When developers Peter and Elizabeth Georgantas paid $2.25 million for a run-down 1860s Beacon Hill brownstone on Brimmer Street about four years ago, they saw the potential for a large profit. But in September 2008, just as the couple put the 5,700-square-foot building up for sale for $8.95 million, the luxury market took a hit. Last year, they once again, put the home on the market for $7 million, but with no serious offers. Hoping to motivate buyers, the Georgantas put the townhouse up for auction a few weeks back with a minimum bid of nearly $5 million. At the day of the auction, approximately 32 individuals showed up for the auction, but no takers.
Why am I telling you all this? Well, an agent in my office yesterday had a client that wanted to view the property, so we called the original listing agent to see if we can set up a showing and to our surprise — this Brimmer Street townhouse is now under agreement.