The situation at Millennium Tower , a San Francisco skyscraper that is sinking and leaning, is so dire that residents have been selling their multimillion-dollar condos at a loss of millions.
But this week, one brazen homeowner listed a two-bedroom, three-bath unit at Millennium Tower for $5.6 million - almost double what the seller paid for the condo in late 2011.The San Francisco Business Times reported that a Florida company associated with railroad mogul Gary Marino last bought unit #55A for $3.23 million, according to property records.
Millennium Tower is a luxury residential high-rise that has sunk 17 inches and tilted 14 inches since it was completed in 2008. Though an inspection by the city showed it's safe to occupy , the situation has sparked an exodus from the building. Residents say they're selling their homes short of what they paid for them , with the value of their condos falling $320,000 on average.
The list price on unit #55A - a 2,706-square-foot space - may be optimistic because residents of Millennium Tower received some good news last month: A fix may be in the works.
In January, construction crews began drilling near Millennium Tower to see if a planned fix for the structure will work, NBC Bay Area reported. Engineers want to drill up to 150 new piles (a type of foundation shaped like a pillar) 200 feet down to bedrock from the building's basement, in order to stabilize the tower and prop it back upright. The project could cost $150 million.
Gregg Lynn, a sales broker representing the seller of unit #55A, told the Business Times that the residents live on the East Coast and have spent only a handful of days in San Francisco over the last three years. Still, the seller poured money into interior design and extensive renovation.
The residence has an open-plan kitchen, living, and dining room that offers sweeping views of the Bay Area from the 55th floor. Among the amenities: a library, dual walk-in closets, concierge service, and parking for one car that costs an additional $200 per month.
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