Boston Real Estate Blog, Boston Condos » Beacon Hill Auction

Boston: Beacon Hill building for sale

John Ford — Mon, 25 Oct 2010 15:33:38 +0000

Looking for a good deal on a Beacon Hill building? If so, give me a call at 617-595-3712 or call Linda Mitrano on her cell at 617-512-4557.

Going once, going twice, going nowhere

Ford Realty — Thu, 04 Mar 2010 19:17:38 +0000

Excerpts from the Boston Globe piece headlined No bidders for Beacon Hill home:

The bidding for a 5,700-square-foot single-family home on Brimmer Street in Beacon Hill opened at $4.975 million, went once, went twice, and – with no bids entered – went back to private sale about a minute after the auction began.

“It’s now 7:33 p.m., and the auction is now officially concluded,’’ auctioneer Bruce Sayre told the crowd of about three dozen gathered last night on the home’s kitchen level.

Jeremy Freid, managing principal with Great Rock Auctions, which staged the event, said his firm will now work to cut a deal with potential buyers who showed up at the auction.

“We’ll talk to them about a number they’re comfortable with,’’ Freid said.

He added that last night “the buyers said, ‘This isn’t the price we’re willing to pay right now. It may have been the price six months ago, it might be the price six months from now. But it’s not the price right now.’ ’’

20 Brimmer Street – Beacon Hill Auction

Ford Realty — Sun, 07 Feb 2010 19:29:03 +0000

I was just informed by one of my agents that 20 Brimmer Street open house was a huge success (even on Superbowl Sunday). It should be interesting to see how this auction plays out.

If you would like us to represent you as a buyers agent please feel free to contact our office at 617-720-5454.

What the Boston Globe didn’t mention about the Beacon Hill Auction …

Ford Realty — Fri, 05 Feb 2010 14:51:46 +0000

This week the Boston Globe ran a story about two Beacon Hill real estate auctions that will take place March 3, 2010. Upon reading the article, a potential client contacted me and asked me to find out more details. I contacted Great Rock Auction and requested sales information on 20 Brimmer Street. In reading their marketing brochure, I found this paragraph interesting:

Buyer’s Premium: A 5% Buyers Premium will be added to the final bid price of the property detailed in this brochure, per the terms of the sale.

This is important for you to know: If you place a $5mil bid on 20 Brimmer Street townhouse you will also be required to pay a 5% surcharge fee of $250,000.

I contacted Great Rock Auctions to make sure I had my facts correct and this what they told me: “John, it’s a very common practice in NYC at art auctions to have the buyer pay a surcharge fee, and it’s the same concept here with this property.” Huh?

Apparently, buyers paying a “buyer’s premium” is commom practice in NYC. Hmm … I wonder what Boston homebuyers think of this?

BTW, if you are interested in participating in the Beacon Hill auction, please contact me as a buyer’s agent. If you are the winning bid, I’ll use part of my broker fee to offset your “buyer’s premium.”

Your thoughts? Do you see this auction format catching on in Boston?