Gold Medal Doesn’t Guarantee Win in Real Estate

Swimmer Michael Phelps is finding that being the most-decorated Olympian of all time doesn’t necessarily help you in real estate. Phelps’ 4,000-square-foot condo along the popular Inner Harbor area of Baltimore lingered on the market for several months before reportedly being sold for $440,000 less than what he originally paid for it.

The three-bedroom, four-floor condo “loft” features hardwood floors, 2.5 baths, granite countertops, and floor-to-ceiling windows with waterfront views. (View the listing.)

Phelps purchased the condo in 2007 for just under $1.7 million. The condo was listed recently for $1.42 million. Some media agencies are reporting the property just recently went under contract for $1.25 million.

Source: “Where Phelps Can’t Finish: The Housing Market,” Zillow (Aug. 2, 2012) and “Michael Phelps Wire: Has the Phenom Sold His Townhouse?” Curbed.com (Aug. 2, 2012)