The first of the penthouse units at the Montage closed on Friday. Unit 2301 is a 2 story, 2222 SF unit with a 100 SF terrace (what’s the difference between a balcony and a terrace?). It is one of the interior “crotch” units – not my favorite plan – and you can see the layout HERE. At the $450,000 sales price, that works out to $202 psf. Compare that to the $500 psf sales of the Palladio Penthouses, and the $425 psf the Montage was ASKING in January 2009 just before Leal went DIL and prices got slashed to try to save the project, and before Corus Bank tanked.
My recollection of the penthouse units is that were only finished off to the level needed to receive a Certificate of Occupancy (COO) – no floor or wall finishes, one working bathroom, kitchen sink but no cabinets. They may have since been finished off, or that may have been negotiated in the sale of 2301 – who knows. The penthouses are new construction, so at least their floors should be more level than in the renovated units (book a tour and drop a couple marbles if you want to watch the sales staff sweat and claim the Montage must be like the Mystery Spot near Santa Cruz!).
This sale was financed by Mutual of Omaha Bank, who has also financed other Montage units. The terms were 30% down, adjustable 7/23 loan at 3.375%. Pretty darn nice terms in my book. But monthly HOA dues will approach $950 ($.425 psf per month, last I heard). That is equal to about an additional $200,000 in mortgage payments.
Good deal, bad deal? What’s your take? At least it will be good to have some lights on up top at the Monty.
I’ve been hearing unconfirmed reports that a laid off bartender at the GRS went base jumping off the roof without a parachute in protest this weekend. Urban legend, or something that the GRS is managing to suppress in the media? Anyone have details?