I had someone ask about Kevin Martin’s condo the other day, so I wanted to give the scoop on L Street in Midtown for any who might be wondering. Former Sacramento Kings Guard, Kevin Martin, purchased a penthouse condo in the L Street Lofts on 09/25/2008 for $1,340,000. The property was re-listed on the market at $995,000 in December 2010 and sold all cash on 04/19/2011 for $775,000. Here is a visual tour of the loft in photos. I bet this tour will only be live for a matter of weeks, so sneak a look if you can. Frankly I’m surprised the tour is still up since the property closed a few months back. This post by Bleed Black & Purple goes into a bit more detail about the transaction. By the way, there is a bank-owned corner penthouse loft for sale right now at $750,000 (originally sold on 06/27/2008 for $1,185,000).
The Price of Fame: Would you pay more for a property because someone famous lived there? Would you feel like you had “bragging rights” to say an NBA player previously owned your property? Or what about buying Ronald Reagan’s house in the “Fabulous 40s” where he lived while he was Governor? There is obviously a difference between a former president and NBA star, but the scenario is still thought-provoking. On the other side, would you pay less in other cases, maybe serial killer Dorothea Puente (sold last year)? What role have you seen former ownership play in real estate?
“According to Donald Stitt, real estate agent with Coldwell Banker, the home was not a foreclosure or short sale” I stand corrected!
Michael, I kept hearing about this condo being a short sale. It may have been portrayed that way in the media? I know Kevin Martin had a house that did go into foreclosure. From the reading I’ve done it sounded like more of a technicality with Martin trying to negotiate rather than just letting the house go. Whatever the case, it can’t be easy to sell a house short of what was owed on it and then pay the difference. Ouch to the wallet.
Interesting. I don’t think there are any celebrities that live in my market area. It is also interesting that the article you linked to said, “The loft also included seven TVs.” I guess these were included in the sale as personal property?
Bryan, I don’t know much about the seven TVs. Thanks for the heads-up. No celebrities in your market? C’mon, I hear the CEO of http://www.REbliss.com lives in your market (and your shoes). 🙂