HighRiser
Posts:42
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| 08/26/2008 3:50 PM |
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This only says it has been on the market for a few days, but it has really been on for months. It is the most expensive condo in Downtown and in my opinion the most tasteless. What were they thinking?
http://www.sdlookup.com/MLS-080056520-645_Front_St_PENT_San_Diego_Ca_92101
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NCgirl
Posts:206
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| 08/26/2008 4:06 PM |
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Seems like goblins might live in there ...scary.
Some old, rich, foriegn guy probably owns it. |
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92101Resident
Posts:140
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| 08/26/2008 4:16 PM |
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Posted By NCgirl on 08/26/2008 4:06 PM
Seems like goblins might live in there ...scary.
Some old, rich, foriegn guy probably owns it.
You are not the aunt of that Miss teen South Carolina are ya? I'm not sure why do you would think that a foriegn guy would own it as apposed to plenty of local loonies?
This condo was in the UT newspaper almost a year ago and listed by the most overpriced/overrated agents (newman & neuman). They had it listed for over $12 mil and now i c that they changed it down to $7.5 mil... Just to show you the tricks of these sleazeballs, they changed the unit number to "PENT" so that you can't tell the past sales price and listing history etc..
This place would be perfect for Batman!!!
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jt
Posts:26
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| 08/26/2008 4:23 PM |
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The guy who had it done is obviously a huge fan of the Italian Renaissance. While it wouldn't be my first choice in theme (I'm more of a minimalist and usually not a fan of anything too ornate), I actually kinda like it and would love to walk through the place.
For you bargain hunters, I notice the price is $7.5MM; it was listed at $12MM when it first became available. If he drops the price to $450K I'll put in an offer. |
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Brian
Posts:2240
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| 08/26/2008 4:28 PM |
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It's owned by a local loonie alright, and a Realtor to boot.
That place will be sold in foreclosure and gutted. Anyone wanna bet?
A sign of the times and a great illustration of the real estate excesses of the decade.
Like the politicians like to put it "that is their story. An American story."
http://www.signonsandiego.com/uniontrib/20071104/news_lz1h04condo.html
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Just Someone
Posts:157
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| 08/26/2008 4:51 PM |
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Just love the threat... oh, you might have to pay more
"As a result the sellers have authorized a firm $7,500,000 sales price while the work is being completed. Once the repairs are finished and the palace is perfect the price will once again be $10,000,000." |
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UnsureBuyer
Posts:212
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| 08/26/2008 6:07 PM |
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"44-year-old tree trimmer and former repo man who learned drafting in high school."
So he is the culprit... |
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NCgirl
Posts:206
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| 08/26/2008 6:40 PM |
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| OMG! I used to know that guy...way back from the early -mid 90's. He is actually really nice and and quite the looker too. He had a really, really nice place right on the board walk in Mission Beach. It was decorated very modern though...but VERY decorated, I thought it was strange for a young , straight guy to have such a perfect place...and also wondered how trimming palm trees made that much $$$. Jim Shaw, too funny. I stand corrected he is not some old foriegn guy, just a San Diego hot guy. |
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jackjack
Posts:155
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| 08/26/2008 6:41 PM |
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What is the catch!? Can someone please explain to me how a mortgage broker and a tree trimmer have the cash to sustain this monstrosity?
Also, did I read that correctly, that the tree trimmer is about to open up 40 Ruby's in the greater Los Angeles area?
I tend to side with Brian. This will be foreclosed on, and eventually gutted. |
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LoonyQT
Posts:898
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| 08/26/2008 7:07 PM |
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| wow, what an amazing story. And here I am worrying about buying a half mil place as a primary residence. arg. phooey. |
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TotoMMB66
Posts:99
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| 08/26/2008 7:26 PM |
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My favorite line:
"Occupying the entire north side of the building's top floor, the Shaw residence took Jim, 14 craftsmen, and bundles of cash from friends, family and banks to complete over the last three years."
How much in loans from banks and how many "bundles" did these friends provide? And I have to imagine they're first on the list to get stiffed when this dog doesn't sell for half what he's asking. |
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jakob
Posts:487
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| 08/26/2008 8:52 PM |
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Seems this guys success is due to prolific use of OPM (other people's money). Worked great in the boom. Should get ugly now. Leverage works both ways.
I must say I love the condo. However, super risky design choice for a flip. Like that castle house, this should be fun to watch... |
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downtowner
Posts:26
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| 08/26/2008 10:47 PM |
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| That is truly the most hideous decorating job I've ever seen. Just looking at the pictures gives me a headache. It would be so much more beautiful with bare white walls and concrete floors! But if the right Saudi sheik happens to be web surfing and looking for a pied-a-terre in San Diego, Mr. Shaw may end up making out like a bandit. |
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Brian
Posts:2240
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| 08/26/2008 11:21 PM |
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I don't think that a Saudi Sheik will appreciate the Gothic style. A Moroccan/Turkish/Persian/Arabian Nights theme would be more apropos.
I think this decor it's more Gothic than Renaissance. But I doubt that, despite all the money spent on the decor, there was any attention paid to historical accuracy.
The decor is so fantasy garish that only an uneducated, but wildly rich person, would want to buy this place.
This person previously sold a condo that was gutted of the "beautifull" decor. I'm pretty certain it'll happen again.
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Brian
Posts:2240
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Brian
Posts:2240
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| 08/26/2008 11:52 PM |
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Here is the other condo on the 22nd floor #2201
645_Front_St_2201_San_Diego_CA_92101
How much do you think that "palace" ( #2203) is worth in today's market?
I would say about $2 million.
I would also deduct a few hundred grands for the tear-down.
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TotoMMB66
Posts:99
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| 08/27/2008 2:22 AM |
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| I'm also very tickled by the "website". This guy is a big spender...$1.99 for domain, probably $5 monthly to host. All so he can show the same MLS pics. |
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HighRiser
Posts:42
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| 08/27/2008 8:07 AM |
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Posted By jt on 08/26/2008 4:23 PM
The guy who had it done is obviously a huge fan of the Italian Renaissance. While it wouldn't be my first choice in theme (I'm more of a minimalist and usually not a fan of anything too ornate), I actually kinda like it and would love to walk through the place.
For you bargain hunters, I notice the price is $7.5MM; it was listed at $12MM when it first became available. If he drops the price to $450K I'll put in an offer.
If it was genuine, yes, I'd like it, but the fakeness and incongruity of forcing that look into a modern condo building makes me shudder. I hate the Disney fantasy effect of it. Look at the portraits on the wall. They make it even worse, because they attempt to add a modern touch while invoking an ancestral feel, but it really fails. I feel sorry for the guy, as it sounds like he had a bit of good luck and hard work to get where he was, but he let it all get out of hand. I wish someone could have gently taken him by the hand a few years ago and talked him out of doing this. Then he might not be looking at quite so much of a downside on his investment. It is sad to think that the hard work of some talented craftmen is probably going to be ripped out when this is foreclosed on. What a waste of expensive materials. |
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NCgirl
Posts:206
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| 08/27/2008 9:07 AM |
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I feel sorry for him too.
Brian why do you have to post the details of his defaulted taxes? Some of you are really mean. There are real human beings behind these stories and situations. He made some very unwise business decisions (so it seems, maybe it's under a corp or LLC ) why throw the guy under the bus like that?
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Caligirl43
Posts:135
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| 08/27/2008 9:31 AM |
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| I don't think Brian posting the defaults is mean. People need to know that sort of information if they're seriously considering buying this place. It's not personal, it's just business, y'all. |
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