The first NOD on a Palladio unit was filed today. Unit 1005 was purchased in the first wave of closings 2 years ago for $323,280, with a $290,950 fixed 30 year loan. There has been a lot of bad karma, with the first HOA lien filed in April 2008. Interesting to note that the NOD is for a payment missed in July 2008! The unit is not currently listed, and I’m not sure it ever has been. In any case, this one may end up being a touchstone for what the values at the Montage should be. Like the Villa Rotundi reference? Damn architects.
1555 Pine Cone in Incline Village also received a NOD today for a missed May mortgage payment. 
(I apologize for using a Prudential link, but the RRB search wasn’t picking this one up. Pru has nothing to do with this listing to the best of my knowledge, and I highly endorse their web site) The property was purchased in May 2004 for $1,069,500 as a knock-down. There is a July 2005 Construction Deep for $3,200,000 which also wiped out the purchase deed. The property was refied in July 2007 for $3,970,000, the day the Notice of Completion was filed. It is currently listed as Reduced to $4,950,000. Any of you Incliners want to share your opinions about this one? With the clock ticking, why reduce the price to "only" a million over the mortgage value if you are a serious seller? The owner is also the developer of The Ridges project just west of Caughlin Ranch, which has had some issues lately trying to sell the highest priced lots in the region. I’d link to their marketing web site, but has gone dead.
SmartMoney
With no view of the lake, this house should go for about $2.5 – 3 million.
Grand Wazoo
What is this – the house the Hobbits bought after they cashed in on the movie deal?
billddrummer
To Grand Wazoo,
Could be the 7 Dwarfs house too. Check out the tiny little windows in the eaves.
Mike McGonagle
Hey, thought you folks would dig the picture, so I posted it big instead of the intro thumbnail. For all time, this will be known as the Hobbit House in real estate circles.
So why reduce to $1M over the mortgage amount when the TD clock has started ticking? Are they serious about selling the Shire or not?
inclinejj
Actually it is a monster house crammed on a small lot..Know the house well..
Interesting what is going on behind the scenes also