How Will Happenings at Millennium Tower, Affect Owners and Potential Buyers?
One of San Francisco’s most prestigious addresses faces major challenges
If you’ve ever wondered “just how important are disclosures when buying real estate?”, look no further than San Francisco’s famed Millennium Tower. While all buildings settle or literally shift a bit as time goes on, the building is literally starting to lean at rates never predicted.
In this issue, I’ll cover what it means to current Millennium property owners, future buyers, lenders and what you can learn from it. I’ll also introduce you a new financing option that’s great for first-time buyers wanting to take advantage of today’s low interest rates.
Price slashing begins at Millennium Tower for city’s most expensive condo
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. You can see a slideshow by clicking on the red button…
TESTIMONIALVILLE – Summer 2016
To put it succinctly, I would not have the home I recently moved into nor perhaps any home of my own without Dino’s tireless efforts.
As a first-time home-buyer and somebody new to this portion of the Bay Area, there are three key areas where Dino really delivered. First, he had the patience and clearly has the experience of coaching first time buyers through the entire home buying/ownership process.
Second, neighborhood scouting and eventually property hunting with somebody that is genuinely involved with living in the area really helped me figure out where I wanted to live and gave me a lot of confidence when it came time to start making offers.
Finally, Dino has been instrumental is helping me manage the baptism by fire that is first-time home ownership; I might talk to him now more after the keys have been handed over than I ever during the house hunting process!
My relationship with Dino actually started out quite reluctantly; I had tried and failed to enter the real estate market before, an experience which left me exhausted and disillusioned with both real estate and real estate agents.
Ironically after house hunting with Dino I might just call him up to tour houses again for the fun of it.
– Mr. S.
So what can we learn from the Millennium Tower situation?
1. More Millennium condo owners may get antsy and begin selling at huge discounts. However…
2. Lenders are hesitant to lend on properties that are under litigation, so sellers may be trapped. This applies to ALL condos not just the Millennium Tower. Always ask whether a condo building is currently in litigation before making an offer.
3. All-cash buyers will have huge pricing leverage, assuming they are willing to risk the possibility of future property devaluations while litigation continues.
STOP PAYING RENT!
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The customizable POPPYLOAN™ is a game-changing solution that can significantly reduce the down payment needed to make your dream of home ownership a reality.
To learn more about POPPYLOAN™ click here or contact me directly.