We know that Nevada leads the nation in foreclosures but seldom with little supporting data.
This heat map from RealtyTrac shows the foreclosure data for Nevada county by county. One out of 177 housing units received a foreclosure filing in December, 2011. Washoe County had one for every 318 housing units. Surprisingly, Lyon County even topped Clark county with 1 for every 144 units. All this compares with 1 for every 634 units nationwide. Check it out.
My posts on this blog about the Belvedere condominium project and developer Bijan Madjlessi generated more interest than any other so far. Readers have even contacted me asking what I thought about buying units in the project.
I must begin with this disclaimer because except for what I have read or learned in newspaper or other reports my direct knowledge of the Belvedere is almost nonexistent. I’ve never been in the Belvedere nor have I ever met any of the players that I am aware of. As I said the extent of my knowledge has come only from news articles or from comments on this or other blogs. Therefore I believe I am not qualified to recommend in any way either positive or negative about the benefits of purchasing a Belvedere condominium unit.
My concern with the Belvedere project is that I am not convinced that the legal difficulties are yet over. There are some other reasons that I do not like condominiums but I will save that for another time.
As we have learned from the Reno Gazette Journal, the Belvedere condominiums were purchased at a Washoe County tax foreclosure sale by David Lonich, the attorney for Madjlessi. It would appear to me that Lonich is nothing but the straw buyer for Madjlessi.
We learned that Madjlessi failed to pay his mortgages, failed to pay his vendors, and failed to pay property taxes, thus resulting in tax foreclosure.
We learned that Madjlessi had been arrested in California for insurance fraud. Then as information began to grow we learned that Madjlessi was involved in the failure of Sonoma Valley bank. We further learned that Madjlessi had been involved in at least three other failed developments in California in the Sonoma and Petaluma area.
I would be concerned that the Belvedere is still a target rich environment for attorneys and law suits. I can only imagine that some hungry attorney will see an opportunity in coming to aid of the vendors that lost so much by their supplying goods and services to the project.
I just can’t imagine that they will be happy seeing Madjlessi win at their expense.
So, no. I would not personally be comfortable buying a condominium in the Belvedere project.
I would welcome comments from anyone having a different opinion.
According to RealtyTrac, Nevada led the U.S. in foreclosures for 52 months in a row. Foreclosures jumped by 23% to an all time high.
One out of 97 homes received a foreclosure notice in the month of April.
The Las Vegas area was number one or the nation’s cities with one out of 82 homes.
And even though the foreclosures were up, the number of filings has decreased significantly.
Reno-Sparks was ranked No. 9 in the nation with one filing for every 183 households.
Read here for more foreclosure information.