Is the Montage Selling?
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Sales at the Montage?

On a sidenote, is this weather awesome or what?

Let's talk Montage. There are rumor-level comments regarding major transactions going on at the Montage popping up on both Montage Buyer and Reno Realty Blog that would could double the amount of people living there in the near future.

There is one cash sale that can actually be confirmed, the first loft to be sold, nice! The 1,348 square foot loft closed on the 7th of May, and sold for $155,782. In 2009, these lofts were offered at $308,000 to $690,000.

According to one of my snoopers, the rumors seem to correlate each into into this scenario: Montage is releasing selected blocks of units 20 at a time.  When they sell out, they will release another block, but at increased prices.  If no one bites, they will just let the units sit.  There is ZERO negotiating on price, no financing options, and no cherry picking units – if the unit you want is not on the list, tough titty.  The comments state over 25 of these have been sold in this fashion in the past couple weeks, with tower units in the $77,000 to $80,000 range in the first 'batch' made available. We'll know if this is true or just rumor soon enough, for when a house or condo closes, the transaction is recorded in numerous publicly accessible places (such as Washoe County Assessor, maps.cityofreno.com, etc). The other supposed 24 or so will be closing soon, rumored to include units purchased by existing Montage residents.  So if all this turns out to be true, it looks like the resident count at Montage is about to at least double. Any new residents downtown is a good thing. My stance has always been 'I don't care how, get that building full of people, by lowering prices, auctioning units, converting to rentals, or whatever."

Comments:

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Posted by: Marlene - 5/14/2010 2:34:35 PM
Nice work, Downtown Guy. Thanks for the update. The property is still so awesome, it would be great to get it full.

Posted by: Blake Crosby - 5/14/2010 4:12:19 PM
Any truth to the rumor that they are not giving you title to the condo? Doesn't sound possible but I heard it or maybe it's another condo complex.

Posted by: Blake Crosby - 5/14/2010 4:14:08 PM
Also what's the HOA fee? I heard it was pretty high like $300/mo.

Posted by: SmartBrander - 5/14/2010 8:09:05 PM
HOA was at $.41 a square foot. Pre-Starwood. Good news that the units are selling. But at this pricing, you have to wonder how the existing owners feel, of if their prices were all adjusted. And in the end - can they actually make the construction costs back at this rate? Interesting stuff Mike...thanks!

Posted by: mdarnold - 5/27/2010 9:25:03 AM
We are trying to buy a unit at the Montage. Great value!! They are selling so fast that we have not been able to get to Reno before each release is sold.

Posted by: mdarnold - 6/7/2010 10:19:10 AM
Where is everyone. I keep looking for some news on the Montage. I have heard that there will be approx. 20 closing within the next two weeks and they are ready to bring some more units on the market. Anyone know anything else?

 

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