Las Vegas Real Estate News

Chronicle of David Siegel and His PH Towers
Wife right about saving cash by getting mortgage refinanced
Premier Mortgage offers second-chance lending to homebuyers
Neighbor over the wall is not in the community
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Chronicle of David Siegel and His PH Towers

Posted: 06 Oct 2012 04:21 AM PDT

David Siegel, chairman and CEO of the Westgate brand, is in the news again but this time for the right reasons. A chronicled documentary, "Queen of Versailles", on the company's efforts to promote its elite project PH Towers Westgate, has finished its Las Vegas run. The documentary, a big-screen reality TV show co-starring David Siegel, has documented the extravagant life of David and his family; their 90,000 square foot new house "Versailles" and its opulence.

Westgate's chief operating officer Mark Waltrip said "The movie is interesting but has some inaccurate portrayals of both the company and the family". PH Towers, the largest timeshare building in Las Vegas, is mired in problems. Buckling under pressure from lenders, David ceded control over the towers last November through a deed in lieu of foreclosure.

Eventually, the largest letters on the tower were replaced by the words "Hilton Grand Vacations". Yet, even this wasn't a solution Siegel's growing list of problems. PH Towers is facing a nonjury trial in front of Clark County District Judge Elizabeth Gonzalez, on a series of construction issues. Tutor-Saliba Corp. is clamoring for $23.3 million on account of unpaid work, excluding interest and legal bills while Westgate has countered that Tutor owed $30 million for defective work and $100,000 a day for late delivery.

Entangled in a mesh of legal issues, the bank laid out terms for Siegel to give up his control so as to continue living his "high-life". Reeling under enormous pressure from all spheres, Siegel approved the sale of PH Towers to Resort Finance America, a unit of New York based Centerbridge Capital Partners L.P. David's letter to the Lauren Greenfield, director of the so-called documentary, to add a final frame stated that David has refinanced and restarted construction on "Versailles", just four days before screening has come as a surprise. This, however, did not make it to the documentary.

There are rumors that the lawyers have mused about adding this documentary "Queen of Versailles" as evidence to the trial.

Wife right about saving cash by getting mortgage refinanced

Posted: 06 Oct 2012 02:06 AM PDT

Q: Please settle an argument between me and my husband. I want to refinance our home mortgage loan.

Premier Mortgage offers second-chance lending to homebuyers

Posted: 06 Oct 2012 02:06 AM PDT

Trulia.com real estate listing service's recent ranking of the Las Vegas Valley as the third best place to buy a home among 50 major U.S. cities has sparked interest among renters and those undergoing a short sale or foreclosure. Many ask the questions: "Can I buy a home at today's low prices?" and "Can I have a mortgage payment lower than rent or my previous mortgage?"

Neighbor over the wall is not in the community

Posted: 06 Oct 2012 02:06 AM PDT

Q: What is the law with gated communities and the buffer zone between other properties? I have been having problems with a neighbor on the back side of my property. I have shared a block wall with him for three years. He is not in the community, so if I have complaints my homeowners association can't do anything about it.

Resale Homes Report

Posted: 06 Oct 2012 02:06 AM PDT

Editor's note: Listings include the resale home's parcel number. Occasionally, the address listed is the homebuyer's mailing address and not the actual location of the home. Check the parcel number to make sure. Also, a few transactions do not reflect the market value of the homes.