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.

1 comment:

Anonymous said...

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.