Bubble Wrap

The Quiet Listings

Max Abelson of The Observer reports on the recent increase in trophy properties asking astronomical prices without officially being on the market.

One reason for the spate of these very hushed listings is embarrassment over asking such huge sums during such a hugely depressed time. On the one hand, sellers don’t want to seem uncouthly, insensitively ambitious; and then again they most certainly don’t want to seem desperate: “Some of the prices are so egregious and greedy,” a broker who has one of New York’s biggest listings said this week. “Why would you put the thing on, have friends speculate on why you would or wouldn’t be selling? You do it quietly, and if someone gives you the right number, then great.”