If you're looking to buy a historic single family in toney Beacon Hill, prepare to pay for the privilege, but less than the original asking prices.
While low inventory in some Boston neighborhoods is leading to multiple offers, bidding wars and sales above asking price on some properties, two of the Hill's top-of-the-market single-family homes are seeing their prices chopped.
This week, Beth Dickerson of Gibson Sotheby's relaunched her recently acquired listing at 23 W. Cedar St., a five-bedroom townhouse that was handsomely redone last year, by dropping the price by $400,000 May 15, after having already dropped it $150,000 May 2. It is now on the market for $5,350,000.
"I did a re-analysis, something you generally do when a property hasn't sold within 60 days in this market," said Dickerson, consistently ranked as the second-highest-volume real estate broker in Boston who has sold dozens of super-high-end properties. "With the end of the spring market coming, reducing the price gives the property some buzz before the summer comes in and buying slows down."
The 5,341-square-foot property certainly pops, from its stately 1836 Greek Revival brick and wrought-iron exterior to an elegantly restored living/dining area, a chef's kitchen with honed Carrara marble countertops and a private two-tiered garden and roof deck. Original floors and woodwork were redone, but there's also a contemporary feel in its four levels of living space.
"The owner's an interior decorator who's done a great job mixing in the old with the new," Dickerson said.
It was originally listed by another broker at $6,250,000 in July 2013, so the property has actually been reduced $900,000 since its makeover.
Another top-tier single family, a spectacular 8,684-square-foot Beacon Hill townhouse overlooking Boston Common at 56 Beacon St., has had its price cut by $600,000, to $11,900,000.
Jeannemarie Conley of Otis & Ahearn has had the listing — along with colleague John Corcoran — since January 2011.
"Cutting the price brings in new potential buyers, and encourages others who've looked at it to look at it again," said Conley, who sold 15 Commonwealth Ave. for $12.5 million in 2012, the highest sales price in Boston that year. "The price cut is already working because it's increasing activity on the property.
In addition to its beautiful restored woodwork, the townhouse, built in 1819, features a huge dining room with a marble fireplace, a master bedroom suite taking up an entire floor and an elevator to all floors. It also has something unheard of in the city — a private attached four-car garage.
"The market for single-family properties like these are families looking to make a long-term commitment to city living," Conley said. "It's a major decision."
Both of these properties have had a number of offers, their brokers say, but for various reasons have not sold.
"Selling these kinds of properties is a combination of the right timing and price coming together," Conley said.
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