Looking around at all the cracks in the garage of San Francisco’s Millennium Tower one would be flabbergasted at the extent of the rifts and the array of stress gauges […]
What was once the desire of the high-end luxury home might be becoming a thing of the past. There are those eternal staples of true luxury homes that will […]
Looking around at all the cracks in the garage of San Francisco’s Millennium Tower one would be flabbergasted at the extent of the rifts and the array of stress gauges attached.
Back in May of 2016, these problems started to arise in the iconic, high-end condo. The news made it official; the Millennium Tower was starting to fall. The structure had begun to tilt and slowly sink, and blame began to fly. As the accusations were thrown, all involved wondered who would pay the bill.
If this news was not bad enough, Bloomberg has recently reported that the tower is most likely underinsured and if that is the case, the homeowners would be the ones ultimately responsible.
The building initially opened its doors back in 2008, and the tower is now 16 inches further below the ground and 15 inches tilted from the top, as reads the current lawsuits that the homeowners have filed.
The property was developed by the Millennium Partners but is now owned by the residents.
According to accounts, Millennium Partners’ liability policy does state coverage for construction defects, but the same sources feel that the coverage, as well as Millennium Partners assets, are far below what is needed to foot this bill.
Adding insult to injury is that the liability coverage might be void due to the nature of the flaws in the building.
If that was not enough, Millennium Partners has a lawsuit against the city’s Transbay Joint Powers Authority, which has been building a transit site across from to the tower. It might be the TJPA who is responsible for causing the foundation of the tower to be disturbed. If that is the case, the taxpayers of San Francisco will be on the hook for fixing this mess.
What was once the desire of the high-end luxury home might be becoming a thing of the past.
There are those eternal staples of true luxury homes that will never fade away. A breathtaking ocean view, lush greens of a PGA Tour golf course, and even the allure of Park Avenue. Then there are those fads that start as a “must have” to show off rich tastes that just fade into memory.
The home theater market has grown 50% since 2010 to almost $1.5 billion. Creating a personal IMAX experience showing first run movies is available for the top 1%, but that might not be enough.
Modern architects are saying that more and more clients are looking for fully immersive virtual reality experiences. Rooms turned into private holo suites where the person can stroll the beaches by day and Paris by night.
On the other end of the house is the shifting ideas of a master suite. It appears that Millennials are more into smaller places but increased privacy. It is not uncommon to see new developers include changing rooms outside the bathroom.
There is a new trend of “accessory apartments.” This is where parents buy a separate studio next to theirs to house this boomerang generation when they return home.
Lastly, the same trend seems to be leading to the possible disappearance of the gourmet, showplace kitchen. With more and more luxury take out services and the uptick of Amazon Prime. Homes will only need to keep the bare necessities.
Many architects are seeing these changes taking place more often than ever before. We will wait and see what the luxury home will look like in the next 5 to 10 years. It might be unrecognizable.
Residents Of The Tilting Tower To Fit Big Bill
UncategorizedLooking around at all the cracks in the garage of San Francisco’s Millennium Tower one would be flabbergasted at the extent of the rifts and the array of stress gauges […]
Going, Going, Gone
UncategorizedWhat was once the desire of the high-end luxury home might be becoming a thing of the past. There are those eternal staples of true luxury homes that will […]