New Western, a national real estate investment company, specializing in off-market properties, also known as pocket listings, has announced the opening of its office in Seattle.
“Seattle is one of the top 10 most expensive cities to purchase a home. The demand for housing in this market continues to be competitive, and inventory for new construction is limited,” said Kurt Carlton, co-founder and president of New Western, according to a press release from the company.
“There are almost one million properties that are 20-plus years old in the Seattle area that could be ideal to renovate,” he added.
Despite the Seattle moniker, the new office is located at 10423 Main St. Suite 6, in Bellevue, a suburb east of Seattle.
Born out of the chaos of the foreclosure crisis in 2008, New Western offers real estate investors opportunities to invest in off-market residential properties in their local communities. The company counts three divisions within its portfolio, including New Western, HomeGo and Sherman Bridge Lending.
Pocket listings, meanwhile, are exclusive real estate listings that are unavailable to the public, involving limited or no collaboration with other brokers, and they are not listed on multiple listing services. Additionally, sellers requesting a pocket listing generally do so for privacy reasons, or to sell to a specific individual.