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n early January, a group of high-end real-estate agents gathered at a $10 million Chevy Chase house for lunch and networking. The property was listed privately, not publicly on the multiple-listing service (MLS), which feeds into Redfin and Zillow. This secretive submarket caters to prominent families, billionaires, powerbrokers, athletes, tech gurus, and other high-net-worth individuals who value discretion.

    A pocket listing might go up for sale without public notice and sell quietly, with the buyer's identity shielded by an LLC or trust. Sellers may prioritize discretion over a higher sales price, as they don't want to draw attention to their private lives. DC has always valued discretion and privacy, and pocket listings have been around for years.

    However, the need for secrecy has grown more pressing due to the rise of social media, drones, and smartphones. With the influx of billionaires and tech gurus during the Trump administration, the luxury real-estate market has seen a surge in activity, highlighting the existence of this shadow submarket.

    To create a zone of privacy around their homes, individuals may use nondisclosure agreements (NDAs), which have become more common in real estate and home construction. Agents, designers, and builders often sign NDAs to maintain clients' confidentiality. Even small renovation projects can transform the feel of a house, generating a higher sales price.

    When selling a property, consider adding luxe upgrades such as upscale furniture rentals, color-coordinated paint schemes, and artful finishes like coffee-table books or white tulips in glass vases. Small renovation projects can also make a big impact, such as installing a new front door or upgrading fixtures.

    For buyers, competing against all-cash offers requires strategy. Skip the love letter, which may reveal identifying information about you, and instead add an escalation clause to your offer. Waive contract contingencies like appraisals or home inspections to increase your chances of winning the bid. If you're repeatedly losing out, consider lowering your budget.

    The luxury real-estate market has evolved to cater to high-net-worth individuals who value discretion and privacy. Agents must navigate this complex landscape, using strategies like NDAs, luxe upgrades, and targeted marketing to attract buyers and sellers alike.