According to two very reliable sources (NOT in the brokerage community), and close friends of Luxury Residential Group, have told us that the Auction at 20 Brimmer Street was unsuccessful and failed to meet the minimum set forth prior to auction day. There were bidders that attended but no one stepped forward with a bid of $4,975,000+5% buyers premium or greater. This is a total SHOCKER to the Boston Real Estate and brokerage community as the auction was highly publicized and well received by the public.
We feel that the developer would have been better off with an absolute auction format rather than setting a reserve. This would have presented the TRUE value of the property. Unfortunately, 20 Brimmer is now valued at, or below the $4,975,000 reserve price point. A risk the developer was willing to take, but did not anticipate happening.
UPDATE: The home is now currently priced at $4,975,000. If you are interested in receiving more information or to set up a private tour, please feel free to email us at info@lrgboston.com or call Joshua Golden(Buyer Agent) at (617) 233-5800.
LRG Luxury Residential Group | 355 Boylston St, Boston MA 02116 | (617) 233-5800 | |
It’s not that it’s worth it, it’s the fact people don’t feel that have to pay a premium for anything anymore, I’m also curious what the condo fees are ?
The whole point of an auction is to find a market clearing price. If you place a ridiculously high minimum bid, you should not be surprised that you have a failed auction and you do not discover that price. Compare average selling PSF for townhouses on the hill with what these guys were after. Not close.