When Melissa and I first moved to Las Vegas, we were very impressed with Lake Las Vegas. Its a 3,592-acre master-planned residential and resort community near the Lake Mead National Recreational Area and about 20 miles east of the center of Las Vegas. Back in 2005, it looked like the crown jewel of the booming Las Vegas real estate market. But as the economy and local real estate market turned for the worst, Lake Las Vegas turned for the worst-er.
Lake Las Vegas filed for Chapter 11 protection from creditors on July 17, 2008. It was reported to be a very contentious filing. I just saw a press release announcing that the court “confirms Lake Las Vegas plans of reorganization”.
I sure hope things turn out okay for the folks living in LLV. I’ve seen a TON of short sale/foreclosures in the area. Pretty depressing for those who live out there.