Lake Las Vegas, the water-filled, 3,592-acre development in northeastern Henderson, hit the bottom of the Great Recession hard, perhaps more spectacularly than any other Southern Nevada development.
Its swift, downward cascade was especially rough because of its tony beginnings — it holds some of the ritziest homes in the region stretching back in the 1990s. Marquee residents such as Celine Dion have lived there. However, once its keystone casino, MonteLago, shuttered and an outlandishly watered golf course failed, it became proverbially “out of sight, out of mind” for many homebuyers in Las Vegas and beyond.
The economic winds over Lake Las Vegas, a man-made reservoir, have been shifting recently, though … even favorably.
“We are certainly on the upper side of the curve,” said Sharla Scharpnick of Windermere Prestige Properties at Lake Las Vegas.
Scharpnick credits much of Lake Las Vegas’ resurgence as a viable real estate development to New York hedge fund manager John Paulson and his management arm, Raintree Investment Corp., which purchased a large portion of the resortlike development in 2012. They have done just outstanding work in the past several years,” she said.
Scharpnick points out a central development in the resurrection of Lake Las Vegas: golf. “Key to that was bringing back Reflection Bay golf course,” she said. Scharpnick applauds the club for also embracing activities beyond the links, too. “They’ve now expanded far outside of just golf,” she said. “They have a beach, they gave all kind of waters ports and rentals for boats. They’ve started up happy hours. They’re really working toward making it more of a community center.”
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