A Luxurious Penthouse in Downtown San Francisco Sells for $5 Million Less Than Its Original Price
A luxury penthouse in downtown San Francisco, listed for $14 million in May 2023, has sold for $9 million, a 30% price cut from its original listing. The 5,009 square foot condo, located in the Millennium Tower, features two bedrooms, 2.5 bathrooms, and 270-degree views of San Francisco landmarks. The property was previously listed for $13 million in 2016 and had been on and off the market since then.
The sale comes as downtown San Francisco continues to recover from the pandemic, which saw a mass exodus of workers and a decline in foot traffic. While the city is starting to show signs of recovery, with a rise in population and improvement in downtown foot traffic, many office buildings remain vacant and shuttered storefronts remain closed.
The penthouse’s price cut may in part be due to the recent downturn in downtown San Francisco, as well as issues with the Millennium Tower’s foundation, which has been tilting and sinking. Extensive work was done to stabilize the building, but it is still sinking in the center.
The sale of the penthouse is a sign that the San Francisco housing market is stabilizing, with the median listing home price down 12% from a year earlier and the median home selling price up 12% compared to the same time last year. Homes are selling quickly, with an average of 43 days on the market, and 45.4% of homes selling above list price.
However, the market is still difficult for buyers, with only 12.6% of homes selling with price drops and 45.4% selling above list price. San Francisco remains a seller’s market, with more people looking to buy a home in the city than there are homes available.