Once a symbol of luxury living in San Francisco, the iconic Millennium Tower is facing a stark reality: plummeting condo prices. Recent listings reveal units now starting at a mere $649,000, a significant drop from the multi-million dollar prices seen just a few years ago. This drastic decline is a stark reminder of the tower’s troubled past and the ongoing struggle to regain its former glory.

The building’s woes began in 2016 when alarming reports of a significant sinking issue surfaced. The tower, built on unstable soil, was found to be tilting, raising serious concerns about structural integrity and safety. This revelation sent shockwaves through the city, leading to lawsuits, plummeting property values, and a dramatic decrease in demand.

Despite extensive efforts to stabilize the building, including the installation of 136 piles to support its foundation, the damage to the tower’s reputation proved difficult to repair. The once coveted address became a symbol of failure, a reminder of the risks associated with poorly planned construction.

While the sinking issue appears to have been addressed, the stigma attached to Millennium Tower continues to weigh heavily on its market value. The dramatic price reductions reflect a desperation to attract buyers, indicating the challenging task ahead for the building’s developers and residents.

This situation raises broader questions about the San Francisco real estate market and the potential for similar problems to occur in other high-rise developments. It also highlights the importance of rigorous planning and careful site selection when it comes to building in areas prone to seismic activity and unstable soil conditions.

For now, the fate of Millennium Tower hangs in the balance. Whether it can reclaim its former status as a coveted address remains to be seen. But the building’s fall from grace serves as a cautionary tale, reminding us of the fragility of even the most iconic structures and the importance of responsible development practices.