Okay, here’s a first… check out this penthouse condo listed in the Park Towers for $1.1 million. That’s right, that wasn’t a typo. So far the MLS record is $572K last year for a slightly smaller unit in the same building. It will be interesting to see how long it takes for this one to sell. Last weekend they had an open house. Did anyone go? The toilets must be made of gold at this price! see it
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Reno Ignoramus
Wow!!
You mean for only $550.00 a square foot, I could live in a top floor unit at Reno’s oldest condo conversion?
Lets see. If I put 20% down and borrow $880,000 at 6.125% on a 30 year amortizing loan, my monthly payments would be only $5,396 a month. Of course thats just P & I.
Lets say another $500 a month for taxes, which is probably low. And what is the condo fee? Another $500 a month? We won’t even include insurance.
So for just $6,400 a month, more or less, I could live in this no amenities building built in the early 60s? Or is it the late 50s?
But then, I could always get a nothing down, interest only, teaser rate loan (I have a great FICO score) and see my monthly payments plummet by $1700 or so. Don’t you think that would be the smart thing to do? $550 sq/ft is cheap, right? It can only go up in value, right?
Now I am just an Ignoramus, so help me understand, are there fortunes ready to be made in the downtown Reno high rise condo market?