November 12, 2007

This one's just funny. Arizona Cardinals QB loses $500,000 on his Phoenix home in one year


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.

19 comments:

uknowwhoiyam said...

Heh heh heh ... that Phoenix financial genius was our GREG SWANN, wasn't it?

Poor Greggy is going to need a sandblaster to get all this EGG off his face!

Anonymous said...

Losing $500000 when you make $50 million not a problem but losing that when you make $100000 is a problem

Frank@Scottsdale-Sucks.com said...

Beverly Hills of Chandler, my ass.

Ahwatukee is a desolate wasteland of Starbucks and TJ Maxx infested strip malls, acres & acres of stucco sameness and uniformity, and cheap banal chain restaurants.

Geez, calling Scottsdale the "Beverly Hills of Arizona" is enough of a joke, but Ahwatukee is even worse.

Anonymous said...

Ah yes, greg greg greg,
how about, 21 reasons humans are doomed to repeat the last investment mania over and over again, 21 reasons you should never trust a person who's financial reward runs counter to your financial well being, 21 reasons realtors are not brain surgeons,21 reasons bubbles are not visible, untill after they pop, whoops my bad, 21 reasons fiscally prudent people are not balefully bawling in their beer,
21 reasons living in a furnace hellhole is better than a more moderate locale,
21 reasons its better to be a "flying monkey" than a sheeple led to the fincial slaughter, 21 reasons to head for the hills when realtors start pitching negative cash flowing desert rentals, counting on appreciation to bail you out, 21 reasons the general public will loath realtors for years to come!

Anonymous said...

I wonder if he asked his REALTOR for his commission back

Anonymous said...

But the athletes can afford to lose a ton of money.

joeblow said...

But......but......I thought the high end market was still hot........

Anonymous said...

All of professional sports is run by organized crime and drug money launderers.

What does a 23 yr old kid need with a 6,800 sq ft home anyway?

Anonymous said...

Riches to rags in 2 generations?

Déjà vu all over again.

westwest888 said...

"...as if that had anything to do with anything." -Keith

HA dude people actually use that as a pillar in defending real estate. 40 miles outside of Washington, DC in Loudon County people justify their Ashburn townhouses because the Washington Redskins football team has a training field nearby AND some of them bought 6BR 6BA houses with the other FB's.

Anonymous said...

I really feel for over rated atheltes who lose so much cash equity in their homes. There is a way "smucks" can contribute to a fund to help these "punks" who lose so much equity in their homes. If you would like to conribute, please go to
www.fu%kyou.com

raynla said...

Kieth,

The best part of this story is what most everyone here is forgetting.

The new Comps.

RayNLA

Anonymous said...

Ahwatukee -- pronounced "All White Tukee".

(this is an inside Phoenix joke...which apparently Amare Stoudemire never heard).

Anonymous said...

"But the athletes can afford to lose a ton of money."

Half a mil' here, half a mil' there - soon you're talking real money.

Wealthy people generally try not to throw money down the toilet. In The Millionaire Next Door, athletes are used as examples of the high-earning high-consumption trap. They only make the millions for a short time, and can have impressive burn rates. Witness this house deal.

(If, as QB, he is really earning $50M, that would be pretty hard to chew up in a lifetime).

Anonymous said...

Could not possibly care less. When this all goes down, it's FINALLY over for pro sports and hollywood. When the citizenry is broke, hungry, jobless and homeless, the athletes and the actors will have to scrounge for food scraps with the rest of us.

Anonymous said...

Could not possibly care less. When this all goes down, it's FINALLY over for pro sports and hollywood. When the citizenry is broke, hungry, jobless and homeless, the athletes and the actors will have to scrounge for food scraps with the rest of us.

Anonymous said...

That's nothing. Crackhouses in Compton are listed for $600K and above. It's just a bunch of numbers when it comes to real estate. It's funny how these morons line up overnight at BestBuy to save two hundred dollars on a laptop on the morning after Thanksgiving, but think nothing of dropping half a million on a condo or crackhouse.

sportdork said...

I guess he could have just had illegal aliens slap up some drywall to make 40 apartments out of it,and rent them out to them and then he would probably be turning a profit by now.Think inside the box.He will be just a little early though as a trendsetter on what to do with these oversized shitboxes.

Anonymous said...

When there were news stories about Lindsay and Britney buying, it was pretty clear we were heading down...

What did someone post here once? "When stupid people are getting rich, we have a problem"