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Old 03-24-2012, 10:43 AM
 
5 posts, read 8,961 times
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I am looking at prices in different areas of Summerlin and Henderson for about a 1300 sq ft 3BR condo but what I would like to find is a development with CCRs that specifically ban owners from renting out the units because I do not wish to live in a community full of transients. I know some places are age restricted but are any renter restricted?
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Old 03-24-2012, 11:58 AM
 
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That would be a pretty radical step, especially since a lot of these were initially sold to investors who want to rent. The developers would never set up an HOA like that, because it would prevent them from selling to investor (and they don't care who pays them).

There are some that have some restrictions, but I mostly here this in SF house communities.
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Old 03-24-2012, 12:03 PM
 
Location: B.C. and Las Vegas
611 posts, read 951,045 times
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We just bought at 2725 S Nellis for a seasonal condo (gated) called Echo Bay and were told under no terms could we rent it and as such signed papers at the time of purchasing it. I looked through my papers from the HOA and not seeing if there is a % allowed of renters but didn't pursue it since we have no intention of renting it out so that we can do those spur of the moment cheap flights to Vegas from Canada.
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Old 03-24-2012, 01:39 PM
 
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I think Mar-a-largo in Summerlin does not allow rentals. When we were looking there wasn't that many 3 bd units. The cost is a little less than of complexes as investor can't buy there.
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Old 03-24-2012, 01:54 PM
 
11,175 posts, read 16,014,540 times
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Quote:
Originally Posted by NU2LV View Post
I think Mar-a-largo in Summerlin does not allow rentals.
That is true for new owners or anyone who bought a condo after that provision was put into its bylaws. However, I believe owners who predate the change are still allowed to rent out there units. Bledsoe owns there so I'm sure he will post the definitive info on that complex.
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Old 03-24-2012, 09:55 PM
 
699 posts, read 2,219,015 times
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Quote:
Originally Posted by Robert T Holmes View Post
I am looking at prices in different areas of Summerlin and Henderson for about a 1300 sq ft 3BR condo but what I would like to find is a development with CCRs that specifically ban owners from renting out the units because I do not wish to live in a community full of transients. I know some places are age restricted but are any renter restricted?

keep in mind that vegas has the worst, or close to it, foreclosures in the
country and a whole bunch of people in this city lost their houses in this
mess, and are now renting.
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Old 03-25-2012, 12:24 AM
 
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If too many units of an HOA are being rented it out it can create pretty dire consequences for homeowners and prospective homeowners in terms of getting loans. So many HOA's will institute a ban in those instances but they only apply to buyers after the day the bans are instituted and the homeowners clamor to get rid of the bans as quickly as they can. This used to be closely watched by lenders up until the housing boom and then like everything else it went kind of lax because frankly rentals were not very common anyways. Now with new loan standards and renting coming back and maybe most importantly the importance of FHA financing these restrictions are sure to begin playing out again.
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Old 03-25-2012, 12:24 PM
 
Location: North Las Vegas
1,631 posts, read 3,951,145 times
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Quote:
Originally Posted by Robert T Holmes View Post
I am looking at prices in different areas of Summerlin and Henderson for about a 1300 sq ft 3BR condo but what I would like to find is a development with CCRs that specifically ban owners from renting out the units because I do not wish to live in a community full of transients. I know some places are age restricted but are any renter restricted?
Yes your realtor can check with hoa's before you make an offer and find out if the community that you want to purchase in will allow rentals.

There are some communities that have a limit on how many renters, and some hoa's are looking at changing their ccn'rs to either prevent or limit the amount of renters.
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Old 03-25-2012, 03:12 PM
 
Location: Paradise
3,663 posts, read 5,673,803 times
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A good realtor should know where condos with these restrictions would be.
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Old 03-26-2012, 09:10 PM
 
2,700 posts, read 4,938,111 times
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Quote:
Originally Posted by Robert T Holmes View Post
I am looking at prices in different areas of Summerlin and Henderson for about a 1300 sq ft 3BR condo but what I would like to find is a development with CCRs that specifically ban owners from renting out the units because I do not wish to live in a community full of transients. I know some places are age restricted but are any renter restricted?
I resent being called a transient.. I have rented for the last 32 years and am not a transient.. Also there are tons of people who rent their entire lives and are not transients...

And since many many people lost their home and possibly their jobs, they might have to rent and that does not make them a transient..

Heck I have met a lot of good people who rent and a lot of a-holes who own...

Best not to look down your nose at anyone lest you end up like them.....
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