#2,518 - Sinking San Francisco Millennium Tower's condo price plummets

News For Reasonable People

A condo in San Francisco's Millennium Tower sold for $400,000 less than its original purchase price.

A one-bedroom unit sold for $615,000 last week, but the seller bought the condo back in 2014 for over $1 million.

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Millennium Tower has made numerous headlines over the years for its structural issues. Engineers discovered back in 2016 that the 645-foot-tall building was sinking and tilting. They found the building had sunk 16 inches and was leaning to the west. Engineers claim they have stabilized the building, but the value of its units has dropped dramatically.

"The price that you are seeing for the condos at The Millennium is a reflection of the unique situation that is happening to this building," said Steven Huang, the president-elect of the San Francisco Association of Realtors.

The cost of repairs was over $100 million.