Sitting on a hot piece of real estate in present day San Francisco can sometimes feel like you've pocketed the golden ticket — all you need to do is cash that thing in and your troubles will soon be over. That is, well, until the real estate itself becomes not so hot. That is the situation some owners of units in the tilting and sinking Millennium Tower have recently found themselves in, as Curbed reports efforts to sell have gone nowhere — even following drastic drops in asking prices.
Trouble first started at Millennium Tower, a gilded high-rise once named one of the world's top ten residences, earlier this summer when it was reported that the building had tilted slightly and sunk roughly 16 inches in eight years. Panicked owners filed a class action lawsuit against the building's developer and the entity behind the nearby Transbay Transit Center — construction on which may or may not have contributed to the tower's troubles. As would be expected, all the media and legal attention hasn't done any good for those already trying to sell when the news broke even though outside experts say the building remains seismically safe.
Take, for example, the $3.6 million one-bedroom located in the tower's northeast corner. Before the news of the great sinking broke, Curbed tells us the unit was listed for $3.8 million. Cutting $200,000 from the asking price hasn't resulted in a sale, however, and the unit remains on the market.
Or how about the $2.3 million two-bedroom with southwest exposure? The seller of that property has also cut $200,000 from the asking price, but as of yet has found no takers.
And while we think anyone in possession of such an expensive piece of property can likely afford to hold onto it for just a little bit longer, that such drastic reductions in price have yet to convince any would-be buyers to move in to the tower does not speak well for its long-term prospects.
But hey, if the unit prices continue to sink along with the building, we're sure someone is bound to buy eventually. Probably.