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.
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]
When you say contact us if considering purchasing a unit, do you mean you are one of their sales agents or are you just offering advice?
[Editor’s note: Getting hit from all sides today, read this about Alex Clark.]
The person who bought the $11M penthouse left a check in full amount instead of 10% deposit. Actually, the secretary did. Don’t ask me why.
[Editor’s note: This is a rumor and not true, but we give a B+ for creativity.]
It’s great to see Michael Minna open up a restaurant. No wonder selling prices are so high in SOMA now. Pretty high quality stuff come all around!
Nice examples of Lower Pac Heights going bonkers. Beautiful buildings.
Oh yeah, and Happy Thanksgiving everyone! I’m very greatful that SF prices keep going up, and I don’t have large sums of money invested in the Stock market these days :)
What interesting news. So who is Mr. or Mrs. Penthouse??
we had one of these deals go down in my building a few years back. one of the biggest money managers on the west coast wrote a check for 5 of the 6 units on the top floor of one of our towers. it was for his parents and all their health care providers. nice to have money.
what i found quite interesting at the time, aside from the 1400+/sq/ft comps he gave me, was that we were competing with the fairmont. our patio’s/balconies won him over and our location.
these deals are great for any building.
What I hope is that many of the bubbleheads on various blogs who live in the city move OUT of the city to relieve the traffic and congestion and go buy in Antioch or whateve. Let’s leave the city and its utility to homeowners.
I know this one renter who’s 40 next year and started a housing blog site. He rents for $2,900/month in Pac heights. His rent is going up to $3,200 next year. Can’t wait to read his blog when that starts happening :)
I wonder what his taxes and maintenance will be on that place. Of course, I’m sure the buyer doesn’t really care.
Penthouse homes such as these are truly limited comodities and hardly a realistic comp for the rest of the building; but it doesn’t hurt either!