Sold! $11MM for Millennium Penthouse
February 16, 2008
The $11 million penthouse at The Millennium sold yesterday (2/15/08), according to The Chronicle:
The Bay Area’s rich are still snapping up high-end properties for record sums. On Friday, a mystery shopper agreed to buy the unfinished penthouse at the Millennium Tower for $11 million. That’s $2,288.81 for each of the San Francisco property’s 4,800 square feet, a range rarely exceeded even when the space is built out - that is to say, when it actually includes walls and finishes.
The buyer, who wasn’t identified per the building owner’s policy, put down $1 million to begin the escrow process.
The deal is further evidence that people are willing to pay ever higher prices for luxury Bay Area real estate, particularly downtown San Francisco condominiums, even as thousands of average homeowners are wrestling with plummeting prices and fighting off the specter of foreclosure. High-end homes operate in their own universe because the availability is limited and the very wealthy are largely immune to the main factors dragging down the broader market.
“On the upper end, it has definitely gone up,” said Alan Mark of the Mark Co., a marketing and research firm for the condominium industry. “There’s a deep market for large, high-end condominium residences that have great views.”
New York-based Millennium Partners is developing the $500 million, 60-story glass structure at 301 Mission St., which is scheduled to open in spring 2009. Sales began in November and despite an average price tag of $2.5 million, the company is well ahead of its goals, said Richard Baumert, managing director with Millennium.
“The momentum has been pretty strong since the day we opened,” he said.
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