The San Francisco Chronicle reports that people have been buying, and renting units in San Francisco's ever more leaning Millennium Tower undeterred. There are many fairly obvious reasons I would walk away from the opportunity to live in this storied building, mostly because the stories are it is continuously worsening, and engineers and architects keep discovering things the chief engineer says aren't problems.
It's unclear exactly how many units sold under asking price since August 2016. But the fact that the building has attracted dozens of buyers as the building continues to sink and tilt is "kind of mind-boggling," said Alexander Clark, founder of theFrontSteps.
"You've got a building that's all over the news as being potentially unfit and it's sinking, and yet people are still buying," Clark said.
Since 2016, the median sale at Millennium Tower listed for more than $1.5 million and sold for about $1.48 million after an average 86 days on the market, according to theFrontSteps.
The building has also attracted more renters than buyers in the past six years. For example, there have been 102 new residential leases at Millennium Tower since August 2016 at an average rent of $5,500, according to real estate broker records. Records showed only 13 leases at Millennium Tower before August 2016 at a median rent of $6,500.
