Las Vegas Sun

July 31, 2014

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Letter to the editor:

Houses are turning into apartments

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I haven’t lived in an apartment in a long time. I can still recall some of the memories, and they weren’t good.

Las Vegas has record foreclosures, leaving neighborhoods blighted and in disarray. A bad renter of yesterday is not the same as the bad renter of today. The big problem is that investors are buying homes, sometimes by the dozens, all over Las Vegas and renting to whomever they think will pay the rent. They’re doing the bare necessities to make the homes rentable.

The perfect storm is happening. What used to be neighborhoods of homeowners will be neighborhoods of renters, who do not care about the home or the neighborhood. I was a renter in Las Vegas many years ago in a cul-de-sac. Many months after moving in and after getting to know my neighbors, one by one they all told me of their fears about renters in the neighborhood.

A renter does not have an incentive to maintain or improve the property. Even if he has pride in himself, maybe he can’t afford to keep up the property. Investors are also not known for keeping up their rentals as they have no vested interest in the community.

Multiply that situation into neighborhoods where renters may make up 70 percent of the occupants. Therefore, any neighborhood, regardless of size or home value, has the real possibility of turning into an apartment building-like community. The homeowners in those neighborhoods will see the value of their homes plummet.

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  1. News flash. Home prices have already plummetted. Renters or owners really makes no difference. Home prices and neighborhoods don't rise and fall by a preponderance of one over another. There are good home owners and renters and bad ones. Bad renters generally leave alot sooner than bad home owners. That's better for the neighborhood in the long run.

    CarmineD

  2. Oner-occupied homes are most likely to be well maintained. Vacant and abandoned homes are the least maintained. A rented home is probably somewhere in between. If a home is owned by a landlord who cares about the value of their property, they might appreciate hearing about neighbors' concerns. You can obtain ownership information on a property from the Assessor's Office website and contact the owner if you have any concerns.

  3. The problem with the letter writer's assertions is that I have seen no statistical data to back up what he is saying. Inventories are tight and homes are flying off the shelves.

    When there were 22,000 plus homes on the market neighborhoods looked like disaster zones. Thousands of homes were abandoned and sitting empty. Today it's just the opposite. I have owned income property in several states. It's in an owner's best interest to see that the properties are well-maintained. I ride my bicycle all over Vegas. I can assure you the numbers of dilapidated properties and brown lawns are few and far in between compared to what I saw several years ago.

  4. http://usatoday30.usatoday.com/money/eco...
    Check the above data. The rental rate is roughly the same as 13 years age. Barely moved in Vegas. 41% vs. 43%

  5. "Vacant and abandoned homes are the least maintained."

    That's what HOA's are for.

    CarmineD

  6. The HOA's are just another device to turn you into paupers; after ten years mine wants me to pay for more insurance. The corporatists want us to default. Keeping the banks from stealing would be socialism right Fazio ?

  7. Comment removed by moderator. Inappropriate

  8. Las Vegas has always been a haven for renters.If you remember the phone book at one time came out twice a year, do to frequent people moving in and out mostly renters.

  9. How a property is maintained is a direct reflection on the OWNER of said property. If it is a rental, the real owner should make sure the property is maintained, and presentable. I've lived in my home for over 30 years, and have never let it become a seedy POS, and a blight on my community. Sadly, that can't be said for other owners (renters). If you grew up in a POS neglected property, then your values regarding where you live now are reflected accordingly. Properly maintaining your property will also help to make it last longer as a viable property.

  10. Housing prices go up and down for many reasons. Who cares unless you are an investor and buying and selling hedge funds in houses in LV. If you're here to stay, live, work, retire....SO WHAT about the prices fluctuating. Make the best deal you can and lock it in.

    CarmineD

  11. "Keeping the banks from stealing would be socialism right Fazio ?"

    When you willingly give it, it's not called stealing. Not called fascism. It's called free will. And everyone has the free will to be stupid.
    Even you.

    CarmineD

  12. Dave, another factor is security. When it's my home, I can put up the security door, the video cameras... When it's my home with an attached garage, I'm much safer than if I had to walk to my assigned parking spot. Don't ever think I'm kidding. Tune in to the scanners re apartment-complex crime--assaults, rapes, robberies, homicides of strangers. The population density in many rentals means you get to hear your neighbors flush. You (particularly when you are female) get approached by all sorts of "neighbors" wanting a hand out, wanting your groceries, wanting.... I digress a bit but I recall an elderly woman who had completed her grocery shopping when some dude grabbed the very full cart and fled--west Chas. area. He didn't even wait for her to drive home. Anyhow, the SAFETY FACTOR usually enhances the home-ownership preference.

  13. <<"Vacant and abandoned homes are the least maintained."

    That's what HOA's are for.

    CarmineD>>

    Sorry, Carmine - the upkeep of the outside of the home is the responsibility of the homeowner, whether the owner rents the house or lives in it himself, not the HOA.

    @Roselenda:
    Just before I left Vegas, I was living in a very nice apartment complex in a pretty nice neighborhood right near Summerlin. Knew all my neighbors, most of which had lived there for awhile. I felt decently safe most of the time but was still a little apprehensive. And I think that that was because it was still Las Vegas - where it doesn't matter where you live, the scumbags were everywhere.

  14. "Sorry, Carmine - the upkeep of the outside of the home is the responsibility of the homeowner, whether the owner rents the house or lives in it himself, not the HOA." Det_ _Munch

    In most cases yes, NOT IN ALL! Depends on the HOA and fees paid.

    CarmineD

  15. "That free will Carmine speaks of is also going to make stealing, selling illegal drugs, starting illegal businesses more and more preferable to working a minimum wage job."

    Not if the punishment is swift and just. God gave free will, the law and our conscience protect us from it. It's called guilt [ours] and prison [society].

    CarmineD