301 Mission #502: Floor Plan
While it’s a plugged-in tipster that notes four units at Millennium (301 Mission) have hit the MLS with prices ranging from $1,445,000 ($1,160/sqft) to $5,090,000 ($1,805/sqft), the word on the street is that sales activity has recently been “heating up.”
Also noted, construction inside the midrise City Residences is coming along nicely and the units (think #502) are pretty damn “cool” (albeit not cheap).
As always, details (as in the hard numbers) when we have them.
∙ Listing: 301 Mission Street #502 (1/2) – $2,225,000 [MLS]
∙ Listing: 301 Mission Street #25J (2/2) – $1,445,000 [MLS]
∙ Listing: 301 Mission Street #47B (2/2.5) – $2,623,500 [MLS]
∙ Listing: 301 Mission Street #55C (2/3.5) – $5,090,000 [MLS]
Millennium Tower San Francisco (301 Mission): Sales Update/Facts [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Recent ORH buyer

    Wow – these are really slick, although certainly well outside our affordability parameters. These look like they will set new high watermarks in terms of cost per square footage in SOMA. Needless to say, the Millenium [or at least buyers there] have an enormous vested interest in seeing the Transbay Terminal advance as soon as possible, as the current Greyhound facilities aren’t so hot next to condos at these prices.

  2. Posted by weatherman

    The Millennium website has more floor plan porn, but no prices BTW. The City Residences are sweet. Great layouts, finishes, no view, expensive, but I bet they do pretty well.
    Jade with envy…

  3. Posted by Ryan

    I especially appreciate 55C’s “floor plan porn” to quote weatherman! That is going to be a STUNNING unit with amazing bay/bridge views!

  4. Posted by runner's high

    I am trying to figure out if there were any actual photography done underneath all that CG pictures?

  5. Posted by Brutus

    That’s a great floor plan above for the City Residences.

  6. Posted by Conifer

    It might be interesting to know who is buying these units. Surely no one is giving up their Russian Hill co-op to move there, nor their PacHts mansion, but are they young Google types, or retirees from Walnut Creek, or people from Europe or the Pacific Rim seeking pieds a terre? How many are people benefiting from the weak dollar, say London or Paris, where these prices per square foot would not seem excessive?
    [Editor's Note: You might be surprised (and you might want to review Millennium Tower San Francisco (301 Mission): Sales Update/Facts). Seriously people, we add the links for your benefit not ours.]

  7. Posted by weatherman

    I am not an expert on this Brutus, but someone told me that there is no 44th Floor in the Millennium tower. The reason for this is that they didn’t want to scare off Chinese buyers who consider the number 44 to be extremely unlucky (I think it signifies death), sort of like how some buildings do not have a 13th Floor. I think that might say something about the demographic they are anticipating buying there.

  8. Posted by spencer

    I appreciated the picture of the really hot woman wrapped only in a towel in 55C.
    does she come with the purchase?

  9. Posted by sf

    Now THAT’S a phat pad!

  10. Posted by Kevin

    Are these HOA fees monthly? If they are, wow. Another reason to rent or buy a house. I hate HOA fees, or at least ones that are ridiculously high. Condos usually fall in price before homes, so I wonder if these and other condos will fall in prices over the next few years. For $5 million dollars, you can get a nice condo with a view in a better neighborhood. I still do not understand living in that “neighborhood” (there is none after 5 pm). I personally like to have a sense of community, where I live.

  11. Posted by anonandback

    PLUS, they even provide a deeded parking space(s) and a clothes dryer that does not blow hot air into your unit. Who would have thought?

  12. Posted by location

    Spencer,
    If you owned 55C I don’t think you would have any trouble getting women to walk around in towels there.

  13. Posted by dub dub

    Take *that*, Europe :)

  14. Posted by anon

    PLUS, they even provide a deeded parking space(s) and a clothes dryer that does not blow hot air into your unit. Who would have thought?…
    Now that people have seen the poor quality of ORH, how does the second tower stand a chance against these units? ORH has to be dreaming if they are looking to get anywhere near the price per square foot of the Millennium.

  15. Posted by Conifer

    [Editor's Note: You might be surprised (and you might want to review Millennium Tower San Francisco (301 Mission): Sales Update/Facts). Seriously people, we add the links for your benefit not ours.]
    Well I hope the information on the link is true, and most of these people do make it their primary residence, because they will then vote here, and put an end to Chris Daly and his ilk,

  16. Posted by Recent ORH buyer

    Anon,
    I don’t believe ORH is looking to get these prices for their second tower, nor should they – the Millenium is on a different level in terms of finishes and pricing. People were up in arms when 2202 recently sold for just under $1000 per sq. ft, which would be 20% less than the fifth floor [#502 is asking $1250 per sq. ft] at the Millenium … a non-tower unit. The fifth floor looks like it has low level city views while 2202 has some fairly impressive, bridge, bay and sunrise panoramas.
    Clearly, these are two different pricing tiers, as should be expected.

  17. Posted by Kevin

    So Anybody got the download of where Millenium is at with their presales? 15% back in Feb, where are they now?

  18. Posted by denise

    These prices are a joke. The building will be empty if they keep these rates. It is a noisy neighborhood with poor traffic patterns and buildings going up on all four sides. Who cares about how nice the concierge and doormen are going to be when you’d be paying double what you would pay at the the St. Regis or the Ritz. Buy there and join the Sports Club LA. Or, wait for Millennium to get out of denial and lower the prices.

  19. Posted by anon

    “People were up in arms when 2202 recently sold for just under $1000 per sq. ft, which would be 20% less than the fifth floor [#502 is asking $1250 per sq. ft] at the Millenium … a non-tower unit. The fifth floor looks like it has low level city views while 2202 has some fairly impressive, bridge, bay and sunrise panoramas.”
    Many units in ORH were sold for well above $1000 per foot. Guess those people have intant equity loss. The second tower will erode it even further.
    The Millenium units are awesome. I am glad they took the time to design units that are both functional and impressive.

  20. Posted by Recent ORH buyer

    “Many units in ORH were sold for well above $1000 per foot. Guess those people have intant equity loss. The second tower will erode it even further.”
    Anon,
    On the higher floors, yes, but I think there were few that paid higher than $1200, except for the very top floors, where views are incredible … to where one can see the Golden Gate Bridge.
    However, I would say Infinity owners have the most to worry about, because their units are far from this calibre, and they paid excessive premiums for them. Example – 20B [20th floor]sold on 3/9/2008 for $1.77m or $1,345 per sq. ft. or MORE that the 25J and #502 listings here at the Millenium. The Infinity units do not compare to these renderings. And they think Infinity Tower II will sell for more … perhaps when pigs fly.
    By the way, what’s up with Infinity Tower II anyway? Either there’s a global shortage of glass, or is it just taking them 6 months to finish the final 1/3 of the building’s exterior?

  21. Posted by weatherman

    Denise –
    The Ritz and St. Regis are at comparable prices per sq foot. Not sure where you are getting your info that the Millennium prices are double.

  22. Posted by sf

    Infinity has the best neighborhood so far out of 1RH and Millennium, and when 1RH is completed it will be an easy second, there are some amazing plans for the park and retaining walls. Millennium is the best building and coolest residence in SF easily, but the neighborhood is not going to be desirable for about 15- 20 years when the Transbay is developed.

  23. Posted by SF_R/E_Advisor

    Denise is off with her facts, but correct that the Millennium is overpriced. Check out MLS listing #342542. The St. Regis is coming down. The Ritz will too. The high end market is starting to crumble. Brutus, as well, has the right idea. Why would anyone with that kind of money choose a view of Heald College and a whiff of Transbay Terminal Exhaust, plus construction for 2 decades, instead of a nice Telegraph Hill or Russian Hill view? Nice buildings, but too much supply and overpriced. Get real folks!

  24. Posted by S beach

    “By the way, what’s up with Infinity Tower II anyway? Either there’s a global shortage of glass, or is it just taking them 6 months to finish the final 1/3 of the building’s exterior?”
    If I recall, Infinity I took forever to finish installing their glass panels. Normally in a high rise, the higher they go, the longer it will take to finish completing the exterior. It’s all part of the construction schedule.
    If I had my pick of location, Infinity is first hands down, then I’ll place my bets on Millennium because of the whole Tranbay development.

  25. Posted by Baklava

    What are the chances that prices will come down for Millennium condo’s? Do you believe they will increase or at least hold value within two years? Is there any negotiating with the “dream team” sales office? Is the Millennium considered the elite of high rise residencies in SF? Thanks for any feedback!

  26. Posted by recentinfinitybuyer

    “By the way, what’s up with Infinity Tower II anyway? Either there’s a global shortage of glass, or is it just taking them 6 months to finish the final 1/3 of the building’s exterior?”
    The top third of the building construction slowed when they took down the larger construction crane, which was approx. 1 1/2 months ago. Since then, it’s been much slower (but consistent)

  27. Posted by SC

    No DEEDED parking at those prices?? Lease parking fees?? That’s ridiculous.

  28. Posted by LIberty

    For those of you who question why people would buy in that neighborhood. You obvious are not in the tech industry.
    There are countless web startups and established players in that part of town. Living where you can walk to work and walk to all your meetings is a great way to have a decent quality of life by minimizing commute.
    The power is shifting. For those of you who live in the old SF. The new tech money that’s coming in town aren’t as interested in your neighborhood because it’s OLD, STUFFY and not lived by others in our industry who we can work, network and social with. In 10 yrs, the SOMA area will be cleaner, safer, and with the construction of the Transbay Terminal close to being complete, the area will be the best example for urban living in SF.
    When I lived @ Pac Heights, my drive to SOMA was 20min+ each way. Not what I call a hassle free commute.
    L8r old SF, you can kick and scream,, but the wind of change is here and will only blow harder as the tech industry continues to grow and dominate the economy in the bay area.

  29. Posted by Recent ORH buyer

    “The top third of the building construction slowed when they took down the larger construction crane, which was approx. 1 1/2 months ago. Since then, it’s been much slower (but consistent)”
    Recent I.B.,
    Sorry, that’s bogus. We closed at ORH in mid-Feb and there has been little change in the exterior of Tower II since then. As regulars at the ORH gym, which overlooks the Infinity, it’s something we can’t help but notice. Going forward we will see less of it, as they are currently bringing a ton of greenery to the outside ‘patios’. If done correctly, that whole area should look awesome.
    However, I’m certain Tower I sales have had no impact on influencing the snail-paced “construction schedule” of Tower II :-) So when do those ‘higher priced’ Tower II sales begin?

  30. Posted by jk

    Recent ORH,
    The Millennium will have a sports club fitness center. Infinity has a huge gym with indoor pool. What gym are you referring to at ORH? That’s tiny space with 3 machines? Now that is luxury!!!!
    What happens if they never build ORH2? Is that the gym your HOA fees are paying?
    I do agree that SOMA and South Beach will be the place to live in the upcoming years. You can already see families walking around in S. Beach. You didn’t see that many 5 years ago around Delancey Street. Hope they build the Transbay soon.

  31. Posted by San FronziScheme

    LIBerty,
    I agree the tech industry is growing and more and more essential to the BA economy.
    But I don’t agree with your SOMA-against-the-world analysis.
    SOMA is within the shopping cart line. The homeless are here to stay in SF thanks to generous Care-Not-Cash programs and a huge number of do-gooders.
    As for the current building boom: it is in large part a result of the 2002-2006 frenzy. Of course SOMA will eventually be fully developped but that will take decades.

  32. Posted by missionbayres

    “What happens if they never build ORH2? Is that the gym your HOA fees are paying?”
    Maybe they will double the HOA fees! ;-)
    Last I heard there is no timetable to start construction. So until they actually break ground, there *IS NO* One Rincon II.
    Millennium’s sport club will be the cream of the crop. Check out all the amenities they provide.
    And both Millennium and Infinity have long, indoor lap pools. In SF’s weather, that’s a must.

  33. Posted by another-anon

    By the way, what’s up with Infinity Tower II anyway? Either there’s a global shortage of glass, or is it just taking them 6 months to finish the final 1/3 of the building’s exterior?
    At least it’s much further along than the ORH tower 2. Oh, wait, that’s not even broken ground yet. But I thought that since tower 1 sales were so strong that tower 2…oh, nevermind.
    Back to the Millenium, I agree it’s a pretty nice looking building in a marginal (for now) area. Hopefully when it’s done it’ll help kickstart the area.

  34. Posted by r

    “Sorry, that’s bogus. We closed at ORH in mid-Feb and there has been little change in the exterior of Tower II since then”
    This is not entirely true. As I have mentioned before, I have a view of Infinity out of my living room window. On April 15th, while watching TV, I counted 15 floors left to complete before finishing the glass. as of today, there are 2.5 floors. It also looks like they are doing some interior work on the lower floors. I would not say that the construction is taking place at a “vegas” pace, but there is definetly progress.

  35. Posted by ozzie

    Comparisons between Infinity, Millennium, and ORH will go on forever, but keep in mind, a penthouse at Millennium reportedly sold for 11MM, Infinity penthouse for 6MM and there are a few ORH Penthouses being shopped for 2.5-3MM. If you include ppsf, HOA fees, view orientation, & amenities, all 3 have unique offerings, and I’m looking forward to the day when they are all completed.

  36. Posted by missionbayres

    “”Sorry, that’s bogus. We closed at ORH in mid-Feb and there has been little change in the exterior of Tower II since then”
    This is not entirely true. As I have mentioned before, I have a view of Infinity out of my living room window. On April 15th, while watching TV, I counted 15 floors left to complete before finishing the glass. as of today, there are 2.5 floors. It also looks like they are doing some interior work on the lower floors. I would not say that the construction is taking place at a “vegas” pace, but there is definetly progress.”
    Oh yeah, Recent ORH buyer certainly likes to blow fluff around trying to stir up a debate. It’s a non-issue.
    And while we’re at it, why are people mentioning Millennium and One Rincon in the same breath? Obviously, they’re 2 totally different products and price points…

  37. Posted by Recent ORH buyer

    Missionbayres,
    You live at the Avalon at Mission Bay. That’s got to be the only property in SOMA/South Beach where you can say “wow, that Beacon really looks upscale”. Yes, I know you’ve said how many properties you USED to own, and how you were so smart and shorted the homebuilders two years ago. John Paulson shorted the CDO market and made a fortune for his investors [6 fold in his credit opportunities fund last year] and about a billion dollars for himself. And where is missionbayres after all is ‘alleged’ genius? Renting at the Avalon at Mission Bay.
    Enough said about who “likes to blow fluff”.
    [Editor’s Note: Watch the personal attacks (and don’t make the mistake of judging fortunes by their cover). And now back to Millennium…]

  38. Posted by missionbayres

    Thanks Adam!
    I think we all know Recent ORH buyer has a nasty habit of launching personal attacks. That’s all the ammo he has unfortunately. Kind of sad to say the least…
    Renting now and selling my 2 properties in 05/06 was the smartest move of my life. Had I held on to those 2 properties, I would have lost over 250k in equity had I sold now instead.
    Now if I had to park my money in one of the high rises, I’d probably go with Millennium (as long as I get deeded parking). Their units and amenities are pretty sweet…

  39. Posted by jamie

    Wow … I can only hope there is this much passion in the fall of 2009 to elect a decent Supervisor to replace the termed out Chris Daly to represent the Rincon Hill, South Beach, Mission Bay, South Park, Yerba Buena and other neighborhoods in SoMa that don’t get much interest or a response today (other than an open hand for money).
    The new Transbay Transit Center may actually hit the 2015 open date. The UCSF Mission Bay Hospital is supposed to be opened by 2014. I’m very excited to see all the Caltrans parking lots along Folsom developed into mixed use retail on the bottom floor buildings. Very cool to observe the changes on my walks to work and other destinations.

  40. Posted by jamie

    Or is it 2010 when we get to vote for a new Supervisor in District 6? Anyway… yeah, get passionate and involved in that, please! :)

  41. Posted by Recent ORH buyer

    [Editor’s Note: Watch the personal attacks (and don’t make the mistake of judging fortunes by their cover). And now back to Millennium…]
    Fair point, but I was simply responding in kind. Missionbayres’ song and dance gets old real fast.
    “I do agree that SOMA and South Beach will be the place to live in the upcoming years. You can already see families walking around in S. Beach. You didn’t see that many 5 years ago around Delancey Street. Hope they build the Transbay soon.”
    jk,
    That’s a good point about families. There definitely are a larger number of strollers being pushed around the ballpark area on a Sunday morning. We have been surprized at the number of newborns/toddlers at ORH. Is that the same story at the Infinity? Remains to be seen if this occurs at the Millenium, or if these units are simply out of reach for most younger families, even in SF. I don’t imagine there are a bunch of infants at the St. Regis … or perhaps I’m wrong?

  42. Posted by anon

    All three projects, the Millennium, Infinity and ORH may not be comparable but ORH stands out in one respect. It is the only development out of the three where things just are not being finished. They still have not broken ground on tower two, the old ugly street lights on the driveway that were supposed to be on order 6 months ago still have not arrived and the GYM is smaller than the gym I had in the small apartment comlex I lived in during college.

  43. Posted by likesemtall

    Gotta love the “my d*** is bigger then yours” attitude of most of the posters on this site.

  44. Posted by S beach

    “All three projects, the Millennium, Infinity and ORH may not be comparable but ORH stands out in one respect. It is the only development out of the three where things just are not being finished. They still have not broken ground on tower two, the old ugly street lights on the driveway that were supposed to be on order 6 months ago still have not arrived and the GYM is smaller than the gym I had in the small apartment comlex I lived in during college.”
    Couldn’t agree more. It’s been what 5 months since people started moving in and they still can’t get it right. What’s going on up there on the hill? The first 1-2 months it understandable that the developer is finishing up. 3-4 months you start to question the competency and caliber of the developer. 5 months now and the place is still somewhat trashy and incomplete. You got to wonder about the motivation of the construction team. Are they dragging their feet, or are they just plain INCOMPETENT? If I were an owner, I’d certainly have 2nd thoughts on the whole quality of 1 Rincon.
    You compare that to Infinity and Millennium and it’s night and day. A good analogy is like saying Millennium is Saks Fifth, Infinity is Bloomingdale’s, and One Rincon is K-Mart :-)

  45. Posted by rocket

    That’s a good point about families. There definitely are a larger number of strollers being pushed around the ballpark area on a Sunday morning. We have been surprized at the number of newborns/toddlers at ORH. Is that the same story at the Infinity? Remains to be seen if this occurs at the Millenium, or if these units are simply out of reach for most younger families, even in SF. I don’t imagine there are a bunch of infants at the St. Regis … or perhaps I’m wrong?
    There are very few kids at the Infinity at the moment. Except for the tiny tot playground near the ballpark, there is not much in SOMA for kids to play outdoors as far as I can determine.

  46. Posted by denise

    Does anyone have real insight into whether or not Infinity has brought down prices in the first tower yet? What is still available? How can they hold prices on the first tower flat when the second tower is supposedly much better and more expensive, yet the market has tanked in the interim? Thanks.

  47. Posted by SF_R/E_Advisor

    RIddle me this batman. What does the fact that Millennium has to post on MLS tell you about the demand for their over-priced units? Hmmmh? They are moving away from a pull system towards a push system. Prices are going to fall. Just you wait.

  48. Posted by Ryan

    With all this back and fourth about what building will be better and offer more to its residents, there is something to be said about the Millennium’s developers. After all they did bring us The Four Seasons (they never forget to advertise that fact) so The Millennium will take the cake in terms or luxury hotel living for sure! The HOA’s and PSF prices reflect that. There is no argument here. At lease there shouldn’t be.

  49. Posted by NoeValleyJim

    Sorry for showing my ignorance, but which is the most expensive of the three properties? I thought Infinity, ORH and Millennium were all priced in about the same range, am I wrong about that?
    I like the location of Infinity the best, but have not visited the sales office of any of them except for the Infinity. It was very nice, but not the sort of thing we have in mind for raising a family.

  50. Posted by Recent ORH buyer

    NVJ,
    Yours is a common misperception about relative pricing. Millenium will be priced the highest at [using the numbers listed by Socketsite] of $1160 to $1805 per sq. ft. However, if the renditions are true to form, this building intends to rival the St. Regis/Four Seasons type luxury standards. To do so, the reality would have to match the renderings linked above. Infinity is next in pricing, ranging anywhere from [approx] $800 to $1500 per sq. ft, with the exception of the ‘G’ penthouse that sold for north of $2000 per sq. ft. ORH, depending on when one bought in, ranges from around $750 to around $1350 per sq. ft. although a couple of the penthouses may be a bit higher.
    On a personal level, being a view whore, my personal analysis was to compare the cost of 2/2 with panoramic views. Given that even the lower floors at ORH have amazing vistas, the range of 2/2 with great views [depending on when one got in] is $750 – $1250 per sq. ft. Infinity’s panoramic water/bay views appear to start at around $1200 per sq. ft and Millenium would be north of that [I'm estimating] at somewhere around $1400-$1500. Part of the reason for this disparity is that one needs to get upto around the 15-20th floor at Infinity [for clear views over Hills Plaza] for some real panoramas, and above around the 25th floor at the Millenium for those great bridge vistas.

  51. Posted by Recent ORH buyer

    “Does anyone have real insight into whether or not Infinity has brought down prices in the first tower yet? What is still available? How can they hold prices on the first tower flat when the second tower is supposedly much better and more expensive, yet the market has tanked in the interim? Thanks.”
    Denise,
    These are very good questions and from what I have gathered, the truth is a closely guarded secret. SS Editor – any updates on Infinity closing numbers? As you can tell, the Infinity and their online proxies get very defensive when one suggests that they are dragging their feet on the second tower, given that [perhaps] closings on the first tower were not what they expected? Remember, no Tower II sales until tower I is done – that’s the official position. The lack of transparency over there has always been troubling to me.
    I imagine the next series of [defensive] postings will be of the “I went over there this weekend and they said it’s 85% sold – sounds about right” variety :-)

  52. Posted by anon

    Recent ORH Buyer:
    Pot, kettle. ORH hasn’t even broken ground on tower 2. I’d say both developers are taking their time.
    I have no insight into the Infinity closings (though there are noticeably more cars in their individual, deeded parking spaces ;) but I wouldn’t be surprised if they are taking their time. Look at SF Blu (or ORH for that matter). I don’t know what the financial considerations are, but it seems like during a slow sales period, developers drag their feet on finishing the building. I remember watching the St. Regis go up and it seemed to take forever post 9/11).

  53. Posted by Recent ORH buyer

    “I’d say both developers are taking their time.”
    Anon,
    For a change, I completely agree with you. However, your statement is a departure from the defensive denials posted earlier on this thread. Much to my chagrin [mainly for the gym] ORH II will not be in any hurry to begin construction, although [IMO] I do think they will break ground by year’s end. Although I’m usually in the gym before 5:30am [so access to available equipment isn't an issue] the current setup is hugely underwhelming. Their stance makes sense as a business decision, but personally I’d rather have a legit workout facility sooner rather than later.
    However, the situation may be more precarious given that Infinity’s second tower is [almost] fully constructed and not a single unit has been sold. There are some pretty high carrying costs on this type of building, whether the developer has deep pockets or not. Seems like the pressure to sell Tower II could have potential ramifications on pricing both in that Tower as well as Tower I. These pressures are far more immediate than for a tower that currently has no carrying costs, as it has yet to break ground.
    Ultimately though, your point is a fair one – both developers [as well as others] are holding out for optimal [or somewhat better than present] market conditions when selling their respective units. Accordingly, I wouldn’t expect the Turnberry or the Californian in the immediate future either.

  54. Posted by Justin

    “Infinity’s second tower is [almost] fully constructed and not a single unit has been sold.”
    Is this true? I had heard otherwise.

  55. Posted by Recent ORH buyer

    Justin,
    The official word is no Infinity Tower II sales until Tower I is fully sold. However, if you have other insights, do share.

  56. Posted by anon

    I thought the latest date that the ORH sales office was touting for the groundbreaking of tower 2 was the end of summer. If they were being honest, which they surely do no have a record of being, we should see some ground being broken soon.
    Surely does not look like it to me. Heck, they can’t even finish tower one. I’d be worred if I bought there. Maybe the developer has turned his interest to his more profitable project in San Jose.

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