Sinking San Francisco Millennium Tower's condo price plummets

[@fixinah]

"More than a million dollars for repairs" 😂. Yeah about 350 times more than that and rising. Pathetic reporting.

[@sanfranciscobay]

120 Million to repair 2 sides.

[@jakebe4915]

Why would anyone want to live in this thing?? You couldn't pay me enough...

[@walterwhite1]

Hahaha

[@alexalex13131]

If you were to get an apartment for free there the first day you would be given a giant bill for repairs.

[@toddburks9182]

Not just the building but the decrease in the value of living in downtown San Francisco with all the major corporations leaving.

[@Raulsta1985]

People are getting fed up of the Democrat nonsense.

[@Atwater20]

@@Raulsta1985 The Republicans attack our capitol city and your worried about the Democrats?

[@Hardest612Eva]

Exactly

[@shiraishi1]

Finally people getting what they asked- cheaper apartments 😂 great work newsom

[@jaredwarner2451]

Can’t beat a view like that? Haven’t travelled much eh?

[@ShortArmOfGod]

You must like the view from the Castro much more.

[@AlexXanderMarketing]

San Francisco used to be such a fun, beautiful, and vibrant city.

[@80sCheesyFan]

Used to be.

[@frankmacleod2565]

still is. Even in this sinking, leaning building, condos are still selling for 600,000 dollars. Imagine paying that much for an apartment in a leaning, sinking building in an earthquake-prone area.

[@bfranco1519]

Before woke leaders took over…

[@billtyler8855]

why don't they tell the real reason? people are leaving because of crime and government policy.

[@melovetorun]

That’s racist!

[@trustmemysonisadoctor8479]

@@melovetorun You are the one who mentioned race first so that makes YOU the racist!

[@KarmaMechanic988]

@@billtyler8855 it's those goddamn Jewish space lasers they destroy everything!!!

[@kamman1374]

I'm goin to squat there for a couple of months and then bounce to a new spot. Keep it fresh.

[@johngraves6878]

There are 419 residential units in the Millennium Tower. Take 350 million and divide by 419, that's a repair cost of $835,322 per unit. Who paid for that?? That's enough to bankrupt a lot of people. If the building is unstable now, what happens when a big earthquake strikes the area?

[@chrisduncan199]

the building won't survive, and it will damage or bring down the anything surrounding it.

[@wjatube]

How could you misreport the cost of repairs by such an egregious number? This report stated "over a million". 0:45 But it's actually been closer to $150M.

[@sunahamanagai9039]

I thought they meant, over a million per condo owner.

[@cityman1111]

The real problem is that the HOA monthly payments are extraordinary and easily predicted to go up dramatically in the future.

[@Troy-nc5br]

Being optimistic isn't being realistic

[@Bozlee22]

That city is the next detroit. These apartments should rent for $200 per month

[@tylerkriesel8590]

They’re condos, not apartments.

[@williamhaynes7089]

the possible assessments to continue fixing this going forward as a unit owner would scare me

[@livefree7005]

Imagine being the owner of one of these.

[@stevens1041]

@@williamhaynes7089 this one gets it. I bet the special assessments will be over $100,000 per unit. Easily.

[@tracymorgan5386]

The building may be stabilized but the building reputation has already been badly damaged, so it’s still going to be hard to get people to buy.

[@stargazer2.3]

And sell.

[@martentrudeau6948]

The experts are saying the MT is stabilized. But what they say maybe isn't the state of things as they actually exist. It was experts that said the MT didn't require foundation piles driven to bedrock, it did!!! Time will tell if today's experts are right.

[@cgschow1971]

From someone that owns a house on some acreage, I can't really fathom paying that kind of money for what is essentially air space.

[@sanfranciscobay]

But you're buying a 1 Bedroom with a Toilet, Shower, Kitchen and maybe 1 Parking Space.

[@jip230]

I bought a condo last year in Russian Hill. While searching, I looked extensively downtown. I would never even consider the Millennium Tower (the construction problem and $4K a month HOA was a deterrent), but many of the other buildings in downtown SF were gorgeous but had otherworldly expensive HOAs. Prices were down, but not enough to offset an $1800 HOA that will increase yearly. Many of the buildings were so feature-heavy that I wondered how this would all age (a climbing wall is great now, but 20 years from now it may be dated, heated pools are costly maintenance nightmares). It's likely better to rent in one of these buildings vs buying

[@MonsterPig007]

Just buy a house, condos are a waste of money.

[@jip230]

@@MonsterPig007given that a home is at least twice as expensive as a condo and requires more work and upkeep, it’s not a viable option for some people

[@stevens1041]

Condos made sense 20 years ago. As a pied-a-terre. Today, they do cost as much as a house, and then as you mention, HOA plus special assessments. I wouldn't touch them in the current market.

[@smokestrong1000]

Couldn't pay me to live in that death trap

[@VesPitts-c3p]

Hello Crime!

[@tukmol5881]

Real estate agent: Now is the good time to buy= RUN FAST

[@AnthonyVilla-g9i]

Yep, lol.

[@MonsterPig007]

I heard same thing in 2007.

[@XXtheJUMPoffXX]

That building always looked strangely too large for where it’s at

[@arribaficationwineho32]

If owner/builders hope to reestablish confidence for this building, designers and builders and engineers should move in and prove their confidence in this building

[@BetAgain2]

Is it legal to sell sinking property? Is it sane to buy one?

[@KarmaMechanic988]

It's not sinking. It's more like gradually relaxing its posture

[@stevens1041]

I'm sure if you get a loan, the bank won't be thrilled to use this unit as collateral. I wonder how that would work.

[@sec9500]

It's not like fixing a flat tire. Only the suppliers benefit with their "no guarantee" clauses. How can anyone sleep at night in that tilting disaster?

[@444RACK]

It’s been $100 Million + in repairs from what I’ve heard and I don’t know much about it, I don’t live in SF, not $1 Million like the “reporter” stated. Close. 😂 Good reporting. 😂😂😂. You have one job… 😬

[@rayisland23]

The fact that San Francisco is a toilet may have something to do with it.

[@TheDrumLife2]

And the fine citizens of Oakland are just a 20 minute drive away.

[@Calinotch06]

If the building is stabilized why did the value take a 50% hit?

[@sporttourersss]

KCRA, I didn't know the building was stabilized, when did that happen?

[@RayNLA]

There’s no fix

[@watcher-someone-awake]

In auto shop class in high school (do they even offer it anymore?) we called that R&R for Remove and Replace.

[@norm2264]

A guy's lucky got 600,000 be honest with you

[@JohnBowl14690]

But it's been stablized. I feel pretty confident it's finally fixed. And even though I don't own one of these condo, I'm still not worried about it.

[@Richard-bg1fy]

…let’s not forget leaving the area due to high crime issues…

[@VegasVaron]

Almost time to buy in SF, but there’s no price I would pay for a condo in this building.

[@jonathanthink5830]

there is also a huge tab from its hoa to cover the cost overrun. network with who if nobody wants to be there? walk to the office? are you out of your mind? i drove through sf a few weeks ago. there were a lot of cars on the streets. however, when i looked closely, most of the shops were actually closed. they were dressed up to look like they were operating........

[@dannyzuehlsdorf3697]

600k is a steal but I wonder how much the HOA is per month? Maybe over a grand?

[@jip230]

Try $4,000 a month

[@theallseeingeye9388]

4k

[@stevens1041]

Don't forget the special assessments that will be levied on you after you move in for any major repair work.

[@Slimrick310]

Sad that a beautiful building is in a 3rd world country like that...oh wait it's just California

[@frankmacleod2565]

you must live someplace real nice like Arkansas

[@Slimrick310]

@frankmacleod2565 yes and u must live in San Francisco

[@frankmacleod2565]

@@Slimrick310 no, I live in the redwood forest at the beach a couple hundred miles north of San Francisco, in the beautiful state of California. Come on out and visit sometime, catch you some nice tuna, maybe some salmon or halibut

[@frankmacleod2565]

@@Slimrick310 I've never been to Arkansas, but I've never heard many good things about the place. Seen a lot of it on all those police chase videos that come out every day. Can't say I'd trade my redwood coast paradise for that ghetto, you can keep it

[@davidmichael4002]

Democrats.

[@JonathanRodriguez-hm7jp]

Man I remember I knew a girl that was living in the City back in 2012. She was paying at least 2000 dollars a month for a studio apartment. In the tenderloin!

[@andrewfrazer8874]

It's like buying a car that's been in a accident and has a savage title , and built on a fault lines Earth quakes, not my fault it's just a situation letting new buyers the history of the property .

[@JA-tr9ze]

Leave it to the joke of a new station not to mention endless homeless and crime.

[@nichole771]

Why would anyone want to live in that?!?

[@calvincheng865]

Good luck paying $2000 to $4500 HOA monthly

[@thequake180]

I was in the city for couple days in July this year for some business, took the BART from SFO to Civic Center. A scary looking dude sat behind me talking to himself in a threatening tone of voice. My destination was Civic Center station but I got off at Mission station just to get away from the scary crazy guy and waited for the next train. This was on a weekday morning around 10am and there were at least 2 or 3 sketchy looking people in my car alone. It reminded me why I left the Bay Area 20 years ago but now things are probably even worse. I wont be going back again, ever.

[@backfreedom8232]

moral.......buying one of these crumbling condos is worth it, as long as someone opens the door for you

[@liangang8627]

NO THANKS, Sinking and tilting - I can't sleep at night.

[@nickloya9922]

address the elephant in the room: rampant drugs/crime

[@Nikitateagurl_77]

I wouldnt pay a dollar. That looks scary

[@josephnessschmoe2864]

Never touch it

[@shaunmcgowan-d8u]

Freefalled?

[@creativemindplay]

😂😂😂😂

[@joeweeks3794]

Those poor rich folks 😂😂😂

[@davidcarp5935]

It is a bit heavy

[@SimonCU]

Maybe this building will become one of the greatest icon in San Fran and to own a iconic leaning tower of San Fran is a collectors item making it the most expensive condo in the area. That will he a good investment.

[@jamesl4461]

Stop blaming the pandemic...

[@idog6859]

We can..Take san franciscos sudden rise in tourism. This has just started as last year, san francisco has less visitors. Learn to think before you comment and try acting cool

[@stevens1041]

@@idog6859 The Economist and Bloomberg both had graphs showing San Francisco's recovery is lagging other major cities in terms of tourist arrivals and office vacancy rates. Among 30 top cities in US, SF is near the bottom in terms of recovery. Something unique is going on in SF that is holding it back. OP's comment is valid and checks out.

[@lstnlne7399]

the pilling was not in solid bedrock duh...the buliding is NOT stabilized

[@markdoucette5189]

People leaving prices too high. What that condo sold for was still over priced... In a sinking building! People are nuTs!!!

"Cool, I hear your Condo has a sunken living room", No a "sinking" living room 😮‍💨

[@KADASUVA]

High crime rate, terrible policies, high prices on food, high prices on gas, high prices on rent and mortgages. It’s no wonder people are leaving San Francisco let alone California in general.

[@tomsawyer4857]

Look at florida..its gonna cost the owner hundreds of thousands or more

[@fishgutz4272]

No bank should finance and condo in that building. It is going to fall over eventually.

[@F85M]

Everything in that city is fraudulent. Taxes, Gov, Real Estate, Image etc….

[@Hardest612Eva]

Nobody wanna live in San Fran it’s wild .. I know I have family in the bay n San Fran is going Down.

[@dradis84]

"Stablised " Not fixed and he wants people to buy in it.....

[@scopet420]

How they gonna take that building down 😮

[@writerconsidered]

They need to turn it into rentals. You can't buy and invest in this piece of junk. Renters only have a per month investment. If it goes down a renter isn't losing much versus an owner.

[@dukeblue9999]

Maybe because it’s a filthy dump ?

[@luongo7886]

The building has foundation problems? What a big nightmare!

[@TyroneChisolm-l5w]

And what office's is that in city it's a good state😊

[@diegosilang4823]

Old engineering: Build the tallest tower with good solid foundation right through the bedrock. Modern engineers: FrIcTiOn PiLeS wIlL dO

[@milspeccontractors]

Everyone should trust these experts and move into the tower, it has only leaned 28 inches, no big deal right?

[@SpiderC-666]

What do you expect when San Francisco is made of loose sedimentary soils or landfill?! What surprising is that developers and engineers and architecture didn't even go to jail for this type of sinking building. Law enforcement in the US only arrests people that jaywalk!

[@stevens1041]

San Francisco has had skyscrapers for over 100 years now. Salesforce Towers (all three of them) across the street from this have zero issues. This building just wasn't built correctly. They tried to save money and cut corners and got caught out.

[@tymobyrne4451]

Honest question, what have you people done right in SF? I visited in the 60's it was nice then.

[@callesierra]

Cal state east bay!?!? That’s a new one on me.

[@F85M]

MORE people working in the office? The last remaining big tech employer in the city. Is shedding workforce

[@dougmarshall4010]

The chief structural engineer must be feeling foolish. Why did I not sink the piles to bedrock for only $4 million more?

[@andrewfrazer8874]

I'm thinking we are in a economic transition and market adjustment, as the result of the pandemic good thing's coming out of a bad situation and helps us to build back better and our country stronger.🤔💪💯

[@Mel_Gerrard]

American engineering

[@backfreedom8232]

modern american engineering

[@blueishxx]

1:52 "with the building stabilized"

[@pinkrainbowkennelz1640]

They should use it for a homeless shelter to get the population under control😮

[@UnitedCorporationsOfAmerica]

If the building is sinking, it's not going to be good during the inevitable earthquakes. Use it for homeless housing, maybe. Is everything only for rich people to make more money?

[@albertalberico467]

DA!!!!!!

[@Humergaboo]

Yes Huang Wong in the Fog. Everyone is coming back. You might as well wait till the cows come home.

[@TyroneChisolm-l5w]

Ok thats me the name you see on here and my kid's doing the build in that state

[@megandolimpio6579]

Biggest Grift in history

[@chiquita683]

Based

[@aaronturner5202]

I came here from 60 minutes lol 2017

[@stanleyolszewski7701]

California is Done!!!

[@KLASSCULTURE]

😮

[@First1ToComment]

Dtsf is trash

[@HSF-Racing]

🤣🤣

[@vincelemaire]

😂😂😂😂😂😂

[@carefulsum]

Cal State East Bay is such a crappy college....

[@craigl765]

Buy now or be priced out forever!

[@RobertGray-wf6py]

😅😂😅😂😅😂😅😂

[@jamesl4461]

Stop blaming the pandemic...

[@idog6859]

We can actually. Take a graph for example. Ever since the pandemic, san francisco has been falling but now, tourism rates are starting to rise. I must admit, companies are leaving, but it will still be the AI/Tech Hub of the world.

[@reachyouteachyou4649]

Get vaccinated to fix the problem 😂

[@wjatube]

@@idog6859 many companies have left due to the pandemic called entitled criminals committing unprosecuted theft.

[@idog6859]

@@wjatube Many companies, but my point still stands