A great debate has entered the Las Vegas Real Estate landscape over views.
Nevada's laws in regards to views is basically "Caveat Emptor". Which translates to "buyer beware". This means you must do your due diligence in regards to what zoning is going on in and around the property you are purchasing and the landscape in Las Vegas changes daily right in front of our eyes.
High rise purchasers in the resort corridor of Las Vegas are crying foul over Fontainebleau's move to throw up a parking garage within 100 feet of Turnberry's Tower 4. The thoughts on this are that Fontainebleau is not into "smart or sustainable development" but maybe it was Turnberry's quest to throw so many buildings on a small chunk of property right next to property zoned for gaming. Fontainebleau's garage will be located in the same area as many of the other strip casinos garages are: in the back of the property. My thoughts are, I don't think we should bite off the hand that feeds us (sorry, that would be gaming over real estate) just because residential and multi use developments are popping up all over the resort corridor. Read more here
In other news on views: There is buzz that the famous Las Vegas National Golf Course may be sold so the land can be developed for residential use, as it is zoned for. Esko's July 2007 post has a link to the article. If it were for sale and the owners were so upset, why don't they just pool together and buy the land themselves? This is a famous golf course, set close to the strip. It has been the backdrop in many movies, for many celebrity golf tournaments and popular with the tourists. To me that would have been the easy solution.
BUT - and yes there is a big BUT even with my very humble opinion thrown in hither and thither with those two examples.
We cannot promise a view, we may even have view disclosures (like most builders do): We are allowed to promote views, golf course frontage, and other things that may change over time in the MLS. A premium may even be tagged on to the price and the appraiser can even acknowledge and adjust for it. How is that possible with caveat emptor and here today, gone tomorrow views in this town?
Take a look at my picture taken of downtown from Soho lofts in March of 2007. Let's say the unit was appraised with a view of downtown. While the buyer may understand that the view will not be sustained forever, how is the lender funding the loan supposed to know that, unless it is disclosed.
All the Best,Realtor®
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Renee@ReneeBurrows.com
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Renee,
I took a course called Certified Neighborhood Specialist (CNS) a designation that focuses on these types of issues. Knowing your neighborhood, understanding potential tax issues, future building projects etc.
I think you would appreciate the course www.CNSDesignation.com
Viewsheds are one of the next big litigation centers. I would bet that there will be lawsuits flying in no time over promised v delivered views, and the degradation of views.
Another thing that jumped out was the actual complaint. One thing I see as a trend is that people find the problem (don't want to look at the parking garage) and then find a reason to oppose it that plays better in the media (smart and sustainable development). Real estate isn't the only area this happens in, either.
Good post. That is the one thing about my community www.skylineaustin.com that wont change, the view. Well it will change, but never blocked,
J.
Allen: Thanks for the tip!
Lane: Maybe Turnberry sold verbally on a view but ALL new construction I have sold (while I have sold zero Turnberry) has had a view disclosure/disclaimer. You are right about playing it out in the media, because they have no other recourse. I am betting Turnberry had this disclosure/waiver/disclaimer in the paperwork.
Jeff: Thanks for stopping by and adding your perspective from your community!
Hi Renee, I know of a very similar situation in the Summerlin area in Las Vegas, where someone purchased a piece of property a couple of months ago that had a distant strip view, and is now upset that trees are growing on a neighbors property and are blocking the view. The buyers feel they are entitled to the view, and the trees should be cut down, but if a builder were to put up condos just down the mountain, (as they did about 3 blocks east) they would lose much more of the view than the trees are blocking.
The buyer has gone so far as to have his buyer's agent approach the neighbor and demand the tops of the palm trees be removed. You are very much on target with your opinion, with the views changing daily, there is no way of telling what your view will be tomorrow.
Allison: This is exactly what I am talking about! There is no such thing as a view anywhere in this city. If you have one, great. Just keep in mind it may be gone tomorrow, literally. FYI, some HOA's prevent putting in trees or obstructions like such. It's all about due diligence. These neighbors are going to make these people's life a living hell. Trust me, been there done that. They will lose all the way to the top and then they will just do all in their power to try to get them to move because that will be their last chance of hope.
Rey: Exactly! I guess the moral of the story is read the disclosures and exercise your due diligence
Larry: I am sorry to hear that!!
Allison: LOL I am sorry but I am laughing about the part where they don't realize trees and shrubs keep growing. Too funny! It was existing when they got there, too bad too sad! Maybe the buyer's agent sold them on the view and now is protecting his bootay. Tell them (if you know them personally) to let the neighbors know that views are never promised in Nevada Real Estate and if they have an issue with what they were sold, they need to go to the board and deal with their buyer's agent.
I know someone who lives up in summerlin on the bottom of the hill and is disgruntled that KB is building at the top of the hill and she has to look at the "ugly houses" that are really close to the lot line. The KB homes have "strip views". Ten bucks says she is going to plant VERY high, mature trees at the top of her hill so she doesn't have to view their homes and it blocks their view in her LARGE yard.
Renee, I am conflicted on this "issue." "If it were my view I would want to preserve it, but you are absolutely right about knowing which side of your bread the butter is on. I say to those people that moved into high rise condos near the strip it is access you are paying for not views.
A lot of real estate developments will put in CC&Rs protecting views if they have views to "sell" and some cities will not allow second story additions for this same reason, but if these protections don't exist then you have to expect something will pop up to spoil the view.
Bill Roberts
Renee, You've got a lot of knowledge and wit!! I enjoyed your post, and especially the comments thereafter. I never realized how quickly Vegas can change. Apparently, not every homeowner there did either.
When you talk about disappearing views, I think of the Turnberry lawsuit...I had a client that I took into Turnberry 10 times...He kept asking me about the big blank lot between there and the strip. I advised him that as soon as the casino/hotel gets built there you will lose most of your views the lower you are in the building...Really, if you are buying something next to vacant land you better check for zoning height regulations...and then expect them to build to the limit. If it is going to block your view, buy somewhere else.