Patriots fans have seen quarterback Tom Brady make some great plays on the gridiron, but it turns out he’s quite adept at playing the real estate market as well.
Reporter Kimberly Blanton writes in today’s Globe about a rather savvy deal Brady recently completed in Boston. Seems he purchased a Beacon Street town house in 2006 for $6.24 million, then converted it into four condos and sold three of them, keeping the top two floors for himself. The buyer paid $7.95 million for three units -– $1.71 million more than Brady paid for the whole building.
A local real estate agent told Blanton that the biggest selling point probably wasn’t Brady’s status as the area’s reigning hero quarterback. More likely the draw was the location, the parking spots, and the building upgrades.
Other experts said Brady likely didn’t turn a huge profit on the deal, because he spent so much money converting the building; but he did cut himself a pretty smart deal.
Sports marketer Marc Ganis said this shows Brady is taking charge of his financial future. Football players’ careers are limited, so players need to make wise financial decisions while they’re still playing. Actually, the NFL Players Association now requires rookies to attend financial planning classes to help them learn to manage their finances, instead of running off and blowing their first year’s salary on fancy cars and homes, etc.
However, I’m not too worried about Brady, he seems to have a grip on things.
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