day, if I ever buy.

Yeah,he is opinionated, but I kind of like that. I may disagree with his opinion but at least he has one and I hear it. Last thing I want is a super nice but no knowledge, no opinion, fawning agent who has no knowledge or opinion at all to bring to the table - what's the point of even having an agent like that - might as well use a discount broker and get some commision back for myself then, since all the agent is doing is echoing back my own opinions.



The other nice thing about Eric is he seems to know the 92603 (at least, that's all I ever discussed with him) area very well - knows the history of Quail Hill housing (ex. that Vicara was originally intended to be a single loaded street plan) and so on, always has a printout with him of stuff in the area that's for sale so you can see comps or whatever, and knows the ins and out of the various schools.



Plus, he's hardworking, so I feel like I'd be getting something for my money instead of stressing out that someone I'm paying a ton of money to can't be bothered to get some paperwork done and fax me back in time or something like that.
 
[quote author="Anonymous" date=1240534822]The other nice thing about Eric is he seems to know the 92603 (at least, that's all I ever discussed with him) area very well - knows the history of Quail Hill housing (ex. that Vicara was originally intended to be a single loaded street plan) and so on, always has a printout with him of stuff in the area that's for sale so you can see comps or whatever, and knows the ins and out of the various schools.

</blockquote>
He does know his QH well.



Isn't most of Vicara single-loaded? The only ones that aren't are when you to the top of Luminous.
 
[quote author="Anonymous" date=1240534822]I actually like Eric Finchel, I may buy with him some day, if I ever buy.

Yeah,he is opinionated, but I kind of like that. I may disagree with his opinion but at least he has one and I hear it. Last thing I want is a super nice but no knowledge, no opinion, fawning agent who has no knowledge or opinion at all to bring to the table - what's the point of even having an agent like that - might as well use a discount broker and get some commision back for myself then, since all the agent is doing is echoing back my own opinions.



The other nice thing about Eric is he seems to know the 92603 (at least, that's all I ever discussed with him) area very well - knows the history of Quail Hill housing (ex. that Vicara was originally intended to be a single loaded street plan) and so on, always has a printout with him of stuff in the area that's for sale so you can see comps or whatever, and knows the ins and out of the various schools.



Plus, he's hardworking, so I feel like I'd be getting something for my money instead of stressing out that someone I'm paying a ton of money to can't be bothered to get some paperwork done and fax me back in time or something like that.</blockquote>


Thanks Eric! Now get back to work.
 
[quote author="CapitalismWorks" date=1240542522][quote author="Anonymous" date=1240534822]I actually like Eric Finchel, I may buy with him some day, if I ever buy.

Yeah,he is opinionated, but I kind of like that. I may disagree with his opinion but at least he has one and I hear it. Last thing I want is a super nice but no knowledge, no opinion, fawning agent who has no knowledge or opinion at all to bring to the table - what's the point of even having an agent like that - might as well use a discount broker and get some commision back for myself then, since all the agent is doing is echoing back my own opinions.



The other nice thing about Eric is he seems to know the 92603 (at least, that's all I ever discussed with him) area very well - knows the history of Quail Hill housing (ex. that Vicara was originally intended to be a single loaded street plan) and so on, always has a printout with him of stuff in the area that's for sale so you can see comps or whatever, and knows the ins and out of the various schools.



Plus, he's hardworking, so I feel like I'd be getting something for my money instead of stressing out that someone I'm paying a ton of money to can't be bothered to get some paperwork done and fax me back in time or something like that.</blockquote>


Thanks Eric! Seriously are you, or have you worked with, Eric?</blockquote>
 
[quote author="CapitalismWorks" date=1240467791]Yes you were all right. My experience with this agent matches those described here (I started another thread about it).



Given the emphasis on pocket listings, and the attendant need to source qualified buyers directly, I can understand why he is so pushy. Off-putting yes, but perhaps it is effective. More importantly for competitive agents, they seem to consistently win listings. And isn't that more important than making friends?</blockquote>


Usually it would be more important to acquire listings, but in this market it may be more important to price reasonably. Right now it seems the realtors who are obtaining listings by overquoting worth are losing their listings to another agent after their listings sit for a long time. After months of dissapointment and bs the owners are prepped to hear reality and the new agent ends up selling the property. The first agent just spends money on marketing. Anyways, that is what seems to happening with organic sales in Coto; don't know about Irvine.
 
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