Beacon Hill Single Family Home Auction March 3rd
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The tough hi end boston luxury real estate market is turning to unconventional methods to sell some properties. Check out this Boston Globe article about the first luxury single family to hit the auction block on March 3 2010. Article courtesy of the “Boston Globe”
When developers Peter and Elizabeth Georgantas paid $2.25 million for a dilapidated 1860s Beacon Hill brownstone about four years ago, they saw the potential for a hefty profit. But in September 2008, just as the couple put the 5,700-square-foot building up for sale for $8.95 million, the luxury housing market froze like the Charles River in February. As the house sat vacant, the couple reduced the asking price to $7.95 million months later and then again, last year, to $7 million, with no serious offers. Hoping to motivate buyers, the Georgantas are now putting the townhouse up for auction with a minimum bid of nearly $5 million, a rare event in this historic and exclusive part of the city that will be closely watched by others in the real estate industry who are frustrated with the stalled high-end market. While there have been an increasing number of auctions of luxury condominiums in the Boston area, this is the first auction of a high-end single family in Beacon Hill in recent memory. The Georgantas purchased the Brimmer Street property and an adjacent building for $4.5 million with plans to return the 18 rental units back into two elegant single family homes. The March 3 auction will be done in tandem with a two-bedroom, 2,400-square-foot condominium on nearby Lime Street that was last listed for $1.8 million and will sell for a minimum bid of $1.2 million. Great Rock Auctions, a newly incorporated Boston-based auction firm that focuses on high-quality real estate, will hold the auction in the Brimmer Street home.
Jon Gollinger, chief executive of Accelerated Marketing Partners, the Boston firm that ran The Bryant Back Bay and Nouvelle at Natick auctions last year, said the Brimmer auction will likely be a “watershed event” for single family homes in downtown Boston.
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