VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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IN BUSINESS REAL ESTATE STALLION MOUNTAIN GOLF CLUB BOUGHT FOR $3.8 MILLION By Buck Wargo staff writer A Colorado management company has acquired the Stallion Mountain Golf Club for $3.8 million three years after it was shuttered as part of a foreclosure. Tartan Golf, which owns two courses in Colorado, bought the distressed golf course from the Federal Deposit FORECLOSURES COURT DEALS SETBACK TO BANKS By Steve Green senior staff writer The Nevada Supreme Court has sent a message to banks trying to foreclose on homeowners: Follow the rules, or forget about foreclosing and face sanctions. In three decisions, the court sided with homeowners who complained they tried to save their homes through the state’s foreclosure mediation program, but that lenders either didn’t provide the right documentation or didn’t send someone with decision-making authority to the mediation. In a Washoe County case pitting Emiliano and Yvette Pasillas against HSBC Bank USA, Power Default Services and American Home Mortgage Servicing Inc., the court sent the case back to District Court to determine sanctions against the defendants. In a second ruling from Clark County District Court involving Wells Fargo Bank, the court rejected arguments that the bank produced adequate documentation at a foreclosure mediation. In a third court case, involving Washoe County homeowners Philip and Patricia Redmon and loan servicer HomEq Servicing Inc., the Nevada Supreme Court sent the case back to District Court to determine if HomEq made someone available during the mediation at issue who had the authority to negotiate the Redmons’ loan. Nevada leads the nation in foreclosures. The nation’s largest banks continue to negotiate a settlement to federal and multistate probes of foreclosure issues related to “robosignings’’ and other problems. Nevada Attorney General Catherine Cortez Masto continues to pursue a suit charging Bank of America mismanaged foreclosures and harmed homeowners by falsely leading them to believe it would modify their mortgages. | 18 JULY 2011 | It starts with little things. A spotty appearance. Poor performance. Then comes the $2,000 water bill. Stop ignoring the obvious. Your sod landscaping has a drinking problem and it’s costing your business a bundle. Replace that sod with water-smart landscaping. Call 258-SAVE or visit snwa.com to learn how you can earn up to $1.50 for every square foot you convert. It’s a desert out there. Be 13 PM_71756.01_ref 070473.01_SNWA_WSLC Sodman Breakroom_Print_Vegas Inc_5/16_Island 7.08" x 9.25"_4C CD: RL_ AD: DV_GA: Dorcus 4.15.11; tom 4/26/11 loaded How can you recognize a problem drinker in your workplace? Insurance Corp., which took over the property in August 2009 after acquiring Community Bank of Nevada. Community Bank foreclosed on the property of Nevada for $23.8 million. Tartan plans to open it within 30 days, said Steve Kerr, Tartan’s manager. The deal was completed June 30, he said. The plan calls for the course to have private membership but allow outside outings, Kerr said. There are 2,700 homes surrounding Stallion Mountain Golf Club, and with the millions of tourists who visit Las Vegas every year, Kerr said the course was a bargain. It’s the third sale of a Las Vegas course since December—there hadn’t been a sale since 2007. The Silverstone Golf Club was sold by its lender in December for $3.1 million to Par 4 Golf Management. In February, a Honolulu group purchased the Southshore Golf Club in Las Vegas for $4.5 million.