Steph Curry has phenomenal moves on a basketball court, but do his real estate moves match up? The answer may be hiding in the recent sale of his house in Alamo, CA.
According to the Los Angeles Times, the Golden State Warrior point guard just sold the 1.5-acre estate off market for $6.3 million. Given that he’d purchased the swanky digs mid-2016 for $5.775 million, that would mean a profit of $525,000.
Making a tad more than half a million on a home sale would be a major coup in most markets … but in the red-hot San Francisco Bay Area, did he really do that well?
Since housing is our game, we here at realtor.com decided to take a good hard look and crunch the numbers to analyze Curry’s home-selling performance. Read on for deets.
Inside Steph Curry’s latest home sale: How well did he do?
The 10,290-square-foot, five-bedroom, 8.5-bath estate that Curry just unloaded certainly seems palatial by anyone’s standards. It features a library, billiard room, and five fireplaces; outside, there’s a pavilion with a kitchen and infinity-edge swimming pool, plus a playground and fountain-filled formal gardens.
To top things off, the grounds also include a detached guesthouse with a Finnish-style sauna. It’s all very posh, by anyone’s standards.
But is the house worth the $6.3 million that the buyers paid—or more, given this area’s rapid increase in housing prices? To find out, we checked out how much the price of housing has increased in Contra Costa County, where the house is located, and found that on average, homes here have been appreciating at about 4.6% per year for the past few years.
Hold Curry’s house to those same standards, and it should have appreciated at around $265,650 per year. Multiply that by the 2.5 years Curry stayed there, and he should have at least made $664,125 when he sold.
Hmmm … the $525,000 profit he actually made doesn’t seem so sweet now, does it?
And it sounds even less impressive when you factor in the amount Curry poured into renovations, which have been estimated at between $250,000 and $300,000, according to The Agency’s Taso Tsakos, who sold the house right next door.
“I know that house well,” says Tsakos. “And when you factor in the commission as well, which had to be at least $150,000, he would have been lucky to have made $100,000 to $150,000 on the sale.”
Watch: LeBron James Buys a Second Home in Los Angeles and Questions Swirl
But to be fair, this Alamo house had some drawbacks. Tsakos explains that the home Curry just sold was in a six-residence gated community. When neighbors opened the gates, Curry fans would sometimes find their way inside. While Curry and his family are known for being gracious to fans, it’s no surprise that their new home, while only about four blocks away, sits farther back from the street and has its own personal gate.
So we’re calling this home sale a tie—neither a win or a loss.
But what about Steph Curry’s other real estate deals?
If you check his stats, Curry’s real estate acumen seems to be stronger in the buying rather than the selling department. He scored quite the deal on that Alamo house when he paid only $5.775 million for it, after it had languished on the market for over a year, listed at $7.8 million.
And here’s further evidence Curry knows how to lowball: In 2015, he bought a 7,520-square-foot, five-bedroom, six-bath, Mediterranean-style mansion in Walnut Creek for $3.2 million, when it had originally been listed for $3.988 million.
But his winning streak came to an end when he decided to sell that one just a year after he bought it. After pouring a half million into renovations, he put it back on the market at $3.7 million, which, had he sold it at that price, would have allowed him to break even.
Unfortunately, it seems he’d set his sights too high. It took months to find a buyer, and when he finally did find one, he accepted an offer of only $3,195,000—more than a half million less than what he was hoping for, and less than what he paid for it almost two years earlier.
But Curry does appear to have one clear win on the real estate front: In June of 2016, he sold his home in Orinda, CA, for $4.65 million—$755,000 more than his reported asking price and $1.55 million more than what he’d paid for the property three years earlier.
So, all tallied up, that amounts to one win, one loss, and one tie … or about a 50% success rate. Given that his career average from the free throw line is about 90.5%, we’d say Curry had better not quit his day job on the courts to embrace a full-time career in real estate any time soon.
The post Did Steph Curry Lose Out on His Latest Home Sale? We Crunched the Numbers appeared first on Real Estate News & Insights | realtor.com®.