Not even destinations for the wealthy are immune to this economy. Lake Las Vegas, a premiere lakeside golf community filed for bankruptcy a little while ago. The resort community is located in Henderson, Nevada on the way to Lake Mead. Lake Las Vegas homes typically start in the millions, with every luxury you can imagine. Home sales in the community were fairly steady, and several of the Lake Las Vegas condos were sold out before they were completed.
Sadly that wasn’t enough to keep the community from falling behind on their note payments. As a result, the resort went into bankruptcy and several Lake Las Vegas properties went up for auction. The first auction was held on Septemeber 13th and a silent auction for four homes in Bella Fiore that ended yesterday. More and more foreclosed properties are ending up on the auction block. Whether that’s a smart move on the part of the new owners remain to be seen. Not all auctioned properties end up selling.
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[...] vegasnv created an interesting post today on Lake Las Vegas AuctionsHere’s a short outlineLake Las Vegas, a premiere lakeside golf community filed for bankruptcy a little while ago. The resort community is located in Henderson, Nevada on the way to Lake Mead. Lake Las Vegas homes typically start in the millions, … [...]