Home Buying in Reno>Question Details

Reno Investor, Home Buyer in Reno, NV

looking for a condo in Reno near Truckee River, Southwest part of town

Asked by Reno Investor, Reno, NV Thu Sep 16, 2010

There are several nice-looking condo buildings near the Truckee River, Southwest part of Reno, and I am wondering if anyone has any advice as to which ones(s) is best to focus on. I am looking for solid construction, great amenities, and top location. All comments appreciated.

0 votes Share Flag Home Buying in Reno

Help the community by answering this question:


My top pick is Montage, you get brand new, lots of amenities and great location. Send me an email mcharding@gmail.com, if you would like some more info
0 votes Thank Flag Link Sun Sep 26, 2010
Hi Reno,

Admittedly, there are some serious values available in the condo market presently. However, lenders are treating condos as if it were a four letter word right now, and many condos are no longer eligible for Fannie, Freddie, or FHA financing. You can see from some other posts over 50% of the condos listed are NOT eligible for financing. Why? a myriad of reasons, but certainly the downturn has hit condos much harder than other sections of the home market. Underfunded condo associations due to homeowners going to foreclosures, too many rentals, deferred maintenance, too many empty or unfinished units all can conspire to make a condo ineligilble to be financed. Lenders are skittish and absolutely dragging their feet to qualify any new projects or any projects whose qualifications have expired, even if they are in super shape.
Make sure your timeline is long enough for this market segment to recover, and make sure you do all necessary DUE DILLIGENCE so your investment property experience is pleasant and lucrative, and does not end in a nightmarish situation!
Jim Ryan, Home Savings of America.
0 votes Thank Flag Link Fri Sep 17, 2010
Hello Reno Investor,
Most of the Condos near the Truckee river are downtown. There are some condos that have better financing options available but most are now selling for cash only as conventional financing is not an option.

Palladio Financing is Available........................................HOA fees from $301 to $786
Arlington Towers is Cash/1031 Exchange....................HOA fees from $233 to $709
Riverside is Financing is Available.................................HOA fees from $556 to $711
Montage is Cash/1031 Exchange...................................HOA fees from $242 to $624
Riverwalk is Cash/1031 Exchange.................................HOA fees $280 to $496
Riverpark Financing is Available.....................................HOA fees $194 to $982

There are some tremendous opportunities available right now. If you would like me to show you some of them, please contact me at 775-830-1111 or just send me an email and I will email you the top bargains on the market.

All the best,

Doug A. Kendall, REALTOR, SFR
Desert Diamonds Realty, Inc.
100 N. Arlington Avenue Suite 105
Arlington Towers
0 votes Thank Flag Link Thu Sep 16, 2010
Watch the ones with high HOA dues, lawsuits, bickering in the minutes etc. HOAs in general are a mess right now and the condos have had some issues with lawsuits etc; Homeowner suing Homeowner's Association bogus construction defect lawsuits etc. However, these can work to your advantage as well as many have corrected near 70% that have had issues.

I address construction defect and HOA issues in my blog under Arrowcreek or search for HOA or lawsuits in the search bar upper right. Link to my blog is below.
0 votes Thank Flag Link Thu Sep 16, 2010
I believe that one of the better buildings near the river in downtown Reno is the Paliado. It is near sellout. One of the challenges with Condo's has always been financing. Lenders are cautious in lending money for condo's in projects where the project is less than 50% owner occupied. HOA financial stability can also be an issue along with the HOA fees which are running around 42 cents a square foot each month. Do your home work and understand the status of the building, i.e. is it in foreclosure, is the HOA viable, and what is the percentage of owner occupied units.

A realtor can help you determine and understand these issues.

Good Luck,

John Graham
0 votes Thank Flag Link Thu Sep 16, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Nevada > Washoe County > Reno > Home Buying in Reno > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer