What went wrong with the Millenium Tower and who is responsible? Those two questions have engaged the powers that are and the public. From the Millenium Tower developer (Millenium Partners) to the Department of Building Inspection, to San Francisco Supervisors, to the Transbay Joint Power Authority among others, these two questions are front of mind in the sinking and tilting of the luxury condo building in SOMA.

 

To date, there are few if any answers and the ones that exist are inconclusive. The city’s investigations so far have revealed gaps in the Building Department records. Millenium Tower homeowners have filed lawsuits – and are likely to continue filing – against a number of different parties. The Tower’s homeowner association also must file lawsuits to determine liability issues and to seek damages.

 

As the Millenium Tower’s story and case surrounding the issues have been developing, words have been flying between the parties and the Millenium Partners claim that the building is safe.  However, the San Francisco Association of Realtors have designed specific disclosures relating to the Millenium Tower woes. Only time will tell what this means for owners at the Millenium Towers, though it is clear that any condos there currently on the market have been sitting versus selling. The last sale in the building happened on 8 September 2016, a non-MLS sale. Sixteen (16)  listings that were on the market have been withdrawn over several months, two (2) have expired since June 2016.   In October 2016 there were three (3) active Millenium Tower listings on the MLS.

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©SFRE 2017

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About the author

Gabrielle Dahms

Experienced San Francisco real estate professional. Gabrielle stays abreast of the market and its trends, guides clients to achieve their real estate objectives, provides due diligence as well as strategic positioning & consulting, and always keeps her client's interest in mind.

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