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wealthy buyersCNBC
•80% Informative
Auction companies and luxury real estate brokers say wealthy buyers and sellers are increasingly turning to private sales and off-market listings.
While public auction sales for Sotheby's , Christie's and Phillips fell by 19% , private sales increased by 4% .
"Discretion today is key. People can buy without the whole world staring at them," said Shelby Myers , global head of private sales.
The rise in private sales is being driven by social media, technology and cooling prices for collectibles.
Off-market listings don't make sense for properties under $5 million since they have a larger possible buying pool and benefit from broader marketing.
But for mega-homes in Malibu , Bel Air or Beverly Hills priced over $20 million , the list of potential buyers is smaller.
Broker: "Never before has the need for a skilled, connected real estate professional been more valuable".
VR Score
85
Informative language
85
Neutral language
73
Article tone
semi-formal
Language
English
Language complexity
45
Offensive language
not offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
short-lived
Source diversity
1
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