Millennium Tower, San Francisco California, “Top 10 Residential Buildings In The World”

There’s been a lot said from yours truly about Millennium Tower in the past. I’ve watched her grow and shared my stories and photos with all of you over the years. Millennium Tower was erected, sold like hotcakes during the pre 2009 boom, sold not like hotcakes during the bust…but she’s back, and buyers are gobbling up her remaining inventory at breakneck speed.

Recently named as one of the Top Ten Residential Buildings In The World by Worth Magazine, and featured in the Wall Street Journal in an article about Penthouse (not the magazine…the top floor residence) owner Tom Perkins (of Silicon Valley Fame), Millennium Tower sits alongside locations like One Hyde Park in London, Linked Hybrid in Beijing, and One57 in New York as an address many of the who’s who of big money and luxury proudly call home (or second home). Not impressed with that lineup?

Some other noteworthy residents rumored to have roamed the Club Level Amenity floor: Carmen Policy (San Francisco 49ers); Joe Montana (San Francisco 49ers); Peter Thiel (PayPal Co-founder); Russell Coutts (America’s Cup Skipper – legend in Sailing), and that’s just to name a few…

One bedroom units are completely sold out (from the sales office, you can occasionally grab a resale), 85% of the entire inventory has been sold, and your entry level price point is going to be around $1,600,000, but you gotta trust me when I say, you definitely get what you pay for (except deeded parking…in some cases, but that’s a different story).

The building is swank, debonair, and delightful in every sense of the word, and it’s certainly an address in San Francisco you can be proud of owning.

-Top Ten Residential Buildings In The World [Worth Magazine]
-A Penthouse Fit For A King [Wall Street Journal]
-All things Millennium Tower [theFrontSteps]
-Contact me if you’d like a private tour of any of the residences [alexclark@gmail.com]

Both Millennium Tower’s Grand Penthomes Are Sold, Thanks To A Yacht

In news of the top of the world today, we’ve been told both Grand Penthouse Residents on top of Millennium Tower have now been sold (ink is dry, it’s a done deal).

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Grand Penthouse A (GPHA), which is on the Northwest corner of the building with a nice big patio, closed escrow recently (somewhere around $10 Million), oddly coinciding with the recent rumored sale of the Maltese Falcon, so if you’re wondering who could potentially be living, or at least claiming their slice of pie in the sky up there, that’s a pretty darn good hint.

Grand Penthouse B (GPHB), which is on the South East corner and also has a large patio (better in our opinion because there is sun and less wind), was sold a bit before A (somewhere around $9 million…Update from reader “rich”: “Tax records show a $8,100,000 for GPHB!! What a steal”), and naturally there is a story here. It was told to us that the ultimate buyer of GPHA was actually in contract on GPHB and waiting for the first buyer of GPHA to fall out of escrow, and for a little teeny weeny yacht to sell, which all apparently happened (some guys have all the luck, eh?) And being swift like a Falcon, the buyer, and his agent (Katy Dinner) swooped in and landed themselves in the $10 million shell on top of the San Francisco Skyline. Furniture, walls, and appliances will cost extra, but for those who need to pump their ego, what better place to lay down a fist on the table and claim your dominance than the top of Millennium Tower.

So there you have it, both Grand Penthomes at the Millennium Tower have been sold (as a reminder, they are empty shells yet to be built out), and there were more than a handful of interested parties.

Life is pretty good at the top, isn’t it? Gotta wonder how that Penthouse at the St. Regis feels about that.

We’ll bring fresh lime margaritas to the house warming, and gladly launch a paper Falcon from the balcony and watch it drift down to the peasants below.

[Update: For a little profile on the buyer of GPHA that we can now share, since the cat is so far out of the bag, check our follow up post by clicking here.]

Millennium Tower San Francisco Now 15% More Affordable

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If you’ve been waiting to purchase one of the units in the Millennium Tower, your patience has been rewarded. Not only are they offering their available units at 15% less, but they’re extending that refund to those already in contract. Such love…

That means if you were previously looking at $2M units, you can now look at units they had priced at $2.3M, or if your unit was $2M, it is now $1.7M. Get into the higher floored units and your previous $3.5M pad, is now only going to set you back $2.9M, or now you can look at units that were previously priced at $4+M. It is a great time to be a buyer, isn’t it?

Set to open in April, Millennium Tower is one of our favorite new developments. We’ll be taking another visit down to the sales office to get more details soon, so like the Infinity, if you have questions, now is the time to ask, so that we can get them answered.

Again, if you’d like your questions or comments read in confidence, or if you’d like to schedule a tour or hear our insight, please email thefrontsteps@gmail.com.

Millennium Tower, San Francisco: A walkthrough, a few photos, a little scoop, and my opinion

For those of you that read this San Francisco real estate blog on a regular basis, you’ll know I’ve been watching the progress of many of the new developments around town. One of my favorites happens to be Millennium Tower (301 Mission). Not because I’ve sold many units there, but because it truly stands out (and above) from the others.

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(Yes, that is the Infinity you see way down there, and this shot is only from the 26th floor.)

Don’t get me wrong, I love the other new developments (towers) as well, and I’d love to show any of you around all of the buildings, because they all have their attractions, but Millennium Tower just seems to have that vibe. That…je ne sais quoi…It seems like it will have the same high end/high net worth residents (at least one penthouse in contract at +$10 million and….damn I want to tell you more, but promised not to) as those in the St. Regis, but twice as many amenities at half the dues…not to mention a Michael Minna restaurant. The Infinity feels much more Hard Rock Hotel meets San Francisco (not a bad thing at all), and One Rincon Hill with the dazzling views, just doesn’t have the location (trust me, I’ve had several clients turn away from the location) to put it in the same class as St. Regis and Millennium Tower, not to mention the uncertainty of Tower Two.

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I must say I am a bit disappointed with the ranges, and islands in the kitchens at the Millennium, and that some units don’t have deeded parking, but those are easy enough to remedy. The building is solid, and the finishes are very high end. The views are extraordinary, the location is getting better, and the amenities are through the roof. The units are still selling very quickly and many owners losing their money in the stock market have bought multiple units here, so all signs still point to a successful development by Millennium Partners, and I can’t wait until they start moving people in.

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(Penthouse terrace views.)

There are still some very choice units available at the Millennium and several at many other developments around town. I haven’t heard of any negotiations or price incentives at Millennium Tower, but I know some of the other developments around town have been offering them up, and the “off market” trading that is going on at many of them is nothing short of extraordinary.

I have more photos, and a lot more details, but you’ll have to contact me if you’d like to learn more.

We talked fast cars, now we’re talking VB, who’s listening?

Back in November, we advised Luxury High Rise Condo/hotel developers… to take note about a new car club in town and apparently One Rincon Hill did, with the addition of DRIV into their “One Club”.

“Your One Rincon Membership grants you 75 points and 900 miles (up to 11 reservation days) which are debited for each vehicle outing, giving you autonomy based on your personal preferences.”

You also get vehicle delivery to the One Rincon Hill property!

Yes, we know, the Fairmont Heritage Place at Ghirardelli Square beat them to the punch, but One Rincon Hill is the first High Rise to get the hint. We hope Millennium Tower is next, especially with the little parking situation they have there. Now if any of these developments would just start stocking residents’ refrigerators with Victoria Bitter on move in day, we’d all be a lot better off, hopefully be invited to a few house warmings, and be able to inform Ghirardelli Square that they’re setting a few trends other than chocolate. (In case you didn’t know Cellar 360 at Ghirardelli square is apparently the first place in the city to sell Victoria Bitter…yes, slabs!…and they’re f*cking good mate!)

-Inside the Fairmont Heritage Place Ghirardelli Square [theFrontSteps]

-Luxury High Rise Condo/hotel developers… take note [theFrontSteps]

-One Rincon Hill’s Driv page [clubdriv.com]

-“One Club”

-Millennium Tower [theFrontSteps]

Millennium Tower: A “First Look” inside

If you’ve kept up with this site, you should be getting a grasp of what’s happening with Millennium Tower. Sales have been brisk, construction is moving along, the views are incredible, and now the inside:

Anyone fancy a bath (insert British accent here).

Very nice finishes.

Views from a corner 1 bedroom unit.

Of course we have more photos! But that’s all you get right now. If you can’t wait, or have more questions, you know what to do.

-All things Millennium Tower [theFrontSteps]

Millennium Tower, Topping off again (we’re talking mid-rise)

Again, we posted this on the new .org and we’re ironing out the kinks. There are soooo many more ways to get involved than this typical top down (we post, you comment) structure of the blog here. There is a forum, each member can have their own blog, you can upload photos, files, video, and do so much more. It’s intense. But if you insist on reading your tFS porn here, this is an example of what you’re missing there:

Yes, we said it…topping off, and you’re probably wondering, “What the heck (f-bombs okay too) are they talking about? Millennium Tower topped off a long time ago. Right you are, but we’re talking about the mid-rise building.

Floorplan (pdf)

There are only 53 of these units total, we’re told they’re “selling well”, and we can’t figure out why they haven’t sold out (hold your cooling market comments). These are very large, open, high ceilinged units that (in our opinion) offer something unique from the rest of the developments in town. We heart all the new devs, but there is something about these units in particular that caught our eye.

If you happen to be browsing their website, plan on ~$1000/square foot for these units (if memory serves correctly), and go for the corners, they’re sweet!

Millennium Tower: Dem some views, eh?

Since we’re on the subject of Millennium Tower, and their apparent record price per square foot, we thought we’d share some more good stuff.

We know, we know… you’ve seen the daytime views from the top of Millennium Tower in the papers, on other blogs, and everywhere else in between, but we all know the true partyers come out at night. Right?

Views towards Berkeley/Oakland (East)

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Views towards Marin (Northwest)

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Views towards San Jose (South/Southeast)

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You can rest assured those views are from, or close to, the top.

Cocktails!!!!

Is Millennium Tower setting records?

Right when we’re about to fill you all in as to some records the Millennium might be setting (we’re talking price per square foot of an empty shell sold), the Chronicle goes and scoops us (at least we know they’re working). Not to fear, if you’ve been reading theFrontSteps for a while you would have known about this penthouse sale way back in November when we said,

one of those sales is a 60th floor penthouse unit that happens to be 645 feet above ground, with ~4700 square feet of empty shell (meaning the owner can do with the interior as they please), a 580 square foot terrace, views to die for (more on that later), and a $10-12M price tag, or more than $2,000 per square foot. Whether it is true, and whether it is $10M or $12M… we leave to your imagination

Regarding that record, if memory serves our sources correctly, the developer of the Four Seasons sold a unit in shell condition (5700 square feet) for $10M about 6 years ago. That is $1,754 per square foot. Perhaps a more current comparable, but not as high was the 3 units together at the St. Regis, penthouse, with terraces surrounding that sold for $27M and contained 17,000 square feet, or a price per square foot of $1,588.

So if the Millennium penthouse sold for $2,288 per square foot, is that not a record?

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-Millennium rising and selling rather quickly [theFrontSteps]

Millennium Tower 51st Floor Picture

You know we have Millennium Tower wired (literally and figuratively). How else do you think we got this picture of the views from the 51st floor on such a nice day?

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We’ve also been told construction is up to the 52nd floor. There are some fabulous units still available, and we have to say, the “City Residences” get our vote.

As for the picture above, we’re guessing the views from this “C” unit below (2 bed, 3.5 bath, 2819 sqft.) might look something like that, and the price will be upwards of $3M…if not more (try $4M), a lot more, but we’re just guessing, so don’t quote us on that.

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And to answer the inevitable, no we are not on the sales staff. We just happen to get excited about sweet property like this and all the other places we talk about.

-Millennium Rising…and Selling Rather Quickly [theFrontSteps]

Ask Us: Terraces at Millennium Tower?

Where readers ask, and we try to answer:

Other than the penthouses, do any of the condos in the Millennium Tower have outdoor spaces, i.e. terraces/balcony? Thanks.-BD

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Yes, there are six homes with terraces on the third floor.The six available homes with terraces range in price from approx. $895,000 to approx. $2.7M.

The other Penthouse with outdoor space currently available is on the [keeping our word and not publishing this to the public.] The price point anywhere from approximately $10M – $12M, and it is a “shell”. Meaning you can build whatever floor plan you desire.

-Millennium Rising and Selling Rather Quickly [theFrontSteps]

-Ask Us [theFrontSteps]

Glassing Off: Downtown and a Bottle of Windex

Following on the heels of our latest post on Millennium Tower, today’s Chronicle/SF Gate provides the latest on all the glass going up on many of the other buildings we’ve featured. Have a look at this audio slideshow by John King of the SF Chronicle.

san francisco chronicle

And of course, feel free to share your thoughts.

-One Rincon Hill Posts [theFrontSteps]

-The Infinity Posts [theFrontSteps]

-Millennium Tower Posts [theFrontSteps]

-audio slideshow [SF Gate]

-Newest Towers Will Give SF Skyline a Touch of Glass [SF Chronicle/John King]

Millennium Rising…and Selling Rather Quickly

There have been a lot of unconfirmed rumors flying around regarding Millennium Tower, so we thought we’d visit the sales office, call a few reliable sources, get some confirmations, start another rumor, and give you the scoop on the latest with Millennium Tower.

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First, to ease your doubts about our market ever seeing $2000/square foot, keep your eyes on this building. Is this the norm for the city? No. But we did say it is possible. For the record, they do have units priced in the $900/square foot range as well, so don’t get scared away.

Second, regarding the Michael Mina restaurant going in the building. It will indeed be named RN74. The restaurant will also be providing services and staff for the Millennium’s private dining area on the club level (Millennium residents only), as well as providing exclusive wine selections to said residents.

Third, there are currently ~60 units of the total 419 “sold” (~13%), and of those, ~80% are beyond the 5 day grace and are now considered “done deals”. Sales have been in all price ranges at all levels. Add to that the sales office has only been open for 12 days, and you see how quickly things are moving.

Fourth, one of those sales is a 60th floor penthouse unit that happens to be 645 feet above ground, with ~4700 square feet of empty shell (meaning the owner can do with the interior as they please), a 580 square foot terrace, views to die for (more on that later), and a $10-12M price tag, or more than $2,000 per square foot. Whether it is true, and whether it is $10M or $12M… we leave to your imagination.

Fifth, yes, most of the sales have been in the “upper floors” or the Grand Residences (floors 26-top) of the tower but that doesn’t mean the City Residences (shorter 11 story building with Tribeca-style lofts) haven’t seen their share of activity as well.

Finally, yes, you need an appointment, and to be pre-qualified with one of their preferred lenders before you will be given the tour.

As you can see, the sky is definitely not falling for San Francisco’s new development high rise luxury real estate. We can categorically, without a shadow of a doubt, tell you that much. We do live in a world class city after all. The rest, true to our word, we’re keeping under wraps.

If you’d like more information, or are considering purchasing a unit at the Millennium, feel free to contact us.

-Millennium Tower [website]

-Millennium Tower Going Up (301 Mission) [theFrontSteps]

Luxury High Rise Condo/Hotel Developers, Realtors and Marketing Peeps Take Note

There is a new company in town you should be very interested in, particularly if you are catering to a high profile buyer. The company is DRIV, and the mission is simple:

Take your automotive fantasies, render them in metal and leather, and hand you the keys to a stable [read: large choice] of exquisitely prepared high performance luxury cars to enjoy at your leisure. From the inimitable refinement of an Aston Martin to the visceral driving experience of a Lamborghini; from the unrivaled heritage of a Porsche to the rarefied status of a Ferrari…

DRIV relieves you of the burdens of outright ownership.

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And we say it is a phenomenal concept for luxury high rise living, and a great concept in general. Why wouldn’t a new development jump all over this? Parking is limited, many owners are only in town once or twice a year, and it could very well be something that puts a buyer over the top when deciding between two buildings. Why bother buying a new Porsche for your new pad, when a company like this can get you there cheaper and easier?

Bets on how long before One Rincon, Millenium, Infinity, St. Regis, or any of the others wise up to this idea?

Our bet: too long.

[Update: Trumped already. {Removed per request} has already purchased 20 memberships from this very club. (More on the Trump thing later.)]

-Millennium Tower, Going Up [theFrontSteps]

-DRIV [website]

p.s. For the record, we know the idea of a “luxury car club” is hardly new, but San Francisco has yet to adopt this in new developments. Sydney, Vancouver, and other cities have. Please, correct us if we are wrong. And no, City Car Share, free Vespas, and ZipCar don’t count.

Comment du Jour: Does sold mean sold?

Sophie on Millennium Tower…”:

Close of Escrow [for units at the Millennium Tower] is scheduled for Spring of 2009.

I have a question. Close of escrow is when title is given [for] a big chunk of money. Right?

So if they advertise “58% sold” what does that mean? That you can buy an “option” lasting about 18months? What is the cost of an option in % to the total price of the unit?

Is the “option” money in the builder’s pocket in the mean time (I would guess so as he needs money to build the thing).

Please explain – risks, advantages, or anything else related to that type of new development (same goes for the Infinity etc).”

Anyone?

-Millennium Tower going up…” [theFrontSteps]

Millennium Tower going up, and the inside scoop (301 Mission)

This is a poach with permission from sfnewdevelopments.com and our friend Mark Choey. Thanks Mark!

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Located on Mission St between Beale and Fremont St near San Francisco’s Financial District and right next to the Transbay Terminal site, the entire project will consist of 419 condos in 2 towers: one at 11 stories and another at 59 stories.

The taller tower will be a 59 story building with 362 total units. It will be the tallest residential condo building west of the Mississippi – even taller than 1 Rincon Hill apparently and the 4th tallest building in San Francisco. It will be separated into several different classes of condos: “The Residences”, “The Grand Residences”, and “The City Residences” and each will be accessible via separate lobbies.

Floors 3-25 will consist of “The Residences” and will feature:

* 191 total condos

* 9 units per floor

* a mix of 1BR’s (80 total), 2BR’s, and 2BR’s + Den

Floors 26th and above are known as “The Grand Residences”:

* The lower 22 floors from the 26th floor to the 48th floors will have 6 units / floor

* 49th floor and above to the penthouses will be 4 units / floor

* The top 2 floors will be exclusive penthouse units with only 2 units / floor

* The 60th Floor will feature two terraces

* All units will either be 2BR/2BA’s, 2BR/3BA’s, 3BR/2BA’s, or 3BR/3BA’s.

The shorter 11 story building is called the “City Residences”:

* Tribeca-style loft spaces ranging in square footage from 1400-2000+ sf

* There will be a total of 53 units in this building:

* 17 one bed/two baths and 36 two bedroom/two baths

Apart from the 5-star hotel service, there are tremendous amenities in this building including a ground-floor celebrity-chef restaurant, a 20000 sf Club Level, a 5500 sf fitness center run by Sports Club LA, a 75 ft lap pool under a skylight right by the courtyard, a tasting room and a wine room that will house a $3M winelist.

339 dedicated parking spots for 419 units means that 80 units will not have deeded parking but leasing plans are currently being worked out – but we feel with this central downtown location and the future of the Transbay Terminal quickly being decided, lack of deeded parking shouldn’t be as much of an issue as it is in other less conveniently located buildings.

Currently pouring concrete on the 42nd floor, they are averaging 1 floor per week. The glass curtain is currently being installed somewhere around the 35th floor.

Close of Escrow is scheduled for Spring of 2009.

And of course, when we finally get in there, we’ll give you our two cents too. Thanks again Mark!

-All things One Rincon Hill [theFrontSteps]

-Transbay Terminal [theFrontSteps]

-Millennium Towers [website]