From the resale listing for 301 Mission #25B: “The 25th floor is one of the most desirable in the building, providing extraordinarily high ceilings found on only one other floor.” Can you name that one other Millennium Tower floor?
∙ Listing: 301 Mission #25B (1/1) – $749,000 [MLS]
∙ Millennium Tower (301 Mission) Update: 30% Closed Or In Contract [SocketSite]
Speaking of – does anyone know what percentage of The Millenium is sold/rented?
I’m guessing the ground floor where the lobby is located has equal or higher ceilings.
But the listing probably means a habitable floor and that would be the penthouse floor.
Do I win a stuffed animal or something ?
Wow, nice unit. But at the end of the day, it’s really very similar to every other lux 1/1 unit on the market, just more $$. You’re paying for the common areas, which means you pay to maintain them as well. Is it worth it? There are decent 2/2’s on the market for that price, and you could hire a driver and get a 3 year lux gym membership with your savings.
I believe this is the smallest floor plan in the building asking for around $1000 per sq ft without deeded parking. Indeed there are similar 1/1 around for much less money. With this many office buildings at such proximity, you are the view…
A data point if you will…there are 178 one-bedroom condominiums on the market throughout S.F. There are 61 listed in the MLS in the south of Market St. neighborhoods. There are a bunch more not listed. Bottom line – buyers have many choices.
Speaking of – does anyone know what percentage of The Millennium is sold/rented?
One of our certified updates is in the works, but one source puts the percent closed or in contract at roughly 35%. Add rentals and it’s a back of the envelope 40-45% of units to which have been committed.
35%? I was just there today, I saw 7 or 8 people in the outdoor area. The most I have ever seen.
As an update only one of four half floor shells remain (59th floor facing East).
Several celebrities have bought into the building. A famous football player is one of them, and a man of industry.
Paul
$1k/sq ft?
that’ll put pressure on the other “luxury” towers around.
The people I know in the other luxury tower paid almost $1100/sq ft a few years ago.
the unit is small and boring as are most of the “luxury” towers in SF. However the common spaces are amazing. I love their pool and their gym and their yoga room, as well as the outdoor patio.
Millenium obviously also suffers from it’s terrible location as well. Sure, it’s convenient, but I just walked by again the other day and man is it a non-luxury area. This tower should have been put on Union Square.
If men of industry are buying, you know the market has recovered.
According to the Millennium web site, the square footage for this unit is 668, meaning the asking price is $1,121 psf. You can see the floor plan online. They have removed a closet to make the little desk area in the kitchen, leaving almost no storage in the unit. And as you you can see from the photos, there’s essentially no dining space either.
The other floor with high ceilings is the 48th floor….
Some other notable buyers include an Oscar Award winner! (yes, a client of mine).
Also a couple of real estate agents. errr….
I live at the Millennium. No “celebs” in sight. I am not sure why anyone would buy here instead of rent. Why would you want to pay HOA dues and a mortgage? Other than the penthouses and high floors sold to wealthy people from China, the majority of the building is rentals to twenty and thirty something transients. The prices are still too high to buy…except, of course, for those real estate agents who don’t seem to understand the laws of supply and demand!
“Also a couple of real estate agents. errr….”
Well I’m first in line for these upcoming bank owned units…
Leave it to Pumper Paul to tout a SOMA condo project indiscriminately.
“35%? I was just there today, I saw 7 or 8 people in the outdoor area. The most I have ever seen.”
No credibility and more irrelevant anecdotes.
Yes there are always price insensitive buyers for penthouses and view units. Those units are largely gone at the Millenium.
The remaining units, whatever the exact percentage, represent the majority of the building. Most of these units face North and West (Transbay Terminal). These units will remain unsold until they are priced well below 1,000 sq. ft. Otherwise, good luck with that.
This unit will get resold the same way the first One Rincon unit got resold: to a buyer untraceable to the sales office who is nevertheless being backstopped by the sales office. The sales office will never allow the market rate for a resale to be publicly disclosed while most of the building is still for sale.
And when it “sells”, expect every Realtor in SoMa to shout it’s PSFT price from the rooftops as evidence the market is somehow “back”.
This is so predictable, you can set your watch by it.
The views are SO boxed in at this property. Not expansive or open AT ALL! (Maybe on the South Side of the building…BUT this will be boxed in soon too)You have to get so far up into this building to really get much of anything. WHY?…Infinity or ORH is a MUCH much better property, great expansive views and way more value for your dollar. The only thing positive about this property is the Indoor Common area…all else! Thumbs Down!!
Realist,
What’s with the anonymous name calling? I saw 7 or 8 people out on the deck, so what? It was a nice day. If you don’t believe me, go out on a group tour on a nice day.
Take a chill pill.
Paul
@Realist: I agree with Paul. The man is entitled to his opinion, and is considered, at least by me, an expert in South Beach/Downtown real estate. Name calling is just a sign of ignorance.
I think many people here try to lump in SOMA condos south of 3 or 4th, with condos above 3rd. If you think the crap on Rausch or Tehama or the SOMA grand is indicative of all South Beach and SOMA, you are incredibly mistaken. Different buyers, better areas above 3rd
I’ve got to agree with Realist here. No offense to Paul, though. Paul does good work. But, if there are 7-8 people on the deck during 70 degree weather in San Fran, you know the building is in truoble. Those people live on the South East side. The rest of the building is empty. The question is HOW MUCH DID THIS UNIT #25B SELL FOR THE FIRST TIME? My guess is te resale will be at least 30% lower. Unless, the sales office buys it back and puts it into the rental pool. Its all window dressing to prevent the truth – the building is still grossly overpriced and largely empty, devoid of real buyers other than for the penthouse floors and D stack
Noticed that The Millenium is getting a big push in the SF Real Estate Times. Maybe it’s those lagging sales and the owners getting tired of “eating it”.
Regardless, no condo towers broke ground in 2009 (technically 2008 as One Hawthorne I recall really started in 2007). None will break ground in 2010 or 2011. 2012 – maybe.
If the next SOMA condo tower starts up in 2012 it will be 2015 before new tower condo units will be available agin in SOMA. I’m guessing The Millenium’s and One Hawthorne’s owners are more than a bit pleased by this fact.
celebrities are notoriously poor real estate investors but interesting data point
More like you may hear about some celebrities poor investment choices on occasion, because that sells media. People are people.
ah, maybe the other owners are out shopping or getting their bmw’s serviced? ever think about that?
I guess celebs are tired of wasting their green on restaurants/bars. RE is the new way to lose a few mils in public. Burning dollar bills is sooo nouveau riche.
Those sort of jokes work better if you actually name the things that you refer to first, and then deliver the punchline. File that one away for future reference. I drove by the parklet at 7 a.m. and there was nobody there. It must be a complete failure.
So, no one has any insight into how much the initial buyer paid for #25B? That is what I think is most important to understanding how far down prices have to come at the Millennium.
An educated guess – $729K for original purchase price.
“More like you may hear about some celebrities poor investment choices on occasion, because that sells media.”
That’s just not true. When I used to live in LA, there was a lot more talk about celebrities selling their places for significantly more than they bought them for. But that was also a) typically after big remodels, and b) during the boom. Nowadays, yes, you do hear about celebrities having to cut their prices, just like a lot of high-priced housing. But I bet it’s different based on which celebrity — if you’re talking about someone dumb like Lindsay Lohan vs. someone who hires a decent advisor so the bourgie habits get curbed a little.
My guess is that 25B originally sold for $1100 sq foot, or approximatley $725K. This would be after the 15% discount that was passed on to the original buyers in the building. I could be a little high on that since this unit doesn’t have a parking spot. I am not a realtor, just an owner in the building, and I can say that this is a sweet place to live in all respects.
I have no idea what percentage are sold now, but as a resident I can attest to the building being much more populated than 6 months ago.
So you agree, or disagree? Seems like you agree. Again, people are people. Some make good decisions some make dumb ones, whether famous or not.
I would say that celebrities *generally* don’t do well on their own. Most of them don’t have good financial advisors, and I’ve even dealt with disputes where financial advisors were stealing from their clueless celebrity clients, so I’d disagree on the whole. More celebrities are more likely to get lucky than to make good investments, not that I think housing should be an investment.
The marketing-speak above from Paul Hwang is meaningless though. Who cares if an Oscar winner lives there? I certainly wouldn’t say the prospects of a luxury condo project are better because a celebrity is involved. Furthermore, celebrity presence would be a downside for me, especially after having lived in LA. That kind of marketing is more likely to tell me the place is overpriced and showy rather than good deal/good quality.
There are very few savvy celebrities. Bobby DeNiro is probably one. But any random celebrity, yikes — so many of them came from poor families and/or unsophisticated backgrounds that they spend money like there’s no tomorrow.
Huh. I feel like a lot of LA actors nowadays are second generation showbiz at least. I guess Paul Newman was smart with his money. Then again he is an Ohioan.
There are definitely some 2nd gen actors, e.g. Kate Hudson or Nicolas Cage (although my understanding is that Nick Cage didn’t want to ride on the Coppola coattails, hence changing his name to Cage). But I don’t have a reason to think that’s true of the vast majority.
Mommy or daddy being in the biz does often open the doors though, just look at Tori Spelling. No way she would have been an actor without help.
But even mom or dad helping out doesn’t guarantee anything. You still have to pass the auditions. It’s sort of like how going to USC Film School doesn’t guarantee anything. My friend who went there said that on average only 2 out of the class of (I think) 45 of the Producer’s program ever end up making a feature film. But it’s still 2!
The listing for 301 Mission #25B is once again active on the MLS but the list price has been reduced $50,000 (7%), now asking $699,000 for the Millennium one-bedroom.
25B never sold.
17H sold for 737K in March 2010 and then was listed for 5% off, and now 10% off (660K). If it sells at asking, they lose over $100K in a year.
$854 psft. There is a tenant in it, but I suspect he or she will be booted long before escrow closes.
I suspect the tenant will send them a thank you note for taking it in the chin on their behalf.
Relisted, at last year’s asking, then lowered to $685K. 25B: 1000+ psft and no parking. LoL.