Kevin Durant’s Tenure In OKC Shows He Isn’t Very Good At Real Estate

08.10.16 2 years ago 4 Comments

USA TODAY Sports / Trulia

Even for the mega rich, moving can be a hassle. When buying or selling a home, there are all sorts of logistical and financial decisions involved, and things don’t always work out in your favor. Kevin Durant is finding that out the hard way. After shocking the world and signing with the Golden State Warriors this summer, he’ll be relocating to the Bay Area, which means selling his current residence in Oklahoma City.

Unfortunately, according to Richard Mize of The Oklahoman, the 2014 MVP will likely absorb a loss on his investment.

The former Thunder forward is offering his specially remodeled digs at 420 NE 2, part of The Hill at Bricktown, for $1.5 million.

That’s less than the $1.769 million he paid for side-by-side three-story properties brand new in 2013 before remodeling them into a single residence.

The for-sale price is far less than the $3 million or so Durant poured into the place in all, said Rhonda Bratton, an agent with Churchill-Brown & Associates Realtors.

The county assessor estimates its market value at $2.169 million.

What’s worse, this will be the second time this year Durant has taken a loss on the sale of one of his properties. Back in March, he let his previous home go for about half of what it was worth, although he had reportedly sold off a portion of the property for an estimated $500,000 prior to the sale.

Sheesh. It’s a tough market out there, even for multimillionaire NBA players. What are the rest of us plebes supposed to do? Some folks, however, are having a much more entertaining experience. Dwyane Wade, for instance, also uprooted his family this summer to join his hometown Bulls, and according to Crain’s Chicago Business, is renting the 11,000-square-foot mansion used in the TV Webster.

(The Oklahoman)

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