A $36,000 La Cornue stove, 75 slabs of granite and marble, a 750 bottle wine cellar and a 70 inch Sony Wega tv are just a few of the many extravagant features that make this Renaissance Penthouse truly one of a kind.
What began as a relatively modest $575,000 remodel project, soon snowballed into a $3 million dollar renovation for Jim and Jerilyn Shaw.
Purchased in 2004, the Shaws purchased this 4,391 square foot, two story penthouse for less than $1.9 million! After spending $14,000 a week in labor costs, the renovation is finally complete “ we think.*
Having been in the self-proclaimed Palazzo de Cielo (Sky Palace), I can vouch that this is a truly unique home. Styled with an Italian Renaissance baroque theme, the 10,000 feet of walnut, sculpted ceilings and incredible attention to detail is what really distinguishes this penthouse.
Currently listed at $10 million dollars*(originally listed at $12.5 million), with the Neuman and Neuman team of Prudential, this penthouse has the potential to set a new record for the most expensive residential sale in the Downtown area. Currently held by a $7.25 million dollar sale at the Harbor Club (the most expensive condo sale in SD County), only BOSAs 8,361 square foot Bayside penthouse(which is also priced at $12.5 million) is challenging the Palazzo de Cielo.
Can San Diego attract buyers who can afford these million dollar penthouses? Well, the Harbor Club penthouse sold in just 38 days! Prior to that sale, Downtown has had a dozen or so other sales, ranging in price from about $3 million to $6 million.
I agree, that at $2,841 per square foot, this penthouse is way over priced (based on comparable sales), but when were talking about one of a kind penthouses, do comps really play a factor? Will a potential buyer say yes to a sales price of $11 million, but no to a price of $11.5 million? My guess is that when you get to this level, buyers who fall in love with the home will pay top dollar. Im not saying that the people who can afford these homes are careless with their money, rather that they will pay for what they want “ if they truly love it that is.
*Click here to see all the homes currently available at The Renaissance.
For questions or comments, please call Denny Oh at 858“243“2092. You can also email me by clicking here.
* Information is based on the San Diego Union Tribune 11/4/07 issue.