Post your comments
Posted by: Pete Aron - 3/7/2007 4:05:31 PM
I'd like to hear from new owners what % of asking price you purchased your Palladio condo for. With 23 units still not sold (26%) I would think there would be some downward pressure on prices.
Posted by: Jim - 4/14/2007 9:01:54 AM
Open... Open... Open... Im so excited about the Palladio. What an astoundingly beautiful building! It looks very classy, and built to stand the test of time. I love all the glass. Just missing a roof and the peeps. Does anyone have an ETA on a grand opening?
Posted by: myrnatheminx - 4/14/2007 4:05:14 PM
at almost $500 per square foot, I don't care how nice they are. I find that completely overpriced for Reno. Maybe they'll prove me wrong, but as an investment, I think owners are going to have to wait a long time before making their money back.
Posted by: Mike Van H - 4/14/2007 5:31:02 PM
Hi Myrna! Considering they have sold 60+ units already I would say SOME people are willing to pay that much for quality. How about a positive comment next time? After all, it IS a gorgeous building, a gorgeous additional to downtown Reno and it units are amazing. I doubt most of the 60+ people bought their condos in the Palladio to rent out or as an investment. I know my friend Logan, who bought a 2 bedroom there, didnt buy one as an investment he bought one because he loves the building and loves downtown. The guy who contacted me who bought a penthouse unit didnt buy his unit as an investment, he bought it to live in. Youre right, people who buy a Palladio unit right now as an investment would not only not make their money back for a long time, but they should take a few lessons in real estate investment.
Posted by: doofus - 4/14/2007 5:44:40 PM
From my eyes, the Palladio is one of the most heinous inflictions of architectural mock-historicism ever inflicted on Reno. No sense of scale or rhythm, incredibly heavy handed detailing at the street level. It makes the Judge Mill Lane disaster look like poetry by comparison.
Thinking back a bit, wasn't it "over subscribed" and there was a wait list forming?
Posted by: Cindy - 4/14/2007 6:31:35 PM
The entire real estate market right now needs to adjust to lower prices. Only 10% of inventory in Reno is being sold. All pricing in Reno right now is overpriced whether it's in the suburbs or downtown. Sellers in this area, new and existing, don't 'get it', what real estate brokers and prospective home buyers already know, home prices will have to lower significantly for the market to balance. I saw an ad for Cosmic Village in Wingfield Springs, 'free upgrades for standing inventory'. BCN Development should probably be happy they sold so many units early on. These developers may need to measure their success in not how quickly they sell out, or if they sell out, but that they eventually sell enough condos to break even. Also didn't BCN grossly under-estimate the constructon costs on this particular project? Maybe that's why prices are so high for this particular project.
Posted by: SFJetSet - 4/14/2007 9:01:26 PM
I have toured the Palladio. It blows the walls off any other development in Reno to date. If you think this building is overpriced, then you haven't seen it from the inside. My wife and I are from San Francisco, and we purchased a 2 bedroom condo in the Palladio to come up during the summer and enjoy the events downtown (I am a real car buff), and then share our unit with my brother's family in the winter because they are ski buffs and will use it in the winter. I cannot see many people buying these units for investments, for what I paid for mine I would have to rent it for $3000 a month, that seems a bit excessive for Reno (but the norm for SF).
Posted by: myrnatheminx - 4/15/2007 10:37:37 PM
Um, I'm glad people will be moving in so that there are more people living in downtown. However, many investors bought their units at the height of the market (two years ago!)--the same square footage and same floor at the Palladio was almost 200,000 more than my place--I checked. I hope it works out because it will benefit me, but honestly, but I'm skeptical--can't help it.
Posted by: Danny - 4/22/2007 3:01:40 PM
Mike, go get some pictures of the Palladio. They have the Starbucks signs up. Things are taking shape, that intersection will be one of the most amazing ones in town when the Antique Mall is changed up.
Posted by: Dave - 4/30/2007 9:15:32 PM
I've done a lot of research on The Palladio and plan on buying a unit next month. I'm going to be living in the condo for a long time and don't plan on selling any time in the near future or ever. I believe Reno is a very nice place to retire and the units in the Palladio are very nice and is in a excellent location. Maybe some of you are right if you are buying and not planing on living their for a long time than it's probably not a good investment for you. If you feel I'm wrong please respond.
Posted by: Sara Lee - 5/1/2007 10:33:46 AM
Kind of curious, but for those of you moving into the Palladio.. how are you getting your baby grand pianos up to your units? Last I checked there were no freight elevators in the Palladio... just two regular-sized elevators. Is this still true?
Posted by: Scotsman - 6/21/2007 4:16:34 PM
Really nice untis but parking is the problem. Only ONE parking space per condo!!!! If you want another then it is $35,000, no garage to keep all my other toys(3 motocycles, 3 bikes and other stuff)
We will be sticking to our 4 bed, 3 bath jsut the Southside of the river near Mike V's place
Posted by: jordan - 6/25/2007 5:11:00 PM
this is not a virtual tour.
Posted by: Mike Van H - 6/25/2007 10:42:29 PM
Sorry Jordan you are right. I had a link to THEIR virtual tour but the link didnt work anymore so I removed it. I didn't update the heading after I removed their virtual tour.
Posted by: Justin - 7/11/2007 10:01:19 AM
While having lunch the other day at Wild River Grille, I was able to more thoroughly check out the Palladio. I have to say, I'm not too crazy about some of the details. In particular, the black awnings (bird poop is going to really stand out), and the primer grey pillars on the entryway that faces the Truckee river. I think they should have made them both deep green to match the roof and unify the color scheme. It also seems like they are STILL putting the finishing touches on the roof (at least I hope so...it looks incomplete).
Sorry for nitpicking..... :)
On a side note, I also saw that Thoma Street Lofts has erected a fence w/ colorful banners. This project will be a great addition the the area. I would LOVE to see more smaller sized projects like this fill in and revitalize areas around downtown. I love that downtown is finally becoming not only a place for tourists, but also a "real" city core w/ residential and retail outside of the casinos.
Posted by: SteveJ - 7/14/2007 9:20:19 AM
I'd definitely consider buying one if they weren't so ridiculously overpriced. Question: What type of real estate sits empty? Answer: Overpriced Real Estate. I'll wait a year or two and pick one up from a distressed seller a bit cheaper.
Posted by: Mike Van H - 7/14/2007 10:21:59 AM
Hi SteveG, I doubt you will find any 'distressed sellers' in the Palladio. Again you are missing some facts, such as MOST people bought units in the Palladio over 2 years ago before the project even broke ground, and far less than the current units are being advertised for, and I just took a dog walk last night and comparing building for building, saw more lights on in the Palladio than Riverwalk Towers, and it was pretty close to Arlington Towers as well. So it's not exactly sitting empty.
Posted by: doofus - 7/22/2007 6:03:25 PM
Hey, I was down by the river yesterday, and picked up a flyer at the Palladio. They are now listing 34 units of the total 87 for sale (3 are pending). Weren't we talking only 23 or 24 units a couple months ago? And I can remember "sold out" from a couple years ago. I can find at least 2 additional resale offerings.
The closed sales should be hitting the Assessor's sight in a few days, so we will actually be able to find out what these units really sold for. If I were the Montage, I would be getting pretty worried about the number of reserved units that seem to be falling out at the Palladio.
Posted by: Mike Van H - 7/22/2007 8:02:12 PM
Strange Doofus I only found 23 available in the MLS, the same amount as a few months ago. I think where the Montage has one advantage is they started their sales after the big slide had started in the real estate market, where the Palladio started their reservations in the height of it two years ago. Thats when it was sold out which actually is a misleading term because they were simply reservations. However those that bought a unit 2 years ago, which obviously is the majority, bought for sunstantially less. The Montage sales staff tells me nearly all of the investors who had reserved models at the Montage, backed out 6 months ago when it was time to fork down deposits and convert the reservations to actual sales. The Montages sales are actual sales, not reservations...with actual money down, and not a deposit. That being said, I think ANY developer should be concerned in this market.
Posted by: Local Reno Guy - 8/3/2007 10:26:34 AM
I did some installations yesterday in one of the penthouses and I was thrilled to be in that new building instead of looking at that empty lot that burned it's image into the back of my retinas. What great views from every direction! And just think if you lived there, you would have direct access to your new home from I-80 via Sierra Street. Get with the program you haters. The rest of the world is growing up while Reno sulks in its' own defunct state of low tide. This is a great city. Let's make it greater.
Posted by: Justin - 8/3/2007 11:12:37 PM
Thanks for the Palladio comments. I agree, it's a great building/location. Unfortunately, not everyone can afford a $400k+ condo and the high association costs that go along with it.
You will not see a serious influx of people moving downtown until the pricing becomes more reasonable. A good chunk of the people who have bought units downtown are investors or are out of towners searching for a second/vacation home. From my experience, most locals just can't afford the prices they are charging.
It's too bad really.
Posted by: Mike Van H - 8/4/2007 12:50:34 AM
Hi Justin! What happened to your blog? You are slackin there a bit buddy! You got us all addicted to it and disappeared. haha. Anyway, I agree with the prices of condos....however the Palladio was a luxury condo building, and despite what everyone says, I see a lot of movement about in the building, a lot of patio furniture out now, and tonight I counted 10 or 11 lights on on each side of the building (except the North side where the majority of available units are) ...so SOME people are living there.
I agree some affordable housing needs to be downtown, however if you look at MOST downtown locations, property and units typically cost more money. So its hard to build affordable housing downtown unless its mandated, which is what L.A. did. I read somewhere it costs upwards of $499 a square foot right now to build a condo high rise downtown, unless you are using an existing building to convert. No wonder why Arterra, Wingfield etc are struggling to figure out a cost-effective way to build their projects without going under.....how can one build an affordable-living tower downtown when construction costs and land costs are so high right now? Thats the billion dollar question.
Posted by: Justin - 8/6/2007 11:19:56 AM
Hey Mike! I'm still alive. :) I promise to have more stuff up in the coming week. I've already updated my blog w/ a new poll I feel is relevant to the discussion we have been having recently regarding the proposed South Meadows Condo towers.
Keep up the great work....you're my hero!
Posted by: Gene - 10/25/2007 8:05:21 AM
I guess this is satisfactory for some people, and I have tried to find some common ground with the positive comments posted. But to me, this and all the downtown condos are just more "me too" apartments, all densely packed together, low ceilings, nothing really appealing that I can see about that life style. What am I missing here? People seem to like it, from the comments, am I that far out of touch?
Posted by: Pat - 11/9/2007 9:58:39 AM
I am new to Reno and am interested in locating in the downtown/riverwalk area, so I appreciate all of the comments here. My considerations are a view of the Sierras, location, and noise. One of the main differences that most high rise buildings have is that a lot of cement is used between floors compared to traditional apartment style buildings and this eliminates the noise of those above you. The high rise building also offers the view I am looking for where most apartment style buildings that are two maybe three stories, not so much.
Price is always a factor and it has been brought up here several places. Anyone who does not at least consider their home purchase as an investment is foolish. Life throws surprises and even if you do not think you will move, you never know and the largest investment that most people ever make is the purchase of a home. In part from this, I have decided to rent as I think there will be a glut of availability on the market in early 08+ and prices will by necessity come down as 08 progresses. The comment that the montage has sales is not correct. Sales can not be made until all permits are clear and they are waiting for the fire clearance, so the current 40% 'sales' their are reservations. The deposits were $20k to $50k, but given what has gone on in this market is nothing to walk away from (and some will likely be forced because of financial reasons to walk away as they can no longer afford the costs of completing the transaction).
I saw an HGTV show just the other day where a similar new build high rise in Florida was forced to auction off their inventory (or the bank was going to foreclose on the builder and do the same). The units there went for about 25% to 40% of the recent asking price. Mindblowing!
The builder was pleading with the bidders as this was well below the cost to build. That is why the high rise buildings are so pricey is that the cost of building is higher than low-rise buildings. Given all of the inflation in building materials and the need to rely more on higher cost documented workers and the cost to build is high. I know that normal houses in a development run around the $75/sq.ft. for very modest to $150/sq.ft. for luxury housing. The builders profit margin is then whatever the market can and will bear above this. The reason builders deal most with "spec" or completed homes is because the way the loans work, cash is being paid from the builder to the lender at that time. So there is a much larger pressure to sell because the carrying cost goes through the roof for the builder at that point. Don't get me wrong, the builder is paying interest on the loans, but it is typically accruing up until the unit is completed, then cash has to come out of the pocket.
Anyway, I have looked at the Montage and liked the project - am leary of moving into the place before all of the track covering and retail construction over the tracks are complete as this will be a lot of noise, pollution, traffic nuisance, etc. for those in the building until that is closer to being finished.
So, I am off today to check out the Palladio and I'll drop in the Belvedere project as well.
Once again thanks for the web pages and everyone taking the time to post their comments!
Posted by: Pat - 11/9/2007 4:13:07 PM
I just got back from 'looking' at the Palladio and some of the other downtown residences. There is no sales office. I couldn't see models or specs as no sales person appeared to be even on-site. It's not a great market for real estate sales, but not trying to sell and making it easy for someone to buy makes it a heck of a lot harder. Anyone living at this building should be angry because this is hurting the value of your property. Part of the reason that new sales in residential are stronger than resale are the incentives and ease for making the purchase, which is not available with the Palladio. This is not limited to the Palladio either!
Posted by: Jenny - 11/16/2007 12:30:00 PM
What is the parking situation like?
Posted by: 2observer - 11/22/2007 3:59:30 PM
About 35 of the Palladio's 92 units either have never sold or are listed by sale by oner (some on Craiglist!). Pricepoint needs to be lowered to reflect current sales depression.
Posted by: Pete Aron - 7/17/2008 4:44:52 PM
Sorry to say the Starbucks on the first floor of the Palladio is on the list of Starbucks to be closed in the near future. The list is here:
This is the only store in Reno scheduled to close.
Posted by: Jai - 12/9/2009 12:33:16 PM
Is there anyone here who wants to rent their unit? If so please contact me email@example.com.
Posted by: Mandy - 2/8/2010 10:49:22 PM
It looks like no one has made any comments in a while. I am very interested in a 2 bedroom condo at the Palladio. Are any units still available? Can anyone tell me any more about the property - amenities you like, etc...
Posted by: Brad - 3/13/2010 2:41:08 PM
I am very interested in leasing a 1 or 2 bedroom. If anybody is leasing please contact me firstname.lastname@example.org . Thank you
Posted by: Robert Pietri - 6/12/2010 8:22:44 PM
I am looking for an upscale condo in the heart of Reno. Would like a 2-3 bedroom 2 bath. Please send information to Dieter360@aol.com
Posted by: Terese - 12/1/2010 3:55:26 PM
Hello. I am looking to rent a 1 or 2 bedroom unit unfurnished. If someone is renting could you email me at email@example.com Thanks
Posted by: Margaret Fox - 8/27/2011 9:38:42 AM
I am interested in a 2-bedroom at the Palladio complex. Prices please? Thank you
Posted by: Tom Frieder - 2/12/2012 12:15:18 PM
Funny how the price range of these almost tripled in a year and a half. I guess now that they gave the complex a fancy name they can double the price??