Vegas Magazine - Niche Media - There is a place beyond the crowds, beyond the ropes, where dreams are realized and success is celebrated. You are invited.
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HAUTE PROPERTY Lake Las Vegas–based broker Robyn Yates has seen condo sales soar. continued from page 97 protection, which it emerged from in July 2010. "When you have new money come into an investment, that's a good sign, especially when it's someone with the track record of John Paulson," says Atalon Group principal James Coyne. "Everything is moving in the right direction. It has turned the corner." Renovations to Lake Las Vegas Parkway were completed in January, and trails are being connected to the trails surrounding Henderson. Water and sewer improvements are underway in phase two of the renovations, to pave the way for future home building. It's all part of a continuing face-lift: the RitzCarlton closed in May 2010 and reopened in February 2011 as Ravella. Loews switched to the Westin this past March in a move that boosts its reservation system through the Starwood network. Lake Las Vegas's sole casino, Casino MonteLago, reopened in May 2011 after being shuttered for 14 months. Meanwhile, new home construction and sales of existing homes are slowly picking up. There were 90 sales of single-family homes in 2010 and 95 in 2011. That number was already surpassed in 2012 by the fall, but final totals weren't ready at press time. Condo sales in 2012 surpassed the 44 in 2010 and 56 in 2011, according to broker Robyn Yates, owner of Windermere Prestige Properties based in Lake Las Vegas. The $484,129 average sales price of homes in the community in 2012 is up from $425,515 in 2010 and $449,900 in 2011. "The numbers are great news and show we have come up from the bottom," Coyne says. "It's behind us, and I think we're changing from a second-home community to a primary-home community." As the number of listings of existing homes has been cut in half since 2011, all of this new demand for Lake Las Vegas properties has created a market where multiple offers are made on homes, which has caused prices to inch up for the first time since the recession. "What Paulson did shows a lot of confidence, and that spread to other people who have confidence to operate businesses out there and buy property out there and continue to live out there," Yates says. Additionally, Lake Las Vegas real estate has been aided by foreigners, especially Canadians who see an opportunity with the reduction in prices, which are still considered low. "It is exciting to see the people from outside Las Vegas who come in and are so excited about Lake Las Vegas," Yates says. "It's been a slow comeback, but it's definitely coming back. The big factor will be the economy. There won't be a huge comeback if the economy is still struggling; that's the reality. People have to feel comfortable about spending money." V PHOTOGRAPHY COURTESY OF WINDERMERE PRESTIGE PROPERTIES "It's exciting to see people from outside Vegas who are excited about Lake Las Vegas. It's been a slow comeback, but it's coming back."—ROBYN YATES A four-bedroom, sevenbathroom estate on the South Shore golf course in Lake Las Vegas, listed for $1.1 million. This Tuscan-style Lake Las Vegas home sold for $1.3 million this past January, far exceeding the $484,129 average sales price of homes in the area in 2012. The custom home at 4 Via Verona offers panoramic views of the lake, mountains, and golf course. 98 VEGASMAGAZINE.COM 097-098_V_BOB_HP_Opener_Win13.indd 98 1/2/13 2:34 PM