In the fall of 2008, real estate broker Michael Garr was approached by a former client who had bought a large apartment in a tony building the previous spring. The client, who worked in finance, needed to downsize to a less expensive place after the Lehman fallout. But there was a catch: Garr had to keep the plan a secret, because the client hadn't yet told his wife he was facing financial difficulty. "He didn't want to upset her and the kids," said Garr, the founder of Garr and Co., which was acquired this year by the residential brokerage Core. "He wasn't going to consult her until he had some options." High-end brokers have always prided themselves on being discreet. But like Garr, many are finding that secrecy has become more important than ever. "Whisper listings" -- properties that are for sale, but not officially on the market -- are becoming more common, as sellers seek to avoid the perception that they are unloading properties because of financial distress. Also known as "quiet listings," they are often among the most expensive properties in the city.
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Comments
Anonymous
So much for secrecy...
Comment #1 Posted By: Anonymous 11/16/09
Anonymous
If these "High Flyers" were more transparent instead of continuing the “charade”, the real estate market may start coming back to normality. They have done enough damage on Wall Street and environs. In this particular case, sit down with your wife and tell her what has happened. If she does not accept the situation and throws a tirade, the gentleman will probably be better off speaking with a divorce attorney rather than a real estate broker.
Comment #2 Posted By: Anonymous 11/16/09
Anonymous
Yeah, Secret listings and secret investments... That's how Madoff screwed a lot of people... A quiet listing basically states "find me a sucker to pay as much as I paid 2 years ago when the market was on fire!"
Comment #3 Posted By: Anonymous 11/16/09
Anonymous
ssshhhh! this article put me to sleep
Comment #4 Posted By: Anonymous 11/16/09
Anonymous
I like comment #3. Sick to my stomach of the spoiled brats. Are any of these people aware that some humans don't have enough money to EAT???
Comment #5 Posted By: Anonymous 11/16/09