The first Starwood/FDIC unit at the Montage closed on 7 May 2010. Loft 320 sold for $155,782. Officially 1348 SF per the Assessor (1368 per the Montage site). $115 psf in what looks like an all cash deal. The lofts were listed at about $295 psf in the January 2009 pricing sheet, about a 30% reduction after the project went back to Corus. Not to gloat too much, but I made my psf predictions over 6 months ago on the Highrise Condo Edition post.
To see Montage units moving is a great thing for downtown. The price has to be devastating to the existing Montage contract holders,who are in limbo trying to be released from their purchase agreements. Or maybe just more cannon fodder for the attorneys.
I don’t know why the Montage isn’t airing their current price structure more publicly, but this sale looks pretty attractive (add the $.42 psf per month HOA dues).
A quick update based on the comments here at renorealtyblog, montagebuyer, and now Downtownmakeover. Montage appears to be offering selective blocks of units for sale at drastically reduced pricing. Pricing, terms, concessions, unit choice, and financing are non-negotiable. It’s cash, these units only, and take it or leave it. The current batch of 20-25 units seem to be fully subscribed, though only one has closed to date. This unit Loft 320 was one of the original contract holders, so there is a big question among the other original holders if their deposits can be converted to sales at the current asking prices. (at a 70% drop in pricing, their 10% deposit represents a 33% down payment). I’m in contact with about 40 of the original group, and none has indicated that they have been contacted. Montage’s strategy is to release units incrementally, and raise the price at each issue. If they hit the current ceiling, they will wait it out. There is an undertone to the comments that Montage is being very snotty on who is on their "preferred" list to get in on the various levels of the fire sale. Another law suit waiting to happen, in my opinion.
Hope this helps cut through all the cross platform comments.