198 Commonwealth Ave., Boston
It may not be the most expensive home currently on the market in Boston’s tony Back Bay neighborhood but it certainly fits the description of a luxurious property. An elegant townhouse at 198 Commonwealth Ave. is currently listed for sale at $7.75 million. The five-bedroom, four-bath mansion has been on the market since the end of April. “It is stunning,” says exclusive listing agent Regina Capozzi, a sales associate in the Back Bay office of Hammond Residential GMAC Real Estate. The home is owned by Ronald L. and Lesley B. O’Kelley, according to assessors’ records. Ronald O’Kelley was the chief financial officer and treasurer of State Street Corp. until he resigned in March 2002. The O’Kelleys purchased the mansion back in 1996 for a mere $1.2 million. Built in the 1880s, the home was completely gutted in the 1990s. As part of the rehab, an elevator was installed. Special features include a separate au pair suite, a roof terrace and a garden. The home also comes with three parking spaces. “It’s a very distinctive building,” said Capozzi. According to Capozzi, the homeowners are selling because they’re downsizing. While there has been some serious interest in the property, no offers have yet emerged, says Capozzi.
For those with even deeper pockets, Daniel A. Mullin & Associates Real Estate in Boston is peddling another home on Commonwealth Avenue for $12 million. The approximately 8,000-square-foot residence boasts a grand reception hall with a 30-foot-high ceiling, cut and etched glass skylight and a stairway featuring a custom-designed balustrade and handrail, according to the listing description posted online.
There have only been a handful of transactions in Boston so far this year that approach the high asking prices of those Commonwealth Avenue dream homes. At the beginning of the year, a home at 56 Beacon St. sold for a whopping $8.55 million. Two other Beacon Street homes fetched $4.8 million and $4.15 million in March and April. Around the same time, an Exeter Street home went for $4.99 million.
Small Change
CHRISTMAS IN JULY: Some Massachusetts banks may take a “snow day” – or perhaps several – this summer. During the week of the Democratic National Convention, according to Bruce Spitzer, director of communications at the Massachusetts Bankers Association, banks in Boston have the ability to determine if they should close. With road closings and alterations to public transportation in and around the North Station area near the FleetCenter where the convention will be held, the week is expected to pose many transportation problems for commuters.
The state Division of Banks, in response to a letter from MBA’s Chief Operating Officer Kevin Kiley, said state-chartered banks in the Bay State are authorized to close banking offices on an “emergency temporary non-mandatory basis.” However, the final determination rests in the hands of the bank.
Spitzer said there have been no announced closings and he expects more banks to adjust their hours rather than close.
If banks do close during the week of July 26, the closings must be recorded in the notes of the next meeting of the bank’s governing board and reasonable effort should be made to notify the banking public and appropriate personnel.
KEY MOVE: President of Keyspan Energy Delivery Nickolas Stavropoulos and his wife, Patrina, recently purchased a home at 1 Woodbury Lane in Natick for $1.4 million. The four-bedroom, two-bath Colonial-style home was built as part of a new development by Barberry Homes. According to Barberry Homes’ listing, the 4,200 square feet of living space is equipped with a designer kitchen.
In 2002, Stavropoulos sold his Andover home for $804,000 to Richard G. Haltmaier and L. Flaherty-Haltmaier.
Weekly Statement
“It’s important that inflation not get away from the Fed. And just as important, the Fed doesn’t want to create the impression that they’re letting inflation get away from them.”
Steve Andrews, vice president of Sovereign Bank’s Capital Markets Group in Boston, on the Federal Reserve’s decision last week to increase the federal funds interest rate by 25 basis points to 1.25 percent.
