- Millennium Tower, a luxury residential building in San Francisco, has sunk 17 inches and tilted 14 inches since it was completed in 2008.
- Residents say they’re selling multimillion-dollar condos at a loss.
- That hasn’t stopped one homeowner from trying to sell their unit for profit.
But this week, one brazen homeowner listed a two-bedroom, three-bath unit at Millennium Tower for $5.6 million – almost double what the seller paid for the condo in late 2011.
Millennium Tower is a luxury residential high-rise that has sunk 17 inches and tilted 14 inches since it was completed in 2008. Though an inspection by the city showed it’s safe to occupy, the situation has sparked an exodus from the building. Residents say they’re selling their homes short of what they paid for them, with about 100 condos falling $320,000 in value on average.
Not all homeowners have sold their condos for less. A penthouse at Millennium Tower sold for $13 million in 2016, up from its $9.4 million sale price in 2009. Though the seller, late venture capitalist Tom Perkins, spent $9 million on renovations, which should have increased its value.
The list price on unit #55A – a 2,706-square-foot space – may be optimistic because residents of Millennium Tower received some good news last month: A fix may be in the works.
In January, construction crews began drillingnear Millennium Tower to see if a planned fix for the structure will work, NBC Bay Area reported. Engineers want to drill up to 150 new piles (a type of foundation shaped like a pillar) 200 feet down to bedrock from the building’s basement, in order to stabilize the tower and prop it back upright. The project could cost$150 million.
Gregg Lynn, a sales broker representing the seller of unit #55A, told the Business Times that the residents live on the East Coast and have spent only a handful of days in San Francisco over the last three years. Still, the seller poured money into interior design and extensive renovation.
The residence has an open-plan kitchen, living, and dining room that offers sweeping views of the Bay Area from the 55th floor. Among the amenities: a library, dual walk-in closets, concierge service, and parking for one car that costs an additional $200 per month.