Mbamfa fails to mention that even this article states that the actual chances of Lake Las Vegas "running dry" are very remote. I imagine most real estate professionals have not mentioned it since it is basically a non-issue. The chances of Lake Las Vegas running dry are about as high as the chances of Hoover Dam breaking and wiping out Laughlin. But i'm sure if the Review Journal wrote an article about that, raft sales in Laughlin would increase!

Lake Las Vegas is reorganizing debt, not liquidating their holdings. The new owners already have $127 million in guaranteed loans from Wall Street once the bankruptcy is passed, which it is almost a certainty that it will be. That is more than enough to maintain operations...including the maintenance of the pipeline.

Unfortunately, some in the media take pride in seeing rich people, or even well off areas do poorly. You should have seen some of the vicious things written about Lake Las Vegas when it was announced that the project was filing for debt reorganization under chapter 11 bankruptcy. It was pretty pathetic.

At any rate prices have declined and nobody can predict a bottom with accuracy. What is true is that right now pricing is very low when taking inflation and historical home prices into account. If your looking for a place to live, I would be surprised f pricing was this low a year from now.

If your interested in Lake Las Vegas specifically...take a look at this website. It is very informative about the entire community and has a lot of good information on the real estate available.
http://www.ownlakelasvegas.com

Funny, none of the "Real Estate Experts" who answered this question mentioned this little issue to you

EDITORIAL: Lake Las Vegas -- dry?

The owners of the BANKRUPT Lake Las Vegas development have expressed worry in court that a break in a pipeline underneath the lake could drain it, sinking the community's financial future.

In a statement filed in the development's Chapter 11 bankruptcy case, Lake Las Vegas President Frederick Chin said two 7-foot conduits that carry storm and treated wastewater under the lake are in need of repair and that -- without those repairs -- the development's centerpiece 320-acre artificial lake COULD DRAIN AWAY.

"Such an outcome," he wrote, "would be disastrous for the project, because it would be virtually impossible to obtain the amount of water necessary to re-fill the lake, and the project would lose a considerable amount of its appeal were it built around a dry lake bed."

The lake's 3 billion gallons of water came from Henderson's allotment from Lake Mead -- to which it would flow back, if it were ever drained.

Henderson Public Works Director Robert Murnane on Tuesday agreed a pipeline rupture would drain the lake into Lake Mead and that it would undoubtedly diminish the value of multimillion-dollar homes, resort hotels and golf courses.

But the need for drainage line repairs and maintenance is no surprise, Mr. Murnane noted. The drainage pipes require maintenance work every 10 years, and the development company signed an agreement in 1989 assuming those responsibilities.

Lake Las Vegas spokeswoman Sandra Sternberg estimated the repairs will cost $3 million and will start as soon as bankruptcy Judge Linda Riegle approves $127 million in post-bankruptcy financing, possibly at a hearing Monday.

The city of Henderson promoted and set considerable store by this project. Taxpayers there can vote to undertake some responsibility for lake maintenance if they believe it benefits their community, and if it turns out officials there neglected to require sufficient bonding to cover any deferred or defaulted maintenance.

But this might be an appropriate time for both Clark County and the city of Henderson to firmly declare their taxpayers and ratepayers have no dog in this fight: that they bear no obligation to step in with any financial assistance in this matter, and never will.

BE VERY CAREFUL! As a homeowner you may be charged to fix the problem.....

Hi Gene,
As far as the perfect time to buy goes, nobody will have the "perfect answer" for you. Like it's been mentioned earlier, there are good deals and bargains in every market. In today's market, you could probably pick up a bank owned condo for tens of thousands less than what the neighbor's highly upgraded unit will cost you. You probably won't find that kind of a gap in 5 years. All over prices have come down in the valley, but the margin of the decline is different in the owner occupied single family market and the foreclosure/REO/short sale market. Eventually the gap will close in and prices will settle somewhere in the middle.
Lake Las Vegas is a much newer community than Spanish Trails and therefore a lot more units were purchased in recent years. The result of that is a lot more foreclosures, shorts sales and vacancies. Spanish Trails is an older more established community that features some great town homes and a fantastic golf course. It's a matter of personal preference and they can both be a profitable investment if the numbers add up for you.

Gene,
When Real estate professionals say now is the time to buy it is not all self-serving. Sure we would all like your business. It is a a natural reaction to want your business.
That being said, it is the right time to buy because while none of has a crystal ball it is a buyers market. and the end will come of the declining market. Those of us that watch the trends will be able to get an inkling when the tide is turning but again we do not have crystal balls. The foreclosure market is going to have an impact on how long the declining continues. The lenders that are getting the brunt of that downturn have to decide how they are going to respond to their people who are in trouble with their loans. There is a lot of economic things that are going to come in to play.
Hope this helps a little as an explaination.
Chris

Hi Gene,

When I really think about it, there is no such thing as a great "time" to buy, or a bad "time" to buy. What there is though would be great deals being offered, as well as some not so great deals being offered. Time is irrelevant, as no matter what kind of market we are in, there will always be great deals to be made, and some regrettable ones.

In all of the places you mentioned, this market is offering some tremendous deals, and there are still a few hold outs with overpriced expectations. An honest and knowledgeable Real Estate Professional will show you the great deals that are offered and caution you about the not so great ones.

Mike Dobranski, REALTOR®
Prudential Americana Group, REALTORS®
Las Vegas / Henderson, NV

702-370-3521
Mike@PrimeRealEstateLasVegas.com
http://www.PrimeRealEstateLasVegas.com