Quote:
Originally Posted by CondoGuru
Techincally, doesn't an "A" for active listing mean that it's not sold yet? If it's truly sold, it would be listed as "Active w/ Contract" or "P" for pending, right? Since this property doesn't even exist yet, it can only be "A" or "P" until completion. Futhermore, isn't it illegal for Philadelphia Magazine to report that 1706's penthouse sold for $6.9 million since that's not yet a public record? It's one thing to sell the penthouse at the Rittenhouse Hotel and publish the sales record, it exists and post-settlement it becomes a public tax record. But in this case, that's private information until the property is completed and conveyance occurs. The MLS listing for that building appears to contain nothing more than reservations, otherwise the units would be listed as pending, not active. This would suggest that they haven't actually sold anything as far as signed Agreements are concerned, but merely reservations. I also remember reading somewhere that the penthouse was priced at $12 Million, not $6.9...looks like they gave it away! lol
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"Trend" (the local MLS) definitions of status
Quote:
ACTIVE
Listings of property currently available for sale where the seller has directed the Participant to market the property, set appointments for showings and present agreements of sale to the seller. No agreement of sale is currently in effect.
Symbol: A, ACT
ACTIVE UNDER CONTRACT
Listings of property where an agreement of sale is in effect and the Participant has been instructed by the seller to continue to market the property, set appointments for showings and present additional agreements of sale to the seller.
Symbol: AC, A/C
ACTIVE NO SHOWINGS
Listings of property currently available for sale where the Participant has been instructed by the seller to market the property and present agreements of sale to the seller, but not to set appointments for showings during a current, specified period of time. No agreement of sale is currently in effect. When the No Showing End Date arrives, the listing will be updated to "Active" status.
Symbol: AN
PENDING
Listings of property where an agreement of sale is in effect and all contingencies in the agreement of the sale have been met (but the settlement has not yet been completed) or the Participant has been instructed by the seller to no longer market the property, set appointments for showings or present additional agreements of sale.
Symbol: P, PND
SETTLED
Listings of property where a successful closing has taken place and title has transferred from seller to buyer or where possession of a property has transferred from a lessor to a lessee.
Symbol: S, SLD
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So by these if one of the units in the yet to be constructed 1706 Ritt has a contract (agreement of sale) it should be noted as A/C in the MLS. If a unit is "reserved w/ a deposit" but no binding AOS is in effect, then presumably it could still be rightfully listed as A(ctive).
I dont think it could be Pending because by definitition all contingencies must be satisified, which would include the buyer being able to obtain a mortage (i dont think a lender would issue a mortgage committment on a building not completed)
Anyway, as far as the price of the "sold" penthouse, it is not illegal for the builder(seller) to give out that information, but it would be illegal and unethical for the listing agent to do so. Its like if you sell your own house and tell your buddies at work what you got for it before the closing.