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Old 12-06-2006, 02:29 PM   #1
ClutchCityReturns
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Default Hakeem Olajuwon: Real estate genius?

http://www1.pressdemocrat.com/apps/p...NEWS/612060383

Quote:
HOUSTON - A former player for the Houston Rockets is becoming as celebrated in the city's real estate circles as he was on the basketball court.

See story below
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Hakeem Olajuwon, the soft-spoken Nigerian émigré who led his team to two NBA championships, also has done extremely well flipping real estate in his adopted hometown. Following an unorthodox yet disciplined strategy, he has managed to make as much in real estate in the past 10 years as he did in his 17 seasons playing professional basketball.

"He buys high and sells higher," said David Cook, executive vice president with the commercial real estate firm Cushman & Wakefield, who has represented Olajuwon in several transactions.

Many of the former NBA All-Star's real estate plays caused market watchers in Houston to shake their heads because they felt he overpaid.

"He buys expensive user land that is already fully developed," said Marvy Finger, president of the Finger Cos., which specializes in developing multifamily properties in Houston and other cities.

Such land is usually excruciatingly slow to appreciate and even at risk of depreciation. But Olajuwon, 43, has managed to at least double and even quadruple his money, reselling often within a year or two of purchase, according to brokers and lawyers involved in the deals. Judging from changes in county appraisal listings, profits from his 25 total transactions have easily exceeded $100 million

Nice to see a player who knows how to stay on top, even if it's in a different game. Kudos my favorite player of all time
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