[BREAKING] Super luxury Beacon Hill condo (Brimmer Street) to be auctioned off later this month.
When developers Peter and Elizabeth Georgantas paid $2 million for a dilapidated 1860s Beacon Hill row house four years ago, they saw potential for a hefty profit. And why not? The luxury market was booming. So the couple didn’t cut any corners in a $4 million renovation that included imported Italian marble in the master bath, a wine cellar, a greenhouse, and a wet bar in the library.
But in September 2008, just as they put the 5,700-square-foot building up for sale for nearly $9 million, the luxury housing market froze like the Charles River in February. Financial markets toppled, and buyers stayed away. As the house sat vacant, the Georgantases reduced their asking price by about $2 million, but still no takers.
“The timing was terrible,’’ Peter Georgantas said. “The whole real estate community is frustrated with the lookers.’’
Now, hoping to get the attention of buyers, he and his wife have decided to auction the Brimmer Street house, a rare event in this exclusive part of the city that will be closely watched to gauge whether it will lure buyers to 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 one in recent memory for an exclusive single-family home on Beacon Hill. Sally Brewster, a real estate agent who focuses on the neighborhood, said sellers and agents are hoping the auction is successful. “Let’s see if it works,’’ said Brewster. “It might start a new trend.’’ Continued… [via Boston Globe]