The last remaining vestige of Heisman Trophy winner Reggie Bush, his penthouse condo at One River Place, was sold for $1.975 million on February 8, 2012, down 16% from his $2.3 million dollar asking price. Reggie came to the Saints in 2006 and rushed for 565 yards, his best year because he also had 742 receiving yards, but he was traded in 2011 to the Miami Dolphins where he rushed for 1,086 yards.
You might remember that the River Place condos were the victims in 1996 of the 700 foot tanker, Bright Field, crashing into the Riverwalk Shopping Center and the lower parking area of the River Place condos, spewing Mercedes Benz’s and BMW’s onto the edge of the Mississippi River.
Reggie’s sale price of 16% of list actually is not too bad in this environment. A survey of commercial properties sold the last 5 years showed a sale price at 15% less than the list price, except for land which averaged a sale price at 47% off the list price. Valuation of land vary with the future use of the property, and the time required to sell land averages 2 years. A 15% discount on sale of commercial property shows the list price is fairly accurate, which is tribute to the research commercial agents perform when they market properties.