An historic Beacon Hill single-family home will go up for auction, the result of a slow real estate market.
Boston developer Peter Georgantas and his wife, Elizabeth, are putting the home, at 20 Brimmer Street, up for auction. Minimum bid will be $4.995 million.
The property was originally listed for sale in MLSPIN for $8.95 million, back in the fall of 2008, but is currently listed for $6,990,000 with Tracy Campion of Campion & Company Real Estate.
The 5,700+/- square foot home, originally built circa 1860, has been meticulously renovated. Purchased in 2004 with sister property 22 Brimmer Street for $4 million, the developer invested as much as $8.547 million into the renovation of the twin buildings. (Only 20 Brimmer Street is going up for auction.)
According to an interview with the Boston Globe, he is holding the auction to generate interest from buyers in a moribund real estate market, and for no other reason.
Georgantas says he’s choosing this unorthodox route in hopes of creating a sense of urgency among unmotivated buyers and an absolute end date so he can launch another project of 37 lower-end condominiums in the South End.
That project is, presumably, Phase II of the Modern condominium development, at the corners of Columbus Ave and Massachusetts Ave, in the South End.
More later, but let me say, I know Peter Georgantas from prior real estate deals and from seeing him at area events. He’s a great guy and a good businessman.
This is a wise decision in order to sell the property. One buyer will end up with a one-of-a-kind home while the seller will be able to settle-up with his investors and move on.
Oh, and if you get shut out of the auction for 20 Brimmer, Peter also has for sale an extraordinary single-family home at 74 Beacon Street. You’ll have to dig deeper, however; that property is listed with Sprogis & Neale for $14.95 million. And it’s not had a price reduction, once.
More on the 74 Beacon Street renovation can be found in this Boston Magazine article.
Here are three photos of 20 Brimmer Street. Click to enlarge.
Photos courtesy Campion & Company, MLSPIN
Related posts:
- UPDATE: Two Beacon Hill homes to go to auction at multi-million $ prices
- Beacon Hill home that didn’t sell at auction sells anyway … for less
- Beacon Hill Boston three-bedroom, two and 1/2-bathroom single-family home for sale, $3,699,000
- New construction single-family home in South End on Bradford Street
- Beacon Hill four-bedroom, four and ½-half bathroom single-family home for sale, $2,475,000
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