News 7-29-08 Belvedere Fire

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Posted by: El Diablo - 7/30/2008 10:42:04 AM
I would bet the developer/owner decided the best way out of this failed condo conversion was to burn it down. Same thing that happened to the houses Renown started building for their employees. Contrary to the poor reporting in the RGJ article the Belvedeer has sold only 34 units (public info on the tax assessors website) the last one being sold on May 5, 2008. Also, 7 of the units were bought by one person, obviously a flipper. 6 units were bought by another person. 5 units were purchased by a corporation that is linked to the developer. 32 of the 34 sold units were purchased by people who list their home address in California. 32 of the 34 units are investments (or straw transactions) gone bad.

Posted by: RenoSteve - 7/31/2008 2:27:30 AM
El Diablo, you appear to be looking at only the sales that have closed in 2008. Another 45 units closed in 2007. Also, I think we should allow the authorities to do the arson investigation rather than jumping to conclusions.


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