WASHINGTON -- The D.C. real estate market may be crippling but there are still bargains to be had in Baltimore. Just ask Michael Phelps.

Phelps, aka the winningiest Olympian of all time, has sold his luxury Baltimore condo overlooking the Inner Harbor for a $400,000 loss, according to TMZ.

The big condo is in Baltimore's Fells Point neighborhood, known for its nightlife. Here's the Baltimore Sun's description of the swimmer's fancy living quarters:

The Phelps pad boasted floor-to-ceiling windows, spa bath, rooftop lounge, a fireplace and -- of course -- water views. It spreads over more than 4,000 square feet.

It also had two parking spaces and room for the athlete's famous high-altitude sleeping chamber.

Phelps bought the condo in 2007 for $1.7 million. He reportedly put it on the market this spring for $1.42 million -- it's still listed on agent Heidi Krauss' website as for sale for that amount (we've reached out to Krauss for clarification; meantime, you can see photos on Krauss' website).

TMZ reports that the property sold last week for $1.25 million -- which, if not as much as the swimmer hoped, is still $125,000 more than the state last assessed the property for, in July 2012.

Assuaging fears that the star athlete is leaving the area, WBAL-AM says that a source is saying Phelps has purchased a condo in Baltimore's Canton neighborhood, home to a branch of the Michael Phelps Swim School.

In other news, after the Olympics, Phelps is thinking of become a horse racer.

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  • Michael Phelps

    United States' Michael Phelps poses with his gold medal for the men's 4x200-meter freestyle relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States' Michael Phelps, left, Ricky Berens, second left, Ryan Lochte, center, and Conor Dwyer celebrate their gold medal win in the men's 4 x 200-meter freestyle relay final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States' Conor Dwyer, left, Michael Phelps, center, Ryan Lochte, second right, and Ricky Berens, right, pose with their gold medals after their win in the men's 4 x 200-meter freestyle relay at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States' Conor Dwyer, second from left, United States' Ryan Lochte, third from let, United States' Ricky Berens, fourth from left, and United States' Michael Phelps react as they win gold in the men's 4x200-meter freestyle relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States' Michael Phelps, left, and France's Yannick Agnel speak after the men's 4 x 200-meter freestyle Relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012. The United States won gold, France silver.

  • Michael Phelps

    United States' Michael Phelps, right, celebrates winning gold in the men's 4x200-meter freestyle relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    United States men's relay team members Conor Dwyer, left, Ryan Lochte, center, Ricky Berens, right, and Michael Phelps, bottom, celebrate their gold medal win in the men's 4 x 200-meter freestyle relay at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012.

  • Michael Phelps

    The United States team celebrate as teammate Michael Phelps touches to win the gold in the Men's 4 x 200m Freestyle Relay final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

  • Michael Phelps

    US' Michael Phelps dives during the men's 4x200m freestyle relay final swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US' Michael Phelps dives during the men's 4x200m freestyle relay final swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US' Michael Phelps competes in the men's 4x200m freestyle relay final swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    Conor Dwyer, Ryan Lochte and Ricky Berens of the United States celebrate as teammate Michael Phelps touches to win the gold in the Men's 4 x 200m Freestyle Relay final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

  • Michael Phelps

    US swimmer Michael Phelps walks on the podium after winning silver in the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps poses on the podium after winning silver in the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps stands on the podium after winning a silver medal in the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps poses with his silver medal on the podium of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps applauds as he poses with his silver medal on the podium of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Olympics Day 4 - Swimming

    Silver medallist Michael Phelps of the United States waves to the crowd after receiving his silver medal for the Men's 200m Butterfly final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

  • Michael Phelps

    US swimmer Michael Phelps poses with the silver medal on the podium of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    US swimmer Michael Phelps (C) poses with the silver medal on the podium of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    South Africa's Chad Le Clos (C) poses on the podium with the gold medal flanked by silver medalist (L) US swimmer Michael Phelps and bronze medalist (R) Japan's Takeshi Matsuda after winning the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    Silver medallist Michael Phelps of the United States, gold medallist Chad le Clos of South Africa and bronze medallist Takeshi Matsuda of Japan pose on the podium during the medal ceremony for the Men's 200m Butterfly final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

  • Michael Phelps

    Silver medalist US swimmer Michael Phelps leaves after the podium ceremony of the men's 200m butterfly final during the swimming event at the London 2012 Olympic Games on July 31, 2012 in London.

  • Michael Phelps

    Debbie Phelps (L) the mother of Michael Phelps of the United States and his sisters Hilary Phelps (Bottom R) and Whitney Phelps (Top R) watch the evening session on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.

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