Call it a real estate Hail Mary, but New England Patriots quarterback Tom Brady and his wife, supermodel Gisele Bündchen, have drastically reduced the asking price of their megamansion in Brookline, MA, in the hopes that it will finally sell. [Souce: Realtor.com]
The couple originally listed the 12,000-square-foot estate in August for $39.5 million. They recently dropped the price to $33.9 million.
Will this deflation help move the sale of this sprawling five-bedroom, five-bathroom home into the end zone? And why is this high-flying couple having so much trouble crossing the goal line in the first place? We asked real estate agents to weigh in.
Why Tom Brady cut the price of his home
Franklin, MA, real estate broker Christopher Arienti thinks that Brady may have set his sights too high with his original asking price.
“The original price of the home … is high, and the luxury market in many major cities across the U.S. has tanked,” Arienti explains. “There are so few buyers at that price point when compared to the inventory. So one could conclude the price likely needs to change in order to hit a new crop of buyers and stimulate the market.”
New York real estate agent Steven Gottlieb of Warburg Realty agrees that Brady’s recent price reduction was a smart move.
“This price cut of $5.6 million amounts to about a 15% price drop,” says Gottlieb. “This is a realistic price correction, so I think that this property should get more traffic. Furthermore, people search in price tiers—so this property previously would have appeared in searches up to $40 million, and now it will appear in searches up to $35 million.”
All that said, “That does not necessarily mean that it’s now the rightprice,” Gottlieb continues. “But it should now at least attract a wider audience.”
Yet even with this price cut, Brady may not get the swift home sale he’s hoping for.
“Finding the buyer who wants, can afford, and appreciates this home will be a slow process,” says New York agent Allison Chiaramonte, who adds that asking for over $3,000 per square foot is “a premium in this market” that might turn off potential buyers.
“This market is particularly challenging at the very high end, and the number of mansions north of $20 million in Brookline is limited,” she says.
Is the Tom Brady name a turnoff to home buyers?
Could the celebrity factor be keeping would-be buyers on the sidelines? Real estate agent Becki Danchik, who grew up in the Brookline area, believes that’s not the case.
“I can say with certainty that the problem is not the neighborhood or the fact that it’s Tom Brady’s house,” she says. “Bostonians love him and their sports franchises in general, so anyone who is going to purchase a property here will likely appreciate Tom Brady.”
But what about those who don’t appreciate Brady? While Patriots fans might dream of buying No. 12’s big home, there are others (a strong faction of Brady haters, for example) who’d certainly steer clear.
Even people who have no opinion on Brady might be leery of the notoriety that would come with owning this home.
“Some high-end buyers shy away from publicity and may not want their purchase publicized, even though they could likely buy in an LLC to avoid press,” she says.
The home, which rests on 5 acres adjacent to the ninth hole of the Chestnut Hill Country Club, was custom-built by architect Richard Landry, of Landry Design Group. And to be fair, it looks awfully nice… will a buyer now snag it for this bargain price? Peruse these listing photos of the home below to form your own opinions on whether it will score with buyers.
Brady and Bündchen also own a luxury condo in New York City’s Tribeca. [Souce: Realtor.com]