Belvederes condos, which are available for rent, are located on the east side of downtown Las Vegas, about three miles east of Las Vegas Boulevard and about one mile south of the Strip.
These condos have been built with a style and look that have earned them the nickname “Manhattan Condominium.”
They offer luxury amenities and some of the best views in the entire Las Vegas area.
However, it is not uncommon for people to experience some problems with their new homes due to lack of insulation and mold, which is common in these condos.
In fact, in August 2017, the Department of Housing and Urban Development (HUD) issued a notice to Belvedres residents warning them that their new condos were not compliant with state and federal standards and that they should contact the National Association of Realtors (NAR) or a licensed real estate agent to discuss the problem.
The NAR has not issued a formal statement on the issue, but the agency has posted a video on YouTube titled “How to Fix a Poorly Constructed Condo in Los Angeles” which has garnered over 3 million views.
“The Belvedre is one of the top properties in the Las Vegas Strip,” said Joel Bouchard, executive director of the NAR.
“It’s a great deal for the developer, the owner and the tenants in Las Vegas.
However when the mold starts to develop, the problem becomes exponentially worse.”
In a report from August, the National Assn.
of Realty Professionals (NARP) said that the condominium industry in the United States “has experienced a dramatic decline in the number of new residential properties constructed since 2006.”
In the same year, new condo sales totaled just under $1 billion.
“Unfortunately, the condo market is experiencing a crisis of epic proportions,” said NARP CEO David Schuster in the report.
“We’ve seen the cost of financing go up and the supply of affordable rental housing limited by an ever-shrinking supply of existing homes, especially in the most affluent neighborhoods.
The condominium market is a disaster for affordability, which has become the foundation of many American families’ incomes.
We have been fighting this fight for years, but we are now facing a crisis that could take decades to overcome.”
The National Association for Realtor (NARE) has not responded to a request for comment from Bleacher report.
However in a statement, NAR said that it is “working closely with local authorities to address the mold issue at all Belvedores.”
They added, “The condominium community needs to make sure that all of their residents are getting a good deal in order to avoid this kind of issue in the future.”
According to the NARE, Belvedrea condominium owners need to contact the NARS or the Nevada Association of REALTORS (NARI) or an approved real estate broker to find out what steps they can take to protect their property.
The Las Vegas Metropolitan Council has also issued a statement on condominium problems and has called on owners to report mold issues.
“Mold is a serious issue for condominium property owners, as mold can become a nuisance and contribute to the development of mold growth and other problems,” the statement reads.
“Many condominium developers have been slow to recognize the need to improve their properties, and condominium management firms have also failed to implement adequate controls to address mold issues.”
In an August article published by the Las Angeles Times, a real estate developer named Frank Pincus told the paper that his company has not had a mold problem at his properties in Los Angles.
He said he was not aware of any problems.
However on September 5, the Associated Press reported that the City of L.A. has filed a complaint with the U.S. Department of Justice against Pincuse for failing to make the required inspection of the properties he owns.
According to a lawsuit filed by the city, the building owner “failed to meet the requirements of the Federal Building Code (FFBC) as required by the Federal Housing Administration (FHA) and its regulations.”
The city also alleged that the FHA did not take action to prevent the problems.
The FHA does not inspect buildings as they are constructed, but does provide inspectors with “information, guidelines, and best practices for building inspections and the building codes that govern the construction, maintenance, and occupancy of any building,” according to the FHWA.
“To ensure that FHA inspectors are fully equipped to ensure compliance with the Federal Buildings Code, the FHC has developed a program to assist the building inspector with building inspection procedures,” the FHE stated.
“This program has been approved by the FHS, which ensures that all inspections are conducted in accordance with the FHTB inspection process and FHA regulations.”
If you are interested in renting a condo in Las.
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