Downturn In Real Estate Market Extends To Homes Of Pro Athletes

Two NBA All-Stars who listed their houses last year have cut their prices — Allen Iverson by 37% in the Philadelphia area, Rasheed Wallace by 6% in Portland, Ore.

Iverson and his wife, Tawanna, put their house on the market after the Philadelphia 76ers traded him in 2006 to the Denver Nuggets. Built in 1991, the six-bedroom, 14,000-square-foot house is in Villanova, about 20 miles northwest of Philadelphia. The four-floor French-style house has arched Palladian windows, a movie theater and a guest suite, according to the listing. The four-acre property includes a poolhouse and a stream.

The 33-year-old guard paid $5 million for the house in 2003, records show, and listed it for $6.3 million; he’s now asking $4 million. Chanel Overton of Long & Foster Cos., who has the listing, declined to comment, as did a representative for Mr. Iverson.

As for Wallace, the Detroit Pistons forward has lowered the price of his Portland home to $4.9 million from $5.2 million. He played for eight years with the Portland Trail Blazers before taking a six-year deal with the Pistons worth roughly $60 million.

Mr. Wallace, 33, bought the 1924 brick house, which sits on more than two acres, for about $3 million in 2000. The Tudor-style home has five bedrooms, five baths and a built-in saltwater fish tank. Mr. Wallace spent more than $1 million on improvements, says listing agent Tricia Epping, with Coldwell Banker, Barbara Sue Seal Properties. Mr. Wallace and his wife, Fatima, briefly listed the house in 2006 for $5.5 million before relisting it last year, Ms. Epping says.

- Sara Lin, Wall Street Journal