Alley Ooops! Dwight Howard buys a home for 7.7 million dollars and sells it for 3.5 million.

(There's a lot about the real estate business that gives one the feeling that it's just a racket. The question I have now is, why did he ever build in Longwood, and not Heathrow?)

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Houston Rockets center Dwight Howard has sold his five-bedroom Orlando-area home for $3.4 million — about $1.5 million less than the asking price.

The former Orlando Magic player put his 3-acre Longwood estate on the market more than five months ago with an asking price of $4.9 million, and it sold July 21. Howard bought the home, which has 11,000 square feet, for $7.7 million in 2008 near the peak of the market.

Listing agent Wayne Weger said Thursday that he priced it to reflect the asking price of another home on the same street marketed at $4.9 million. He showed it to about a dozen prospective buyers.

"The problem was that when people were looking at comparable sales, there had been few, if any, sales of more than $3 million in Seminole County for years and years," Weger said

http://www.orlandosentinel.com/business/os-dwight-howard-sells-orlando-home-20140731,0,7809266.story

PS: Hope this is viewed as a current event.