A luxury market jump-start - air purification

Four years ago, when developers Peter and Elizabeth guigentas spent $2 million to buy a shabby 1860-meter-light tower townhouse, they saw the potential for huge profits. And why not?
The luxury market is booming.
As a result, the couple did not cut corners in the $4 million renovation, including imported Italian marble in the main bathroom, wine cellars, greenhouses and wet bars in the library.
But in September 2008, as they said, 5,700. square-
Foot buildings sold for nearly $9 million, the luxury housing market froze like the Charles River in February.
The financial markets plunged and buyers were left behind.
With the house vacant, the asking price for Georgantases has been reduced by about $2 million, but there are still no buyers.
"The timing was bad," said Peter Georgantas . ".
"The entire real estate community is frustrated by the onlookers.
"Now, in order to get the buyer's attention, he and his wife have decided to auction the house on Brimer Street, a rare event in the exclusive part of the city that will be closely watched, to measure whether it will attract buyers to a stagnant high. end market.
While luxury apartments in the Boston area are being auctioned more and more, this is the first exclusive apartment in recent memory --
Family home in Beacon Hill.
Sally Brewster, a real estate agent focused on nearby areas, said sellers and brokers wanted the auction to be successful.
"Let's see if it works," Brewster said . ".
"This may start a new trend.
Georgantas, 38, said he chose unorthodox sales methods to create a sense of urgency by setting an absolute end date for the availability of the house.
It will also enable him to focus on a new project.
37 affordable apartments are built at the southern end.
He has an obligation to sell the Beacon Hill house for the lowest bid price of $5 million, but he hopes the competition will push the price higher.
The March 3 auction will be held at the same time as two similar auctions. bedroom, 2,400-square-
Walking apartments near Lime Street, the last listing was $1.
8 million, the minimum price is $1. 2 million.
Greg Cohen, owner of Coda Development, said he also chose the auction process because of the final result of the auction.
He said: "With the auction, you have a clear ending . "
A new big rock Auction Company in Boston will be responsible for the sulfur auction.
Jeremy Freid, head of the company, said the owners had been looking for different ways to sell their homes.
"After the auction is over, assuming the auction is successful, we will certainly get a lot of calls from high-end people in Boston," Freid said . ".
In fact, the auction process has been increasingly high.
The final developer in the area.
Last year, nine apartments in Kobe's Back Bay complex were auctioned for more than $1 million;
46 units of Longwood building in Brookline;
There are about four dozen new units in Natick's collection.
All apartments are usually sold at a price higher than the lowest bid, but lower than the last asking price, said Jon Golinger, chief executive of Boston's accelerated marketing partner, who hosted the auction.
For singles, The Brimmer auction could be a watershed, Gollinger said.
Family home in downtown Boston.
"You're not looking for the bottom feeder, you're looking for someone who doesn't want to overpay," he said . ".
"It allows enough people to come in and bid and finally prove the price.
"Georgantases runs a family company called PEG Properties & Design, and over the past 15 years, they have made money on real estate by renovating townhouses and selling them at a healthy profit.
Peter started his business as a real estate agent and later began to buy his own property.
Elizabeth, 35, is an interior designer.
They bought the house on Brimer Street and the adjacent buildings for $4 million, and plan to re-convert the 18 rental units that have been neglected into two elegant apartments. family homes.
The idea is to move into a nearby property and use it as their permanent residence.
They upgraded both buildings and basically removed both and rebuilt them with expensive features.
Each room consists of five bedrooms, four bathrooms, three and a half bathrooms and seven fireplaces.
Each home has an air purification system and custom cabinets.
They plan to move into their home this spring.
Hope to have a new neighbor next door.
Peter said he and his wife have yet to decide when they will accept another challenge like Brimer Street.
But he is eager to finish it.
"I don't have a crystal ball," he said . "
"I can wait another six months, but we want to start the next project. ’’Jenifer B.
You can contact McKim at jmckim @ globe. com.