So, last evening, an auction was held for a property at 20 Brimmer Street. It was an “auction” in the sense that there was an auctioneer and there was a request for bids. However, this was not an auction in the sense the property was not (apparently) facing foreclosure. In addition, there was a minimum bid set, prior to the auction.

This minimum bid, $4.975 million (plus buyer’s premium), was not reached, and the house was not sold.

Most commenters on the Boston.com website rejoiced, seeing this as a sign that the Boston real estate market has not recovered and that bad times will continue, unabated.

Never let facts get in the way of a good story, as George Washington used to say.

The reality is quite different than what these commenters would suggest.

Since January 1, 2010, 89 million-dollar properties have gone under agreement or closed, in the city of Boston. This includes condos and single-family homes.

Two of thirteen single-family homes have gone under agreement for more than $5 million (the second was listed at $12,500,000).

Five of the 76 condos were for more than $5 million, including one at 9 Arlington Street that sold for $7,499,000.

(Approximately 20 of the 76 condos were in new construction buildings but almost all went under agreement in 2010.)

So, there are plenty of potential buyers out there for multi-million dollar properties.

Just not for this one.

[geo_mashup_map]