Uh, that might be a problem with a 58 story concrete skycraper…
The lawyers will have it torn down way before it falls down…It would have to become several feet out of plumb before collapse. …Can take at least 5 feet of lateral movement in a quake…
So long is not national security or law and order or endangering human survival, taxpayers should not be on the hook.
It will be interesting to see what the assessor says on all those reassessment requests…
I’ll take one worthless apartment please
Edit: I’m guessing you have to put a value on the form. The city does what it wants anyways, so there’s no reason not to low ball. If you accidentally guess too high you left money in the table
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Correct on both counts. Sure, makes sense to claim the worst case scenario.
What a nightmare!!!
Put me down for the $1 unit in that case (I called it first!) Wouldn’t comps be necessary to adjust the assessment though? If none of the units are being sold off they will be difficult to value.
To me it seems there should be more focus on getting the damage repaired by warranty.
Right…sure
Love the name (Hamburger)…that’s what someone will be, after an earthquake there…
So maybe it’s not so bad after all…
Uh oh, Salesforce (stock) is crashing however.
On the news last night, one of the more prominent tenant owners who has been interviewed before (he’s a lawyer I believe) and had read the report mentioned that in the report the possibility of foundation issues and cracking (probably from the continued settling) were possibilities. The light at the end of the tunnel is but a dream at this point…
And they wonder why some of us hate real estate agents…
Bryant Kowalczyk, the agent with GPK Luxury Real Estate who is handling the penthouse, declined our request for comment. But he did offer quite a pitch for the sky-high condo in an online post, saying the “ultra-contemporary design … includes a meticulous attention to detail as no expense has been spared.”
Boy, they must have money to burn…
Gee, ya think going to bedrock is a good idea now???
new article on yahoo
https://www.yahoo.com/news/tilting-sinking-san-francisco-high-rise-raises-alarm-040207371.html
Leaning Tower of Pisa…16’ out of plumb…Famous and celebrated for 500 years…Millennium Tower 2" out of plumb infamous and denigrated…I guess it will have to take 500 years to become hip
A statement from last month shows the developer planning to do a fix. Maybe they could follow in the footsteps the Leaning Tower of Pisa and add counterweights??
Whether or not the problem is assessed as a safety risk, there is no way I would buy anything associated with Millennium Partners / team if the problem is left unaddressed. The City is supposed to be immune from liability. But let’s see if the City wakes up from its mind-blowingly lax ways and steps up their permit-inspection-complaint process on the new building (706 Mission).
Previously lived in a highrise which had earthquake-induced cracks- the damage was fixed by the builder. IMO this allows the company to retain its high-standing reputation upon which customers base their purchasing decisions.
I work a half block away and while I was coming back with lunch today I was looking at the Millennium Tower while waiting for a light. The structure is simply massive!!! Again, how does one fix a 58 floor skyscraper that is sinking and leaning???
And I don’t want to hear that it is simply Monday morning quarterbacking to be attacking how it was built. No way. No way an extra heavy building of this type (concrete) should have been built this way (without going to bedrock) when clearly we are in earthquake country and the soil in this area is unstable landfill. It may be current code to build without going to bedrock, but I am saying the developer should have gone above and beyond by making the foundation extra strong. I don’t care how much more it would have costed, but clearly at what these units sold for there was enough margin to do it. And for the developer to now go to bedrock at a nearby new development is telling. I just hope the owners are going to be made whole one way or another. It will be interesting how the whole darn thing plays out in the court room. This is not going to die anytime soon.