On June 28, 2024, a close -up of the side of the salesforter tower and the millennium tower reflected in the glass facade in San Francisco, California. (Photo: Smith Collection/Gado/Getty Images)
San Francisco- According to the distributor, the luxurious penthouse in the former Millennium Tower in San Francisco was recently sold for $ 9 million. However, the sale was much lower than the first $ 14 million offered price when he entered the market in 2023.
The Grand Pent House in the Millennium Tower, San Francisco, was sold for $ 9 million. Escro was closed on Wednesday, January 15, 2025. (Jacob Elliott)
What we know:
The 5,000 -square -footed two -bedroom, 2.5 bathroom unit known as the Grand Pent House, is located on the 60th floor of high -end high -rise luxury on the 301 Mission Street.
“People who know know what the building is,” said KTVU, a sales agent, Greg Lin, with Sothe Beads International Realty. “This is one of the most dramatic condominiums in San Francisco downtown, and you can see the best scenery.”
A ground penthouse terrace in Millennium Tower, San Francisco. (Jacob Elliott)
Back story:
When an engineer decided that the skyscrapers were tilted and sinked, a luxurious skyscraper was advertised after a big concern in 2016.
It fell almost a half feet and tilted 14 inches. At one point, it is reported that the building sank 1 inch in a week.
According to the Millennium Tower, the structural problem was solved as of July 2023.
A spokeswoman told KTVU that the spontaneous upgrading and the stabilization of the foundation were compliant with the code, and it was found to have been approved by the San Francisco Building Inspection Bureau.
What they are saying:
It is speculated that the property sold at several millions than the original presentation price was strongly discussed by phosphorus due to past structural issues.
“This sales are $ 9 million, the highest resale of condominiums since 2018,” he said. “Why did someone hear it and not impressed it?”
Real estate agents said that the sale was actually a precursor to the news for the area, which indicated a surprising conversion in San Francisco in downtown.
“It’s a reflection of the actual downtown revitalization,” Lin said. “It’s all happening. On weekdays, we have lunch in downtown now between 12 and 1:00. All restaurants are packed. All sushi restaurants have lines.”
Deep deeper:
Lin said that the real estate was purchased for $ 13 million in 2016.
It was listed in May 2023 and stayed on the market through part of last year.
“I had a lot of interest, but I didn’t offer,” said Lin. “So, before it was sold personally last fall, I left the market for a certain period of time. I closed the Escro on the 15th. I received several offers.”
The luxury real estate specialty also emphasized another indicator indicating rebound.
“We will mark a mortgage to Millennium Tower, which has not been used for many years because the buyer has secured a $ 5 million loan,” Lin explained.
Reduction of downtown
In recent years, the downtown area has been suffering from vacant stores, and many companies have closed and departed. Retailers have pointed out theft and other crimes as a factor.
See: Blooming Dale Closaling Flagship San Francis Costore
The asset value of housing is also declining. Rin was mainly due to pandemic.
“Since 2016, most condominiums in downtown have declined for COVID, which should not be surprising,” he said.
What is next:
Millennium has noticed that the tower will continue to be monitored for 10 years.
The survey from the ongoing survey indicated that the building inclination had begun to reverse stably. Real estate officials were expected to continue for the next 40 years.
Lin said that there are currently seven open houses on the Millennium Tower.
The list shows the scope of about $ 650,000 in a 3 -bedroom and three -bus unit to another $ 5 million of another penthouse.
Rin has expressed his excitement in the resurrection of the downtown area.
“It’s extraordinary,” he said. “We will come back!”
A grand penthouse cafeteria in Millennium Tower, San Francisco. (Jacob Elliott)
A kitchen of a grand penthouse in Millennium Tower, San Francisco. (Jacob Elliott)
The main bedroom of the Grand Pent House in Millennium Tower, San Francisco. (Jacob Elliott)
A primary bass of the Grand Pent House in Millennium Tower, San Francisco. (Jacob Elliott)
The evening of the Bay Bridge from the Grand Pent House in Millennium Tower, San Francisco. (Jacob Elliott)
Blooming Dale Closaling Flag Ship San Francis Costore
It is another bad sign for San Francisco, and the Blooming Dale is a market street, closing the door this spring, and choosing a suburb.
Real Estate FranciscohousingNewsinstanEWSBUSINESS and ECONOMY
