Purchased for $970,000 at the end of 2013, the one-bedroom unit #24D at 301 Mission Street (a.k.a. the tilting Millennium Tower) returned to the market listed for $999,000 this past February.
And having been reduced to $925,000 last month, the sale of the 789-square-foot condo has just closed escrow with a $875,000 contract price.
With the tower’s settlement woes having been widely publicized last year, a potential fix for which has since been identified, the 9.8 percent drop below its 2013 value certainly doesn’t qualify as an “apples-to-apples” outcome for 301 Mission Street #24D. But it’s worth noting the $1,109 price per square foot which is slightly higher than the “zero” that some homeowners had been arguing with respect to their property tax assessments and bills.
Does anyone know if the buyer was able to get bank financing?
Pretty sure all the banks pulled financing off the table a year plus ago.
The banks are afraid to put more liens on the property?
Hopefully they can implement a fix soon and have sales get back to full tilt. Nothing for current owners to do but lean back and wait for the lawsuits to resolve.
lean back…
full tilt…
The 400+ foot residential tower planned for the Goodwill site will use the same foundation and will be sitting on an old alluvial fan. Go figure. In another decade we will be reading about this again.
There is nothing wrong with the engineering. Drilling to “bedrock” is PR, not science.
There was an anomaly here, most likely related to the dewatering done for the adjacent Transit Center excavation.
perhaps the buyer is covertly working for the developers in an effort to demonstrate that the units have resale value and limit the developers’ liability.
I would not want to be anywhere near this building in a big earthquake. Hopefully they will get it fixed before one hits. Makes you wonder what else our ‘diligent’ building inspection department missed on other projects during this boom. Seems unlikely that this is the only building with a problem.
Ironically, just today SF Biz News ran an item in which it listed Millennium as still the 9th priciest condos in town selling on average $1,634/sqft.
Issues with this building notwithstanding, I think we’re seeing the beginning of price adjustments across the Bay Area. Inventory is higher than I can remember in recent years and prices are slipping. This isn’t a bad thing, but one that people should be aware of.