Condo mania has hit downtown Reno in a big and tall way. Condominium projects of all types from entry level studios to elaborate, expensive penthouses are on the market, under construction and in the planning stages. Projects range from simple conversions of older hotels to elaborate makeovers of casino properties to brand new construction ranging in height from three levels to 40 stories. Close to 2000 new dwellings are slated for the downtown Reno and the surrounding areas in the coming year. By 2008 about 1400 news condominiums and roughly 100 townhomes will add to the mix of living choices in the cities core. Years ago there was a big shift to suburban areas and now people are moving back into the cities across the country. The revitalization underpinnings are now in place, including the River Walk arts district, the Riverside movie theater, the Pioneer Center for the performing Arts, Wingfield Park and The Truckee River Whitewater Park, plus new restaurants and nightclubs. Reno has created an environment where people want to spend time in the downtown corridor. Price ranges for condos in and around downtown Reno start at about $150,000 for a studio or one bedroom in a small project and rise to $1 million or more for a penthouse. The median home price in Reno appreciated 60 % from 2002 to 2005, that makes the area ripe for condos.
