Wednesday, December 21, 2016

THANK YOU JANET YELLEN!!! A Penthouse Sells in a San Francisco Building That Is Sinking for $13 Million!!!

The Wall Street Journal reports:
San Francisco’s Millennium Tower, the ultraluxury building which has been beset by reports that it is sinking and tilting, has managed to post a big sale: the late venture capitalist Tom Perkins’s penthouse has traded hands for $13 million.

The buyer was Craig Ramsey, a tech industry veteran who worked for years at Oracle. Mr. Ramsey, who in 2012 paid $4.3 million for a different unit on a lower floor, said he felt the purchase price was “very reasonable” and “well below what the market was nine months ago.”

Mr. Ramsey, 70, added that after speaking with engineers and lawyers, he feels confident that the building will soon be repaired. “I felt the possibility of the building not being habitable was extremely low,” he said, adding: “I’m willing to take whatever risk there is to benefit from a depressed environment.” Mr. Ramsey said he plans to move into the penthouse this week, and will use the other unit to accommodate family members.

The Millennium Tower opened in 2009. Amenities include a doorman, concierge, fitness center and a swimming pool. In August, residents filed a lawsuit stating that the South of Market building is tilting and has lost at least 16 inches in height since its completion, and is expected to sink another 8 to 15 inches....

According to Gregg Lynn of Sotheby’s International Realty, who had been quietly marketing Mr. Perkins’s penthouse, few units in the Millennium Tower have sold since the bad news broke. Mr. Lynn added the penthouse likely would have garnered a higher price if it wasn’t for the negative headlines, noting that he sold a condo in another building with a less impressive views (albeit larger) for $28 million in 2011. Still, “I think this will mark a turning point in optimism for the building,” Mr. Lynn said.

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