Olympian Michael Phelps looks to sell his pad

Update: TMZ reported that Phelps’ condo sold for $1.25 million, but the brokerage would not comment on the status of the property.

Michael Phelps makes it all seem so easy — gliding gracefully through the turquoise water with the speed of a shark — but it isn’t. Phelps, who holds the record for the most decorated Olympian, still has challenges in front of him. When he returns to America from the London Olympics, where he’ll swim today in the semifinals for the men’s 100-meter butterfly and in the final for the men’s 200-meter individual medley, he’ll need to focus on selling his 4,080-square-foot condominium home in Fells Point, Baltimore.

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The Real Estalker reported that the asking price for Phelps’ three-bedroom home is between $1.1 million and $1.5 million. According to public records, he purchased the four-floor townhouse in October 2007 for $1.7 million, so he may be prepared to take a loss. According to the Daily Mail, the home has an indoor swimming pool.

The home also has three bathrooms, two half bathrooms, a two-car garage on the ground floor, as well as interior elements made of hardwood, brick, glass and steel, a balcony with marina views and a rooftop terrace, the Real Estalker said.

In other Olympics related real estate news, Matthew Black, senior director, head of East London at CBRE, East London, the Olympics breathed new life into a largely industrial area in East London, the site of the Olympic Park, which had been underused for the past two or three decades. See video below. According to a New York Observer infographic, International Olympic Committee President Jacques Rogge said that London “raised the bar” in delivering real estate development. [Real Estalker] and [NYO]Zachary Kussin