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[Editor's Note: LRA Real Estate Group sees home prices drop for everyone. While the past 6 years have been brutal for everyone, even high income individuals face steep market declines]
So, you think you are the only one with real estate problems? Not true!
The real estate market hits everyone and the playing field is level for everyone. Take this start for example, who makes probably $20 million a year in New York playing basketball. 
A few weeks ago, the Phoenix Business Journal reported that former Phoenix Suns star Amar’e Stoudemire sold two of his properties in Central Phoenix for a significant loss. Now comes word now that he’s unloaded another home in the Ahwatukee area of Phoenix.
According to our Leads section in tomorrow’s paper, Daryn W. and Megan Colledge purchased a home at 11633 S. Warcloud Court from Stoudemire for $1.3 million. Buyer Daryn Colledge is the starting left guard for the Arizona Cardinals, and was with the Super Bowl-winning Green Bay Packers last season. As it turns out, Stoudemire bought the house from former Cardinals quarterback Matt Leinart for $1.9 million in October 2007.
Leinart, according to public records, bought that home in June of 2006 for more than $2.4 million. So, in just about five years this high-profile home has lost about half its value — and it’s owned again by a member of the Arizona Cardinals.
In September, Stoudemire sold his mansion in the Biltmore area for $2.75 million.Gerald W. Fletcher was the buyer. See pictures of that home here.
Stoudemire also traded in his Esplanade condo down the street for $1.3 million. JVK Holdings LLC was the buyer in that case.
After selling these three local properties, Stoudemire has taken a hit of more than $3 million. That’s not chump change, but he is working under a five-year contract with the New York Knicks that pays him about $20 million per year.
There’s no telling whether Stoudemire needs the cash from the home sales, given that theNBA lockout continues. He may just want to forget his life in the Valley of the Sun altogether.
As for Colledge, it sounds like he snagged a heck of a deal. We can’t wait to see if Colledge sells the home to a member of the Phoenix Suns (for another big loss) in a few years.
