Thursday, January 08, 2009
Real estate for professional athletes: deflation is The Word
Word Up: Pheonix Sun pro-baller Shaquille O'Neal relisted his Star Island home for $25 mil. According to the Miami Herald, last November Shaq was offered $35 mil for his crib but the deal busted. He bought the place in 2004 for $18.4 mil. Since Miami real estate is down at least 50 percent since the High, let's dribble this ball downcourt: that would make the Shaq crib worth $9 mil not $25 mil. On the other hand, speculative land values are down 70 percent in far west Miami, so maybe the Shaq pad is only worth $4 mil. Then too, maybe Shaq added an indoor practice court covered in gold. In which case I'd say; melt the gold and hold. All assets are repricing.
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1 comment:
Shaq, we want you back! Wade can't do it alone. The Heat lose it by the end of the game without you! Although your foul shots sucked. On second thought, never mind.
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