Developer Acknowledges Shifting Market, Slashes Condo Unit Prices By 15%
- Feb 17, 2009
By Anuradha Kher, Online News EditorSan Francisco–Millennium Partners, developer of Millennium Tower, the 60-story, luxury residential tower opening mid-April 2009 in San Francisco at 301 Mission St., recently made a 15 percent price adjustment across the board for new buyers and buyers already in contract.“Everything Millennium does begins and ends with our buyers,” says Richard G. Baumert, managing director for Millennium Partners. “To ensure the continued success of our project and protect the investment of our buyers, we have determined that the appropriate thing to do is to provide the price adjustment both retroactively to our owners who have already executed their contracts as well as to our current prospects and future buyers.”Millennium Partners has closely monitored the real estate market conditions as the current economic downturn has accelerated, and has acknowledged the shifting market by revisiting its original pricing structure. By taking the unprecedented step of offering the same price reduction to buyers already in contract as to new buyers, Millennium has ensured that the early adopters of the project would not be penalized for buying during better economic conditions.Since the price reduction was announced, Baumert says the Millennium Tower sales office has seen a significant upturn in visitor volume and several new buyers have entered into contract.The 419-unit project located in the South of Market (SoMA) neighborhood—bounded by Mission, Fremont and Beale streets—is designed by architect Glenn Rescalvo of Handel Architects. It features one-, two-, two-bedroom + library and three-bedroom units as well as penthouse residences, ranging in size from approximately 750 sq. ft. to 6,000 sq. ft.