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Times of India·2 min read·medium

1798 Massachusetts mansion bought for $2.16m later sold for city-record $5.2m

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TOI REAL ESTATE DESK
1798 Massachusetts mansion bought for $2.16m later sold for city-record $5.2m
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A historic 1798 mansion in Newburyport, Massachusetts, has sold for a record-breaking $5.2 million. The property underwent extensive restoration and expansion, significantly increasing its value from its 2016 purchase price of $2.16 million.

Why it matters

This sale reflects the high demand for luxury historic real estate and the significant appreciation of property values in affluent New England markets.

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Some houses are measured in square feet; others, in centuries. On Newburyport’s historic High Street, the Philip Coombs House has managed to accumulate both. Built in 1798 for a merchant and shipbuilder, the grand Federal-era property has now changed hands for $5.2 million, setting a new residential sales record for the Massachusetts city. The price is particularly striking given that the mansion sold for $2.16 million in 2016, before an extensive restoration and expansion reshaped the property for contemporary luxury living.A historic address gets a new chapterLocated at 51 High St., the more than 7,000-square-foot estate occupies over 2.5 acres in The Ridge, one of Newburyport’s most prestigious historic neighbourhoods. According to Hoodline, the property’s latest sale marks the highest price ever recorded for a home in the city.The scale of the residence is remarkable even by modern standards.

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