AP/Eric Risberg
A view from Millennium Tower.
- Millennium Tower, a luxury residential building in San Francisco, has sunk 17 inches and tilted 14 inches since it was completed in 2008.
- Residents say they're selling multimillion-dollar condos at a loss.
- That hasn't stopped one homeowner from trying to sell their unit for profit.
The situation at $4, a San Francisco skyscraper that is sinking and leaning, is so dire that residents have been $4 at a loss of millions.
But this week, one brazen homeowner listed $4 for $5.6 million - almost double what the seller paid for the condo in late 2011.
The $4 reported that a Florida company associated with $4 Gary Marino last bought unit #55A for $3.23 million, according to property records.
Millennium Tower is a luxury residential high-rise that has sunk 17 inches and tilted 14 inches since it was completed in 2008. Though an inspection by the city showed $4, the situation has sparked an exodus from the building. Residents say they're selling their homes short of what they paid for them, with the value of their condos falling $320,000 on average.
The list price on unit #55A - a 2,706-square-foot space - may be optimistic because residents of Millennium Tower received some good news last month: A fix may be in the works.
In January, construction crews $4 near Millennium Tower to see if a planned fix for the structure will work, NBC Bay Area reported. Engineers want to drill up to 150 new piles (a type of foundation shaped like a pillar) 200 feet down to bedrock from the building's basement, in order to stabilize the tower and prop it back upright. The project could $4 $150 million.
Gregg Lynn, a sales broker representing the seller of unit #55A, told the Business Times that the residents live on the East Coast and have spent only a handful of days in San Francisco over the last three years. Still, the seller poured money into interior design and extensive renovation.
The residence has an open-plan kitchen, living, and dining room that offers sweeping views of the Bay Area from the 55th floor. Among the amenities: a library, dual walk-in closets, concierge service, and parking for one car that costs an additional $200 per month.