The London Olympics has been an incredible place for swimming legend Michael Phelps 27, who will be ending his career on Saturday with the final swim in the 4 x100 medley relay. He will be starting a new life and part of this new beginning is selling his Baltimore man pad.
However super man swimmer Phelps talents in the water have
not transferred to real estate investment, his home may sell at a loss if
valuation figures are to be believed. Having said that he bought his sleek town house in 2007. Mr Phelps property just like everyone elses in the area has been subject to decreased valuations owing to the global financial crisis.
According to the Baltimore Business Journal, Phelps bought the 4,080 square foot townhome for $1.69 million in 2007. The home is currently assessed at $1.5 million.
In my opinion these valutaions are based on mere mortal homes i.e. houses owned by non Olympians, it appears that this does not
account for the Phelps Gold factor.
In my experience former celebrity homes can command higher prices, his house provides the celebrity X factor. Demand should be high and where we have demand so prices rise. Just imagine you had the money to buy his property, I am sure without doubt the fact that one of the worlds best Olympic swimmers lived in the home would influence your decision.
Phelps Should Employ Extreme House Selling
photos source real estate agent Heidikrauss.com
In true style of what I call extreme house
selling Mr Phelps needs to add some glamour to this straightforward sale. He
should for example offer anything from his car, dinner with Mr Phelps to signed
momentums as part of the sale. This small expenditure will no doubt help him
achieve the price he needs to break even on the sale. My bets are that this home will be attractive to an overseas investment buyer seeking a real estate investment with a difference.
The property shows
that Phelps loves modern clean uncluttered living with a true love of the outdoors. The home has a rooftop
deck, a granite kitchen, spa bath and floor-to-ceiling windows. This piece of
celebrity real estate has three bedrooms and three-and-a-half baths.
For me its always
about location and this property has some great views of the harbour, I am sure Mr Phelps will not lose out on this sale after all he is not used to losing anything.
Author CEO of Homesgofast.com Nick Marr