I had an opportunity to stop by The Montage yesterday and thought I’d share an update with interested readers.
Sales remain brisk at downtown Reno’s luxury condominium community. The Montage sales associates I spoke with said that year-to-date sales have totaled $14.7 million; and that another $3 million in pending sales are set to close by year’s end.
At the moment only 58 unsold units remain — I’ve listed the remaining inventory and current sales prices below. Given that the entire community consists of 376 units in all, that puts The Montage at 85 percent sold.
In other Montage news, as of October 1st, the homeowners have taken over the HOA, and their first official board meeting takes place tomorrow. Also look for the commercial space on the ground floor to be listed for sale in the new few weeks.
If you’d like to schedule a viewing of one or more of the units below, give me shout.
Remaining Inventory @ The Montage (as of October 2013)…
| # of units | type of unit | list price |
| 23 | One-Bedrooms (800 sq.ft. – 1,100 sq.ft.) | $130,000 – $180,000 |
| 13 | Convertibles (580 sq.ft. – 630 sq.ft.) | $105,000 – $150,000 |
| 8 | Studios (600 sq.ft. – 610 sq.ft.) | $95,000 – $125,000 |
| 1 | Two-Bedroom (1271 sq.ft.) | $300,000 |
| 2 | Lofts (1,000 sq.ft. – 1,100 sq.ft.) | $190,000 – $200,000 |
| 3 | Terrace Townhomes (2,400 sq.ft. – 2,500 sq.ft.) | $330,000 – $350,000 |
| 5 | Row Houses (1,960 sq.ft. – 1,990 sq.ft.) | $239,000 – $249,000 |
| 3 | Penthouses (2,300 sq.ft. – 2,500 sq.ft.) | $585,000 – $600,000 |
| 58 | total |
MikeZ
If it’s 85% sold, why so I see more than 75% of the units pitch black at night when I drive by? This is 8/9/10pm, usually, you’d think more owners would be home, with some lights on, at that time?
GreenNV
Montage just reduced their asking prices on several unit on the MLS. Bumped up against the limit and got smacked down by the current market?
Ole
Is there any prospect for FHA financing? Freddie, Fannie? If so, what would be down payment requirement?
Samantha Reveley
There is financing at the Montage currently through Wells Fargo with 20% down.
Bob
still too pricey. wait a bit
Piotr
pricing reduced on units that have some sort of problem: no view, homeless on doorstep, funky floor plan. Not enough of a reduction to cause me to buy one.
Ole
There are 48 tower units on three corners between floors 7-22. ALL sold.
718 is for sale-$240 sq foot No view. 2118 for sale-Great View. But $275 sq foot.
Hard to know an objective price-one unit for sale doesn’t make a market.
16 units sold 2010, 18 2011, 20 sold 2012, 5 sold 2013 (no supply, price up 50% in last year)
Interesting because there are no 2 bed towers for rent either.
Any thoughts?
Steve Jobs
Here’s my litmus test for condo living:
Walk out the front door of your building – where are you?
As much as I would like to believe in the downtown Reno condo revival, The Montage fails badly and in all ways using this simple test.
Maybe most of the residents ingress the building in their cars and egress the same way, so they never have to deal with what is out their front door. Fine, OK, but if that is the case why live down there in the first place? Urban condo living is about being out and about in a vibrant urban setting with plenty of walking space and plenty to do.
Discuss.