Real Estate
Older Santa Monica Homes Target of Pocket Listing for Redevelopment
Older homes that take up a small portion of its property are being targeted for cash purchases and redevelopment.
Real estate agents, representing developers, are targeting specific Santa Monica properties to turn small homes into larger ones using a technique called pocket listing.
A pocket listing is where an agent holds a contract with the seller, but their intent to sell is never advertised.
These agents are reportedly offering cash and promising to take care of normal closing costs, if the home owner does not promote their intent to sell.
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Santa Monica residents report they are being targeted through notes left on their doors, direct mailings and even phone calls soliciting sales, according to the Santa Monica Daily Press.
One of the areas being targeted is part of the North of Montana neighborhood Association, which runs from Ocean Avenue to the city limits north of Montana Avenue.
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Developers can snatch up an old property for a couple million dollars, demolish the existing home and build a two-story luxury home, making two or three times the cost of the purchase.
Read more at Santa Monica Daily Press.
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