What’s it like trying to sell condos in a sinking building?
Well, it’s hard to say. Almost every real estate agent handling an open listing in the Millennium Tower declined to comment. A couple of conversations turned heated. Several demanded that their names and the names of their brokerages not be used in reference at all. (Which is silly, since both are proudly displayed in the ads plastered all over the internet and accessible via the handy links below.)
However, it is understandable that realtors might be cagey talking about the troubled building. They have clients who are, presumably, concerned to find out that they paid seven figures for space in what some people now look at as a 58-story game of Jenga.
And if there’s anything worse than receiving Monday's news (reported by the Chronicle's Matier and Ross) when you're actually living in the building, it’s getting it when you’re trying to sell off your stake.
As the few realtors who did talk to Curbed SF (done so anonymously) point out, there’s really not much you can do except disclose everything to potential buyers, refer them to the same reports the rest of us get, and let the present owners make the call when or if it’s time to start knocking back prices.
"I’ve been selling for 14 years, I’ve dealt with homes with much bigger problems than this," one realtor explained.
We should note that, despite the building’s wanderings, there’s no immediate danger to its structural integrity, and the problem is probably not unfixable. Note also that, in addition to the prominent tower, there’s also a related mid-rise building which does not appear to be sinking or tipping itself (although its big brother’s leanings are of course not exactly good news for the smaller building).
So if you’re feeling bullish about the future of the building despite its geological conundrum, here’s a look at what’s on offer.
#502: This one you should be familiar with already, as it's the city's most expensive single-bedroom home, asking $3.8 million and sporting a decidedly clubby vibe rather than the bright and immaculate look of its counterparts. Previously sold in 2012 for over $1.8 million.
#34E: If you really want to see how the other half lives, take a peek at the ritzy photos of this two-bed, two-bath unit. Yowza. Notice the distinct antlers motif throughout the decor. The space also sold last in 2012 for $1.8 million (must have been a fad?). It's now on offer for just under $2.6 million.
#27E: What happens when you buy a two-bedroom home in one of the swankiest buildings in town and decide it's not yet chic enough for you? This, apparently, as nearly every surface has been replaced, refurbished, refinished, or in some way gussied up. This flat went on sale for nearly $2.5 million in May, but knocked itself down to $2.3 million a few weeks later.
#303: You think you're having a rough week? This one-bed pad asking $1.98 million relisted on the very same day that the San Francisco Chronicle broke the story about the Millennium Tower's woes. That's the kind of Monday that makes you want to give up on the entire week. But it's a classy joint, last sold for more than $1.2 million in 2011.
#6D: At a little under 800 square feet, this is as close to a studio as a fancy building like this one gets. Which also, of course, means that it's one of the most affordable (comparably speaking, that is) options in the entire structure, asking barely more than a million after shaving $45,000 off the asking in July. Back in 2012 it went for $727,000.
#405: As previously mentioned, the Millennium Tower is technically more than one building. The smaller, 12-story tower, dubbed the City Residences, does not appear to be declining (any faster than any other high rise building, anyway). The two structures share common spaces, and of course it's not exactly good news for the smaller building that the big one is in a state. Nevertheless, the distinction is important when looking at City Residence units like this two bedroom for $2.19 million.
#19A: In case you wondered what one of these homes looks like before it's made over, this two-bed, $1.7 million pad opts for the tableau rossa look in its photos. This one was asking a bit more, but knocked $100,000 off just last week.
#48B: We've seen this one before too, the 48th floor corner unit with the "fumed eucalyptus" walls. The highly motivated seller was already offering it for $3.75 million, which is a half million dollars less than it last went for in 2013.
#6A: And finally, we get something as close to humble as this particular residence can drum up. Not that we're throwing shade on this two-bed, two-bath number asking $1.65 million; quite the opposite, it's rather telling than even a comparably low key unit still includes phrases like "dark marble vanity countertop" and "Studio Becker White Oak Cabinetry" when showing itself off.
- Sinking Tower, Things To Know [Curbed SF]
- Millennium Tower Tilting, Sinking [Curbed SF]
- SF's Most Expensive One Bed Home [Curbed SF]
- Millennium Tower Corner Unit [Curbed SF]