BluefoxToday blog : Lake Las Vegas project has a new owner

Lake Las Vegas project has a new owner

 

Lake Las VegasTranscontinental Corp. began developing the 3,592-acre Lake Las Vegas site near Henderson in 1990 and was building upscale houses, condominiums and townhouses along the slopes of the man-made lake. Besides homes, the project also includes three luxury resorts, the MonteLago Casino and an Italian-themed village.

The soft real estate market in Southern Nevada ultimately forced last fall the ambitious developer to default on a large loan. The site has about 400 acres of raw land left and when homebuilders scheduled to develop the land missed the required option payments, the default became imminent. The demand for new housing at that juncture wasn't there any more and the builders decided to forgo the opportunity.

The Atalon Group is the new owner of the project, being nationally known for turning around financially weakened enterprises. It purchased the assets of Lake Las Vegas for an unannounced sum of money. The transaction includes a part ownership in the Ritz-Carlton Hotel, three golf courses, some businesses on the Strip and most significantly the around 400 acres of undeveloped land.

Although undisclosed, the acquisition price was likely low and rather advantageous to Atalon in the long term. It can likely afford to wait for a while until the real estate and mortgage markets settle down and then either proceed to finish developing the project under its own umbrella or sell all of it, or just some parts. Right now Lake Las Vegas as a location is still somewhat distant from the Strip, but as the city grows, it'll draw closer and becomes a more valuable destination for chic living.

 

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 7 commentsEsko Kiuru • January 12 2008 01:09PM

Comments

Esko, that is beautiful.  That picture looks more like a painting than a photograph. That is going to be a very nice investment once the market turns around again.
Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 11 years ago

George,

It's a beautiful place already and once completed even better.

Posted by Esko Kiuru almost 11 years ago
Esko, It sounds like it's going to be absolutely beautiful when it's completed.  They bought a piece of gorgeous property, I am sure there will be much interest in this and will certainly cater to the high end.
Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) almost 11 years ago

Carole,

Everybody is curious to know how much Atalon paid for it. Undoubtedly a good deal.

Posted by Esko Kiuru almost 11 years ago
Esko:  Now, this looks like a golf course I would love to play.  Beautiful photo!!  I'm curious to know now how much the homes run and what the developer paid. 
Posted by Jan Wood (None) almost 11 years ago

Jan,

Home prices are all over the map, depending on the location and size. The views from the golf course are breath-taking.

Posted by Esko Kiuru almost 11 years ago
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Posted by anuiughvv over 6 years ago

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