The real estate market is still in a slump, so why would Canadian rapper Drake drop almost $2 mil on luxury condos in Miami? Probably because he believed the real estate broker's pitch that the housing market was hot again, and his 2 investment properties would increase in value.
Now Drake is trying to cut his losses, and he hopes one of you will love him enough to want to
tattoo his name on your forehead take his 2 condos off his hands.
According to TMZ.com:
Drake put the properties up for sale last week -- located right next door to each other in Miami's ritzy Marquis highrise -- listing one for $1.9 million and the other for $599,000. Drake combined the two into one MASSIVE condo, and lived in both simultaneously.
The larger one is a sprawling 3,800 square feet with 3 bedrooms and 3.5 bathrooms. The "smaller" one-bedroom condo is still gigantic ... at 1,675 square feet.
Drake purchased the properties together in January 2011 for a combined price of $1.903 million. So, if Drake gets his asking price ... he'll make $596,000 in profit (even though no one ever gets their asking price).