Is Manny Ramirez asking too much for his condo?
The Associated Press reports that he has listed his Boston condo, located on the 37th-floor at the Residences at the Ritz-Carlton, for $8.5 million. The 4,500-square-foot condo has panoramic views of Boston, four bedrooms, six bathrooms and three valet parking spaces.
Sounds magnificent: But Ramirez paid $5.8 million for the property in 2001 -- his first season with the Red Sox -- and then tried to sell it for $6.9 million in 2005. Has Boston real estate really appreciated 23% since 2005, especially given the fact that Ramirez apparently couldn't find a buyer at that price? In July, the Boston Globe reported that "House prices peaked in the Boston area in September 2005 and have dropped 11.9 percent since then." They have fallen more since then.
So Ramirez's price assumes appreciation of 23% when the broader market is down more than 12%. That could make him very, very overpriced.
If you want some pics of the sweet pad, here's the listing information from Realtor.com. You can even take a virtual tour!