The Comeback Begins at Lake Las Vegas
From ESS
As the community steadily comes back to life, sophisticated investors taking the long view have begun to give a fresh look to Las Vegas luxury homes at Lake Las Vegas. To be sure, this exclusive golf enclave (located in Henderson, Nevada) has had its share of problems over the past two years, but it seems increasingly clear that the worst is in the past. Designed in the traditional Mediterranean style of ancient Tuscany, Lake Las Vegas was considered for many years to be one of the most opulent luxury golf resort communities in the entire southwest. Residents included the Bass brothers of Texas and singer Celine Dion. Golf legend Jack Nicklaus put his creative signature on two of the three Lake Las Vegas golf courses. The heart of master-plan consists of a 340 acre man made lake (the largest privately owned man-made lake in the country) that anchors the residential and resort properties. The entire expanse covers 3,600 acres and included the AAA rated Ritz Carlton at one point in time. After massive amounts of litigation and various defaults by previous owners involving many aspects of the community, Lake Las Vegas is now poised to make a comeback that appears to have real substance behind it.
One of the biggest blows to Lake Las Vegas was the closing of the Five Diamond Ritz Carlton. This was considered to be the signature resort property of the community and the closing of this facility appeared at the time (May of 2010) to be a mortal blow for the future prospects of Lake Las Vegas in its entirety. Although the Loews at Lake Las Vegas (taken over by Wells Fargo) managed to keep its doors open through the economic downturn, two of the public resort golf courses also went into default and ceased operations. Fast forward ten months and a new beginning appears to be taking shape for Lake Las Vegas. New Jersey-based Dolce Hotels & Resorts reopened the former Ritz property as Ravella at Lake Las Vegas in February of this year. The financial and psychological boost to the entire Lake Las Vegas community from this bold move by Dolce can scarcely be overstated. Just as the closing of the Ritz set off a chain reaction on the way down, the opening of the new Ravella has set off a chain reaction on the way back up. Case in point; Casino MonteLago has now also been reopened after going dark fourteen months ago. Intrepid Gaming stepped up to the plate to resurrect the 40,000 square foot gaming facility, and vibrant next door neighbor Ravella had a tremendous amount to do with this decision to be sure. The shops and restaurants at MonteLago Village (which are miraculously 90% occupied to this day) can't believe their good fortune, as they now have a newly energized Ravella and a fully functioning casino as part of their "village experience." As you might imagine, the Ravella Resort, the MonteLago Casino and the occupants of MonteLago Village all have the opportunity once again to feed off each other and provide a true "luxury resort" experience for their much appreciated guests and customers.
In the wake of this forward momentum is the renewed interest in Lake Las Vegas luxury real estate. Greater Las Vegas has experienced jaw-dropping price drops valley wide over the last three years, but the Lake Las Vegas community suffered even more dramatically than most. Many properties in Lake Las Vegas have decreased by an incredible 65 to 80 per cent from their peak in the previous cycle. You can see why savvy real estate players with an eye for long-term value (and an appetite for calculated risk) have begun to examine more closely the luxury residential opportunities now available at Lake Las Vegas.
