So, last evening, an auction was held for a property at 20 Brimmer Street. It was an “auction” in the sense that there was an auctioneer and there was a request for bids. However, this was not an auction in the sense the property was not (apparently) facing foreclosure. In addition, there was a minimum bid set, prior to the auction.
This minimum bid, $4.975 million (plus buyer’s premium), was not reached, and the house was not sold.
Most commenters on the Boston.com website rejoiced, seeing this as a sign that the Boston real estate market has not recovered and that bad times will continue, unabated.
Never let facts get in the way of a good story, as George Washington used to say.
The reality is quite different than what these commenters would suggest.
Since January 1, 2010, 89 million-dollar properties have gone under agreement or closed, in the city of Boston. This includes condos and single-family homes.
Two of thirteen single-family homes have gone under agreement for more than $5 million (the second was listed at $12,500,000).
Five of the 76 condos were for more than $5 million, including one at 9 Arlington Street that sold for $7,499,000.
(Approximately 20 of the 76 condos were in new construction buildings but almost all went under agreement in 2010.)
So, there are plenty of potential buyers out there for multi-million dollar properties.
Just not for this one.
[geo_mashup_map]
Related posts:
- UPDATE: Two Beacon Hill homes to go to auction at multi-million $ prices
- Million-dollar + condo sales explode in 2010; double 2009 total
- Beacon Hill Boston single-family home will go to auction for $5 million+
- Tip: How to buy and sell real estate from million-dollar agent (for free!)
- Beacon Hill home that didn’t sell at auction sells anyway … for less
Loading ...
A complete list of all properties coming on the market during the past seven days in the downtown Boston Proper neighborhoods including the South End, Back Bay, Beacon Hill, North End, West End, Waterfront, Leather District, and The Fenway.
Ted Pietras of Gibson Sotheby’s International Realty has a great new single-family listing in the South End located at 162 West Canton Street.
A complete list of all real estate properties coming on the market during the past 72 hours.
A complete list of all single-family and condominium home listings coming on the market during the past forty-eight hours in the downtown Boston Proper neighborhoods.
A complete list of all single-family and condominium home listings coming on the market during the past four days in the downtown Boston Proper neighborhoods.