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Hamptons.com
July 8, 2013

Are “Pocket Listings” the Real Deal In The Hamptons?

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

An article in the June issue of the “Real Deal” claims an increasing trend towards “pocket listings” as a way of selling real estate across the country in a hot market. The Hamptons, it could be argued, is a very hot market especially in the summer season.

I would welcome comments from realtors as to how they view the practice, but first I will try to define a “pocket listing,” under what circumstances might it be permissible, and which not.

Historically, “pocket listings” do not enjoy a good reputation. It was common for real estate agents to limit exposure to these listings to a select number of agents, sometimes just themselves, rather than a large array of agents and buyers. The advent of multiple listing, where all members of the multiple listing service have an equal opportunity to sell the listing, has dramatically limited, if not entirely eliminated this practice. These listings have also been called “quiet listings” and “whisper listings.”

Neither the License Law of the State of New York nor the New York Department of State, the licensing agency of the State of New York, has taken a position specifically on these types of listings. What the courts and the DOS have taken positions on is conduct by a licensed real estate agent that may be a violation of their fiduciary responsibilities or the obligation of fair and honest dealing.

In a market of luxury homes such as we have on the East End of Long Island, particularly the Hamptons, sellers may not want their listing available to the mass market. It may also be true that real estate agents with whom they list would have a contact base of ready willing, and able buyers. Also, the seller may wish to retain some privacy. All of these are legitimate reasons for the so-called “pocket listing.”

The situation that may violate the agent’s responsibilities under the law is when it acts out of self-interest rather than the client’s and compromises the seller’s opportunities for a better price in a shorter period of time to assure itself a greater commission than might be earned through cooperation with other brokers. In an area of moderately priced homes, such as the East End’s North Fork, there would be less benefit to the seller with a “pocket listing.”

I posed the question to Anthony Gatto, Esq., Director of Legal Services for the New York State Association of Realtors. His view depends upon whether the seller requests that type of listing as opposed to the real estate agent recommending it.

Many members of the public confuse an “exclusive listing” with a “pocket listing.” Exclusives are defined in the License Law, “pocket listings” are not. In an “exclusive,” the listing broker shares the opportunity to sell the listing with other brokers. This type of listing is characteristic of “multiple listings” and the common “co-brokerage” arrangement practiced in the Hamptons.

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Return Of The Finest In World Cinema At Westhampton Beach Performing Arts Center

Return Of The Finest In World Cinema At Westhampton Beach Performing Arts Center

  • The Animal Rescue Fund of the Hamptons (ARF Hamptons) hosted the Bow Wow Meow Ball in East Hampton. The evening’s honorees, Ellen and Chuck Scarborough, were presented with the Champion of Animals Award, recognizing their more than twenty-five years of support to ARF. ⁠
⁠
Over 400 guests celebrated ARF’s remarkable work with cocktails, followed by dinner catered by Olivier Cheng. Peter Marino, accompanied by his daughter and ARF Board Member Isabelle Trapnell Marino, presented the Scarboroughs with their award. ⁠
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📸: Patrick McMullan/PMC⁠
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Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#arf #bowwowmeowball #hamptons #animalrescuefund #animalrescue
  • Make sure to add this event to your list for next summer
#Seafood #localeats #mtk #montaukgreen
  • I recently toured the new Rolex Boutique by London Jewelers in East Hampton, and it’s one of the most beautiful retail spaces I’ve ever stepped into. Located on Newtown Lane, the boutique is set inside a restored historic home that dates back to 1897, originally designed as a summer cottage.⁠
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From the outside, it has that classic East Hampton charm, cedar shingles, white trim, and lush landscaping. But once you step inside, it’s all about quiet sophistication.⁠
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The space is warm and welcoming, with walnut wood paneling, soft neutral tones, and beautiful textures throughout. There’s a fluted marble wall in a rich green Verdi Alpi stone that immediately catches your eye. It’s one of those details that’s understated but unmistakably Rolex.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#rolex #easthampton #hamptons #luxury #watch⁠
  • 🎾 Men’s US Open Final Viewing Party⁠
📅 Sun, Sept 7 • 2–5PM⁠
📍 Canoe Place Inn, Hampton Bays⁠
Watch the riveting Men’s US Open Final with drinks, grilled classics & fellow tennis fanatics in the lush garden.⁠
⁠
🦞 Montauk Seafood Festival⁠
📅 Sat, Sept 6 – Sun, Sept 7 • 12–5PM⁠
📍 On the Green, Montauk⁠
The ultimate seafood event in the Hamptons! Lobster rolls, fish tacos, chowder, oysters & more 🐚🍤⁠
⁠
🩰 Master Class w/ Kat Wildish⁠
📅 Sat, Sept 6⁠
📍 Hamptons Ballet Theatre School, Bridgehampton⁠
Open-level adult ballet class with world-renowned former NYCB & ABT dancer Kat Wildish. One day only!⁠
⁠
🎶 Hamptons Festival of Music⁠
📅 Sat, Sept 6 • 7PM⁠
📍 St. Luke’s Episcopal Church, East Hampton⁠
THFM’s MainStage Festival Orchestra featuring The New American Sinfonietta 🎻✨⁠
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🌾 Outstanding in the Field (Sagaponack)⁠
📅 Sun, Sept 7 • 3PM⁠
Dine where the food is grown! Guest chef Jason Weiner returns for his 19th year 🍽️🌱⁠
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😂 Samantha Bee Live⁠
📅 Sat, Sept 6 • 8PM⁠
📍 WHBPAC, Westhampton Beach⁠
Award-winning comedian Samantha Bee brings her one-woman show to the Hamptons!⁠
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🍴 Stirring The Pot: Andrew Carmellini⁠
📅 Sun, Sept 7 • 11AM⁠
📍 Guild Hall, East Hampton⁠
NYT’s Florence Fabricant interviews star chef Andrew Carmellini about his restaurant empire.⁠
⁠
🌕 Full Harvest Moon Hike⁠
📅 Sun, Sept 7 • 7:30PM⁠
📍 Meet at SOFO Museum, Bridgehampton/Sag Harbor Tpke⁠
Walk under the moonlight with Friends of the Long Pond Greenbelt 🌙✨⁠
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🎨 Style Beading Workshop⁠
📅 Fri, Sept 5 • 1PM⁠
📍 Nathaniel Rogers House, Bridgehampton⁠
Join Indigenous artist Savannah LeCornu to learn traditional beading techniques.⁠
⁠
⛳ A Legendary Day at Sebonack!⁠
📅 Tues, Sept 9 • 8:30AM–5PM⁠
📍 Sebonack Golf Club, Southampton⁠
An unforgettable day of golf supporting Westhampton Beach PAC 🌟⁠
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👉 Which event are you going to this weekend?⁠
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Check out more events at Hamptons.com (Link in Bio)⁠
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#community #entertainment #hamptons #usopen #golf #comedy #seafood #montauk
  • Hamptons fashion week was hosted at Zoe Hospitality Private Membership Club, featuring designer Johnny Was, Porshia Swim, Vernice Holmes, Atelier H, Cesar Galindo, SixyByVenice and Ines Hernandez Hats.

#hamptonsfashionweek
  • As the summer comes to an end, it’s time to find out what everyone was reading this summer.
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    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
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