If someone asked you to describe what comes to mind when you hear professional athlete real estate, you’d likely picture a large, flashy and expensive estate.
The Seattle real estate market has created an opportunity for current and retired athletes to buy less flashy townhouses and condos intended to contribute to a growing real estate portfolio. The combination of low interest rates, continually rising rents that are already in the top five highest for the country, and condo/townhouse style units available under $400,000 near the Seahawks practice facility creates a niche where investors can not only make passive income while renting the unit, but also reap the benefit of a housing market that continues to increase at a minimum of 8% year over year.
In the past few months, I’ve sold 3 current and former football players properties for under $500,000… and all with the goal of renting out the homes for investment income. Does this mean these athletes won’t be purchasing expensive homes for themselves? Definitely not! It just means that this dream will be put off for a few years until they feel comfortable that their investment portfolio is lucrative enough for a dream house to be a true reward… rather than a financial burden.
Written by Jen Daniels of RE/MAX Integrity
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