Time to move the comments on to a new topic as we are maxing out the capabilities of WordPress and things are changing. For those of you who are just stumbling on to this site, the Welcome Buyers thread is chock full of useful information. But it’s time to move on and talk about life after L3, 255 North, Montage and MMC.
Let’s hear about your communications with the new ownership. Any good offers in the pipeline? How are the Cancellations going to be handled? Actual owners. what are you hearing and is it different from the press releases?
Montagebuyer has always been about the sharing of information. There is no vendetta against the project at all. In fact, I think it is stellar (at a certain price) and important for the continued redevelopment of downtown Reno.
So let’s get on with the chatter about Life After Corus!
I went through arbitration. It was not pretty and I got a portion back. I later made an offer to purchase my “unit” and never heard a word. I later bought a two bedroom unit and moved in. My wife got sick and I felt living in a house would be too difficult. After I moved in I bought two more units. Both are currently investments and rented out. At the purchase price and current rents, they pencil out. I may purchase a third unit purely as a guest/family unit.
Overall I like living here. On my floor, we are the only full time owners living. I know of three (four?) units which are rentals. Another unit is owned by a person who lives here during the summer and winters somewhere else. Another unit is owned by an elderly San Francisco couple who weekend here during the summer. Another unit is owned by a gay (?) couple. I was told by knowledgeable source I will never see them.
SJ
Again I will ask where are you getting your information? Surely not from a Montage Owner.
I don’t think you will hear many people say the Montage is a bad place, In fact may bought and paid a premium so I guess you could conclude most of the original contract holders thought it was a pretty great place. The problem was that nobody could get financing for a plumeting value and the Montage was unwilling to renegotiate the price or release contracts. Everyone who is fortunate to have free cash so as not to need financing while getting a 75% price discount should feel pretty good compared to the original contract holders. The original contract holders however will never feel good since most got screwed or have yet to get screwed. It will be a long time before the Montage lives up to it’s original expectations………………..look up but don’t look down. Fernando had a fun ride, no pun intended, and everyone was drinking the cool aid. Apparantly there is still a bit left.
And just maybe I should smoke whatever you’re smoking so I can see things more clearly. Positive cash flow? Prices going up? Right.
I’ve no doubt you enjoy living there and I wasn’t trying to be negative. But what I was asking is what you based those statements off of, which you responded by going into your sales pitch again.
Why are you so negative about The Montage? Everyone I know who visits or lives here loves the place. If you have looked at other Condos in Reno you would find that none of them compare. Are you aware that the HOA pays for the water, the heating of the water, and the trash and many other things. I have never lived in a place where I can use all the Air Conditioning I want to and never have an electric bill higher that $35.00. I am not sure where you are getting your information, but it is not correct. The rentals bring in a positive cash flow. Maybe you should take another look at this development and talk to some of the owners. I think you would have a different view.
But how does a rental cash flow? With the HOA dues and an all cash payment to purchase I’d say there are better investments out there.
And why do you say they’re going up? I just read they were staying flat and sales were sluggish at best on another site.
Just curious about what’s going on behind the scene that we don’t know about.
We bought a one bedroom and love it. We then bought a convertable next door for a guest room and a hobby room. Since we are enjoying the The Montage so much we decided to buy another unit for a rental. We feel that this is a very good investment. The prices are going up.
Happy Owner,
I’m curious – why buy 3 units? I understand if you really want to live there and bought one, but 3 can’t possibly pencil out. Maybe you could give us some insight?
Long time, no posts! So this is what is going on:
- Montage is now a third sold out, 126 out of 380 or so.
- 1 original buyer sold out at a $200K+ loss. Another unit is listed as a short sale.
- A penthouse has been listed for a while at $300 psf with no takers.
- 1 rowhouse has sold, 108. $109 psf, but it cam fully furnished.
- Most sales have been in the $125-135 psf range. It doesn’t really look like prices are going up.
- At least 20% of sales have been in investment groups who are (trying) renting out the units. Check out Craig’s list postings – they still don’t pencil out.
- A original contributer to this blog who was totally shafted on a 2 unit purchase (with Montage allegedly falsifying documents) and was one of the leaders on one of the law suits has now purchased a unit.
- So what happened on the suits and arbitrations? Anyone want to comment sort of anonymously?
- Pool parties are double and triple booked, even though the project is only a third full.
- In a decidedly left of center move, the Montage has garnered the nickname “The Mantage” for its gay clientèle.
There is still some good info posted here, and if there is any interest, I’ll keep it running.
Peace out.
eeee
As a matter of fact units are selling.and the prices have started going up. I am a satisfied buyer and like it so much we now own 3 units.
Any other buyers being scheduled for arbitration? Any others buyers already gone through arbitration through the AAA? Let me know.
“What are we doing?”
“We are waiting.”
“Don’t tell me. For Godot, right?”
“Yes. We are waiting for Godot.”
“We have been waiting for Godot for four years.”
“Yes, but they say he is coming.”
“And tell me again what will happen when Godot gets here?”
“We don’t know. But they say he is coming.”
“Why do we keep waiting for Godot?”
“Because there is nothing else to do.”
“We could wait another four years.”
“Yes, but they say he is coming.”
The relationship with the Montage is like a bad marriage and actually not purchasing a unit is like being thankful that you did not have any kids. In the end you are happy to get out and really do not want to ever hear about or see the other again. In this case, you also had an arranged wife swap several times and now have had a shotgun wedding to the capital partners of the FDIC. There is no reconciliation and you are eventually happy to get out with your nads. This is unfortunate but none the less is the reality. In the short term the Montage will likely go rentals and all the purchasers (those that had kids with the Montage) will enjoy their luxury hi-rise with UNR student partying all night and all the double-wide crew that can how afford the rent in that thar fancy yellar building. The Ruth Chris space will make an excellent coin operated laundromat………………….hey, meth addicts need clean underware too. I wish you all luck in how you resolve your own situation with the Montage. For all you potential new purchasers strolling by the Montage………….wear protection.
Ok, one thing I don’t understand is how this downstream potential holder of the contract (which it is questionable that a valid contract existed in the first place or a least after all the bankruptcy) has a right to enforce the contract but is not responsible for the reimbursement of legal expenses which are contained in the same contract. Seems like it should be one or the other. Also, there is a good chance that the Montage will go rental just to fill the building up. Given that occurance, it seems like a void of the contract would be evident since the contract was not for a unit in the rental building. Seems like it would be fair in any case to get our money back without the fight that the group currently in charge of the Montage is putting up.
Any thoughts about this article? http://www.nytimes.com/2010/10/21/nyregion/21condos.html?emc=eta1
Any of you who have reached a settlement on your deposits with the Montage – can you at least confirm or deny that you got a settlement?
The ILSA has only a 2 year statute of limitations and is way passed for most initial contract holders of the Montage. There appears to be an alternative for the 2 year statute regarding when you found out about ISLA. There are so many reasons that the initial contract holders should get their money back but the only alternative is to wait or take it to arbitration. I was looking for initial contract holders to take part in filing an arbitration with the intent of getting the money back and accepting no other settlement but I have not found anyone willing to put money into the fight. I don’t doubt if we wait longer, things will change further and any potential settlement could increase or be the full amount. Lee has some good points to win the contest but in the end he is the only one who will profit from the pursuit of the deposit funds.
I have been a silent follower of this..but now I need advice. I am an out of state buyer with a deposit on hold for maybe 4 years. Since the last bank closing, I’ve been waiting for news from The Montage. Can this ISLA help me.?
Yes, but I would like to get a group of contract holders together to pursue something with Lee. Not sure if anyone wants to throw good money after bad. Too bad everyone wants their money but few are willing to put up the fight that is required….and funds.
Please talk to Lee. Things are happening.
Ok, so lot’s has happend in the last few years with the turnover from Fernando, to Corus, to the latest group. All unwilling to give those who signed up in good faith much of their deposits back even though the project was completed late, it is not what it was supposed to be, legal requirements for sales were not complied with, and currently no possible way exists to purchase a unit execept for an all cash deal. Sound fair? Wondering if there are still those out there that have not settled yet, still have financial resources, and want to be part of an arbitration that is not looking to settle but is looking for the recision of the contract and return of deposited funds. If I wake some of you up, a contact method will be given to get us together.
Have you talked to Lee Hotchkin?
Heard last round of arbitration got 50% back? I’m on the verge of doing something.
I’m interested to join the group for arbitration. I have not opted for the 10% refund of the deposit , nor the subsequent 20% offer. The latest notice with a 20 day notice to cure, is to close the escrow. Any chance for buyers under Fernando to rescind the contract and get back the deposit?
Para 6 of the Settlement Agreement also prohibits the disclosure and publication of the Settlement Agreement. There is also a provision that this matter should not be discussed with a lawyer. Is this legal?