Great opportunity for a buyer to steal a gorgeous Beacon Hill home. Originally priced at $8.95 million NOW $4.99. The auction is to be held March 3, 2010 however all interested parties must tour and register beforehand. Please contact us is you are interested in the 20 Brimmer Street auction.
“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.”
Of course the market was in a different shape back then and the developer thought nothing of spending upwards $4 million in renovations on the 5,400 sqft Brimmer Street beauty. Nobody could predict the economic storm that lay ahead and with all the buy-rebuild-flip profits going on it’s easy to see where the buyer could put such money into the row house and expect to still make money of its sale. But as we all know times have changed…
In an effort to move the home quickly Georgantas reduced the asking price from $8.96 to $7.95 million, and then again, last year, to $7 million. Now it is hitting auction at $4.9
The home consists of five bedrooms, four baths, three powder rooms, and seven fireplaces…oh and a gorgeous wine cellar. Other upgrades include, imported italian marble in all baths, smart-home technology throughout, solarium , greenhouse, library and an enormous roof deck, heated flooring, and top of the line kitchen.
According to The Boston Globe, “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 photos do not do this home justice. If you are interested please contact us at once.
