Thursday, November 30, 2006

Agassi's House

I saw this over at Ben Jones' blog. Apparently, Agassi's Tiburon house finally sold for $20 million. Since the majority of Marin houses sell for a lot less than that, expect the Marin sales price average to bump up as a result but the median to be hardly affected. Don't be fooled.

The San Francisco Chronicle. “Retired tennis stars Andre Agassi and Steffi Graf finally have found a buyer for their Tiburon estate for $20 million, or about $3 million less than what they paid for it in 2001.”

“The property was put up for sale because Agassi and his family were using it infrequently and the tennis star’s financial advisers wanted him to dispose of it, said Bill Bullock, whose firm represents Agassi and Graf.”

“‘When they considered the annual cost of that property to sit there vacant, they decided that they needed a little inducement for the marketplace and they started reducing the price,’ Bullock said.”

“After initially listing the Agassi property at $24.5 million, the price was reduced several times before Agassi dropped it six months ago to $21 million. The tennis stars have branched out into real estate development and have invested in a condo hotel project in Idaho with Miami developer Bayview Financial.”

9 Comments:

Anonymous Anonymous said...

"...about $3 million less than what they paid for it in 2001"

So they didn't even cover their pre-bubble* purchase price--did they seriously overpay then? And, accounting for inflation over that period, their loss is actually a bit higher than -$3M.

*Assuming the bubble didn't start before then.

Nov 30, 2006, 6:08:00 PM  
Anonymous Improvement Specialist said...

I'm the one who bought that house.

It's a fixer, but I will do the work for you.

I'm planning to put in marble counter tops and a new dishwasher.

I'm also going to paint everything with a fresh bright white, inside and out.

The kicker is: I will be giving away a brand new VW beetle to the lucky buyer.

I'm asking $30M, but I have some flexiblility.

Nov 30, 2006, 11:59:00 PM  
Anonymous jon said...

interesting blog, id agree about the boom/bust in ca that has gone on many times before, but if you do a google search on housing bubble youll see that almost all those shouting bubble bubble, live in or constantly mention az, ca, nv the most-

its almost like people in these areas think the world or country revolves around them- in many areas in the rest of the country- things are much less volatile- remember if you look at the housing numbers of a few days ago approx 140 areas gained while only 40 or so declined--

so just some food for thought, the world doesnt resolve around california, yes parts of ca became very speculative and bubbled up, but remember to be fair most of the rest of the country is in a totally different situation and always thought these johnny come lately amateur investors were sort of nuts anyway, thats not news...

Dec 1, 2006, 9:43:00 AM  
Blogger FD said...

This comment has been removed by a blog administrator.

Dec 1, 2006, 4:43:00 PM  
Anonymous ross valley local said...

"its almost like people in these areas think the world or country revolves around them..."

If you dig around, I think you'll find evidence of market volatility outside of California. Friends and family have a lot to say about WA, MN, TX to name a few states. Anecdotes aside, this is hardly a case of Californians projecting their woes on the greater US, as foreclosure stats suggest a national trend. Then there's situation of residential builders, who are rushing projects to market, offering deep discounts and other incentives.

Not just in California. Then again, this blog is about Marin, and there's ample stats and discussion of the national scene elsewhere.

Dec 1, 2006, 5:41:00 PM  
Anonymous Anonymous said...

Hey fd: pay for your advertising like other businesses do. I would hesitate to invest with anyone who relies on sneaking ads into blogs as part of a marketing strategy... Do you honestly think this will bring you business?...

Dec 1, 2006, 8:36:00 PM  
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