– Grand Sierra is moving a lot of REO units in the $12,000 range, or about $25 psf.
– Belvedere just had it’s first REO unit sell. The 597 sf unit sold for $28,750 or about $50 psf. It originally sold for $243,500 back in the day. Must have been an all cash deal, due to the low occupancy rate.
– Riverwalk – The last REO unit that sold was at $55 psf.
– Montage – Units continue to close at around $125 psf. One Truckee investor now owns 7 of them. Again, all cash due to low occupancy. RPR Properties is either a genius our our next David G. Myers (if you have stayed with me for the last 4 years, one of my original Sinners who is now defaulting on 15 or so properties – more later).
– Palladio – The developer has just cleared 3 units at $213, $262, and 263 psf. They have lasted this long, so it is safe to say these were dog units. #601 just sold for $600,000 or $400 psf (bought originally for $641,500 -a great outcome in my opinion).
Is Palladio worth 3X Montage because financing is available? Is Montage worth 2.5X over Belvedere?
Downtowner
Somebody really overpaid for 601 at the Palladio.
Lost in a timewarp. Must think it is 2005.
$55 sq. ft. at the Riverwalk is about right.
Is the Belvedere even existing as a viable place? Is there a HOA in existence?
Does anybody live there?
bob_c
i’ve never been in the units but
isnt the montage comparable to the palladio?
(no viable hoa and threat of lawsuits/disaster
could be an explanation)
riverwalk-belvedere= hoa fees/taxes have hit low end condos hard because the ratio becomes such a large factor
the GSR are rentals—you can only live there 28 days a year and prob lose money the rest of the year at todays current room rental rates–so they are a different animal
Craig M
I am closing next week on a Palladio unit purchased in June. Looking at $167 sq ft with no view but nice sized patio. While the Reno real estate market is unquestionably depressed, we feel like we made a very good deal on unit that was originally listed for over $500,000. While we may also have a “dog” unit as you call it, we will be investing significant dollars to the unit – perhaps this dog will eventually hunt.
We will be using our unit as a second home – we never thought we would buy in Reno but after spending time here recently, we both have fallen in love with the downtown area. We look forward to calling Reno our second home.
skeptical
Craig M,
Reno needs more people like you to move here. Not gonna slam you, and I wish you the best of luck. There is a lot of good to Reno that eventually people will rediscover.
However, bubble pricing of $500k really doesn’t mean anything. JDSU was once priced over $600 during the nasdaq bubble. It’s ~$8 now. Get my drift?
Catherine
I am impressed that someone finally found a way to close a Belvedere unit!
Craig M
I hear ya – I tried hard to get the Palladio unit at about $130 sq ft – my self assessed fair value but couldnt get developer (bank?) to go that low. I looked at the view units that are currently on the market at Pallaadio and and could not justify at all the price around $400 sq ft. To me, that seems crazy in this market.
I am happy with the final price I got and since this purchase is not meant to be flip, I am not too concerned about further price deterioration.
One note about this blog, I did use alot of information gathered here when I was deciding on whether or not to buy in Reno and also how much to offer. Thanks for taking time to provide market information and analysis about Reno.
Steve Watts
Out of curiosity I strolled into the Belevdere office for a tour last week. There is no sales office, rentals only, and I was told there were only 2 units available. The tower that had the fire is abandoned. The other tower is all rental, with the sad result evident in the hallways…wear and tear in the common units and decals and decorations on some of the doors.
And Montage is looking ragged too…can’t even wash the windows??
Grand Wazoo
Report from The Village at Idlewild Park, where Mrs. Wazoo and I are recent residents. Recall this condo development was completed in 2006, 1100 sq/ft sold for $300K each back in the day, the unsold units (approx 80+% or so) became rentals, and a deed in lieu was issued in the fall of 2009.
The units are very, very nice (high ceilings, uber appliances), location is primo, and things like maintenance and groundskeeping seem to be well kept-up. A recent problem with the gate in this “gated community” let some drunk driver in who crashed into a parked car or two, but otherwise it is pretty smooth here. It is a ten minute walk to the California Ave Saturday farmers market and a 15 minute walk to the First/West Street entertainment district. Not all bad.
I hope the Montage rentals turn out so well.
Sleezy
The village at idle wild look like nothing more than apartment buildings…
I feel sad for anyone who has bought an apt there in the last 3years
Downtownjunkie
IMHO the Palladio is much nicer than the Montage. Better location, better construction. The Montage has more amenities but in these times it’s better to keep the overhead low. I am sure glad I sold mine in 07′ though….
sleezy
any guesses on what the HOA fees on BOTH the palladio and montage will be in 5 years?
up up and away!
asilomarne
We first considered buying at the Village at Idlewild Park (second home) when this complex was under construction (2006 or 07, I think). Our children live in the area and we love downtown Reno. We chose to wait, but now are looking again at these condos. Some of the larger downtown projects are not as appealing primarily because of the higher HOA fees and lack of green space. We still like the location and the property seems to be well maintained, but wonder about long term value with so many rental units.
Steve Watts
Once Village turned rental, they ended up in the low-rent apartment biz. Check out the other apartment complexes a few doors down…pretty sketchy neighborhood with graffiti, skateboarders and winos in the park across the street. I considered buying there too, but its too long of a walk to Virginia St. for downtown workers. There’s the risk of having a noisy renter on the other side of the wall. And oh those 1970’s apartment style carports…
Norton
There is the expression “buying an apartment” to refer to the purcahse of a small condo. But with The Village at Idlewild, it is literally true, no?
Half the place is an apartment complex now.
Rob
I also looked at the Village at Idlewild as a 2nd home possibility when it was being developed. Longer term, I also worry about it’s future with so many rentals.
What about further down the road? Anyone know anything about the Riverfront condo complex or it’s neighbor (don’t know the name, but it is the one with garages for each unit). Since these are established HOA’s, I’m guessing the rental issue/long term viability are better. Aside from the dirt lot nearby, any other negatives in this area?
asilomarne
Visiting our kids in Reno this weekend and checked out units 624 and 1135 (both 1 bedroom) at the Village at Idlewild Park. Still considering a purchase at these low prices, but would love to hear perspective of current RESIDENT owners.