Friday, July 21, 2006 | 7:48 a.m.
Several residents of a Las Vegas neighborhood south of Sahara Avenue near Palace Station say they are under pressure to sell their homes to an unknown buyer. Three real estate agents, apparently working together and representing a private business, have purchased 12 homes in the Richfield Village neighborhood so far and want to acquire more.
Paraphrasing one of the real estate agents, a resident told the Las Vegas Sun, "He said you'll want to sell when yours is the only house left and there are a dozen bulldozers all around you."
One homeowner received a letter saying the purchased homes would be "boarded up and torn down for redevelopment purposes ." That's as much as any of them know.
Under formal eminent domain proceedings initiated by government, property owners are told whom they are dealing with and why their land is needed. That allows them to assess the new value of their property and at least negotiate for a higher price.
The property owners of this neighborhood should have the same information. There is some speculation that the buyer is Palace Station. The casino company declined to comment when queried by a Sun reporter.
With the interest in the properties shrouded in secrecy, we do not blame property owners in this neighborhood for refusing to sell, even if otherwise they might be inclined. Not knowing the buyer or the intended use of their land deprives them of being able to set a sale price reflecting the property's true value.
We believe the city of Las Vegas, which regulates land-use proposals, should make itself aware of any plans to change the character of this neighborhood, and immediately share all that it learns with the residents.
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