Tom Brady and Gisele Bündchen’s Brookline mansion is off the market, but it isn’t because they regret absconding to Tampa Bay.
The novel coronavirus is taking a toll on all real estate transactions but especially luxury homes — even if this one does belong to a GOAT and a supermodel. The 12,112-square-foot, $33,900,000 (down from its original $39,5000,000 asking price) estate at 112 Woodland Road comes with an array of luxuries fit for a Vogue fashion spread: five acres, a yoga studio, gym, wine room, and guest house, to name a few. But none of that means much in the current environment.
“We took it off the market because of the virus. We thought it was a waste of time,” Beth Dickerson, the listing agent and Gibson Sotheby’s senior global real estate adviser, said. “We’ll put it back on when the time is right.”
Luxury product isn’t moving much in Greater Boston at the moment. All the recent sales in Beacon Hill and Back Bay are under $2 million, Dickerson said. Ongoing coronavirus precautionary measures such as social distancing hinder the ability to show off a luxury home or host an open house. That said, 112 Woodland Road isn’t the kind of real estate to require an open house.
(Take a video tour of the Brady-Bündchen mansion.)
But there is still a palpable sting to the luxury home sector. Michael Carucci, Gibson Sotheby’s executive vice president, has taken about $40 million in Greater Boston properties off the market because of the coronavirus and limiting in-person showings.
“Typically, in the luxury world, these people do not have to sell,” Carucci said. “If you can’t show it, why keep it on the market?”
Of the transactions that are completing, they are typically deals that were already underway before the coronavirus effectively shut down most businesses in Massachusetts, Carucci added. Given the typical strength of the Boston real estate market, he expects a luxury comeback.
As for when that may lead to the Brady-Bündchen estate’s return to the Multiple Listing Service?
“If I had a crystal ball, I’d tell you,” Dickerson said.