Millennium Tower Sales Watch: Rumors Of Day One Results
November 8, 2007
The early word on the street is that after a single day of sales, over 10% of the 419 Millennium condos have been reserved with 10% deposits (which will convert to firm contracts in five days if not cancelled).
And perhaps the even bigger story (on many different levels) is that of those units that have received deposits, rumor has it that five (5) are Grand Residence “B” plans above the 48th floor (of which there are only ten and are priced in the neighborhood of $5M).
∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
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No telescope in this one?
Ahhh…to be rich…one can only dream…
I really like the eat-in kitchen with the table by the window.
I notice that the apartment has two separate doors to the central core. I wonder why that is? Is it required for fire code or something?
I imagine something that size requires a fire escape/exit other than the one entrance.
But yes, nice to dream, what an incredible residence these units will make. Ahhhh…
I was there with clients today. It is a stellar project, and the team does an exceptional job showing how special it is.
The only suprise would be if it were not an immediate success.
Proof that we need to build large condos to accommodate growing and changing families, not yuppy cubbies until the kids come and then off to Pleasant Hill or precious Marin. The trend towards unrealistic small spaces feeds the transience and unrootedness of SF’s new tall ‘hoods. Especially when planners are trying to create a sense of place — tough to do when it’s a revolving door of short-termers.
Wow, 40 units reserved in one day!
Who are these people that can put several hundred grand down till mid 09?? I guess compared to Regis, Seasons, and Ritz, Millenium is competively priced.
And if Millenium really continues to sell this well and if these reservations turn into hard contracts, what would all those naysayers say about the luxury market crashing and burning…
Did any of these buyers read Socketsite’s beloved recent Forbes article about housing P/E ratios??? Holy crap someone better tell them!!! They’re all about to get burned!
I’m not surprised that some expensive units are getting snapped up. The cheaper units (closer to the million mark) are going to be more work, especially with the high HOAs and location (which will sureley get cleaned up over time).
Proof that we need to build large condos to accommodate growing and changing families, not yuppy cubbies until the kids come and then off to Pleasant Hill or precious Marin. The trend towards unrealistic small spaces feeds the transience and unrootedness of SF’s new tall ‘hoods. Especially when planners are trying to create a sense of place — tough to do when it’s a revolving door of short-termers.
I’d be willing to bet that those penthouses were not bought by a family looking for enough space for little Taylor and Jessica to run around in.
the building code requires two exits for this floor plan of an apartment which is over 2,000 sq ft.
I’m not suprised at all, as these are exceptionally nice units. It’s just more proof of how much wealth there is in this city, and how much demand still exists for nice properties. There’s also a good article on SFGate today about the relative strength of the SF Real Estate Market.
Maybe Marie Antionette’s great granddaughter can throw out some bread to the homeless crowd surrounding the building.
I didn’t see this in the marketing pieces.
Grand Residence: Ultra Rich
Street Level: Drug addicted, starving, dying homeless
let them eat cake
^ Take it up with our city officials not the developers and buyers who are pumping tax/investment dollars into our city.
Part of the reason why so many homeless people currently congregate in that area is because of the current blighted Transbay Terminal and bus overpass. Both of these will be demolished in 2009. I predict that the majority of the homeless will no longer congregate in this area.
I hope the individuals who put down their deposits on residence B are informed about the proposed Pelli Tower (1200 ft)and the SKS Tower (900 ft). If both are built, they’re not going to have much of a view left.
So what’s up with that overpass, its like a disco rainbow. There are new LED spotlights that change colors and they put up a pretty nice light show. Saw it yesterday afternoon and almost walked right into traffic. Easily amazed I guess. Other than to keep the people laying around there entertained, anyone know what’s up with them?
“Part of the reason why so many homeless people currently congregate in that area is because of the current blighted Transbay Terminal and bus overpass. Both of these will be demolished in 2009. I predict that the majority of the homeless will no longer congregate in this area.”
Of course they won’t, but that poster needed to add that ridiculous jibe [“Street Level: Drug addicted, starving, dying homeless”] otherwise he or she wouldn’t have had anything provocative to post.
“I hope the individuals who put down their deposits on residence B are informed about the proposed Pelli Tower (1200 ft)and the SKS Tower (900 ft). If both are built, they’re not going to have much of a view left.”
The B units look north. The TransBay is south.
“Part of the reason why so many homeless people currently congregate in that area is because of the current blighted Transbay Terminal and bus overpass. Both of these will be demolished in 2009. I predict that the majority of the homeless will no longer congregate in this area.”
“Of course they won’t”
What do you think will happen to them? Do you think they will be buried in the cement of construction? Do you suppose they will leave the area because there is a shiny new building. are you lviing in San francisco? they are not going to leave unless someone makes an effort to either house them, give them treatment or kick them out.
Otherwise, you are leaving in the Paris version of “Tale of two Cities”
Didn’t I read that the Transbay Terminal 2009 date may be pushed back even further? And with high speed trains dead (at least at the moment) and Caltrain no longer going up to the new Transbay Terminal, the new building will still be JUST a bus station, which have always been undesirable places in most cities.
These sales are a testament to the Millennium and not the strength of what many seem to consider San Francisco’s “luxury market” as a whole.
no matter how nice the development, spencer always has a way of knocking down. if it’s not “bad design” or “overpriced,” it’s a “social no-no.” bleh.
By the way, the Millennium is in Rincon Hill. I have to dispel that “SoMa” and “Transbay” what not discussed last weekend while I was in New York. 🙂
“By the way, the Millennium is in Rincon Hill.”
No it is not.
http://www.sfgov.org/site/uploadedfiles/planning/Codes/Rincon_Map9.pdf
“So what’s up with that overpass, its like a disco rainbow. There are new LED spotlights that change colors and they put up a pretty nice light show. Saw it yesterday afternoon and almost walked right into traffic. Easily amazed I guess. Other than to keep the people laying around there entertained, anyone know what’s up with them?”
They’ve also painted the sidewalks and support structure — looks much improved, for now. The first day the LED floods were lit was probably Monday and they were locked on blue — really cool. But every day since that they’ve operated, they’ve been phasing through the rainbow — maybe in different patterns at different times?
So did the new neighbors pay for all this? How about sending out a photog Editor, and throwing up a post? Someone knows more than they’re telling . . . .
Yes, the Millennium is in Rincon Hill… look up references to the year 1852 when Rincon Hill was the desirable spot to live.
“Yes, the Millennium is in Rincon Hill… look up references to the year 1852 when Rincon Hill was the desirable spot to live.”
Are you for real? That’s like saying Alaska is part of Russia, look up references to the year 1852 when Alaska was still part of Russia.
The Millenium is not in the Rincon Hill. At least that’s the way the maps have been drawn for decades.
I’m not sure if Millennium is considered part of Rincon Hill, but in 1852, the land underneath Millennium was underwater. It was near the shore that would have been the bottom of Rincon Hill.
Millenium or Infinity really shouldn’t be classified as being in Rincon Hill. Rincon Hill to me is simply the hill we use to anchor the Bay Bridge.
Infinity and Millenium should be in the Transbay district. My humble opinion…
I believe Millenium doesn’t have deeded parking except for the highest floors penhouses. And the Residences will have valet parking for the largest 2 bed units only. City Residences (midrise) won’t have any parking at all.
Can someone confirm this?
Seems many of these units are certainly large enough for families and primary residences so not having any parking is a serious turnoff to primary residence buyers. How was Infinity able to pull off 1-2 deeded spaces per unit and yet Millenium couldn’t?
The boundaries on Rincon Hill are shown on this map. At least that’s how it shows the neighborhood boundaries as drawn today. We can argue about where to classify the Millenium and Infinity but why waste our time? It’s on this map!
http://www.sfgov.org/site/uploadedfiles/planning/Codes/Rincon_Map9.pdf
“I believe Millenium doesn’t have deeded parking except for the highest floors penhouses. And the Residences will have valet parking for the largest 2 bed units only. City Residences (midrise) won’t have any parking at all”
Yeah I heard the same thing. Some of the smaller units won’t even have a valet parking option. For anyone with a car, that’s a deal breaker. Good point about those using MP as a primary residence. I would want valet at the very least, and deeded if possible.
And as mentioned many times before, Infinity will be the LAST highrise condo project to provide deeded parking for EVERY unit. That’s one reason I’m bullish on Infinity.
It’s unfortunate that a classy/expensive complex like MP won’t provide parking or valet for each unit…
^ “There are a total of 340 parking spaces in the building (with leased offsite parking in the works for those who don’t get a space).”
https://socketsite.com/archives/2007/11/the_millennium_a_few_things_you_might_know_and_a_few_yo.html
We were at the sales office and were told parking is based on the price of the unit. All of the 1BRs and the smaller and cheaper 2BRs will not have any parking. the units with valet parking start around $1.2mm-1.3mm. the larger and more expensive units will have assigned parking spaces.
Valet and assigned parking spaces will cost $150/month in fees.
All of the City Residences will have valet parking.
I guess a lot of the units at Millenium will face the same problems that everybody said ORH will have due to it’s valet parking and lack of assigned spaces. Funny that no one mentions this about the Millenium while it surely was a huge negative about ORH.
ORH doesn’t have any assigned parking, even for the most expensive units. It’s all valet or nothing, whether you have a Jr 1 bed, or the 2.5M penthouse.
Millenium gives up to 2 assigned parking spaces for it’s more expensive units. So the most affluent purchasers will get parking. ORH won’t give you a single space even if you spend 10 million. So I guess that’s the main difference…
Parking space is a main instrument that MP used to differentiate the different classes of the development. There is an ongoing debate within the team about how appropriate the distribution was. Last I checked, top 10 floor units with 2 spaces were able to give back a space for $75k, same as the Infinity. Some people haven’t realized how valuable parking spaces are becoming in the city. Not everyone gets to drive, but most people would like to. A parking space is an important option. And fortunately for those who live in downtown already with a space, the value of this option is skyrocketing.
Is this really true that even the Penthouse units at ORH do not have assigned parking? As an owner of a unit with its own garage in the Marina and a future Infinity resident, I am beginning to think I should hold on to both properties. Cars are never going away, they may go hybrid or electric, but people like mobility, especially people with the wealth to buy in a building like this. I am surprised a luxury building like Millenium is only handing out parking spaces to select units.
Jamie – can I get some confirmation from you that you looked at the map linked to at 11:47am? I have been directly commenting to you on here for about 4 months now that you are always claiming EVERYTHING in downtown is “Rincon Hill.” Please tell me that this map clarifies the boundary for you (that would be the black solid line, thank you). Btw, didn’t you just move to SF a few years ago? Not trying to be mean, but, why do you feel that you are such an expert on Rincon Hill?
Oh, sorry, on the topic: Now THIS is a penthouse floor plan! It puts those over-sized dorm rooms that happen to be on a high floor “penthouses” that other buildings market to SHAME!
“Is this really true that even the Penthouse units at ORH do not have assigned parking?”
Yes, no one at One Rincon gets parking as far as I know.
Any downtown units with assigned parking will sell at a premium moving forward. Deeded parking spaces in Manhanttan can sell upwards of 200K. I’m not saying Infinity’s spaces are worth that much, but it’s a fact that they are constructing more units than parking in SF these days, and new condos with deeded parking are rare and precious.
Millenium is a perfect example. You need to spend near 2 million to get an assigned space…
“Millenium is a perfect example. You need to spend near 2 million to get an assigned space…”
A fine example of how different buildings appeal to different people. I need a space and cannot afford 2mm for one. That only leaves me the Infinity and ORH. If I want a one bedroom with a balcony, then ORH is my only choice out of the three.
“Millenium is a perfect example. You need to spend near 2 million to get an assigned space…”
the 2 million+ unit we were looking at has valet parking….
“the 2 million+ unit we were looking at has valet parking….”
Oh no, the Millenium is doomed! Only valet parking?
Many of the Grand Residences will have assigned parking, some will have 2 assigned parking. Most below them will have valet and some won’t have either. It’s got something for everyone depending on what you’re willing to spend.
As long as you have the deep pockets to afford it, you’ll get an assigned parking space.
Well, after less than a week of official sales, MT has raised prices on many units especially higher floor ones by around 5%. It seems that plan D stack went up the most (over $200k). One of the $10M penthouses is already sold. Anyone wanna guess what’s happening at the Infinity’s sales office since MT released their prices and floor plans? : ) Enjoy watching the Infinity’s unsold units fly off the shelves as prices continue to rise. For those who have been waiting on the sideline for the treetops, it’s probably a good idea to put down your check now. Winter is arriving late this year, at least for the luxury market…
blahhh,
What’s left in the “treetops” at the Infinity?
A few weeks ago the Infinity’s sales team was still advertising 70% sold for the treetops, but when I looked at the available units, I would say it looked more like about 85% sold. There were both 1 and 2bds left. I think the Infinity’s treetops units were the best kept secret in terms of value. That is up until a week ago before MT opened doors and released their prices and floor plans. Just as I thought, the Infinity’s sales office is now flooded with new contracts.
A main advantage for the Infinity’s lower floor units is its romantic location, which allows the city living to be just as pleasant. The other big difference is parking. In order to even get valet pkg at MT, the cheapest unit you have to purchase is above $1.4M. The Infinity’s $580k studio will come with a deeded space, which is priced at $75k. You do the math. : ) If you have been waiting to buy, the best thing to do right now is to try and make an appointment and see for yourself. Lots of Infinity’s units especially the lower ones are still surprisingly underpriced. Hope this helps.
Blahhh, I know you are not part of the sales team but do you know the pricing of the 1 bedrooms and which ones are more desirable?
I saw an ad from an agent in the Real Estate Times and it looked like he had his clients buy all the same floorplan in the treetops. Did I miss something with these units?
The Infinity’s 1bd+den in the mid-rise go from $700k to $800k. They are huge, 840 sqft. I find these floor plans to be more elegant and functional than the 1bds in the tower. Again, if you take parking into account, these treetops are priced at least 20% cheaper than MT’s 1bd units. Here’s the problem (or opportunity), most people when they go to the Infinity, they go crazy about the beautiful towers. So the prices for the tower units have been steadily rising, but the treetops never really changed much. I know many realtors bought treetop units from 1bd to 3bd with rap around patio. Frankly, you can’t go wrong with any of these at the current prices. That said, I do like the 1bd+den a lot. The ones facing Folsom would be my first choice.
Thanks Blahhh! Your insights on The Infinity and The Millenium have been very helpful. Both are fantastic buildings and for the price points, the treetops do have value with the parking!
Looks like the treetops prices went up? They were priced from $650k and now $700k-$800k? Wouldn’t the C Building be better since it faces Main Street and its quiter plus there’s no retail under it? The A building faces Folsom and has retail, right?
Prices did go up a bit for the treetops, but not much really. For $650k you are probably looking at a 1bd den in C building that faces the bamboo wall. Trust me, they are actually quite nice. And I don’t think there’s any of those left. The difference between the two midrises is marginal. I like A building because it faces Folsom with partial water view down the street. It might be silly, but that half a site of difference could add a few romantic points for some buyers. There is a retail space on A building’s ground floor, units directly above it won’t be able to close until everything is finished.
I agree building A is more romantic with the peek-a-boo water views and the nice views of the brick architecture of the Gap and Hills Plaza buildings.
Units facing Hills Plaza will get more shade since it’s facing east.
The C building on the other hand will get lots of afternoon sun for a few years until they build on the Post Office lot. Then you’ll have views of Infinity 3 & 4 towers + afternoon sun. Either way, the whole neighborhood will be nicely built out in a few years and hopefully turn into one of the more desireable places to live…
Hi blahhh,
Do you have any insight on what restaurant/cafe/retail is going into Infinity? No one seems to have a concrete answer. Thanks.
I think socketsite needs to have a forum specifically for The Infinity and have blahhh answer all the questions.
Seems like I’m not the only one who is interested in the Infinity and have questions answered by blahh instead of the sales office.
missionbayres,
Rest for sure it will be no McDonald’s. ; )
I should shut up now.