April 8, 2008
Palatial Pad - This Aint Your Momma’s Condo
The ‘Palace in the Sky,’ a four bedroom, four and a half bath condo located at 1st and G downtown is on the market and the asking price has come down by $2.5 million to a mere $10 million, insinuating the sellers are willing to deal and ready to move.
I say that in jest, but the truth is the owners are developers and are moving on to new projects. How will they beat this incredible masterpiece? We will have to follow their story to find out. In the meantime let’s look at what their grand vision has brought to San Diego in terms of real estate, condo development, culture and downtown revitalization.
They have surely raised the bar in each realm. Despite its exceptionally high real estate values, San Diego isn’t exactly known for its mega mansions. Typically we think of beachy chic, boxes by the shore that sell for astronomical amounts. The Palace is something completely different. It is as much a statement as a development. It similarly bucks the general concept of condo developments in the city, where we most often cringe at the thought of one more conversion for the purpose of homeownership even if it means some dowdy re-purposed 1970s apartment complex.
The incredible success of San Diego’s downtown and Gaslamp District is no secret, but it has been a slow transformation spanning many years. It’s only in the last few that true international elegance and New York style grandeur has graced the city streets. The Palace is one piece of upgrading with a demonstrable impact on our culture; together with the likes of the new Ivy Hotel, the Keating and other luxury lifestyle concessions that are new comers to this city so largely recognized for our casual, flip-flop, blue jean cut-offs kind of cool.
This is a new San Diego and our image is changing even now. Massive investments of wealth, talent and vision are slowing becoming mainstays in our city and impacting how others perceive us. These transformations will give us an appeal that has international reach and draw a new kind of interest we are not yet familiar with. My only question is: are those window panes one way?
Recent San Diego Sweet Digs Posts:
Monday Madness - Where’s MY Bailout?
Dove Developer Does Dollar Dance
