In Siena, the Siena Community Association runs the Community Center, with its library, billiards room and sewing studio, and it runs the 16,000-square-foot Fitness Center with indoor and outdoor pools. The 18 holes that wind past many Siena backyards are a different matter. They belong to a private company, and the association has no say in how the course is run.
That split matters more this winter than it has in years. Starting Jan. 1, 2027, the course's water rate begins a scheduled climb set by the Las Vegas Valley Water District, and the district's rules have it rising every year until 2031. If you are weighing a Siena home on the fairway, part of what you are paying for is the view across a business, and that business's biggest outside cost is now on a published schedule.
The association runs the Community Center. A company runs the fairways.
The Siena Men's Golf Club, which the association created for residents, says this plainly on its homepage:
"Please Note That Neither the Men's Golf Club nor The Siena Community Association Holds Any Ownership Interest in the Siena Golf Course. Nor Do They Have Any Control over It's Management, Design, Operation, Or Maintenance…. WE JUST PLAY GOLF!"
That disclaimer comes from the Siena Men's Golf Club.
The most recent reported sale went to Siena Golf Holdings LLC, a Las Vegas company. The Las Vegas Review-Journal reported in October 2024 that it bought the course for $17 million from Siena Golf Course LLC of Los Angeles. The sale covered 176 acres across eight parcels and drew three bids. The same report noted that the course last sold in 2006 for $7.6 million and anchors a 55-plus community of about 2,100 homes.
The course is busy this fall. The men's club reported tournament play on Sept. 30, 2026, and posted Crystal Cup standings dated Oct. 6.
Siena already made its cheapest water cuts
Every existing golf course in the Valley works within a water budget. In January 2023, the water district cut that budget from 6.3 to 4 acre-feet per irrigated acre per year, effective in 2024. Courses that use more than their budget pay surcharges: 2 times the highest nonpotable rate between 101% and 120% of budget, 5 times between 121% and 140%, and 9 times above 140%.
Siena got ahead of that cut. In a 2024 interview with NGCOA's Golf Business magazine, the regional general manager then overseeing Siena, Arroyo Golf Club and Red Rock Country Club said Siena had cut its water bill in half through turf reduction. It went from 6.3 acre-feet to 3.6. With the Southern Nevada Water Authority's $1.50-per-square-foot conversion credit, he said, the course "basically broke even on the actual cost of the project."
That puts Siena under the 4.0 budget, so the overage surcharges are not its main exposure. But it also means the turf that was cheapest to remove is already gone. What's left is the playing surface itself: greens, fairways, rough and tees. The remaining grass is the product the course sells.
The bill that starts moving on Jan. 1, 2027
For years, Siena was one of 17 courses that watered with effluent piped from district recycling plants at a nonpotable rate, according to the same Golf Business report. The district later decided to get out of the reclaimed-water business. Its FY2025–26 budget report says the board approved new golf-course rate rules in December 2024 because reclaimed water "is no longer being delivered," moving those courses to the potable rate.
The district's Service Rules, effective Jan. 1, 2026, set the steps. The table below adds two columns of simple math. The first compares each year with the 2026 rate. The second estimates the cost per irrigated acre at Siena's reported 3.6 acre-feet, counting an acre-foot as about 325,000 gallons, the figure Golf Business used. The estimate covers the volumetric charge only.
| Year | Volumetric rate per 1,000 gallons | Change from 2026 | Approx. volumetric cost per irrigated acre at 3.6 acre-feet |
|---|---|---|---|
| 2026 | $2.33 | None | About $2,730 |
| 2027 | $2.58 | Up about 11% | About $3,020 |
| 2028 | $2.88 | Up about 24% | About $3,370 |
| 2029 | $3.40 | Up about 46% | About $3,980 |
| 2030 | $4.50 | Up about 93% | About $5,270 |
| 2031 | District potable rate | Full potable pricing | Set by the District rate |
The real increase is larger than the table shows. During the transition, the schedule also starts charging SNWA infrastructure, reliability surcharge and commodity charges, plus LVVWD service and backflow charges. Back in 2024, Siena's regional manager told Golf Business that irrigation costs would "double in the next five years" and estimated "$500,000 in new costs" for each of his three courses. That was a projection made while terms were still being negotiated. The final schedule runs a year longer than the 2030 cutoff operators had asked for, and it lands at roughly the same doubling.
Why someone still paid $17 million
The sale timeline shows how the buyer saw it. Golf Business reports that operators were told in 2024 that effluent would end. Siena Golf Holdings closed in October 2024, and the board approved the new rates two months later. So the company paid more than twice the 2006 price, with two other bids on the table, while the water costs were already public.
That fits a course that had already reached its efficiency target and can turn to revenue. Siena's 2027 Player's Club costs $319 and includes two free 2027 rounds, 10% off food and beverage, 14-day advance tee times, and benefits at both Siena and Arroyo. Enrollment runs Oct. 1, 2026, through July 31, 2027. The clubhouse restaurant, Siena Bistro, gives Siena homeowners a dining discount when they show their HOA card. Each of those programs depends on residents choosing to spend money at the course. The water rate does not depend on anyone's choice, and it goes up every January.
Elsewhere in the Valley, course land has followed its own documents
Silverstone shows how far apart a course's outcomes can be. The Review-Journal reported that its 27-hole course had been closed for nearly a decade before it sold at a trustee auction in May 2025 for nearly $2.8 million. The prior owner cited water restrictions and golf's declining popularity. A deed restriction requires the land to stay a 27-hole course unless 75% of Silverstone Ranch homeowners approve a different use. By June 2025, the Review-Journal reported, the buyers had no site plan and planned to talk with the neighborhood and HOA.
That 75% threshold comes from Silverstone's own deed restriction, not from a countywide rule. Other former courses have gone through ordinary land-use review instead. In January 2025, the Las Vegas Planning Commission unanimously approved land-use entitlements for Lennar's proposal of 1,480 homes on the former 250-acre Badlands course, according to the Review-Journal. In July 2025, Fox5 reported that the city approved plans for housing, retail and open space on the Desert Pines course site. In unincorporated Clark County, which includes Summerlin South, rezoning and master-plan amendments go through the public review process in Title 30 of the county code.
Siena's course is open, in play and last sold at a premium in 2024. These cases are not a forecast for Siena. They show that a course's recorded documents and zoning can matter.
Pricing a fairway lot when buyers have time
Buyers currently have time to look into those documents. In September 2026, Las Vegas REALTORS reported a Southern Nevada median single-family price of $470,000, unchanged from September 2025, with sales running at about a five-month supply. At the end of September, 7,995 single-family homes were listed without offers, up 6.6% from a year earlier. In a market like that, you can work through a few questions before deciding what a fairway view is worth:
- Get the Siena Community Association's resale documents and check what the association maintains.
- Ask the title company for the recorded documents on the lot, including any easements or restrictions that involve the adjoining course parcels.
- Look at the course's public programs, such as the Player's Club and the HOA-card dining discount at Siena Bistro. They show how the operator is building revenue from residents.
- Compare a fairway lot with a similar interior lot in the same price range.
FAQ
When does the course reach full potable water pricing? Under the district's Service Rules, in 2031, after rate steps on each Jan. 1 starting in 2027.
This post is general information, not legal, tax or financial advice. Please confirm what any HOA document, deed restriction or rate rule means for your own purchase with the right professional.
If you are thinking about a Siena home on the fairway, Davidson Real Estate Group can help you get the association documents, the recorded lot records and comparable interior sales together before you set your offer. Schedule a free consultation and we'll go through the course questions with you before you commit.
