The S*it Flies At Panorama Towers

We discussed this on this week's podcast but it was so startling I figured I'd mention it here, too, since there's some other interesting stuff to report on this front.

As many of you know, we are investors in a unit, now rented, at Panorama Towers across from CityCenter. I had already heard some not-great things about some of the residents over there, but this letter from the HOA was downright shocking.

"Dear Residents,

It has come to our attention that there have been numerous instances where residents are using their balconies to dispose of various trash (i.e. dog feces, cigarettes, debris, etc.)

As per the CC&Rs, these actions are prohibited and will not be tolerated. In addition to the aesthetic deterioration of the building grounds, there has been damage to residents' property. ...

Residents or their guests are to refrain from using balconies to dispose of any kind of waste. As unfortunate and incomprehensible as it may seem to report, certain pet owners are disposing of dog feces over the balcony. This waste has either damaged residents' properties or, worse, fallen on fellow residents.

All dog waste should be discarded in the various provided dog stations and/or in trash chutes."

Oh, Andrew Sasson, what have you wrought? This is the sort of place where Leo DiCaprio, Pam Anderson and Jeff Beacher live? OK, I can see Beach there. Ha ha. Just kidding, Jeff.

The poop letter came a few days before another letter of interest. You see, the HOA rules for Panorama -- designed, evidently unsuccessfully, to maintain a certain quality level among those in the buildings -- only allow owners to rent out their units once a year for a lease of no shorter than six months. That is, rent it to a real resident renter, not as short-term vacation rental with all the undesirable aspects of that practice.

But the latest letter is a petition asking owners to change the HOA rules to allow the place to become a whorehouse, err, I mean a vacation rental building. I empathize with speculators, err, I mean owners who are upset by the loss of the value of their investment. I just don't know that turning the building into that sort of place is the long-term answer.

Oh, and one more little nugget. I also got an e-mail from the Panorama resale office. They've been worthless for many months in selling the units, partly because of the economy and partly because they don't list any of them on the MLS, but they say they've closed on four units in the past few weeks and have four others in escrow. This, they say may imply "the worst of the housing slump is behind us." Or, perhaps "this spike can be attributed to the recent announcement of Viva, Station Casino's newest venture, slated to be built directly to the south of us."

That's really an interesting point I hadn't considered. Now we're sandwiched between Viva AND CityCenter. It reaffirms my hope to hang onto this thing for a few years and see where it goes.

I do wonder, though, if they warn the new buyers to carry an umbrella around the grounds and to watch where they step. Blech.