Lake Las Vegas - Best Place to Invest, Worst Place to Invest, or somewhere in between?

Real Estate Agent with Silver State Realty & Investments

Recently, I posted a response disagreeing with another agent who stated: 

"As for where to invest here, specifically, there are 2 areas I believe that will be most profitable: 1) property that generates income, purchased at a time when values are depressed (in almost any area, given how transient our work force is) and 2) property in one of - if not the most - exclusive addresses of our metro area, Lake Las Vegas."

I don't think anyone would disagree with #1, but I did not agree with making such a claim about Lake Las Vegas without mentioning some red flags I've seen lately about the community:

Bankruptcy Judge Linda Riegle said she will sign an order today approving $127 million in post-bankruptcy financing for Lake Las Vegas. 

from the LVRJ on 8/5/08 - 

"At 10 a.m., a single player had the tables to himself at Casino MonteLago. The nine other people in the 40,000-square-foot casino confined themselves to the slots. 

On the XM satellite radio station piped into the casino, Don Henley began to sing: 
Empty lake, 
Empty streets
The sun goes down alone. 
Outside, MonteLago Village was a ghost town of boutiques, coffee shops and high-end eateries." 

from the LVRJ on 8/3/08 - 

"Bankrupt Lake Las Vegas is struggling to stay afloat financially, but the development's owners are worried a break in a pipeline underneath the lake could drain it and sink the community's financial future. 

In a statement filed in the development's Chapter 11 bankruptcy case, Lake Las Vegas President Frederick Chin said a 7-foot conduit that carries storm and treated wastewater under the lake is in need of repair. Without the repairs, the development's centerpiece 320-acre artificial lake could drain away, Chin told the court." 

from the LVRJ on 7/30/08 - 

I hope it turns out to be a successful (and profitable) place to buy real estate.  I really like it there, especially in the winter when they have the ice skating rink, so I will say, IMHO: it's a great place to visit but I wouldn't want to live there...or invest there...for now.

Comments (1)

Delete Acct Desert Communities
Palm Desert, CA

I remember visiting Lake Las Vegas years ago when Dyson and Dyson was marketing it.  I wondered then if it would make it... at the time it felt a bit out of the way.  Thanks for the post!

Aug 17, 2008 01:43 PM