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Corus Bank closed today by FDIC - Village at Idlewild acquired by lender in lieu of foreclosure

9/6/09 - Crazy news day today. First,the FDIC announced it closed Corus Bank today. http://www.fdic.gov/news/news/press/2009/pr09168.html Perhaps someone new will by the Montage as an asset from the FDIC now. Second news item, Capstone Idlewild LLC  announced today that it has transferred ownership of The Village at Idlewild Park condominium community west of downtown Reno, to an affiliate of Gramercy  Capital Corp (NYSE: GKK).   The deed in lieu of foreclosure transfer was effective September 2, 2009. 

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Posted by: doofus - 9/12/2009 4:23:53 PM
I think this is great news for downtown Reno, though certainly less so for the 33 brave pioneers who have purchased units. Finally, the other 350 units will be filled at "market" prices, whether as rentals or purchases. That means hundreds of new residents patronizing downtown businesses and restaurants. By failing twice, the Montage will finally achieve its original intent.

Posted by: Cynthia - 9/13/2009 10:29:20 AM
I agree with Doofus. Now that someone can buy the whole Montage for less money, they will be able to offer pricing that people will buy for.

Posted by: Native - 9/13/2009 2:18:10 PM
Don't forget that Corus had lowered the pricing between 41-47% this spring, and sales were continuing on a monthly basis with some closings. If the pricing falls BELOW market value, it hurts those first residents substantially. What the property needs is stability of ownership - and as of now, that hasn't happened yet.

Posted by: new to reno - 9/13/2009 9:03:05 PM
What does happen to Tanamera resort after FDIC took over? I know that over 300 condos are sold since 2006. They have roughly 100 or so condos left. Barone group switched gears and let go of their contracted realty - Kearney Residential. They are trying to keep their sales in house. Any ideas?

Posted by: remano - 9/14/2009 11:23:33 AM
"Don't forget that Corus had lowered the pricing between 41-47% this spring, and sales were continuing on a monthly basis with some closings. If the pricing falls BELOW market value, it hurts those first residents ....." Maybe so, but if they're not trying to sell their unit it is only a paper loss. I think a full and vibrant Montage will respond more quickly and positively when the market turns around, so in the long run lower prices now will benefit even those who have already purchased. Just my opinion, of course.

Posted by: Steve Watts - 9/15/2009 7:07:34 AM
Right you are remano. The last Montage unit sold at $258 a square foot...it needs to be about half that. Sorry previous buyers, but that's the risk you take. The Montage will be a success, and downtown will really thrive when they pack the place with buyers. If they won't face reality on pricing, it'll stay a ghost town.

Posted by: Downtownjunkie - 9/22/2009 3:15:38 AM
I also agree that pricing the units more aggressively will ultimate yield the best result for all parties. What is that number? I dunno, maybe $150-175/SF.

Posted by: Lead from the Front - 9/22/2009 7:54:08 AM
Turn the Montage into a gaming property.