LeBron James' Miami house for sale (Photo : You Tube)
King James' palace still has a For Sale sign. After coming up short in his attempt to three-peat with the Miami Heat, NBA star Lebon James returned to his first pro team, the NBA's Cleveland Cavaliers. His $17 million listed, 12,000 square-foot waterfront home hit the housing market before the start of the 2014-2015 season, and half a year later the house is still not sold.
The mansion provides a panoramic view on Biscayne Bay. It features six bedrooms, 6.5 bathrooms, a huge kitchen, a home theater, and a dock large enough for two yachts, according to Realty Today.
One's first guess might be that the housing market in Miami is not solid. However, Chris Leavitt, an executive broker, explained that condos there are selling like hotcakes, according to Page Six.
However, there is a catch: even in a good housing market units must have the "right" price and location. In James' case, the location of the home, Coconut Grove, is affecting its marketability.
Hot spots in the Miami area include Palm Island, La Gorce Island, Star Island, and Palm Island. Coconut Grove is not among Miami's "premiere" real estate locations.
The square-foot price is "a tad high," Leavitt explained. However, he also noted that if James' home were in Miami Beach, a list price of $34 million would be justified.
When high-roller homebuyers purchase properties in Miami they want to avoid being "far from the beach." So properties in areas with "island" in their name tend to warrant higher price tags.
Another issue is the $17 million cost of James' mansion. Even the biggest fans of the NBA star will not purchase the house simply because he was the previous owner.
Still, Leavitt praised the house itself, referring to it as "gorgeous," and "open to the bay." He also gave kudos to James for not customizing the home too much, to suit his preferences.
Leavitt believes that the target buyers for James' Miami mansion would be people who treasure privacy. It is close to the heart of the city, yet far enough to provide a peaceful setting.
