Remember that clueless Phoenix realtor's "21 reasons to bank on Phoenix real estate"? One of them being that professional athletes have homes in Phoenix (as if that had anything to do with anything)?
Well, of of those professional athletes just got slaughtered by listening to a realtor on commission, and just took a massive loss on an Ahwatukee home (that's South Phoenix btw). No biggie, he makes millions, so to lose $500k in a few months must suck, but he'll be OK.
But the rest of Phoenix? They won't be OK. Their town's fake economy was propped up by real estate and the REIC. They HELOC'd their homes to the hilt. They overconsumed when they should have saved. And they'll be the poster child of the Great Housing Ponzi Scheme. People around the world will laugh at the people of Phoenix.
(Oh, one more thing. Any realtor who mentions "Beverly Hills" and "Chandler" in the same sentence should be given a wedgie)
Amare Stoudemire has purchased Arizona Cardinals' quarterback Matt Leinart's Ahwatukee home for $1.9 million, about $500,000 less than what Leinart paid for it last year.
Leinart put the 6,800-square-foot Ahwatukee home on the market in June for $2.4 million, after he moved to a $2.3 million home in a gated community that real estate agents have nicknamed "the Beverly Hills of Chandler."
But the real estate market's slowdown has hit everyone, and the home sat on the market.