[airics]

i'm not a golfer, but $275 to play 18 rounds of golf? i am pretty sure here in cleveland it is around $40.. also, i always see a course on craig rd that says $19. Am i missing something?

[jfkIII]

What will become of Lake Las Vegas???? They'll rename it City Center II.

[Golfinnova]

Originally Posted by airics

i'm not a golfer, but $275 to play 18 rounds of golf? i am pretty sure here in cleveland it is around $40.. also, i always see a course on craig rd that says $19. Am i missing something?

You're talking about Craig Ranch which has been slated to close (if it already hasn't done so) and be converted to a community park.

Craig Ranch and The Falls are 2 totally different animals. Craig Ranch is flat and best for beginning golfers (not challenging), while I haven't played The Falls, I did play Reflection Bay which is a fun course with some challenging holes. The Falls is similar in layout, but not worth the price tag.

[airics]

pretty soon they will have to "finance" a round of golf.

[LLVResident]

An update on Lake Las Vegas. It appears a Chapter 11 agreement has been reached and Lake Las Vegas should be exiting Bankruptcy in April 2010. In reading all of the documents, this is a very complicated matter, with way too many chefs in the kitchen. Two of the three golf courses were foreclosed on by the lender Carmel Land and Cattle and they closed them. However, they are required to maintain the courses or face a fine. Although, overseeding is not required to maintain. So, they are brown until the temps warm up.

These are top courses. Some reports say there were profitable. Some say they were not. Hard to know which is true. I imagine the Falls or Reflection Bay courses won't open until after the bankruptcy is over. In reading the court docs, it appears that as part of the chapter 11 agreement the pump house that sits on the Falls course has to be conveyed to LLV development or the City of Henderson. There are rumors that Carmel has sold them, but nothing has been confirmed and I doubt they could be sold until the pump house issue is dealt with. The owner of the pumphouse would have to pay 5 million in liens. Who would by a golf course with that looming around?

Recently, Duetsche Bank the building owner of the Ritz Carlton decided to stop funding the property. This forced the Ritz to close on 5/2/10. The Casino then felt they couldn't survive and announced they will close in March. The Ritz is a 5 diamond property. In this economy, not many people are staying at high end resorts and it is frowned for companies to have their conferences at high end hotels due to expenses. I would imagine a more moderate hotel will take over the hotel and casino for a great price. The Loews continues to do well and has captured the family niche. They capitolize on the lake and the activities.

The Village is holding its own. As one of the other posters mentioned, they built the village to support 12k homes, which would have been the case had the economy not tanked. However, there are only 1800 builts and the village has to rely on more than just the LLV residents. The weekend concerts should start up soon and there are plenty of things to do there and beauty to enjoy. The restaurants are great and reasonably price.

LLV is more than just a village. It's a breathtaking hillside village that is a world away, it feels like you are in Italy. One day it will be the home of many people who want a peaceful home away from the rigors of the city within a spectactular views. It's not the strip. It was never supposed to be the strip. I'm not a strip person, other than dinner and show. Many successful golf resorts in Arizona aren't near the strip either.

I feel that Lake Las Vegas will be a viable neighborhood in the future. There will and have been some speed bumps. But, after all of the bankruptcy dealings are over, the debt will be wiped clean and development can continue. The infrastructure is there. It's beautiful. Far enough away from the strip for peace/quiet, but close enough to enjoy a show. It's not for everyone. But it's for me.

There are currently very few foreclosures in Lake Las Vegas. I checked a local Realtor's MLS website search engine and I saw only 13 homes. Everything has been bought up! With regard to condo HOA dues, the hotel condos (viera and Luna) are about $600.00. However, those dues include electric, water, cable tv, high speed internet etc. The rental program when you aren't using it is great to offset the costs.

Sorry for the long report. But this sums up the past year.

Go out to LLV and enjoy an outdoor concert, rent a kayak, have a great meal and relax!!!

[Willy702]

Condo dues are closer to $900 is what I was told today and they rarely get rented out in the pool due to terrible occupancy rates. Maybe if the Ritz is out of commission for awhile it will give the condos a chance to see some rental income.

I agree someone is going to get a bargain on the Ritz and the casino. I think it would be a good fit for one of the regional casino companies who don't operate in Nevada. Pinnacle and Ameristar have a few high-end properties in the Midwest, this complex would be good for them to bring in high-value guests and yet not have them exposed so easily to their main competitor Harrahs. That casino's small and intimate flavor would be perfect for a select crowd instead of being aimed at finicky locals who demand high payout machines or else.

[LLVResident]

Willy702. I actually own a 1 bedroom Viera Condo. My dues are $620.00 per month. A portion of those dues are based on square footage, so a 2 or 3 bedroom would be higher. This does include elect, cable, high speed internet, water, garbage etc. When you back that out the utilities paid, it's not as bad as it seems. I bought in September and so far I have broke even on dues verses rental. If you choose to do a monthly rental instead outside of the program, you can probably make $500.00 a month. I think they are getting $1,100.00 per month rent/furnished.

Montelago Village is very busy during the summer and holiday weekends. January was pretty slow for rentals. However, I had one person rent my condo from 12/25 to 1/3.. 10 days. February picked up and March looks pretty busy for rental. ( I call and ask often) October I had 16 nights of rental and that was with me occuping it one of the weekends. So, I'm pretty happy overall.

I think you are correct about a company that would be a good fit for the property. I even thought maybe Wynn would be good there too... and offer shuttles between the strip and LLV resorts.

[Snowlife]

Originally Posted by Golfinnova

I concur with Olecapt, they will struggle but will persevere. I wouldn't be surprised if one or 2 of the restaurants go under, the golf courses will do fine as well as the casino.

LOL
The casino is closing on March 14th, and the gold course is in financial trouble as well, so I would say we are leaning more towards the "struggle" than the "persevere"

[007 license to sell]

All in all if you add all the contingencies and the auction properties and active listings in the MLS for Lake Las Vegas there is a total of 183 properties listed out there.
When I looked up the listings currently in the MLS for Lake Las Vegas and there are a total of 92 active listings that aren't in contingency 66 of those listings are short sales. 20 properties are in contingency which 11 are short sales.

And as we all know shortsales aren't closing 89% of short sales don't close so those properties will be foreclosed on and become bank owned. Let's face it this area is having trouble and it's going to see trouble for a long time. If a person is going to purchase out there they need to know this an not going to turn around anytime so, This is a destination resort and all the hotels out there have suffered, Lowes even filed bankruptcy on their property at Lake Las Vegas.
Since the casino is closing what is going to be the easy way to get down to the shops, anyone that doesn't live out there will find it difficult to find their way to them since most people would go through the casino or hotel to get to the shops. Purchasing out there should take careful thought and research.

[oldgoldwinger]

Sounds like a good place for the Siegel Group to look at, now that they've put new life into Budget Suites and the Gold Spike!