As we noted when the 1,664 square foot condo on the 48th floor of San Francisco’s Millennium Tower hit the market in February asking $4,500,000, the Millennium Tower wasn’t built with any fireplaces in place, but that didn’t stop the buyer of 301 Mission Street #48B from adding one.
Purchased as new for $2,400,000 in February of 2010, the Grand Residence was more or less gutted and rebuilt over the course of a year. And in addition to the new alcohol burning fireplace, the second bedroom was reconfigured as a library with an electronically controlled Murphy bed behind the Ebony cabinetry and the master bathroom was rebuilt in marble, limestone and glass:
This past Friday, the sale of 301 Mission Street #48B closed escrow on Friday with a reported contract price of $4,250,000 or just over $2,550 per listed square foot.
Yeah $4.25M for a 1600 sq. ft. apartment is totally worth it…but it has a fireplace OoooooOOoooo
I think the tile in the bathroom would give me a seizure…
Love to know how many days of the year they will inhabit the place…I know it is really none of my business but it would be interesting to know from a sociological/urban georgraphy point of view because it so ties into the cultural shifts that are taking place in this City regarding real estate, neighborhood and the value of money.
I know the common wisdom is that no one really lives in the Rincon Hill/SOMA highrises. I did a little study as part of some other professional work I was doing in the area. I pulled the Assessor’s data, and looked at how many properties received their tax bill at the property address, vs. some address in New York or Hong Kong or a lawyer’s or accountant’s office in the SF Financial District. The answer: about 2/3 of the properties actually receive their tax bill at the property address. Not scientific, but a good indication of how many people actually live in the property. In other words, the “common wisdom” is extreme.
@Jim
Thanks for that, very interesting research!
I would add that many of other units are probably rented out to people who live in the unit, although it is much more difficult to determine how many absentee owners are renting, vs. using it as a vacation home…
UPDATE: Purchased for $4.25 million in 2013, the Millennium Tower Grand Residence #48B has just returned to the market listed for $500K less ($3.75 million).
UPDATE: The listing for 301 Mission #48B has been withdrawn from the market without a reported sale.
UPDATE: The listing for 301 Mission #48B is once again active and the list price for the unit, which was purchased for $4,250,000 in 2013, has been reduced to $3,500,000.
With reports of this tower sinking, in a few decades, the owner of this place might have prime, street level space.
UPDATE: The listing for 301 Mission #48B has once again been withdrawn from the MLS without a reported sale.
Realistically would anyone buy in this tower now. Short of a rock bottom price.
Is this something insurance would cover? And how would that work? I’ve heard engineering studies are being done and injecting cement or such below the tower may be one option to stabilize things.
This will take years to sort out which is unfortunate for the owners.
This tower is short of a rock bottom, structurally. Will price follow deformation?
How could it not? There is debate about the foundation – I’ve heard conflicting things. In a recent RE podcast the host said they first heard of the tower sinking (not tilting) faster than normal before the TTC box construction began.
UPDATE: The listing for 301 Mission #48B, which was purchased for $4,250,000 in 2013, is once again active with a list price of $3,500,000.
UPDATE: And once again, the listing for 301 Mission #48B has been withdrawn from the MLS without a reported sale.