The Millennium Tower (they have a great website), San Francisco’s most expensive new condo skyscraper, has slashed prices by 15 percent, the latest indication that no sector is immune from the crushing downturn in residential real estate.
Millennium Partners Managing Director Richard Baumert said the reductions were an effort to adjust to the weak housing market and economy. While sales at the building started out brisk, averaging about eight or nine a month for the first year after the sales office opened in the fall of 2007, it has only signed a handful of contracts since September. The building will open in April.
In an unusual move, the 15 percent reduction is retroactive. It applies to buyers already in contract as well as those just now in negotiations, Baumert said.
original story source: San Francisco Business Times
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