Lake Las Vegas HOA Dues – What You Need To Know
Navigating the ins and outs of the Lake Las Vegas community HOA dues can be a bit complex. Sites such as Zillow and Trulia do not pick up the tiered structure of Masterplan, South Shore ( sub master) , and the various community HOA dues. Additionally, some properties have LID fees which I will explain below.
It is critical for a buyer to be aware of all the HOA dues that a specific property will be subject to. A knowledgable real estate agent will be able to read the preliminary title report that is provided during the Due Diligence period, and make sure that his or her client receives ALL sets of Common Interest Community Documents. These documents will contain a Certificate with the current and EXACT amount of dues for the various associations affiliated with any given property.
What are the Lake Las Vegas Masterplan Dues?
Every property in Lake Las Vegas is subject to quarterly HOA dues of $375.
What are the South Shore HOA Dues?
The North Shore of Lake Las Vegas in non guard gated. The South Shore is guard gated and home to a number of high profile celebrities. As of this writing, (1st quarter of 2017), The South Shore HOA dues are about $873 per quarter. The manned guard gate or the South Shore is pictured below.
Subdivision HOA Dues
Each single family neighborhood will have a sub association. Dues in each sub association will vary. Some subdivisions such as “V” at Lake Las Vegas have TWO sets of sub HOA dues. “V” has its own master HOA and a sub HOA. There is a vacant plot of land inside the V community that has never been developed. It was held off by Centex, the original developer of “V” to be home to some ultra posh townhomes. The land sits at the highest point of the gated neighborhood and hopefully someday, it will be developed. These might be gated within the gates. These uber posh townhouse “estates” as they were envisioned would have had their own association. Hence – V has dual HOA dues of $420 per month and just under $600 per quarter.
The Hotel Condos in The MonteLago Village also have dual sets of HOA dues. One set of HOA Dues varies depending on the square footage of the condos. Buyers will see all types of different HOA dues amounts in the MLS listings. NV Law requires that the buyer receive CIC ( Common Interest Community) documents. The standard contract stipulates that these documents are to be ordered and paid for by the owner within 2 days of contract ratification. Each HOA has up to 10 days to deliver the documents. The Buyer has 5 days to review. Silence deems approval. The first day is the day AFTER the documents have been received. There is a checklist form called a Purchaser’s Receipt of the Resale Documents that itemizes each group of documents that should have been delivered in the package. The budget, by laws, CCRs are part of the list of NV STATE LAW required documents. By checking to make sure that your packet contains a CERTIFICATE particular to the property that you are buying, you will ascertain that you have all the correct and current HOA dues amounts as well as the HOA Transfer Fees & Capital Contributions, if any.
What are HOA Transfer Fees and Who Pays Them?
Transfer fees are charged by each HOA to set up the account in the Buyers’ names. They can be a low as about $200 to as much as 2% of the purchase price if you are buying a Viera or Luna Di Lusso Hotel Condo in the Village. Typically, a Buyer would pay. In the case of the 2% fee, who pays can be negotiated.
What Other Fees are Associated with Lake Las Vegas Properties?
Properties in Lake Las Vegas have a LID Fee. This stands for Local Improvement District Fee. This is a bond that is paid semi annually. The amount varies with each property. Properties such as those on the North Shore that have been built a decade ago, have small remaining LID fee amounts. Some builders of the new homes, have eliminated the LID fee by paying it off at time of land purchase. The LID fee balance can be verified on line by obtaining the parcel number (APN NUMBER) and visiting this website: http://amgnv.com.
A knowledgable real estate agent, familiar with each Lake Las Vegas neighborhood, can certainly add value to your Lake Las Vegas Real Estate Transaction. Whether Buying or Selling, The Stark Team is well versed in all aspects of Lake Las Vegas real estate.
Vita Bella is a Gated Townhome Community located on the North Shore of Lake Las Vegas. It has some of the lowest HOA Dues structure for any attached product at The resort, and some of the nicest views and amenities. Please Scroll Down to See All Vita Bella Homes for Sale in the MLS.
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