Home Buying in San Francisco>Question Details

Zibbyz, Home Buyer in 94107

I would like to hear folks thoughts about Millennium Towers...price point, location (with the trans-bay)!

Asked by Zibbyz, 94107 Sun Mar 22, 2009

Do the amenities balance out the price/location? We are looking midrange (not the crazy amazing views) in the building. Anyone have experience with this developer in other cities (boston, ny, miami)?

Thanks in advance!!

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Hi Zibbyz,

The Millennium Tower is for the person who sees value in services and amenities in addition to having a nice place to live. If you intend to take full advantage of having a wine-tasting room, club room, swimming pool, gym, on-site celebrity-chef restaurant, wine locker, pilates studio, etc, then the Millennium is a premium choice in the SF marketplace. Imagine having your dry cleaning sent up to your unit while you slide the concierge a tip for making your tee-time reservation as you walk out the door to your car, which the valet brought around for you. That's what this building is all about... luxury, service, and amenities.

The location is good and SF's central point is tipping towards South of Market. However it will take many years for SOMA's vision to fully manifest itself, with the development of many new projects and the Transbay Terminal. If you're buying into this location because it will be the new center of SF, be prepared to wait a while. The nice thing is that it sits on the border of a well-established area and an up-and-coming area, so you kind of get the best of both worlds... as opposed to One Rincon Hill which is out in my opinion is out in no-man's-land for the forseeable future.

The units are nice but not earth-shattering. The prices are among the highest for SF's highrises, but this should come as no surprise as the building is chock full of amenities, services, and marketed as uber-luxury. They recently had an across the board 15% price drop on all units (including those already in contract, which was a classy move). This spurred sales a bit but they have a ways to go. The sales center says that they do not negotiate. I know agents that have tried to negotiate with them anyway and have gotten nowhere. So there does seem to be some merit to this claim. If I were representing you I'd still try anyway. Developers of massive buildings like this one definitely do not have "the power" right now. Buyers do.

Since you're seriously considering this tower, I would ask myself these two questions:

1) Am I going to own long enough to benefit from owning here?
2) Am I going to take advantage of all of the amenities they offer? You certainly pay for it with your HOA dues, so not using them is throwing money away.

Hope this helps!

Arrian
415.830.2384
2 votes Thank Flag Link Mon Mar 23, 2009
I think if you are looking mid-range, then SOMA Grand or even Blu might be a better option for you as they seem to be offering great deals. The Millennium has amazing amenities, even more amazing views and the price point is okay. A bit of smoke and mirrors if you ask me. Take a close look and you will see partical board to go along with those $3MM views. They provided a special tour for my office at Zephyr a few months ago, looked us straight in the eyes and declared they WOULD NOT drop prices. Low and behold they dropped prices 10% across the board. You gotta do what you gotta do, but it left a bad taste in my mouth. My advice is to get a great agent to represent you who will ask for the moon and stars and you just might get the moon and a couple of stars for good measure. Good luck!
Web Reference: http://www.nancycorsaut.com
1 vote Thank Flag Link Sun Mar 22, 2009
Great building. I like the finishes they are offering and also really like the location and amenities. The prices are also excellent. The developers are very fair and were one of the first to offer existing contracts the same price reductions as new contracts. The Millenium stands out in my mind as one of the best new buildings in the City.

Good luck!

Shaban Shakoori
TRI Coldwell Banker, SF's #1 Office
1 vote Thank Flag Link Sun Mar 22, 2009
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