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?


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Buying a Beacon Hill condo for sale

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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