Michael Phelps Once Faced a Huge Loss When He Sold His Baltimore Condo

Homes were a means of shelter in remote times. However, the definition has changed since then. These days, homes portray the affluence of an individual or family. Therefore, people these days upgrade their properties or purchase new ones in ritzy neighborhoods. Similarly, Michael Phelps too sold a property in 2012 to upgrade to a new one.

However, selling off property is no small ordeal. Apart from hiring real estate agents and getting the paperwork done, there are many other formalities associated with selling a house. Most importantly, it includes the settling of the property’s price.

Why did Michael Phelps sell the house at a loss?

But the most decorated Olympian in history did not find a good deal on the property and had to sell it off at a loss. The property in question is Phelps’ former house in Fells Point.

Phelps bought the Baltimore condo for $1.69 million in 2007. The 4,080 sq. ft. property had massive glass windows finish and opulent decor, including an exposed brick wall, a fireplace, and wooden stairs. These details made the house look aesthetic and pleasing. Furthermore, the external look and interiors of the house looked exquisite.

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Moreover, the house overlooked the tranquil river. And it was situated in a serene neighborhood. In short, the perfect home for a small nuclear family.

When he decided to sell the property, the housing market crashed, leaving the property undervalued. However, the swimmer decided to still go ahead with the decision and incur the losses. Therefore, he listed the property at a mere $1.42 million. The figure was $270,000 less than the price he paid.

However, he had to land a deal at $1.25 million due to the market scenario back then. This price is significantly lesser than the price he originally paid for the home. Therefore, the Flying Fish sustained a total loss of $440,000 in his 3-bedroom Baltimore condo.

Were there additional losses?

The price has not taken into consideration tax and additional repair costs. However, if they had considered these costs, the loss he suffered could have been even higher. The 28-time Olympic medalist moved to a townhouse in the Canton neighborhood shortly after.

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Phelps lived in this house for hardly four years before selling it for $960,000 in 2016. Next, he moved to a 6,000-square-foot property in Paradise Valley, Arizona. However, Phelps and his family did not stay at this property for long as he upgraded to a larger mansion in the vicinity later.