Lake Las Vegas is located in Henderson and is one of the most beautiful communities in the Las Vegas Valley. In 1993 when custom home lots went up for sale Lake Las Vegas was considered the prime real estate market in the Las Vegas Valley.
Lake Las Vegas got hit hard in the housing recession – prices of homes were in free fall. Homes that were originally $500,000 were now $150,000 and estates worth $5.5 million were selling for $2.1 million.
Raintree Investment Corp., agent for Paulson and Co and owned by New York wedge fund manager came along and reportedly acquired 900 acres for $17.3 million giving new life to a community in tatters.
The strategy of turning Lake Las Vegas into a vibrant community once again is a three prong approach. First Raintree focused on the infrastructure – repairing the lakes dams and pipelines. Also street light were added along Lake Las Vegas Parkway.
Secondly the focus centered on extending Galleria Drive into a four-lane road connecting into Lake Las Vegas Parkway and it provides access to U.S. 95, the Galleria and Sunset Malls and may shopping venues and restaurants. This road has made access to other areas much more convenient for the residents of Lake Las Vegas.
The third point of focus was the reopening Reflection Bay golf course.
All of these steps have worked. New home builders are in the process of building new neighborhoods within the Lake Las Vegas community – adhering to the affluent sense of the area. There are also many upscale resale homes to purchase. The demographic of Lake Las Vegas has evolved from primarily Vacation homes that were second and third homes to the residences for a few months a year to now many more primary residences. The revitalization projects and the new affordability of the housing has attracted many new primary homeowners to the community which in my opinion makes this community much more stable economically than before the housing downturn.
Lake Las Vegas is a unity consisting of many neighborhoods –
The South Shore community is guard gated and home to the private SouthShore Golf Club and its sister club The Lake Club, providing members with access to the facility’s restaurants, fitness and swimming facilities, social activities and a beach on Lake Las Vegas. A new home community Lago Vista is now under construction.
Reflection Bay Golf Course is a public course located on the North Shore of Lake Las Vegas that has recently re-opened. Built in 1998, Reflection Bay was designed by 18 time major winner Jack Nicklaus and offers some truly unique lifestyle experiences including a private white sand beach, paddle boarding, and access to the La Contessa and Lady of the Lake yachts.
The Falls Golf Course, another public course has not re-opened. At this time there are no plans to resurrect this club. This area of Lake Las Vegas is home to many gated neighborhoods. The Falls Course remains dormant as a common area but still a pretty landscape for the homes surrounding it.
There are plenty of activities on the lake itself and in the Village of Lake Las Vegas. There are two hotels – The Westin Lake Las Vegas Resort & Spa and The Hilton Lake Las Vegas, formerly the Four Seasons Lake Las Vegas Hotel, – both are family friendly and offer many amenities. There is also The Aston MonteLago Village Resort offering residences to rent as a lodging option for guests at Lake Las Vegas.
Here is a link to the calendar of events – http://lakelasvegasevents.com
I am very familiar with the Lake Las Vegas Community and have been selling property at Lake Las Vegas for many years now and have a full roster of the listings if you are interested.
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