Awhile back, Dustin wrote a post about Pocket Listings, and we had a discussion about what “pocket listings” are, and why agents advertising them is generally against mls rules.
A pocket listing is someone who tells you they want to sell a property, but for some reason they either are not ready to, don’t want to, or can’t enter the property in the mls.
I think this one may fall into the category of “can’t”, though I’m not totally sure. I was recently contacted by someone who owns a 14,000 +sf lot with a house on it, West of Market in Kirkland which is zoned for 7,200 sf lots. It is a view lot, and the 7,200 sf vacant portion of the lot is on the view side (view of Lake Washington) I believe it is unobstructable as to houses but not trees, across from Waverly Park. Taking another walk over there today to study it further.
Back to the mls and “pocket listings”. Clearly to put a property in the mls, you have to have an asking price. Given current market conditions, do the builders want a 7,200 sf lot with a view West of Market in Kirkland? There are lots of houses for sale over that way. Might someone want to build their own custom house and get the lot cheaper by doing the short plat?
Since the lot is not two separate lots today, should the seller go to the time and expense of separating it into two lots and increase the cost of the lot accordingly? Or in this day of the cheaper the better for a buyer, should they let the buyer of the lot participate in the short plat to save some money?
Given there is no current legal entity “7,200 sf lot” until after it is short-platted into two lots, can you even put the property in the mls, given it doesn’t exist as that legal description?
There is a note in the mls rules that you can list a property if it can not be put in the mls by reason of other mls rules, but you can’t use a NWMLS contract form to do so. This one seems to fall into that category.
So to Dustin, since you asked, I guess there may be a “true” pocket listing…even here in the Seattle Area. Maybe not. Perhaps someone will shed some light on this in the comments.