I hate to be so political but whether or not you think Master Planned communities are good is completely up to you.
First off, what is a master planned community?
A master planned community is a large parcel of land that a developer has purchased. This developer will bring in many different home builders, sometimes it can be a few or one builder, who will build homes that have been pre-zoned for specific types. A master planned community usually has everything laid out from homes to retail space. Most communities have specific restrictions on how the aesthetics of the community are to look. For example, Summerlin which is a very nice master planned community on the west side of Las Vegas, have specific store front aesthetics that must be met.
In many of these communities, they will have associations which govern HOW you can use your property. Don’t think about painting your house pink, because that will NEVER happen in a master planned community. Associations will have a set of rules called CC&R’s which are usually an inch think of rules and restrictions of your property.
Lets talk about the money now. Do you know what a SID or a LID is? It’s a Special Improvement Disctrict or a Local Improvement District. This is an amount that each person who owns a house in a master planned community is required to pay. A sid is used to finance the master planned community. It’s usually paid over the course of 10-15 years in two payments a year. If you still have a sid balance when you sell your property, who assumes the balance is negotiable. So in this market, try to get the sellers to pay it. It doesn’t really help to pay it off early because it doesn’t save you any interest.
I’m going to put some bullet points up, and you decide if you want to live in a master plan or not. If you have any questions, or would like to search for some properties, please email me at Felipe@felipecrook.com or call me at 702-683-2169.
- Master Planned communities have associations governing how you can use your property…i.e. Paint Color, Landscaping, businesses, retail areas, common areas.
- There is a Master Plan Association Fee. This can range from $20-100 a month.
- There is a SID/LID payment associated with Master Planned Communities that are due on top of the sales price. These are two payments a year paid over 10-15 years depending on the masterplan.
- Because there are associations, usually the integrity of the neighborhood is maintained better than an area without an association.
- Additions to properties have to match current styles of neighborhood and the process can be lengthy to get an approval from your HOA.
- A lot of things look the same in a master plan community. Same store fronts, same style homes.
There are a bunch of master plans in Las Vegas. Just To name a few:
- Mountain’s Edge
- Souther Highlands
- Spanish Trail
- Sun City Anthem
- Sun City Summerlin
- Sun City Aliente
- Stallion Mountain
There are a lot of great deals right now in the real estate market. I would be happy to help you with any of your real estate needs. Thanks for your visit!