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Monday, March 24, 2014

Chipper Jones Loses Big in Atlanta

March 18 - Chipper Jones won 11 division titles, a handful of pennants and a World Series championship over the course of 19 Major League Baseball seasons. However, the former Atlanta Braves star has found himself on the losing end of a recent real estate deal.

Jones has sold his mansion-estate in Roswell, GA, for a loss. Measuring 23,504 square feet in size, the rough equivalent of three baseball diamonds, the mansion originally hit the market in May 2013 for $3.195 million. It ultimately sold in March for $2.8 million—$395,000 less than his original ask and $1.53 million less than what Jones paid for the property in 2005.

Coot Veal and Cot Deal taste like Old Bay Posted: March 24, 2014 at 10:54 PM | 25 comment(s) Login to Bookmark
  Tags: braves, chipper jones

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   1. BDC Posted: March 25, 2014 at 09:16 AM (#4676662)
Measuring 23,504 square feet in size, the rough equivalent of three baseball diamonds

Just hiring the umpires to staff the place would drive you to bankruptcy.
   2. Barnaby Jones Posted: March 25, 2014 at 09:23 AM (#4676667)
I'm sure he'll survive.
   3. Cris E Posted: March 25, 2014 at 09:36 AM (#4676674)
A lot of people who bought in 2005 and sold this year took a bath. And honestly there were never going to be a lot of buyers for a 23k sq ft house in any market, so finding anyone to pony up almost $3m is a decent outcome. Once you start dealing in unusual properties like that you more or less have to assume some risk that you won't find your buyer. It ends up taking forever to sell or you take a bath.
   4. RoyalsRetro (AG#1F) Posted: March 25, 2014 at 10:11 AM (#4676683)
I thought he lived at Hooters anyway.
   5. deputydrew Posted: March 25, 2014 at 10:37 AM (#4676702)
That's quite a home. For a guy like me who has lived in NYC for seven years and now in Chicago, it blows me away that you can buy a place like that for under three million bucks.
   6. Rickey! trades in sheep and threats Posted: March 25, 2014 at 10:41 AM (#4676706)
It's up in the Country Club of the South, probably. That's where all of the white Braves stars bought their mansions. (Most of the black stars buy down in Tyler Perry's Peachtree City.) Glavine and Smoltz live up there. Chipper has been on his way to living full time on his ranch in Texas for a while now, so I'm not surprised he took a haircut to get out of the city. He's not a suburban type, really.
   7. jacksone (AKA It's OK...) Posted: March 25, 2014 at 10:49 AM (#4676713)
A lot of people who bought in 2005 and sold this year took a bath. And honestly there were never going to be a lot of buyers for a 23k sq ft house in any market, so finding anyone to pony up almost $3m is a decent outcome. Once you start dealing in unusual properties like that you more or less have to assume some risk that you won't find your buyer. It ends up taking forever to sell or you take a bath.


Yep, yep, yep.

There should be no surprise what-so-ever that the house sold for less than the original purchase price.
   8. cardsfanboy Posted: March 25, 2014 at 10:50 AM (#4676715)
That's quite a home. For a guy like me who has lived in NYC for seven years and now in Chicago, it blows me away that you can buy a place like that for under three million bucks.


I always like to tell the supposed story of when the Cardinals acquired Jim Edmonds. (We acquired him in a trade and were trying to sign him for a long term deal) Ray Lankford who lived in St Louis at the time invited Edmonds to his large house and gave him a nice tour, when he got done he told him the price he paid for it, and Edmonds reaction was that a house like that in California would have cost easily 3 times that price. (The point being that the contract dollar amount isn't as important if you can get more for your dollar) No clue how true that story is, no clue if it mattered, but it is true that you can get a much larger house for a significant less dollar amount than you will in higher populated areas.
   9. bunyon Posted: March 25, 2014 at 11:12 AM (#4676724)
If I were as rich as these superstars, I would own a nice, but not terribly large, condo in the nicest part of what passes for downtown, not far from the ballpark.

I'd then own a much larger estate - land, not necessarily home - somewhere beautiful, lush and isolated. But that's just me.

I've just never understood why you'd necessarily want to have a huge real estate deal in the city where you play. Especially if you're not a Chipper type who spends an entire career in one place. Houses can be real headaches.
   10. Rickey! trades in sheep and threats Posted: March 25, 2014 at 11:33 AM (#4676736)
If I were as rich as these superstars, I would own a nice, but not terribly large, condo in the nicest part of what passes for downtown, not far from the ballpark.


Dan Uggla has lived in probably the premiere penthouse condo in Buckhead since arriving in Atlanta. He just put it on the market and bought a mansion-estate from one of the former Hawks who live in the exurbs. This coincides with his marriage this off season. The point being that athletes don't necessarily buy the big mansions in the posh 'burbs for themselves, per se.
   11. toratoratora Posted: March 25, 2014 at 11:43 AM (#4676744)
A lot of people who bought in 2005 and sold this year took a bath.

Yep. I bought my house about 2 months before the bubble burst. I live in Baltimore, which, thanks to proximity to DC, the Federal government's consistent employment and a large population of Federal expats who do the commute, has suffered a whole lot less from the collapse of the housing market than most of the country and my house is still worth 33% less today than what I paid for it.I expect it will take another five to ten years before I hit the break even point.
Chipper didn't do so badly, all things considered.
   12. jingoist Posted: March 25, 2014 at 12:05 PM (#4676760)
TTT;
I live in western Loudoun county; bought 1/1/05 and am down 30 to 35% as well.

I'm not sure either of us will "get well" in 5 or 10 years as most young buyers I've spoken to want less land, shorter commutes and better schools.
Historically, time is on our side but demographics are changing and I'm not so sure the rising tide of recovery will lift all boats.

Loosing $400K for Chipper is a bit different than losing $400K is for me.
He made in his last year 2+ times what I earned in a 40+ year IT career.
   13. Rickey! trades in sheep and threats Posted: March 25, 2014 at 12:10 PM (#4676764)
In town prices in Atlanta have rebounded from their -20% drop in 2008-11. The outer burbs are still underwater.
   14. bfan Posted: March 25, 2014 at 12:27 PM (#4676777)
Dan Uggla has lived in probably the premiere penthouse condo in Buckhead since arriving in Atlanta.


The condo was a short drive for him and his bar girl trophy for the night. Which shows that chicks do not necessarily dig the long ball as much as they dig the baseball salary it commands, as only one of those fell off for Dan in 2013.
   15. dr. scott Posted: March 25, 2014 at 01:35 PM (#4676812)
I bought on the Perimeter north of Atlanta in 2005 (so my parents could still live there as they could not cover the second mortgage anymore). At the time it was valued at about $168,000. Zillow now claims its $135k, and its probably not in as good shape as those around for the same price, so maybe 120k. Ooof. I did refinance for free and shave 1.75% off the interest rate though. One thing I will say... I pay more in real estate taxes for that house in Georgia than some of my neighbors in San Francisco for $1million+ houses.... frickin prop 13!
   16. valuearbitrageur Posted: March 25, 2014 at 01:44 PM (#4676817)
The condo was a short drive for him and his bar girl trophy for the night. Which shows that chicks do not necessarily dig the long ball as much as they dig the baseball salary it commands, as only one of those fell off for Dan in 2013.


It also says that new wives prefer to keep trophy bar girls as far away as possible.
   17. base ball chick Posted: March 25, 2014 at 01:50 PM (#4676819)
bfan Posted: March 25, 2014 at 11:27 AM (#4676777)

Dan Uggla has lived in probably the premiere penthouse condo in Buckhead since arriving in Atlanta.

The condo was a short drive for him and his bar girl trophy for the night. Which shows that chicks do not necessarily dig the long ball as much as they dig the baseball salary it commands,


- money being the key word here
there are always PLENTY of females who will have sex with/have babies with/marry someone ugly, smelly, bad teeth, vicious/violent/abusive, not monogamous - as long as the money is good. it's better if he is an athlete/musician/famous, but really, it is really only about the money.

KT's Pot Arb Posted: March 25, 2014 at 12:44 PM (#4676817)

It also says that new wives prefer to keep trophy bar girls as far away as possible.


- depends on the prenup and on how much money they have gotten so far and how much they can keep of what the husband earns/has earned/will earned. most trophy wives are not like elin nordgren. they are hillary clintons

i'm not cynical. i just know wimmen a lot better than youse guys do
   18. GregD Posted: March 25, 2014 at 01:59 PM (#4676827)
i just know wimmen a lot better than youse guys do
That is a low bar!
   19. smileyy Posted: March 25, 2014 at 02:15 PM (#4676833)
With a house like that, the buyer is going to have to spend to customize it. Or, another way to look at it, Chipper paid $X for it, of which $Y was the base price and $Z was the customized price. He'll be able to sell it for something around $Y, not $Y+$Z
   20. bfan Posted: March 25, 2014 at 02:51 PM (#4676848)
One thing I will say... I pay more in real estate taxes for that house in Georgia than some of my neighbors in San Francisco for $1million+ houses.... frickin prop 13!


But have you compared the sales tax and the state income tax in the 2 jurisdictions?
   21. toratoratora Posted: March 25, 2014 at 03:16 PM (#4676857)
I bought on the Perimeter north of Atlanta in 2005 (so my parents could still live there as they could not cover the second mortgage anymore). At the time it was valued at about $168,000. Zillow now claims its $135k, and its probably not in as good shape as those around for the same price, so maybe 120k. Ooof. I did refinance for free and shave 1.75% off the interest rate though. One thing I will say... I pay more in real estate taxes for that house in Georgia than some of my neighbors in San Francisco for $1million+ houses.... frickin prop 13!

Ouch.
I was getting my MBA specializing in finance when the housing market collapsed. In six months my house lost 1/2 it's value. I did the smart thing-treated it like a business and told the bank they could seriously renegotiate or I would walk away.
They pushed it to the brink, as in I was a week away from foreclosure, but they blinked first.
Now, despite the fact that I'm still upside down a pretty large chunk of change, I'm not complaining a whit. I have a three bedroom rowhouse in a nice section of town and I pay more in taxes than I do mortgage. Right now I could rent it for quite a bit more than mortgage, taxes and insurance. And it's going to be that way for 25 more years. Quite the deal.I'll never sell this place.
   22. Baseballs Most Beloved Figure Posted: March 25, 2014 at 04:22 PM (#4676900)
Great and now hopefully you'll be able to honor your agreement with the bank.
   23. dr. scott Posted: March 25, 2014 at 04:43 PM (#4676915)
But have you compared the sales tax and the state income tax in the 2 jurisdictions?


Oh yea, as I get the best of both. Own a house in high property tax state, and work and spend money in a higher sales tax/income tax state ;)

that being said, In the end the drop in equity does not affect me as I just paid what was left on the second mortgage and I owe less than its value, and its a long term "investment" as I assume my dad has many years ahead of him. I was just surprised how low the CA property tax was.
   24. spike Posted: March 25, 2014 at 04:49 PM (#4676919)
That's where all of the white Braves stars bought their mansions. (Most of the black stars buy down in Tyler Perry's Peachtree City.)

Notable exception, Brian Jordan (Whitney and Bobby Brown lived there too)

//and Andre Rison
   25. Robert in Manhattan Beach Posted: March 25, 2014 at 04:58 PM (#4676931)
That's quite a home. For a guy like me who has lived in NYC for seven years and now in Chicago, it blows me away that you can buy a place like that for under three million bucks.

Yeah, three million, that will almost get you to the water around here.

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