After making history as being the most expensive single family brownstone ever sold in Beacon Hill, Boston at $28,250,000 – 56 Beacon Street is back on the market after only 4 months!
Staring prominently south and directly onto the Boston Common, 56 Beacon Street is unquestionably one of the best single family properties in the city of Boston. The property was formerly sold for $11,500,000 in 2015 before selling again in the aforementioned record-setting sale. Roughly four months after the off-market transaction closed, the 9,439 square foot property is listed for a STAGGERING $31,000,000. The massive abode comes complete with five bedrooms, five full bathrooms, three half-baths and a four-car heated garage.
The only single families in the past two years that have come remotely close to the price point of 56 Beacon Street are:
- 16 Marlborough Street: sold for $16,286,000 on 12/27/22
- 7 Mount Vernon Place: sold for $15,150,000 on 8/3/21
- 17 Louisburg Square: sold $14,800,000 on 4/8/22
While these single families boast many of the same high-end qualities featured by 56 Beacon Street, they all sold for half of what 56 Beacon is not asking, placing additional emphasis on the astonishing price of 56 Beacon Street.
While the grandeur of the estate isn’t up for debate, it is nonetheless curious as to why the property is listed so shortly after being purchased…and for $3,000,000 more than what the seller just paid! We trust the seller is simply leaving room to negotiate as it is incredibly unlikely that this property appreciated during the spring of 2023….Before 56 Beacon was purchased in 2015, it sat on the market for an astounding 1,161 days. If buyers deem the current list price to be unjustified, we could see this unit dwell on the market for a considerable amount of time.
In the past year, out of the 14 units sold for $10,000,000+ in core Boston, eight of them experienced price drops.
As you can see, price drops varied in size, with an average drop of 7.8% off the asking price. Ten of these units were condos, with only four being single family homes. So, while 56 Beacon is currently listed at $31,000,000, when it eventually sells, we will be very curious to see how the next buyer values it. Ultimately, the property is mostly in a class of its own but is that class fully $10-15M better than properties that offer comparable functionality?
A property of this magnitude inherently offers implications for the market no matter what the pricing outcome may be. Get in touch with a COG agent if you have questions about what this means for you or how it affects your unique circumstances!