Wednesday, September 26, 2012

Lake Las Vegas Live

Lake Las Vegas Live

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Lake Las Vegas Resort Rising From Its Grave

Posted: 25 Sep 2012 10:23 PM PDT

The economy meltdown that struck back in 2008 had some devastating effects on real estate markets across the globe. Some developments, such as the Lake Las Vegas Resort, were unfortunately rocked harder than most, and were ultimately forced to close-down due to a lack of funding.

Located twenty miles southeast of Las Vegas, business for this multi-use project was going fine during its opening, as features such as a 320-acre man-made lake, an artificial waterfall, casino, hotel, and residences for sale attracted thousands of investors and homebuyers.

However, home values began to plunge, sales quickly stalled, and foreclosures soon began to rise. This in turn had a domino effect on the other businesses within the development as well – a Ritz-Carlton hotel, and even the development's only casino, were closed in 2010. Moreover, the company which owned most of the undeveloped land was left with no choice but to file for bankruptcy.
Nevertheless, all of this happened several years ago, and today things seem to be getting a lot brighter for Lake Las Vegas. Foreclosure rates have greatly decreased, existing houses are being sold at lower prices, new residences for sale are being constructed, and the development's casino plus hotel have new operators.

In addition to this, hedge-fund manager John Paulson of the Paulson's Real Estate Private Equity Group acquired 540 acres of developable land just recently, of which he paid $17 million for. Andrew Stegen, current general manager for Ravella, the hotel which replaced the Ritz-Carlton hotel back in 2011, believes that the development went from repulsive to attractive in a short span of time.
"Two years ago, no one would have touched anything to do with Lake Las Vegas," said Stegen. He also adds that the Paulson firm's purchase of land "is a huge boost of confidence" that'll attract more investors and consumers to the project.

Although the development is indeed showing signs of improvement, experts are refraining from using terms such as "booming" to describe its potential and current situation as it's simply too early to tell for sure.

Foreclosed Homes Expected To Flood Las Vegas Residential Market

Posted: 25 Sep 2012 01:16 PM PDT

Those looking to acquire a home in one of America's best cities to live, Las Vegas, may soon be able to turn that dream into a reality. Experts say that thousands of foreclosed houses are about to hit the local housing market, and thereby significantly increase local inventory.

Both banking and real estate professionals see the Las Vegas market taking another big hit some time in the future, which in turn could substantially postpone its recovery for several years. Previously viewed as a market where sellers reign supreme for the past several months, the new wave of dwellings is going to create a substantial drop in prices, therefore turning the market into a more favorable environment for buyers.

The new law which makes it more difficult for banks to foreclose is a big contributing factor for foreclosed abodes coming to the market. Last September 2011, studies show that banks were foreclosing 3,000 to 4,000 properties in Clark County every month. But when Assembly Bill 284 took effect, these figures dropped down to 800 a month.

With that said, real estate experts who've closely followed this situation foresee roughly 70,000 foreclosed properties hitting the market. And with the law prohibiting banks from taking immediate action, Las Vegas' residential market will finally get the boost it has badly needed.

"It almost feels like it did in the boom years of 2004, 2005 and 2006. People were receiving multiple offers and people were bidding over list price," says Applied Analysis' Brian Gordon. "The reality is that a lot of that's been a function of limited supply on the markets."

On the other hand, Bill Uffleman, president of the Nevada Bankers Association, says that banks have found various legal methods to speed-up their foreclosure process again. "Foreclosures will ramp up shortly. I would argue, probably in September," said Uffleman. "If you took 3,000 a month is the norm, I think we will get back to 3,000 a month maybe 4,000 thousand."
Nevertheless, notable realtors such as Jared Jones still believe that the Las Vegas housing market will see the inventory surge by February or March next year.

Welcome to Ravella at <b>Lake Las Vegas</b> amposta2

Posted: 25 Sep 2012 09:16 AM PDT

Welcome to Ravella at Lake Las Vegas. las vegas vacations http://ravellavegas.com. General Manager, Andrew Stegen welcomes you to Ravella at Lake Las Vegas, a Mediterranean-inspired oasis in the Southwestern desert ...
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