These are all good concerns and valid reasoning. However, this could offer a solid buying opportunity as well. Just this week, banks drastically dropped the prices on several homes overlooking Reflection Bay. Some prices dropped as much as 30%. I also noticed that these properties were quickly put under contract. Yesterday, I specifically went to LLV and tried to get a forecast for the golf courses (both Falls and Reflection Bay) and the properties that surround them. Many believe that the lienholders for the Falls (same for both courses) will soon make a deal with the City of Henderson and turn it into a public course with fees in the $75/round range. This may not happen, of course. I will say that both courses are being manicured to their previous standards. Also, Reflection Bay has a higher distinctive value being a J/N course and being rated as a top 100 course in America. Word is that buyers are being courted to keep it a high-end private course. Keep in mind that things change quickly in this type of market, but my money is going to be on value preservation for the realty in the area. I'm going to take advantage of any further price reductions on the properties surrounding Reflection Bay personally and will recommend the same to my investors. I think we will be glad we did in 5 years! Good luck to you and I'd be privaleged to help in any way. Mark - O48 Realty - Broker/Sales - mark011855@aol.com