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Posted by: Los Angeles Transplant - 5/30/2007 11:42:54 AM
I have been keeping up to date with my purchase via The Montage website and Downtownmakeover.com and I am starting to get chills as the open date grows nearer. This will be hands down the best of the downtown developments due to the fact that the developer bought into such good structural "bones". No where on the entire west coast would such an amenity laden, high-end development be available at such a reasonable price. Mark my words, as the glass continues to go in and the facade unveils itself and the Reno skyline is forever redefined, The Montage will reign supreme!
Posted by: Toby - 5/30/2007 4:08:47 PM
Long live the Montage!
Posted by: Justin - 5/30/2007 5:28:04 PM
I can't wait to see the Montage next Summer. It's already much more prominent in the skyline due to the additional floors they've added.
Posted by: Reno Empty Nest - 6/13/2007 10:47:27 AM
For all of your out there who have seen the new addition of the penthouse level of The Montage in our burgeoning Reno skyline, I came across some exciting construction photos available through their website (http://www.themontagereno.com/montagereno/progress_05_2007.htm). I almost wish my two lovely children never gone away to college so I could've talked my husband into buying one of the Penthouse units, however, I still can't wait to get into my 2 bedroom 2 bath Tower Residence... See you all there!
Posted by: ModGirl - 6/22/2007 2:26:40 PM
This may be old news, but if you look at the side of the Montage facing west you will see a hint of color creeping its way up the building! Just saw that today as I was out and about.... almost peed my pants!
Posted by: Mike Van H - 7/14/2007 10:18:06 AM
Hi SteveJ, actually 40% sold, before construction is even halfway complete, IS something to brag about. Also, they were given the construction loan of $143,000,000 long ago and long before they reached the 40% mark, so they dont need to make any sales marks to receive any additional loans....and in this market, where only 9% of available home inventory for sale is actually selling (that bloated inventory doesnt include new homes either), 40% IS something to brag about, considering the number of units the project has. I also suggest you stop by the Montage sales office on any given day and notice how busy it is. I also suggest you look at the sales history of projects like Riverwalk Towers, 8 On Center etc, who sold the majority of their units AFTER construction was totally complete and the fences came down.
Posted by: Anakin-Marc - 7/19/2007 2:07:14 AM
Just walked by the Montage several hours ago. Looks like they primed part of the tower, and some of the mid to upper stories have even gotten their orange-yellow paint! Also appears that they've started installing hardware for the balconies. Work is really moving along on this project; can't wait!!!!
Posted by: Anakin-Marc - 7/25/2007 10:53:12 AM
While walking downtown yesterday, noticed some work being done on the Kings Inn. I asked one of the people working on it, and it seems that some work on converting it into a condo is due to start in 6 months, which would include adding 4 floors to the top. What I found interesting was that this person said it would be developed by "by the same people as that building", as he pointed at the Montage. While I doubt they'd be starting a major construction project in the middle of Winter, perhaps there may be some hope for the King's Inn project after all... On another note, Montage itselfe is beginning to look quite snazzy with the new color scheme and all, can't wait 'til it's done!
Posted by: Downtown Resident - 8/24/2007 2:45:03 PM
I have been living downtown for several years, and have been following the Montage's progress closely. I think it's a great plan that has been well executed from the beginning...until recently.
Am I the only one to notice that all of those beautiful floor-to-ceiling windows and newly installed balconies are WHITE? Are you kidding me?
Of course the "artist's rendering" is never what the finished product looks like, but NOWHERE in any of the marketing materials (including the "model" sales office, the scale model, and their website) is WHITE used. It is NOT a minor detail to switch from brushed aluminum/grey colored window framing and balconies to white. Did the developer think people wouldn't notice?
I can only hope that it's merely primer, but I strongly doubt that they plan to repaint all of that hardware to match the dream they have been selling us.
Posted by: RenoSteve - 11/2/2007 3:52:09 AM
Looks like L3 is sprinting to try and get the exterior of the building all closed in for winter. In recent weeks they have been putting up the interior and exterior framing on the penthouse level as well as the lower casino level. Now they seem to be starting to install exterior "skin" on the top and sides of the tower and will apparently start doing the same on the casino portion before long - particularly on the north portion under the tower. The south portion of the old casino structure, with a steel rather than concrete support structure, is a little behind, but new steel and floor installation framing is very active and the beginning of the framing for the exterior skin is just starting to be installed. It will be GREAT to see all the scaffolding start to come down as the finished exterior gets completed. Now, when the heck are they going to quit hassling over 15 slots and open Longs Drugs across the street?????
Posted by: pat - 11/9/2007 4:42:37 PM
This project is very nice and I like that it is the most dog friendly of all the projects I have visited in any downtown high rise. The sales staff were professional, helpful, and friendly. The model is well laid out and the units feel open and inviting. From the information they gave me the project has about 40% of the units reserved and (some/most/all?)will translate into sales once the fire permits are signed off, which they said should be January. That is what I am waiting for as I want to see how many fall-out at that stage.
Posted by: David D - 12/30/2007 11:19:07 AM
I checked the models out this weekend at the montage and heard exciting news from the sales rep that a Ruths Chris Steak House will be taking up one of the large corner retail units with a large outdoor dining area. He seemed very confident that they are coming and said they are in escrow and have signed contracts with the montage. Ruths Chris is a very expensive well known restaraunt that will really raise the dining standard in that area. The nearest one is in the Roseville Galleria and one in the prestigious Pavillions Lifestyle Cneter on Fair Oaks Blvd in Sacramento.
Posted by: Justin - 1/1/2008 8:19:21 PM
Thanks for the news! I've been to this steakhouse in Seattle and enjoyed it quite a bit. I've never been to their locations in Roseville or Sac, but I've heard good things. I'm not a HUGE steak lover myself, and would prefer a Cheesecake Factory or Il Fornaio, but it's still a positive indicator of the direction downtown is headed. :)
Posted by: Doug B. Cooper - 5/5/2008 3:19:50 PM
The Montage is definitely going to be a great addition to downtown. I'd love to buy a unit, but can't justify paying so much for so little. I mean, being close to downtown is a plus and all, but I think I'd rather buy a home that comes with some extra square footage of land too!! If the prices come down like the rest of Reno, I may, along with many others, consider purchasing a unit. As for those of you that already own... yes, I'm jelous.
Posted by: Chris - 9/18/2008 1:36:06 PM
So here is my question.. Montage or Palladio? i was planning on moving into the Palladio in the next 6 months.. But should i hold out to see what the montage is bringing? I have a feeling the Montage will converted to half rentals similar to Village at Idlewild.. has there been any talk of that at all anyone knows of?
Posted by: Mike Van H - 9/19/2008 7:36:47 AM
Hi Chris, I am VERY close to the Montage folks and thus far there has been no talk the units being converted to rentals. IMO Montage blows Palladio out of the water as far as building quality, amenities,etc. It may take longer to fill the building up in this curent market, but L3 Development has no plans that I know of to convert the building to rentals. The reason Village at Idlewild converted to rentals is they built out a product that was originally supposed to be apartments anyway, then decided midway through to try to make them condos. Didn't work.
Posted by: kb - 10/30/2008 3:16:17 PM
I saw this in the NNBW and it sounds like the montgage
Corus Bankshares, a Chicago lender, says it's placed a $126 million condo construction loan in Reno in the nonaccrual category. Corus doesn't identify the borrower and doesn't say what it plans to do about the problem loan.
Posted by: wc - 11/25/2008 11:08:35 AM
What's the latest with the Montage ?. With the economy in the dumps, hard to get financing, values decreasing, week sales, construction interest loan payments, construction delays. Does this spell anything but bank foreclosure and rentals ?.
Posted by: Concerned Buyer - 12/9/2008 10:29:19 PM
I am hearing that Corus bank will take possession of the Montage on 12-15-08 and that several Montage buyers have hired attorneys. If anyone knows of any way for me to contact other Montage buyers, please let me know. I feel I need to have an attorney read my contract and represent me. I would rather go to an attorney familiar with the contract. Any ideas about how I connect with some of the other buyers?
Posted by: Tom - 12/10/2008 7:54:36 AM
I too am getting pretty concerned about what's going on at the Montage. Do you know anything, DTM dude?
Posted by: peggysue - 12/10/2008 1:26:25 PM
Very concerned about the Montage project......What is going on?
Posted by: Insider - 12/10/2008 2:21:06 PM
A reliable source has told me that the montage will be turned into section 8 housing. It was the only option to make a profit.
Posted by: In The Know - 12/18/2008 10:08:13 AM
The comment by insider is not true. This person has a vested interest (most likely a short position on Corus Bankshares Corp (NASDAQ:CORS)) to see this project fail.
Insider is making this misrepresentation with the hopes that buyers walk away from the project.
Typically Corus has partnered with a marketing company (through the developer) to sell off the remaining units. Corus has a lower cost and can afford to discount the price more than L3. ( As the current buyer s have seen with their own discounts ).
My belief is the remaining units will be sold before the end of Jan or Feb 2008.
Posted by: JG - 1/15/2009 8:41:30 PM
I was just there and the sales people said they have sold approx, 37% and no where near selling all the units. And please keep in mind that there are others in the area doing the same thing, "More Buildings going up". SO patience people patience. Prices will come down another 30% at least....
Posted by: Reno Guy - 2/8/2009 10:28:03 PM
Does anyone know of an actual move in date? The Montage website is of no help and I (and probably like many others) am anxious. Thanks Reno Guy.
Posted by: The Reno Renegade - 4/11/2009 2:57:31 PM
I absolutely love this project. In my opinion this is THE linch pin to the downtown area really taking off. What about renting out units? Do any of the existing owners feel that this is a viable option? I noticed the comment on Section 8 housing...that has to be wrong!
Posted by: montagebuyer4 - 4/14/2009 10:29:58 PM
I'd love to hear from some of the buyers. How is it?
Posted by: Montage Owner - 6/1/2009 5:38:10 PM
We love our unit! The building is fantastic. We were scared about the downturn, but didn't want to lose our deposit, so bought a smaller unit. It is a second home for us, hopefully, someday will live full time in Reno. Can't wait for more people to move in!
Posted by: Montagebuyer4 - 6/13/2009 8:33:06 PM
Montage Owner - You are the first to respond to owning. Can you enlighten us in detail to what it's like?
Posted by: MontageBuyer2 - 6/15/2009 2:14:20 PM
We bought a one bedroom corner unit model C-3 in April 2009 and closed in May and absolutely love the unit and building. The price may continue to fall in the short term, but we got the unit we wanted at about a 33% discount from what it was listed for last year. How much the value of this unit goes up or down over the years is really our children's problem - not ours! We are looking forward to many years of happy retirement living about six months a year in downtown Reno.
Posted by: Montage Resident - 6/15/2009 5:02:14 PM
Moved in a few weeks ago. There are pro's and con's so far.
Pro's: the front desk staff are awesome (actually, all the staff so far seem great). Linda, with her sunny cheerful attitude, is a real pleasure to see every day. The building is clean, modern, and sleek from the inside out. The security is more than I expected and keeps me feeling very safe. The maintenance staff are right on top of issues as soon as you report them. The workout/gym room is GREAT. The glass doors and windows provide amazing insulation from exterior noise. The layout (mine, at least) is open, spacious and very comfortable. The location and urban atmosphere are unbeatable and I enjoy living here even more than I thought I would.
Con's: Although I like it a lot, it seems they're still really working out some bugs. The pool and hot tubs are not working, and the entire pool deck (including the gas BBQ grills I was so excited to use) is completely locked/unaccessible. It would've been really nice to have hot tubs to enjoy after all that moving, and at first I understood they were having some "difficulties" with the pump system, but 3 weeks later, apparently there are still no immediate plans to rectify this situation? Let's get on it!! The beautiful new pool deck (and natural-gas BBQs!) were some of the main reasons I moved to the Montage. Also - the dog run is great but there really needs to be LIGHT at night - a) so people can SEE to clean up after their dogs and b) for obvious safety reasons so we don't trip and fall. The garden deck is WAY too dark at night. Finally, there is a persistent loud "hum" that may be the building's HVAC system or elevator machinery (not sure) - it turns off occasionally, but for the most part has been on almost constantly (day and night) for the whole time I've been there. Whatever it is, it can get quite annoying, and it seems much louder on the 3rd floor near the elevators. I'm hoping this is just the air conditioning or something, so in the winter it won't be a problem.
Posted by: Montagebuyer4 - 6/15/2009 8:27:44 PM
Great attitude MontageBuyer2.Thanks for the feedback too. Nice to hear an up beat story about the project. I hope it works out in the future, as it's a beautiful building in a superb location.
Posted by: Montage Resident - 6/16/2009 10:24:24 AM
(Some changes/updates made)
I moved in a few weeks ago. There are both pro's and con's so far, but I think most of the con's can be fixed, which is good news.
Pro's: the pool and hot tubs are (yay!) finally working as of TODAY! I haven't given them a try yet, but look forward to it. The front desk staff are awesome. Linda, with her sunny cheerful attitude, is a real pleasure to see every day. Gary is always smiling and helpful. The other front desk and security people are also friendly, though I don't see them nearly as often, so I don't know everyone's names yet. The building is clean, modern, and sleek from the inside-out. The security is better than I expected and keeps me feeling very safe. The maintenance staff are right on top of issues as soon as you report them. The workout/gym room is GREAT. The glass doors and windows in each condo provide amazing insulation from exterior noise (and wow, does downtown get noisy on Friday and Saturday nights!). The layout (mine, at least) is open, spacious and very comfortable. The location and urban atmosphere are unbeatable and I enjoy living here even more than I thought I would.
Con's: the dog run is great but there really needs to be a LIGHT at night - a) so people can SEE to clean up after their dogs and b) for obvious safety reasons so we don't trip and fall. It's way too dark. The interior hallway colors are... odd. Dark gray and a strange, very bright industrial yellow. I wonder why they didn't continue the pretty color scheme from the lobby throughout the rest of the building? It's definitely not a deal-breaker, but the hall colors are slightly off-putting. Perhaps that's just me, though. Finally, there is a persistent, rather loud "humming" tone that may be the building's HVAC system (not sure). It turns off occasionally, but only for a few minutes at a time, and for the most part I've heard this humming constantly(day and night) the whole time I've been there. Whatever it is, it can get quite annoying. I haven't gotten used to it yet, though I hope I learn to ignore it soon. It seems much louder on the 3rd floor for some reason. I can hear it inside my condo, in the halls, and pretty much everywhere. It can be heard in the background even when the TV and surround sound are on. I'm hoping this could maybe just be associated with the air conditioning, and that in the winter it won't be an issue. I've never lived in a large residential tower before, so I'm not used to building noises like this. A friend suggested that it might just be the HVAC system and that it's the way most large buildings sound normally. Does anyone out there have experience with this? Maybe it's just me.
Posted by: The Non-Whiner - 7/3/2009 2:17:22 PM
Wow, I hope we don't run into Montage Resident anytime soon. That guy would make a short elevator ride really long. We moved in 02JULY and we love this building. No complaints and agree with all of Montage Resident's PROs and believe he should take a pill with his CONs. It..is..a..newly..remodeled..building. All new products have bugs. Enjoy the ride! Thanks Downtown Reno Makeover guy!
Posted by: Bearcat57 - 7/13/2009 10:44:23 PM
To you naysayers, open your eyes, Reno is a changin. Check out the new beautiful Reno Aces ballpark, great family fun. walk down to the river, and see the kayakers, rafters, and swimmers. The Montage is a great addition to Reno, and once Ruth Chris and the other retail stores are in it will be awesome!
Posted by: Potential Buyer - 7/20/2009 9:49:09 AM
Is there anyone out there that has bought at the Montage lately? If so, can you advise how much of asking price your were able to get your condo for? We are looking at buying a unit and I would like to get a feel for how much units are actually going for.
Posted by: MontageBuyer2 - 7/22/2009 7:12:28 AM
You can go on the internet at http://foreclosures.rgj.com/ and search for the latest foreclosure or sale closings by zip code, address or whatever. By looking at sale closings for 255 N. Sierra St. you see the unit numbers and square feet and can compare what someone actually closed for versus what is the posted price. We love our unit and buying early gives you best choice of garage space and storage unit. We were less concerned about getting in at the absolute lowest price than we were about getting the exact unit and view that we wanted. In the short term, values may go down, but in the long term I cannot see how this can be anything less than a success.
Posted by: Steve Watts - 7/23/2009 7:19:54 AM
Well, values will certainly go down, especially at the Montage, as Reno condo prices have fallen around 50%, but the Montage has only cut prices 30-35% so far.
My bigger concern is the fact that the very slow sales there mean those who bought early will see their association fees go up to make up for all those empty condos. And if you still want to buy, you might want to check out the riff raff on that corner on late weekend nights.
Posted by: Betty - 9/24/2009 2:08:56 PM
Just a quick note from a resident of the Montage to say that I LOVE living here! As does every single resident in the building, and we'd all be happy to tell anyone how great it is, if anyone ever wants to know! I love going home every day, and the community is amazing, albeit small. I don't regret my decision to buy and live here in the least!
Posted by: eabo - 9/25/2009 7:18:58 PM
Betty, glad the Montage is living up to your expectations. It really is an extraordinary project for Reno. and I've heard not even a whisper of a complaint from any resident.
But I just have to wonder if your level of satisfaction might wane a bit when the rest of the project sells out for a third of what you paid for your unit. OK, best case 50%. Basking by the pool on faux rattan isn't as much fun when you realize the magnitude of the money you have just purged from your net worth by being an early adapter in a losing property.
Posted by: Boston Transplant - 9/27/2009 1:24:26 AM
Love the Montage although still over priced, we are waiting to see how this whole thing shakes out. There are all kinds of rumors floating around on how the Montage is going to end up, some nice and some not so nice (section 8). One things for sure things can't stay the same with 80% of the building vacant. I do feel sorry for the people currently living there as it willtake 20 years for them to recoup their purchase price.
Posted by: Boston Transplant - 10/7/2009 7:14:23 PM
Wow it is good to see Fernado back in the picture, he will make things happen
Posted by: Anakin-Marc - 4/19/2010 3:15:39 AM
Just a thought regarding the ground floor units, but any idea if they're zoned to allow for live-work units like 8 on Center? The exterior ground-floor access would work out great for such a venture, and would go well with the commercially-zoned spaces already existing on the first floor.
Posted by: detroit transplant? - 6/1/2010 11:11:55 PM
hoping to land a job with amazon in fernley and looking for urban living options in reno...how much is a one bedroom going for right now??...and read a comment about "riff raff" hanging out during weekend nights on the corner and possible units going to sec 8, is this happening??...but no worries, believe me, it can't be as bad as some of the things happening in detroit currently!!
Posted by: Montage Buyer 2 - 6/5/2010 12:04:22 AM
Downtown Reno has "riff raff", sirens, and street people like any other city does. Montage is THE class building downtown, and is now selling for very attractive prices. Some owners are buying additional units and renting them out. Coming from Detroit I believe that you will find downtown Reno quiet by comparison.
Posted by: Montage Owner - 2/21/2011 4:46:44 PM
My wife & I purchased a unit in November 2010 as a 2nd home to use from May thru September to escape the heat & humidity in So. Central Texas. Before purchasing, we seriously looked at Portland, OR, but decided the Montage was a much better value, plus downtown Reno has more to offer than Portland aside from public transportation. We spent a week there in December getting the condo furnished, and we are very excited about our new summer home. The staff is super fiendly and very helpful, and we can't believe how much there is to do within walking distance. The Fitzgerald project is interesting and hopefully it will be a success. A non-gaming venue is something that Reno needs to diversify because relying strictly on gaming won't cut it anymore with all the competition. Reno is a great city and it's proximity to Tahoe is a real plus. Nevada may be hurting now, but we are confident that things will eventually get better and hopefully Reno will diversify its economic base so that it no longer lives and dies on gaming.
Posted by: Tom - 2/22/2011 1:35:28 PM
Montage Owner - can you be more specific as to what you found attractive about downtown Reno that you found lacking in downtown Portland?
Posted by: Montage Owner - 3/1/2011 1:37:23 PM
Tom, in response to your question regarding why we found Reno more appealing than Portland, there were a number of considerations. We checked the crime statistics and found that Portland's crime rates are about double those of Reno in most categories. And while Reno has a lot of homeless people out on the streets, we found them not to be particularly bothersome, while Portland's homeless (most of whom appear to be younger druggies) are aggressive panhandlers and we were very uncomfortable around them. The weather was not an issue, since we will be spending only the summer months away from Texas & Reno and Portland are both very nice this time of year. We also found that we could get a lot more for our money at the Montage. A comperable condo in Portland would have been about double what we paid and our feeling was that Portland was still way overpriced, even though prices have fallen. A lot of the newer condos in Portland are in the Pearl District, and being retired we felt out of place as most of the residents are much younger. Finally, we were uncomfortable with Portland's radical politics. To sum things up, Portland and Reno are both beautiful areas, but the more we investigated each city the better Reno looked for us. Hope this answers your question.
Posted by: Fedoraman - 3/31/2011 7:06:19 PM
Anyone have any idea if they are close or at least on the path to getting financing back for this place? It would be a bonus if the prices came down at all, but I'm not holding my breath on that one.
Posted by: Lonestar - 4/1/2011 10:43:15 AM
Fedoraman, I don't know about the financing, but I understand that the Montage is only releasing a few units for sale at one time and as these sell, they are slightly increasing prices on the newly released units. At least this is what was happening several months ago. If this is still the case, the longer one waits to buy, the higher the price. Actually, this is good new for Montage owners as it will protect their investment.
Posted by: Reno Steel - 5/6/2011 3:08:44 PM
I was just there on Wednesday for a Brokers Reception and the Sales Woman told me that the building is at roughly 25% occupancy. Now, she didn't specify whether that was the Owner-Occupancy percentage or just units sold. As I understand it, the building has to be at 51% Owner Occupation (not units sold) before it can qualify for FHA financing. Therefore, everything is still cash only. (I also noticed that there were a ton of people renting, versus actual owners so these people are a looong way off from 51%)
To me, that's good and bad. I think if you have the cash, you can low-ball the hell out of these (regardless of the fact that the Salesperson said that prices had just risen.)
Hey Montage: Raise prices when you can qualify for financing! Until then, just get them occupied.
Posted by: Ex-Prospective Buyer - 8/17/2011 11:01:56 AM
We made a reasonable offer on a Montage unit that was turned down by the owners. Our price was in line with units that were sold/closed within a month or two. But they demanded a higher price. With this type of mentality in a slow real estate market in Reno, these unsold units will remain empty until the owners are forced to lease them out which will also be difficult to do with the unemployment rate being so low. ST Residential should wake up and remove those blinders.
Posted by: Lisa - 1/31/2012 10:49:30 AM
As of today, there are no size restrictions on dogs and they also have a dog run.
Posted by: Joe Rockhead - 10/24/2013 1:53:17 PM
I noticed that some of the pool terrace units are sold or pending. I'm interested in one of these units. The prices of the terrace units seem much lower per sq ft, compared to the other units. Does anyone know why? Street noise?
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