A condo owner at San Francisco’s ultra-luxe highrise the Millennium Tower has slashed the price of the city’s most expensive condo listing by $200,000, as the development continues to deal with market fallout following revelations that the building is sinking and tilting.
The two-bedroom unit #502 at 201 Mission is now listed at $3.6 million, down from $3.8 million, and is the first listing to reduce its price since news broke of the building’s structural issues.
“Let’s face it: an all-around price devaluation is not only a sound idea, it’s inevitable,” Curbed reports.
On Aug. 8, news broke that the West Coast’s most expensive condo development is already tilting more than had originally been reported, leaning as far as six inches northwest at its base — two inches more than initially estimated.
Three weeks ago it was revealed that the Millennium Tower is sinking and could soon face a rash of lawsuits from angry homeowners worried about their investment in the $350 million building, according to a letter from the homeowners association’s board.
“The Millennium Tower Association has been advised by the original developer that the Association’s buildings have experienced settlement beyond what was originally anticipated,” the letter said. “In response to that information, the Association has retained a number of engineering consultants to investigate the causes and long-term impact of these settlement conditions.”
The developer of the tower, Millennium Partners, said in a statement from spokesman P.J. Johnston that the construction nearby, meaning the building of the massive Transbay Transit Center, was to blame for any shifting, sinking or tilting being experienced by the tower.
So far, “the building has continued to settle vertically, now 16 inches,” the Transbay Joint Powers Authority told the San Francisco Chronicle — a drop greatly exceeding the 12 inches its builders had predicted it would sink over the course of its lifetime.