After months of record-setting sales activity, The Montage has surpassed the 70 percent sold milestone, selling 266 of its 376 residences including six Penthouses, continuing its reign as the fastest and best-selling community in Reno. They expect to be 90% sold by end of the year.
Wells Fargo, one of the nation’s largest lenders, is also offering 80% loan-to-value for primary homebuyers, 70% for second homes, and 50% for non-owner occupied purchases. With Wells Fargo offering down payments as low as 20%, local buyers are able to more easily qualify for their first-home purchase. This has already opened the door for many, local first-time buyers and others looking to downsize.
“Surpassing the 70 percent sold milestone, in tandem with our new lending products, is nothing short of spectacular” said Samantha Reveley, Sales Manager for The Montage, adding “our homes are flying off the market.” The Montage’s sales results and new financing options are further evidence that the local housing market has rebounded tremendously.
The local market’s health is evident in the six Penthouse sales at The Montage, with one topping out at $650,000 and representing Reno’s largest condominium transaction in years. Each of the six Penthouse buyers lives at The Montage fulltime, which has further contributed to the luxury high-rise’s growing sense of community.
The sales team has recorded over 32 sales in 2013 to date; the majority to young professionals who enjoy the downtown location. With the project’s success and the local economy gaining momentum, local professionals have been quick to pull the trigger.