Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.
Issue link: http://www.ifoldsflip.com/i/101712
Haute Property NEWS, STARS, AND TRENDS IN REAL ESTATE on the rebound LAKE LAS VEGAS IS HAVING A COMEBACK, THANKS IN PART TO A FAMOUS HEDGE-FUND BILLIONAIRE—AND PRESIDENT OBAMA. BY BUCK WARGO PHOTOGRAPHY BY NATALIE WHITE G iven how far Lake Las Vegas fell during the housing crash and recession, its first steps toward recovery are welcome news—and the proverbial canary in the coal mine that Las Vegas real estate's comeback is in full swing. Only three years ago, headlines still depicted the shining lakeside oasis as having lost its luster after going through a foreclosure and bankruptcy proceedings. Even its casino shuttered for a while, its main hotel, Ritz-Carlton Lake Las Vegas, closed, and two of its three golf courses went through foreclosures. But in October, the national news spotlighted Lake Las Vegas as a happening place, with President Barack Obama staying at the Westin Lake Las Vegas while preparing for his debate against Mitt Romney. The upscale community was already building on a boost from two months prior, when Raintree Investment Corp. and hedge fund operator and billionaire John Paulson purchased 835 acres in Lake Las Vegas for $17.3 million. With that acquisition, Paulson is placing a long-term bet on Lake Las Vegas that home builders will want to buy lots and build homes as the economy continues to recover. The 3,600-acre master planned development that Golf magazine once named as one of the top communities to semi-retire was dependent on secondary-home buyers, the very consumers who pulled back on their discretionary spending during the recession. Lake Las Vegas went into foreclosure in 2007, when owner Transcontinental defaulted on $540 million in loans. Atalon Management Group, which manages Lake Las Vegas for the owners, acquired the property in 2008, only to soon file for bankruptcy continued on page 98 VEGASMAGAZINE.COM 97 097-098_V_BOB_HP_Opener_Win13.indd 97 1/2/13 2:34 PM