The Resurgence of Lake Las Vegas Luxury Real Estate
Referring to Las Vegas Luxury Real Estate as an oasis takes on a whole new level of meaning when Lake Las Vegas joins the conversation. This resort-like area of Henderson is the wellspring of our Las Vegas Valley. Lake Las Vegas is an Old World Mediterranean-inspired, planned community just 17 miles east of the Las Vegas Strip. The development includes a privately owned 320-acre lake, golf courses, plus three world-class hotels.
When the dark days of real estate dropped anchor in our basin around 2008, Lake Las Vegas luxury property sales just about evaporated. New construction came to an abrupt halt; the desert reclaimed the golf courses, and even the fountain at the entrance of the community ceased to flow.
But, as in most tales, there is an upside to every problem. The excess supply of luxury real estate for sale in Lake Las Vegas presented an opportunity for investors to buy large parcels for minimal cash outlay. Enter John Paulson and Raintree Investment Corp. The billionaire hedge fund manager struck it rich betting against the subprime mortgage market just before the crash. He parlayed his winnings into real estate investments, including 875 acres of Lake Las Vegas in 2012.
Raintree continued funding improvement projects, including storefronts in MonteLago Village and reviving Reflection Bay and Falls golf courses. Other venture firms followed Raintrees lead, buying hundreds of acres for residential development, most of the land formerly zoned for casinos, including property around Falls golf course.
The currency infusion helped revive confidence in the future of Lake Las Vegas. Property owners appreciated the improvements in the landscape, including the Reflections Bay golf course. As the saying goes, “The grass is only green where you water it,” and the 18 holes at Reflections Bay is a prime example.
Jack Nicklaus designed the golf course, and when Raintree approached the golfer for the renovation version of a mulligan, Nicklaus agreed to take on the project. The version you see today at the resort is the result of two rounds with The Golden Bear and his design team.
Luxury Real Estate in Lake Las Vegas
Within the metes and bounds of Lake Las Vegas lie 21 Mediterranean-themed communities, most of which afford panoramic views of the lake. Waterfront villas with lake access gather at the shoreline and the myriad of condos provide lake and surrounding mountain views.
Luxury real estate in Lake Las Vegas also includes golf course living. Homes on the Golf Club at Southshore give you every type of vantage point: golf, mountain, and lake. Speaking of golf, Natalie Gulbis, the LPGA professional, calls Lake Las Vegas home.
Living On Lake Las Vegas
The heart of the community is the lake itself. On any given day you’ll see canopied electric boats, gondolas, kayaks, paddle boats, flyboards, and stand-up paddleboards hosting passengers on an adventure. Dragon Boat races, and now including a dragon boat festival make for spectator fun at the lake. A full-service marina provides watercraft and water sports rentals and yacht cruises, even a Santa Cruise during the holidays.
The packed event calendar includes Independence Day Celebration featuring the Henderson Symphony Orchestra, a Mardi Gras Festival, and Mother’s Day Brunch at Westin Lake Las Vegas Resort and Spa. Reflections Bay hosts tournaments for golfers of all ages throughout the year, plus Yoga by the Lake several days a week.
Las Vegas Wash recreational area is part of the 50+ acres of hiking and biking trails throughout the community. Along the walkways, residents and visitors enjoy views of the Las Vegas Strip, Lake Las Vegas, and the town’s architecture.
MonteLago Village is a pedestrian-only center with boutique shops, restaurants, and pubs along Lake Las Vegas. In true European style, condos fill the floors above the retail outlets. Live where you play in these luxury residences.
Rebounding Lake Las Vegas Luxury Real Estate
Thankfully this segment of the luxury Lake Las Vegas market is continually improving. New construction homes are back on the scene, and existing home sales are increasing. Rising ownership levels translate into more community activity and involvement, and the demand for recreation and lifestyle amenities.
The hotels in Lake Las Vegas, once reminiscent of Western ghost towns, are busy once again. Occupied hotel rooms bring tourism dollars to the resort, financing salaries, wages, and sales for shop owners.
Now is an optimal time to buy property at Lake Las Vegas, because prices are stable and inventory is moving again. If you’re interested in touring Lake Las Vegas, touch base with me to schedule a visit.