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Hamptons.com
July 8, 2013

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

John A. ViterittibyJohn 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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  • Sixty-Something: The Dance of the Eternal Souls

The east end has multiple charms that dazzle those who pause to notice. If you are disposed to spend time at beaches or boating, you understand the variety of powerful sunrises and sunsets. I call these skies the dance of the eternal souls.

I swear at the zenith of sunrises and sunsets, I feel the presence of every soul that ever existed or ever will. The east-end sky is so big and full of naturally evolving clouds, colors, and angles that it exemplifies spiritual power. There has to be a higher hand at play. One cannot create such an endless changing canvass without forces that no mortal can truly harness or even explain.

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We live in a beautiful place that makes it easy to stay fit and healthy with various workout options. Whether you’re looking for a yoga, a spin, or a personal training session, the Hamptons has something for everyone. Here are five places to pay for a workout class in the Hamptons:

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As a dad in the Hamptons, I’m always looking for activities to do with my kid. Having activities I know I can trust for good father-daughter time is crucial; I call them “Hamptons Dad Resources.” Recently, I’ve been loving my Saturday morning family dance class at Southampton Cultural Center with the A&G Dance Company. @agdancecompany 

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#dance #kids #hamptons #southampton #southamptoncultrualcenter #familydance
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Our Fabulous Variety Show (OFVS) is excited to announce the next performance in their new theatre opportunity – The Staged Series – a creative venture that provides adult actors opportunities to pitch and participate in shows for readings. The Staged Series will kick off 2023 with a staged reading of Steel Magnolias by Robert Harling. The reading will be at LTV Studios in Wainscott on Saturday, January 28th at 6pm. Attendance is a free will donation, suggested donation of $20 but all are welcome and greatly appreciated.  @ofvs_2010

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  • Open Mic & Silent Disco Party at The Clubhouse

Great news! On Saturday, January 28th between 6PM and 11PM The Clubhouse will be hosting an “Open Mic Night and Silent Disco Dance Party.”

This is an excellent opportunity to showcase your talent, whether it be singing, joke-telling stand-up, or a small comedy skit. Perhaps read an original poem or recite a classic. Whatever you choose, this night is an excellent opportunity to strut your stuff in front of a live audience in a prime venue. While you are waiting to perform or viewing this extravaganza, the Clubhouse bar and kitchen will be available to sample their beverages and wonderful menus of tasty affordable treats. @clubhousehamptons  @guild_hall

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I have no idea who was the first person to think of bringing a bowl of spaghetti to the beach to share with a seagull but my money’s on Jackson Pollack who happened to love spaghetti after having it for the first time at 18.

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#seagulls #beach #spaghetti #hamptons #jacksonpollack #community
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