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.

Beacon Hill condos have been a popular choice for Boston residents for many years.  Many of the original Beacon Hill buildings were built over 200 years ago and were home to some of Boston’s most famous residents.  Even today you find many of our local celebrities making Beacon Hill their home such as John Kerry who lives on Louisburg Square with his wife Teresa Heinz.

Many of our clients ask us about how the market is doing in Boston and my answer to them is “What neighborhood do you want to know about?” because each neighborhood is so different in the demand.  Beacon Hill has consistently been one of the top drawing neighborhoods in Boston for it’s proximity to fantastic restaurants such as La La Rokh and the famous Paramount as well as it’s charm and beauty of the cobblestone streets.

I figured since today is the end of the first quarter of 2009 I’d pull some stats and see how Beacon Hill is fairing in this economy:

Condo Sales Figures from 1/1/2009 – 3/31/2009

Lowest Price: $157,000 (21 Beacon Street Unit 3k – 262 square foot Beacon Hill Studio)

Highest Price: $1,445,000 (108 Mt. Vernon Unit 1 – 1626 square foot Beacon Hill 3 Bedroom/3 Bathroom)

Median Price: $530,000

Average Price: $578,838

Total Market Volume: $9,840,250

Condo Sales Figures from 1/1/2008 – 3/31/2008

Lowest Price: $185,000 (36 Joy Street Unit 1/8 – 234 square foot Beacon Hill Studio)

Highest Price: $2,700,000 (87 Pinckney St. Unit 1 – 2440 square foot Beacon Hill 2 Bedroom/2.5 Bath)

Median Price: $440,000

Average Price: $635,448

Total Market Volume: $18,428,000

My Thoughts:  As expected volume is down big time, almost 50%!  I’m not surprised since the first quarter of this year has been turbulent to say the least in regards to the economy.  Do I expect an uptick for the Spring market?  Based on my personal observation of web traffic, open house traffic and my clients reactions, yes.  But honestly, your guess is as good as mine.  All I can say is rates are low, most sellers are realizing the market we are in and negotiating somewhat, and if you can qualify for a mortgage then you are in a good position to take advantage of the market.

On another note, congrats to Will Montero of the Warren Residential Group Newbury Street office for putting listing at 33 Myrtle Street in Beacon Hill under agreement in only 12 days.  Will is representing both the seller and the buyer in this transaction.