Future Hall of Famer Alex Rodriguez is having some trouble (subscription required) selling a couple homes as he and his estranged wife Cynthia divvy up their assets in preparation for their divorce. In the fall they listed their Coral Gables, Florida home at $14.9 million. Now they've slashed the price to $12.3 million -- meaning they'll be facing a hefty after-expenses loss on the home they paid $12 million for in 2004. And that's assuming they're able to get something close to the new asking price for it. If you're in the market for a Coral Gables estate, you can take a look at the listing (and schedule a showing) here.Meanwhile, Rodriguez is also trying to sell a Manhattan apartment for $10 million. He was originally looking to get $14 million.
Few people will be wasting their tears on the highest-paid player in baseball history, but A-Rod's saga does contain an important cautionary tale for homesellers: By pricing his homes too high in a declining market, Mr. Rodriguez was forced to slash the prices -- after they sat on the market for months while the market declined. By being greedy, he's now going to end up getting less than he would have had he priced them competitively from the get-go.
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Reader Comments (Page 1 of 1)
1-09-2009 @ 7:42PM
Chuck said...
that realtor is not really earning her 3% with those miniature photos of that huge mansion...
1-17-2009 @ 4:03AM
Alana Morgan said...
If the government would infore the cram down legistlation millions of homeowners could save their homes. Especially when almost everyone is losing their investments. Now our homes are all we have left throughout the United States. Banks such as Wells Fargo are being absolutely rediculous. Not only are they demanding full payment from the 2005 values they've tacked on interest and late fees and have offered us 8 1/2 %!!!!!!!! What are they thinking. It's better to keep familys in their homes then to flood the market with devalued homes? That is not the answer!!! Keep familys in their homes at all cost and you will see this economy get better faster! Do nothing and let these banks that have excepted bailouts to so call help big banks is a joke. They don't care one thing about a familys homes!!!! I think that's called double dipping to some degree!! All I see is major GREED by the banks holding our mortgages.
Sincerely,
Alana M