Improvements across the Valley intended to foster community pride
During the recession, there were several areas of Las Vegas that suffered from high crime rates, foreclosed homes and a dreary economy. Recently, improvements to real estate in Las Vegas and the entire metro area has been garnering community pride, a steadier economy and an up-and-coming thriving real estate market.
In the prosperous neighborhood of Lake Las Vegas in east Henderson shows just another sign that the economic recovery of Sin City is underway. In 2008, the waterfall at Lake Las Vegas was shut down when the 3,600-acre development of luxury homes, resort hotels and golf courses fell into bankruptcy. Officials on the homeowners association said that the cost of operating the pump station and filtration system were far too high to keep running when the city was suffering.
"Obviously, the project experienced financial challenges," Cody Winterton, president of Lake Las Vegas homeowners association told the Las Vegas Business Press. "We're now in the process of bringing on amenities and working together on collective improvements."
Although it may not seem like much, the return of the waterfall, re-painted signs and a widened parkway make it apparent that the community is no longer struggling.
According to the publication, sales of single family homes in Las Vegas dropped in September to 2,612, a 13.5 percent drop from August and 18 percent down year-over-year. These drops are likely because of the significant decline in housing inventory in Las Vegas, because September posted the eighth straight monthly increase in median home values. Prices increased by 1.4 percent in September and by 13 percent year-over-year.
The outdoor space of the Sherman Gardens Annex is another improvement project that the Southern Nevada Housing Authority is taking under its belt to rehabilitate the neighborhood, and thus Las Vegas. According to the Las Vegas Sun, preliminary steps are already underway for a few weeks with more work in the future.
Similar to Lake Las Vegas, the improvements may seem minimal, but are guiding the community in the right direction. In the past nine months, the old and cracked basketball courts will be updated and a grass field will be put down for football. Trees will also be planted, landscaping will be improved and an outdoor movie area is intended to make the neighborhood more attractive.