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Echelon is now halted. Many believed that this project would help the market snap back in 2009. Now that's not going to happen. Mr. Greenspan stated recently that the housing price decline is nowhere near the middle, let alone a bottom. Case/Shilling futures are forecasting another 20% - 30% drop for LVRE in 2009. Also, factor in the upcoming election and change of administration. In the coming months, we will constantly hear how bad things are in America from politicians...and most people will believe these opinions, causing consumer confidence to erode even further. Finally when a new president starts his term, it is statistically the worst economic period of his term (be it 4 or 8 years).

Bottom line: Buy now if you going to live in the home for 10+ years. You may experience a drop, but hopefully after 10 years you will be back to even or slightly ahead. If you want an investment...WAIT and RENT. 2009 or 2010 will provide even better pricing and the LV market may even approach 2000 historical price levels......bringing prices back in line with actual affordability.

Good luck and remember ...do you research, think for yourself and....Bet with your head, not over it.

It always a "Great/Best time to buy!" for a RE agent, if it's not they don't get paid! - Sat Aug 2 2008, 19:12

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..... - Sat Aug 2 2008, 19:08

Echelon is now halted. Many believed that this project would help the market snap back in 2009. Now that's not going to happen. Mr. Greenspan stated recently that the housing price decline is nowhere near the middle, let alone a bottom. Case/Shilling futures are forecasting another 20% - 30% for LVRE in 2009. Also, factor in the upcoming election and change of administration. In the coming months, we will constantly hear how bad things are in America from politicians...and most people will believe these opinions, causing consumer confidence to erode even further. Finally when a new president starts his term, it is statistically the worst economic period of his term (be it 4 or 8 years).

Bottom line: Buy now if you going to live in the home for 10+ years. You may experience a drop, but hopefully after 10 years you will be back to even or slightly ahead. If you want an investment...WAIT and RENT. 2009 or 2010 will provide even better pricing and the LV market may even approach 2000 historical price levels......bringing prices back in line with actual affordability.

Good luck and remember .....Bet with you head, not over it. - Fri Aug 1 2008, 22:26

Housing, Economy Still Far From Recovery: Greenspan
Thursday July 31, 4:44 pm ET

Former Federal Reserve Chairman Alan Greenspan said the US is “nowhere near the bottom” of the housing slump and is “right on the brink” of a recession.

Considering his policies placed the market in this situation, I'm sure he knows what he's talking about.

Another 30% drop in 2008/9 according to Case/Shiller futures.

May 2008 May/April April/March 1-Year
Metropolitan Area Level Change (%) Change (%) Change (%)

Las Vegas 161.04 -2.9% -2.0% -28.4%

The Case/Shiller future options do not look any better for 2009 pertaining to LV RE. - Thu Jul 31 2008, 17:02