NBA Star Ron Artest's Sacramento Home Sale Was No Slam Dunk
Hmmm? So strange that Artest wouldn't open up to a reporter during the NBA championship game and celebration about how his home didn't attract any serious buyers when it was priced at $1.85 million.
You think that would be all he'd want to talk about. An NBA championship is probably the perfect time for any star athlete to tell the press that he took a bath on the five-bedroom, four-and-a-half-bath house when he sold it last month to Sacramento businessman Paul J. Bianchi for a mere $1 million.
Artest had to resort to a short sale (in which the lender agreed to take less money than was owed on the property), which has become a commonplace tactic in an area beset by plunging housing prices.
Perhaps Artest's problem with the sale of his home stems from the currently troubled Sacramento housing market. As of June 20, the median single family home price in Sacramento is $160,899. Some 22 percent of homes on the market today have had at least one price reduction since they went on the market, while the average property in Sacto has been on the market for roughly 147 days. Around 58 percent of homes for sale in mid-May were short sales. Clearly, being an NBA star -- even on a championship-caliber team -- does not get you a pass in the current Sacramento housing market.
Then again, Artest took home a $5.85 million paycheck last year with the Lakers, so I think he can afford a little short sale.
See homes for sale in Sacramento, Calif. at AOL Real Estate.
Want to learn more about home buying and home finance? If so, you won't want to miss
our online discussion with industry experts,
"What Works Now: Smart Moves When Buying a Home,"
created by AOL Real Estate in participation with Bank of America Home Loans.
Sign up for a reminder on AOL Real Estate.