SID LID Las Vegas, not to mention HOA

By
Real Estate Agent with Elite Realty
http://actvra.in/YxJ

Let's go back to a frequent subject with my buyers:Monthly Dues and Dollar Bills, y'all!

What is a SID and what is a LID?

A SID is a Special Improvement District

A LID is a Local Improvement District

These are assessments.  You can expect to pay them in most master-planned communities like Summerlin, Mountain's Edge, Southern Highlands and Aliante, to name a few.

You can go to Assessment Management Group's Website, http://www.amgnv.com and enter an address or the Assessor's Parcel Number (APN) to find out if the property in question does in fact have an assessment.  SID or LID, whichever applies - does affect you.

My challenge with these assessments is that they are usually in addition to HOA or Home Owner's Association dues.  When living in a "Master Planned Community" like Summerlin, where they have shopping, churches, schools, pretty pathways and parks and tree-lined streets, you can expect that you will have to pay $35-50 per month just to live in Summerlin.  Forever.  Plus you have to pay the SID/LID assessment for about the first 10-15 years of home ownership.

Then there are association dues for the subdivision itself, which can cover things like automatic gates and the cute flowers you drive past at the entrance to your neighborhood or sub.  These can vary dramatically, from $30 per quarter to as much as several hundred dollars per month in the luxury high rise developments with full concierge services.

It can be a deterrent for some buyers when it comes to affordability; when you buy a $300K home in Summerlin, with a sub-HOA, master HOA and an Assessment of $250 twice a year to pay, you get a lot less house for the same mortgage payment.  I guess you are just paying for the prestige of living in the neighborhood.  (What is the big deal, here?  Is it like wearing designer jeans?)

The neighborhoods that I feel offer the most value for the dues they charge are obviously the golf course communities, and my favorites are the active adult communities.  When an active adult community is done right, it can be a wonderful place to live and worth every penny.  My favorites are; Sun City Summerlin for price and unbeatable amenities, Los Prados for their affordability, Aliante for its location,  Anthem Country Club for its spectacular views, and Siena for being just plain gorgeous. 

So proceed with caution when going into a neighborhood that is just so NICE.  There are many, many homes in the valley that do not have SID or LID or HOA dues tacked onto your monthly cost.

Feel free to contact me if you'd like to see them!  Enjoy the Las Vegas Sunshine! (702) 810-0082

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Thank you for the blog, nice learn what other areas do when we have out of state relo's they start talking about how their HOA work and etc, nice to have this information on file knowledge has power.

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Jun 28, 2008 01:05 PM #1
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Denise Willer

"Where Therenulls a Willer Therenulls a Way" Las Vegas
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