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Tuesday, August 7, 2012

Michael Phelps Sells Condo $400,000 Loss

Michael Phelps Sells Condo - Michael Phelps may be on top of the world, but he's not on top of the real estate market. The superstar Olympian sold his luxury Baltimore condo this week for a huge loss. Phelps bought the condo in 2007 at the height of the real estate market.

Michael Phelps changed the tides of history this week, as his Olympic wins got him the coveted world record of ‘the most decorated Olympian of all time.’ However, even his massive fame, sexy looks and unparalled talents could not get him a buyer for his Baltimore condo which has been on the market for quite some time.

Phelps bought the home for $1.69 million in October 2007, and knew he had taken an investment hit when he listed the condo at $1.42 million earlier this year. However, the elite swimmer did not expect taking even bigger financial hit, which inevitably happened when he sold the luxury home last week for $1.25 million.

The condo was part of the Townhomes at the Crescent on Fell Street and sprawled over 4,000 square feet. Set-up with amazing water views, floor-to-ceiling windows, a rooftop lounge, fireplace and spa bath the condo was the perfect crash pad for America’s favorite swimmer.

The swimmer, who famously sleeps in a high-altitude sleeping chamber found great space in the condo which also included hardwood floors, granite countertops and was described as ‘a great place to eat, drink and party.’
Assed at a value of $1.5 million in 2010, Phelp’s final selling price was grossly under value at 250,000 dollars below asking price. However, with a slew of wins and endorsement deals under his speedo, I am sure Phelps is not giving his real estate hit a second thought.

Michael Phelps Sells Condo $400,000 Loss Rating: 4.5 Diposkan Oleh: Arm Aritn


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