Fashion designer Zac Posen just sold his Manhattan apartment for $1.15 million. That’s because the East Side apartment that sports soaring ceilings, hardwood floors, and a decorative fireplace never entered the market. The home was sold via a so-called pocket listing where it was quietly shopped around off- market. They’re shopped around within a small circle of often well-connected real estate agents rather than being officially put on the market. The rise in popularity comes as the number of listings at lower price points continues to shrink.

Source: Forbes August 14, 2017 19:55 UTC