Leinart sacked by Phoenix RE market

Insert your favorite football cliche here: Former USC football star Matt Leinart ...
A) Has been sacked by the housing bubble in Phoenix.
B) Made a poor play selection in the real estate market.
C) Threw away half a million bucks.

Here's the news item from the Arizona Republic: "Phoenix Suns star Amaré Stoudemire has purchased Arizona Cardinals quarterback Matt Leinart's Ahwatukee home for $1.9 million. That's about $500,000 less than what Leinart paid for it last year."

More: "Leinart put the 6,800-square-foot 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 slowdown has hit everyone, and the home sat on the market."

Matt makes slightly more than the median income in Phoenix: The Republic reports Leinart "could make $50.8 million on his six-year contract."

Your thoughts? Comments? Email story tips to lalandblog@yahoo.com.
Hat tip: FD in TO
Photo Credit: AP

Comments

[producer08]

so what is the real value of todays market ?

Lets try 1997 prices;

[JER HENNEN]

Its a BUYERS market abd Leinart buys two homes in sort time, over paid on bought and lost half a mil on reselling first home.What does this tell you about the spoiled overrated boy?
He will piss away his money in no time. Is dumb. And its sad.

[soulpoet]

"He will piss away his money in no time. Is dumb. And its sad." (JER HENNEN)

Or. . . he could LEARN from his mistake, and become a better investor in the future. . . .

[MyLessThanPrimeBeef]

The rich, they don't care. That's why they will continue to buy in today's market regardless of price. So I have been told. And they will sell regardless of what they paid, since they are rich and like the speed of light, when the amount of money you own gets up pass a certain limit, funny things happen.

Now, this is my question: If they don't care about such things, why don't they sell me their Beverly Hills houses for like around $300,000?

[Rob]

** yawn ** .....another overpaid sports pawn....

[Ben Brown]

If he bought it has an investment he can deduct the loss off his taxes. In his bracket he actually lost "only" $300k. About his take-home pay for 1 game.

[Joseph]

Let's look at this with a bit of perspective:

Leinart's annual salary= $8.47million
Loss on home= $500,000
Loss as % of annual salary= 5.9%

Compare this with a more "typical" American family:

Annual salary= $100,000
5.9% loss= $5,900

So if you had purchased a property for $28,369, then sold it for a loss at $22,459, would your world be crushed? Nah.

See? Matt Leinart is no different from the rest of us schlubs!

[Larry Kramer]

Another spoiled worthless jock. Who cares! you people waste your time with thinking about this guy who cheated his way through USC and now is a mediocre player.

[investorguy]

Wow, Pete. You found the only subject that brings out more sour grapes whiners than real estate: jocks buying and selling real estate.

Pretty pathetic, haters.

[Joseph]

"Pretty pathetic, haters."

*Yawn.*