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Just because they're listed for millions doesn't mean they'll sell for that - or at all. Would you buy a condo in a building with a probably unfixible foundation problem? Most people would answer that question with a resounding "NO!"
I realize that list price is not sale price, but can we agree that rational people would not put seven-figure list prices on "worthless" or "nearly worthless" properties? In any case, these condos have actually been selling for more than seven figures since the word was out that the building is sinking.
The most expensive condo currently for sale at Millennium Tower is a four-bedroom, four-bath behemoth on the market for $5.99 million. It last sold for $2.65 million in 2014.
This building might need to be condemned if the settlement continues. This incident is completely on the developer. They took the risk of building this condo tower complex. This is either the result of a bad soils/geotechnical engineering report or the developer neglecting good, sound engineering advice and building a foundation too shallow.
One suggestion is to use a technique that was effective in building the Boston Interstate project, Freeze the sand base forever.
CBS Sunday morning had a feature on this issue. "Cue Harry Belafonte . . .'House built on a sand foundation will not stand, Oh No!"
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