Whitcomb Mansion Purchased by Owner of Worcester Market
Notable real estate transactions in Massachusetts tend to occur most often in Boston. As that city’s real estate market continues to explode, however, outlying communities are beginning to experience similar developments. Worcester is an excellent case in point. Recently, a well-known mansion in the city was sold to a property manager who already owns a few other properties in the city. WorcesterRealEstate.com has been staying on top of real estate developments in Worcester, and we are here to bring you the latest regarding the sale of the Whitcomb Mansion.
Constructed in 1879, the Whitcomb Mansion was originally built as the home of George H. Whitcomb. Whitcomb was one of the city’s leading businessmen and philanthropists at the time. The founder of Bay State Envelope Co., which once produced nearly one-third of the envelopes in the U.S., Whitcomb had the means to have a sprawling mansion built to house him and his family. At more than 9,000 square feet, the building is large enough to serve as more than just a single-family home – and it in fact has been used for various purposes throughout its history.
Most recently, the Whitcomb Mansion served as the New England headquarters of Quaker Special Risk, a local insurance company. When the company purchased the mansion in 2002, it had vast renovations performed on the building to ensure that it would suit its needs effectively. As a result, a lot of money was invested into the building less than two decades ago, which should have helped to increase its value. Although the mansion was sold for less than its original asking price of $1.25 million, it still fetched more than the $950,000 or so assessment that was calculated by the city.
As for what will happen next with the Whitcomb Mansion, that remains unclear. The person who bought it, Dmitry Zhivotovsky, closed on the sale on Friday September 27, 2019. According to Worcester County land records, Zhivotovsky owns at least three other properties in the city. In addition to being the owner of the Worcester Market, the landlord also owns two apartment buildings that are located on Austin Street. When asked about his plans for the building, Zhivotovsky stated that he was still not sure. However, he believes that it would work great as an office or perhaps as housing for local college students.
What does this mean for people who are looking to buy or rent in the city of Worcester? Although the building sold for a bit less than asking price, the fact that it fetched more than $1 million is striking. At Boston City Properties, we believe that larger real estate transactions like this one will become more and more common in Worcester and in other Greater Boston cities. If you are looking to buy or rent a home in Worcester soon, you can expect to face steep competition. Give yourself the best odds of success by connecting with WorcesterRealEstate.com. Contact us today for more information.