Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-02-2011, 12:40 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,129,998 times
Reputation: 2661

Advertisements

Quote:
Originally Posted by Tires View Post
So, how is Sky Pointe they going to keep the ratio of renters down if they are being marketed as apartments and investment properties?
Sounds like they are setting themselves up to become a rental community.
They are over half owner occupied. And if they restrict further rentals they should hold there or grow more owner occupied.

The normal way it works is that the unit has to be owner occupied if sold. The present owner is grandfathered in right to rent but the new owner is not. In the present heavily depressed condo market it says some owner occupants will get sweet deals.
Reply With Quote Quick reply to this message

 
Old 03-02-2011, 01:04 PM
 
412 posts, read 914,364 times
Reputation: 166
Quote:
Originally Posted by olecapt View Post
They are over half owner occupied. And if they restrict further rentals they should hold there or grow more owner occupied.

The normal way it works is that the unit has to be owner occupied if sold. The present owner is grandfathered in right to rent but the new owner is not. In the present heavily depressed condo market it says some owner occupants will get sweet deals.
That doesn't explain the Sky Pointe condos for sale on Loopnet as investment properties. Those are being sold to new owners for the purpose of becoming rental units.
They don't appear to be doing anything to stop rentals by new buyers.
Reply With Quote Quick reply to this message
 
Old 03-02-2011, 01:08 PM
 
2,724 posts, read 4,757,124 times
Reputation: 1042
Quote:
Originally Posted by olecapt View Post
Don't think so. Terrawest is a community manager hired by the Association to run the HOA. In this case they are not a property manager...though they do that in other cases.

What is wrong with renting at Boca Raton other than the high price? The owner there has simply turned the remaining units into an apartment house. It is a reasonably nice property.
The property management company does NOT run the HOA. The HOA is comprised of board members who are the shot callers. The management are just the enforcers. Been there/done that. BTW, most property managers I interacted with were worthless as is evidenced oh so clearly by the two callers getting conflicting answers re: rental restrictions.
Please believe me.
Reply With Quote Quick reply to this message
 
Old 03-02-2011, 01:16 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,129,998 times
Reputation: 2661
Quote:
Originally Posted by eventusstultorummagister View Post
The property management company does NOT run the HOA. The HOA is comprised of board members who are the shot callers. The management are just the enforcers. Been there/done that. BTW, most property managers I interacted with were worthless as is evidenced oh so clearly by the two callers getting conflicting answers re: rental restrictions.
Please believe me.
Of course it does. Policy is set by the Board but operations are run by Terra West. And it is not property management which is a different licensing arrangement. Terra west is licensed as both.

If you want to know about renting restrictions you have to read the documents...it is not hard. If you trust the HOA, or a management company, or your agent you may well end up disappointed. You can likely sue your agent if he gets it wrong but you are out of luck on the others.
Reply With Quote Quick reply to this message
 
Old 03-02-2011, 01:31 PM
 
412 posts, read 914,364 times
Reputation: 166
Of course you need to read the documents to verify what you were told is actually true when it comes time to finalize a deal, but you should be able to use the property management and realtor to help you screen what fits your needs regarding wanting or not wanting a community that allows renting either by previous or future buyers.
Sky Pointe seems odd that two different reps say different things and that Loopnet.com lists Sky Pointe units as investment rental properties when others say only previous grandfathered owners can rent them.
Reply With Quote Quick reply to this message
 
Old 03-02-2011, 01:31 PM
 
2,724 posts, read 4,757,124 times
Reputation: 1042
Quote:
Originally Posted by olecapt View Post
Of course it does. Policy is set by the Board but operations are run by Terra West. And it is not property management which is a different licensing arrangement. Terra west is licensed as both.

If you want to know about renting restrictions you have to read the documents...it is not hard. If you trust the HOA, or a management company, or your agent you may well end up disappointed. You can likely sue your agent if he gets it wrong but you are out of luck on the others.
It has little to do with trust and everything to do with performing the responsibilities of your job in a conscientious and competent manner. The problem is that there is zero accountability. This management company bills itself on it's website as being "impeccable" when in reality I suspect they don't even know the true definition of that word.
Reply With Quote Quick reply to this message
 
Old 03-02-2011, 06:27 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,129,998 times
Reputation: 2661
Quote:
Originally Posted by eventusstultorummagister View Post
It has little to do with trust and everything to do with performing the responsibilities of your job in a conscientious and competent manner. The problem is that there is zero accountability. This management company bills itself on it's website as being "impeccable" when in reality I suspect they don't even know the true definition of that word.
They are simply being nice to answer a random request for information about rental rules. If you get to the right person who knows the answer you may get the correct answer. If you don't you may get no, or worse, the wrong answer.

They owe you no duty to give you correct information. Depending on who you ask they may have no way to do so. They do owe duties - but not to give random callers accurate explicit answers.

And a smart real estate agent may dodge the question. Simply drop you a written note that you should check it out in the CIC documents. CYA.

I just got done looking it up for a client...who I suspect may have been following this thread. Took me about 10 minutes in the CIC docs to find it...
Reply With Quote Quick reply to this message
 
Old 03-02-2011, 10:16 PM
 
412 posts, read 914,364 times
Reputation: 166
I downloaded a copy a PDF copy of the Sky Pointe HOA CC&Rs on the HOA website (just before they let their domain expire on 2/22/11) and section 4.29 specifically states the units can be leased out. This is probably what the Lavida read when she told me the units can be leased.

https://www.yousendit.com/download/T...UnF0d0d4dnc9PQ


The main rules listed are that the units must have written leases of at least 12 months and the unit must be leased in its entirety and the HOA must be given a copy of the lease agreement and the tenants given access to a copy of the condominium documents.
Absolutely nothing saying leasing is restricted to a certain number of units is listed in the leasing section of the document.

So, unless the HOA posted outdated documents online and there are new written documents restricting rentals, what Candy told the other person is meaningless.

Last edited by Tires; 03-02-2011 at 10:30 PM..
Reply With Quote Quick reply to this message
 
Old 03-03-2011, 07:22 AM
 
2,724 posts, read 4,757,124 times
Reputation: 1042
That pretty much spells it out in black and white.
Reply With Quote Quick reply to this message
 
Old 03-03-2011, 08:19 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,129,998 times
Reputation: 2661
If there are restrictions on leasing they would likely have been created after 2007 by the Association via an amendment to the Declaration. You would need an official CIC document package to find this or a recorder search.

I would think this one difficult as it requires a 2/3 vote to change the Declaration and likely approval from some set of first mortgage holders. But again the HOA would be the source for this information
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
Similar Threads
View detailed profiles of:

All times are GMT -6. The time now is 02:36 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top