February
2010
Developers Peter & Elizabeth Georgantas are putting there 5700 sq. ft. building up for auction on March 3rd. Back in September 2008 they decided to sell it, listing it at $8.95 million, but the market came to a screeching halt. Potential buyers were too worried about making any quick offers because of the on going crippling of the economy. They dropped the price by a million dollars, still no offers, even dropped it down to $7 million, still no serious offers. Now the Georgantas are deciding to put it up for auction, which is very rare for the historical district of Beacon Hill. The bidding will start at a $5 million minimum. They are anxious to begin work on their next project and it has become frustrating to see such a beautiful property sit vacant for so long. In addition to this Brimmer Street property, the Georgantas also purchased a building adjacent to this one for $4.5 million with no further intentions of converting the current 18 rental units back to an elegant single family home. Both buildings are severely updated with extremely high end features which include: five bedrooms, four bathrooms, three powder rooms and seven fireplaces per home. Also includes heated floors and an air purification system throughout each home. The March 3rd auction will be done in tandem with a two-bedroom, 2400 sq ft condo on nearby Lime Street which has been listed for $1.8 million and will be held at a minimum bid of $1.2 million. The auction will be run by Great Rock Auctions, a Boston-based firm with experience in high-quality real estate. The auction will be held inside the Brimmer Street home. This auction should be great, good chance to get a beautiful, one of a kind home for a great price.
For more information on this auction please contact AnthonyJRich@gmail.com
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