Rich residents looking to bail on Millennium Tower, a 58-story skyscraper in San Francisco that is sinking and tilting, are slashing prices to move their units on the real-estate market.
Several dozen condos at 301 Mission Street have hit the market since 2016, when the tower first made international headlines. Sellers have cut prices significantly in order to attract buyers.
Millennium Tower has sunk 17 inches and tilted 14 inches at the top since it was completed in 2008. An inspection by the city showed it’s safe to occupy, though satellite images suggest the high-rise will continue to sink at a rate of two inches per year. It’s unlikely to fall anytime soon, in part because it’s sinking too slowly to take anyone by surprise. A fix is also in the works.
Here are all the multimillion-dollar homes currently for sale at Millennium Tower.
The owners of a two-bedroom, two-bath home at Millennium Tower have taken $101,000 off the listing price since late July. Apartment 33E has spent nearly 200 days on Zillow.
The asking price of homes for sale in San Francisco has gone up 4.4% over the last year, according to real-estate site Redfin. Homes typically sell for 110% of the asking price.
Apartment 33E is listed for $2.39 million, which is about double the median asking price for a two-bedroom home in San Francisco.
Apartment 304 is a two-bedroom, two-bath corner unit at Millennium Tower. The owners listed the condo for a modest $1.95 million, and it has spent about 50 days on Zillow.
An enormous one-bedroom, two-bath at Millennium Tower is seeking $2.19 million. At 1,633 square feet, Apartment 606 feels more like a renovated loft than a condo.
Looking through photos of the different condos for sale at Millennium Tower, it's impressive to see how they differ in style. Apartment 606 is more ornate than its neighbours.
The most expensive condo currently for sale at Millennium Tower is a four-bedroom, four-bath behemoth on the market for $5.99 million. It last sold for $2.65 million in 2014.
Multimillion-dollar condos at Millennium Tower have tumbled $320,000 in value on average since news of the building's sinking in 2016, according to the San Francisco Chronicle.
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