Residents meet to discuss sinking of Millennium Tower

SAN FRANCISCO (KGO) -- Millennium Tower residents gathered at an HOA meeting Monday night to discuss the sinking of the building.

The Millennium Tower, home to the city's rich and famous, has sunk more than a foot since the building was completed eight years ago.

ABC7 News was told there was no sense of panic, but definitely concern. After all, there's a lot of money at stake. "We put a lot of money into it, we bought a beautiful apartment," Millennium Tower Pat Dodson said.

WATCH VIDEO: Luxury skyscraper Millennium Tower sinking in downtown SF

Dodson lives on the 42nd floor of the Millennium Tower. Luckily, she doesn't have to sell anytime soon, but she's still worried. "At some point I'm going to leave this property to my son, and I think it should have value that I think it should have," Dodson said.

The question is who's going to want to buy now that it's been revealed that the Millennium Tower has sunk 16 inches and has tilted two inches since the building was completed eight years ago.

Millennium Partners, the developer, says nearby construction of the Transbay Transit Center has caused the tower to settle more than usual, while the Transbay Joint Powers Authority and many homeowners blame Millennium Partners for not building into bedrock.

Either way, none of this is good for the 17 units currently up for sale. "They're not going to find much of a market," Rick Teed said.

Teed specializes in luxury real estate. He says Millennium residents should hold off on selling until everything is sorted out.

But for units that must sell, Teed sees opportunity for buyers who will likely get a reduced price. "I'd definitely instruct my clients to buy in this building because I do think they're obviously going to resolve it. It's not like you're going to wait 40 years and find the second floor is now the first floor, that's not going to happen," he said.

Residents are working to fix the problem. At their HOA meeting Monday, they agreed to hire a construction defect attorney.

This is the first step in a legal fight that could take years.

Click here for a look at more stories and videos about the Millennium Tower in San Francisco.