For more than a year, we’ve been breaking records virtually every month — especially when it comes to the rising price of homes sold here in Southern Nevada.
Real Estate News
In the last two columns, I have talked about the roles of the homeowner and the homeowners associations’ management companies. Finally, we come to the role of the board of directors. By law, this role encompasses such legal terms as fiduciary obligations, duty of care, application of business-judgment rule, good faith (Nevada Revised Statute 116.3103). Board members sign a document for the state that they have read and understand the governing documents of the association and NRS 116 to the best of their ability. (NRS 116 31034 (15).
Sauter Multifamily Group of Avison Young has announced the closing of the $105.9 million sale ($190,126 per unit) of AYA Apartments, a 557-unit property at 3600 University Center Drive.
The role of the community management company is spelled out in its management agreement with the association and the role of its managers spelled out in NRS and Nevada Administrative Code 116 state laws and regulations.
We’ve never lived through a year like 2021. In case you don’t remember, we said that at the end of 2020. I expect the Las Vegas luxury market will get hotter in 2022 and remain hot for at least another several years.
What are the roles of the homeowners, management and board of directors in a homeowner association?
A report released Thursday by Las Vegas Realtors shows 2021 was a record year for sales of existing homes in Southern Nevada, with more than 50,000 properties changing hands despite rapidly rising prices and a tight housing supply.
You or your association would need an attorney to review the governing documents and any other pertinent information pertaining to the legal relationship between the association and the country club/golf course. This information would provide you with the answer as to the country club/golf course’s financial obligations. If the information shows that country club/golf course should be absorbing more of the operating costs, your association would need to get involved with the assistance of their attorney to make changes with them.
NRS 116.31036 addresses the removal process. The law has two requirements. The first is that at least 35 percent of the total number of voting members submit their ballots. Second, assuming that the association met the first requirement of the 35 percent, at least a majority of all the votes cast voted to remove the directors. Both requirements must be met in order to remove directors.
The statewide Nevada Realtors honored its leading members at an installation and awards event in Reno, naming Brad Spires as its Nevada Realtor of the Year and recognizing others from around the state for their continued service to their association, their profession and their communities.
I appreciate your input to direct us how to handle this. We feel the Real Estate Division protects the management and not the homeowners. We have an investment here and want to be heard.
In this case, as an example, the association may not allow two adjacent homes to have a kelly green door. You need to contact the management company to find out their policy.
The 2021 Las Vegas real estate market has created the expectation of record-breaking prices every month. Total closed single-family residential sales for 2021 could potentially break an all-time record, should December produce at least 2,449 single-family residential closings.
A recent Las Vegas Realtors report suggests the Southern Nevada housing market may be in store for an unseasonably warm winter.
As to your first question: A number of management companies are now charging an architectural fee.
