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The Boston Real Estate BlogI am an independent real estate broker, focused on the residential real estate market in downtown Boston. |
Tom Brady - Suave Real Estate Investor, Or Not?
The blog world was alive with postings today over Mr Tom Brady's recent real estate dealings.
Seems the newly-single bachelor has put his NYC pied-a-terre on the market. Tom bought a sweet suite in the Time-Warner building back in September, for $14.5 million. Now, just six months later, it's up for sale at the championship price of $16.5 million.
So, is our QT-QB a real estate mogul in the making?
Not if you take into account what this commenter says:
If Brady bought from the sponsor at Time Warner he paid the City (1.425%) and State (0.4%) transfer taxes &8212; $264,625; and he certainly paid the 1% “mansion tax” &8212; $145,000.
When he sells, he gets to pay the transfer taxes again ($301,125 if he gets the full asking price of $16.5mm) and he will pay a broker’s fee (unless he wants to host open houses for a few Sundays) of (let’s just assume for illustrative purposes) 5%, or $825,000.
That’s a round trip cost of $1,535,750 on just the big ticket expenses (no mortgage fees, no title insurance) and without any sunk renovation or decorating costs. And on a quick flip he won’t qualify for capital gains treatment, so Uncle Sam’s got the hand out also ….
Looks as though he will just about break even, give or take.
Didn’t win the Super Bowl, either ….
Zing!
Source: Brady Punts - By Braden Keil, The New York Post, by way of Celebrity Real Estate Wrap - Curbed.com
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