Downtown Reno has seen resurgence over the last few years and the real estate market is catching up! Sales of condominiums have been steadily on the rise year over year. The Montage sold its last new units in December of 2014 and has had 33 re-sales in 2015 thus far. The real exciting news came the day before Thanksgiving with the closing of a luxury unit in The Palladio building at $1,250,000. This is the first sale over $1Million in a downtown high-rise in over 6 years! This also brought one of the highest prices per square foot in the whole city this year at $375ppsf.
What does this mean? It means that more people are not just eating, drinking and enjoying all the entertainment our downtown has to offer, but they are living there. More full time residents are the success of any thriving downtown and we are getting more and more of them. As our region continues to grow we are seeing a large number of new residents who want to live in an urban environment. They like the ease of a high-rise living and no maintenance lifestyle. Both owning and renting are in demand as the condos downtown are seeing some of the highest rental rates in city as well. A typical one-bedroom unit can rent for more than $1,400 a month.
The increase in sales and rental demand is in line with what we have seen in our market as a whole the last few years. Things are good and they keep getting better. The word is out! The Biggest Little City is a great place to live and our downtown is a big reason why.
Interested in finding out more about home values in downtown Reno? Contact Samantha Reveley, one of our downtown expert agents in our downtown Reno office. You can reach Samantha at firstname.lastname@example.org or give her a call at 775-250-7789