foreclosures

Las Vegas Foreclosure Tours By Private Jet

We've seen plenty of foreclosure bus tours but Ken Lowman of Luxury Homes of Las Vegas has a new way to get potential owners to his property. He has partnered with JetSuite Air to host a complimentary "Luxury Home Foreclosure Private Jet Tour" leaving from Los Angeles to tour three bank-owned, luxury homes in Las Vegas. Each of the mansions is more than 10,000-square feet and listed for millions of dollars. The tour will leave Los Angeles on Saturday, April 17, 2010 at 10 a.m. and return at 6 p.m.

Lowman says now is the time to buy in Las Vegas. The three homes on the foreclosure tour are all listed at deep discounts. Lowman has seen luxury properties in Las Vegas that are being closed on for reductions up to 50 percent off the original asking price, sometimes below what the replacement cost would be. The first luxury home on the tour is located in Tournament Hills at Summerlin and is listed for $4.65 million. The seven-bedroom home was listed at $9.2 million in 2007. The second home is located in MacDonald Highlands and is listed for $4.9 million. It has six bedrooms and was listed at $6.2 million in 2008. The third home is located in Promontory in The Ridges and is listed for $6.125 million. The seven-bedroom home was valued at approximately $10 million at market peak.

The tour is open for a limited time to qualified buyers who must show proof of funds and net worth sufficient to purchase a luxury home. This is the first of a series of luxury home foreclosure jet tours to Las Vegas. Other departure cities may include Orange County, San Diego, Phoenix, San Francisco and Salt Lake City.
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Tags: foreclosure tour, foreclosures, foreclosures tour, las vegas, luxury foreclosure tour, private jet foreclosure tour

Luxury Golf Course Facing Foreclosure

by Deidre Woollard (RSS feed) —

Filed under: Sports, Real Estate Developments

Keeping a golf course in the middle of the desert maintained is no easy or inexpensive task and now it looks like one luxury golf course may be fighting foreclosure. The Desert Sun reports that the private Stone Eagle Golf Course in California's Palm Desert may be facing foreclosure. The course is part of the community called The Retreat at Stone Eagle where homes can sell for several million dollars. The course was created by LDD Desert Development Inc.. Bill Powers, president of Pacific Western Bank, confirmed to the Sun that a Notice of Default was filed against Stone Eagle Golf Course. Ted Lennon, the president of LDD has said that he is working with the bank and golf course members to alleviate the situation.

The news article also says some members have been approached with a request to pay $100,000 each to help keep the golf course on track. The cooler months are prime golfing season in the desert and the turf is currently being prepped and announcements of tournaments were recently released. The comments on The Desert Sun article are pretty interesting, no one is exactly shedding a tear for the course's predicament. Some say it should never have been built and should be given back to local wildlife, others say it should be made public so locals get a chance to play.

Gallery: Travel + Leisure Golf's Top Golf Communities for 2009

The Cliffs Communities in Travelers Rest, SC

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Tags: foreclosure, foreclosures, golf, golf course, GolfCourse

The Foreclosure At The Ritz

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Boston's Ritz-Carlton residences are some of the most luxurious in the city which is why the news of a foreclosure in the complex is surprising to many. The residences associated with the luxury hotel have been home to Manny Ramirez, Johnny Damon and other former Red Sox players as well as many of Boston's wealthy residents. The foreclosed one-bedroom, eighth-floor unit in the Ritz-Carlton Residences should still sell for about $600,000 at resale. Other units in the building are currently on sale from $795,000 to $4.25 million.

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Tags: boston, foreclosures, residences, ritz-carlton