>> i'm bob massi. for 32 years, i've been practicing law and living in las vegas. i help people with all sorts of real-estate problems, from trying to save their homes to closing major deals. eight years ago, 6,000 people a month moved here, looking for employment and affordable homes. little did anyone know that we would become ground zero for the american real-estate crisis. now, it's a different story. the american dream is back. we're gonna meet real people who faced the same problems as millions across america, and we'll dive deep into a city on the rebound because las vegas was a microcosm of america, and now vegas is back. [ woman vocalizing ]

if you buy a home today in america, there's a one-in-five chance that you will end up living under rules imposed by what we call a board of directors, usually elected by you, the local resident. this board has very broad powers, and based on certain guidelines, well, they dictate just about everything in the community -- from the color scheme, how many cars can be in the driveway, how high your grass can be. and a lot of states? guess what, guys? they have the power to take your home if you don't make your monthly dues payments and assessments. very, very important to understand this. in some cases, people really enjoy homeowners associations. why? because they protect them. in other cases, i must tell you, they are a nightmare. >> they can be totalitarian regimes, but most totalitarian regimes, while they have their downsides, they also can be clean and orderly. >> this is karen and james. they bought a home in an hoa-managed neighborhood and one day found themselves in the middle of a major battle. >> we came back from vacation, and we found this rumble strip had been installed in front of

our home. and first night back, made a tremendous amount of noise, and we realized, "this is not gonna work for us." >> their once-quiet house was now filled with this noise... [ rumbling ] ...every time a car drove by. >> you're just constantly interrupted. as soon as somebody goes over these rumble strips, you wake up. and then it takes you an hour or two to get back to sleep. it's just not fair to the homeowners. and what's so infuriating is that these hoa board members, they don't have these in front of their homes. >> we just couldn't take the noise anymore. we had the president come over to our house, president of the hoa, and we asked him, "look. we cannot sleep in our home because these rumble strips." >> he actually started yelling at me in my home, telling me, "who am i to demand them to remove the rumble strips?" and i said -- i had to remind him -- "we're the homeowners. that's who we are. and you're supposed to be our advocate. you're the homeowners association." >> they set up cameras looking out of their bedroom window to document the constant noise... and the fact that the strips do not seem to slow the traffic

down at all. they soon learn that they were pretty much powerless to take on the hoa. >> once you're outside of that gate, that is technically city of las vegas oversight. but once you are in these gates, the hoa owns these roads. they have oversight. they can determine the speed limits. they can determine what they're gonna put here. but it's just so difficult in that they don't have any skills or experience or education in transportation, road construction, engineering, and then this is what can happen. >> and they have the legal right to do it. and everything that they can do is in the cc&rs, which you are given. so, yes, it is legal, but it's not right. >> cc&rs are the covenants, conditions, restrictions, reservations -- the laws that you must sign if you want to buy a home in an hoa community. and they are legally enforceable with monetary fines and even talk about the right of hoas to foreclose on your property. in a different hoa, when this resident used foul language, well, he was fined $100, with another $100 being assessed every week.

there is no first amendment freedom of speech in homeowners associations. >> i find it amazing that three people on a board of directors have more power and protection than city, county, and state agencies combined. and it's all legal. >> for karen and james, the hoa battle -- well, it took its toll. >> we finally came to the conclusion we're not gonna sink our savings. we're not gonna lose any more sleep over this. we're gonna try to sell, and we're gonna try to get out. and that's exactly what we did. >> so, they packed up, and they moved. >> i'm not willing to spend our money and any more time living in a community where we cannot sleep. >> i just think that homeowners should have the right to challenge their hoa before and after decisions. >> and it's not just the rules that get people into trouble. hoas are notoriously aggressive for going after people who fall behind on their dues. in fact, nevada is one of about 20 states that have laws that allow hoa liens to get priority over first mortgages. >> it could be a few thousand dollars, and if the hoa isn't getting paid, it can go ahead and foreclose and wipe out the first deed of trust that the

bank may have. >> that means they can foreclose on your million-dollar home to collect just a few thousand dollars of unpaid dues. >> yesterday, i actually was talking to an individual in the real-estate industry who apparently bought lots and lots and lots of homes, like hundreds of homes, at homeowners' auctions, and they got them for extremely low prices. >> pennies on the dollar. >> unbelievable. >> yep. million-dollar homes bought for several thousand dollars. in 2007, this house was purchased with a mortgage of $800,000 when the homeowner fell behind on the mortgage and the hoa dues. it was the hoa. guess what they did? they quickly foreclosed and sold the house to an investor for a total of -- believe this? -- $6,000. bank of america held the mortgage, appealed to the supreme court. bye-bye. they lost. >> the nevada supreme court said, "no. super priority means super priority. homeowner doesn't pay their dues, hoa goes in and forecloses, and the house sells for 2,000 bucks to satisfy the hoa dues, and it just wipes out

a half-a-million-dollar mortgage, and that's the way it is. >> up next, are you in the market for a property with the bulletproof windows and a hidden gun compartment? we'll tell you who lived here when we come right back. [ woman vocalizing ] at ally bank, no branches equals great rates. it's a fact. kind of like vacations equal getting carried away. more proactive selling. what do you think michal? i agree. let's get out there. let's meet these people. the access informationlows us to from anywhere. the microsoft cloud allows us to scale up. microsoft cloud changes our world dramatically. it wasn't too long ago it would take two weeks to sequence and analyze a genome. now, we can do a hundred per day. with the microsoft cloud we don't have to build server rooms. we have instant scale. the microsoft cloud is helping us to re-build and re-interpret our business. this cloud helps transform business. this is the microsoft cloud.

♪ it was always just a hobby. something you did for fun. until the day it became something much more. and that is why you invest. the best returns aren't just measured in dollars. td ameritrade. that's why i run on quickbooks. details. i use the payments app to accept credit cards... ...and everything autosyncs. those sales prove my sustainable designs are better for the environment and my bottom line. that's how i own it.

at ally bank, no branches equals great rates. it's a fact. kind of like bill splitting equals nitpicking. but i only had a salad. it was a buffalo chicken salad. salad. >> welcome back. i'm bob massi, the property man. well, las vegas has a legendary history, and every once in a while, a house goes on the market that lets us step back in time and see that history up close. here we are, las vegas country club, in the '70s, one of the most exclusive areas in las vegas. and i'm standing in front of "lefty" rosenthal's home. when you mention lefty's name, put it right next to tony spilotro, the infamous tony spilotro, the mobsters in the '70s. and if you saw the movie "casino," you know what i'm talking about. >> i was so good that whenever i bet, i could change the odds for

every bookmaker in the country. i'm serious. i had it down so cold that i was given paradise on earth. >> in the 1970s, frank rosenthal secretly ran various las vegas casinos for the chicago mob, including the stardust, the fremont hotel, and the hacienda. robert deniro's character was based on him, and sharon stone's based on his wife, geri. joe pesci's character was their partner, reputed mob boss anthony "tony the ant" spilotro. for much of the '70s, las vegas and its casinos was secretly run out of this very home. let's take a walk inside and meet the broker who's gonna sell this home. so, brian, we're at the infamous lefty rosenthal's home. it was built, what, in 1974? >> yes, roughly 1974. >> and he passed away, what, seven, eight years ago, i believe? >> 2008, i believe. these are the original doors to the house. they're bulletproof. as you know, he was being chased by the mob and the fbi and everybody else. >> just about everybody.

>> just about everyone, so the doors are bulletproof. the entry doors to the courtyard and these front doors, they've remained unchanged since the house was built. >> okay, let's go in. this is the window, by the way, that faces the las vegas country club, which is one of the oldest golf courses in las vegas. tell us about the window. >> right. the window is also bulletproof. the original window -- lefty was coming down the stairs one day. the mob tried to shoot him from across the golf course. and the original bullet mark is in the glass. it remains there today. >> it's amazing the way these guys lived, you know? >> yeah. >> going into what appears to be the living-room area. >> the smoke-mirrored ceilings and walls are original. the piece of art behind the television there on the wall, that's an original piece commissioned by steven chase out of palm springs for lefty rosenthal. the sunken bar is original. the closets in the house -- all the closets are original. an this one over here has a hidden gun compartment, where lefty kept his guns. >> yeah, let's go take a look at that. there's like a little door that

actually opens, and the gun or guns were put in that area. >> that's correct. >> the lifestyle that these guys had, and if these walls could talk, it would be amazing the business that went on in this particular place. >> absolutely. >> in fact, with so many investigations hounding lefty, this house became his criminal-defense headquarters, and his attorney, oscar goodman? guess what? he became mayor of las vegas, and now his wife, carolyn, is the current mayor. >> his lifestyle was different than any other person i had ever represented. he must have stayed up the better part of the night, holding court in the various restaurants, but he would stay in bed all day. and his wife would basically wait on him, and we would hold our meetings about his various cases, and i had, oh, i'd say maybe five or six cases going at any one time just involving him. and he would be there in his pajamas and then in his robe, and i would be taking my notes and going over things that lawyers go over with clients. it was the most modern,

scientific home in the history of the world. >> really? >> for the time, you couldn't get -- it was like a fortress, bulletproof windows, doors that locked automatically, alarms wherever you looked at, buzzers here. it was different than anything i've ever seen. >> brian, what's so interesting is, so much is authentic. so, it's not just that they're buying something from 1974. it's the history. like, for example, this you said is an original piece. >> that's right. that's right. this is an original that was put in when lefty lived here. there's original features throughout the house, and that's what makes it what it is. it's got that '70's vibe, that classic vegas feel to it. >> absolutely. let's go into the kitchen area. >> this is another original piece commissioned for lefty. it's been here since day one on the wall. the ceiling above has gold-leaf accent under the wood. that's all original. >> it's a part of history of las vegas that it'll never be like it was, and that's why whoever is interested in buying this, they're buying a very big

part of the history of las vegas. brian, let's take a look at the master bedroom here. >> okay. this is the master suite. all the closets and mirrors in the room are original. it has a great view looking out over the golf course. that's the 15th tee box out there. you might remember from the movie, there was a famous scene where the fbi -- they were trying to spy on lefty, and they ran out of fuel and landed on the golf course. they actually ended up in that pond out there. that's where the plane ended up. this bathroom over here is the original bathroom. everything you see in there, even the wallpaper, is original. >> it's interesting to see how bright the lights are. him being in the casino business -- >> and geri being a showgirl. >> and geri being a showgirl, this is like hollywood -- hollywood lights. >> that's right. >> how do you pitch it to a prospective buyer with the history?

'cause some people don't like the idea it's a mob house. let's face it. >> sure. the history is the biggest part of this home, and it's a beautiful home. >> mm-hmm. >> but the history behind it is what makes it so unique. so, the story of lefty rosenthal and tony spilotro and everything that went on here, that's the angle that we use to market this home. >> up next, a look inside of one of the most beautiful properties you can imagine. >> this is a special home. the style would be classified as a desert contemporary. it gets you from the get-go. >> it does. when we come right back. [ woman vocalizing ] many people clean their dentures with toothpaste or plain water. and even though their dentures look clean, in reality they're not. if a denture were to be put under a microscope, we can see all the bacteria that still exists on the denture,

and that bacteria multiplies very rapidly. that's why dentists recommend cleaning with polident everyday. polident's unique micro clean formula works in just 3 minutes, killing 99.99% of odor causing bacteria. for a cleaner, fresher, brighter denture every day. so strap yourselves in for action flo! small business edition. oh, no! i'm up to my neck in operating costs! i'll save the day! for plumbers and bakers and scapers of lawn, she's got insurance savvy you can count on. you chipped my birdbath! now you're gonna pay! not so fast! i cover more than just cars and trucks. ♪ action flo did somebody say "insurance"? children: flo! ♪ action flo cut! can i get a smoothie, please? ooh! they got smoothies? for me.

we believe in the power of active management.management, by debating our research to find the best investments. by looking at global and local insights to benefit from different points of view. and by consistently breaking apart risk to focus on long-term value. we actively manage with expertise and conviction. so you can invest with more certainty. mfs. that's the power of active management.

>> welcome back. i'm bob massi, the property man.

it doesn't matter if you're buying a $100,000 or a $20 million one. there are certain key things that you must know before making such a massive commitment. in just a few minutes, i'm gonna review those things with you. but first, we had a chance to check out one of the hottest properties for sale now, and it is truly amazing. take a look. ivan, i mean, this is your specialty, these magnificent homes, and we're just walking like an entrance to, like, "ben-hur." >> you know, this is a special home. the style would be classified as a desert contemporary. it gets you from the get-go. >> it does. >> i mean, you walk in, and you're captured by the views. and one of the things that separates this home from so many other homes is that they surrounded themselves with all this land and all of this privacy. what they did with this home is that they created a home that not only shows well for entertaining but that you can

live in, that you can have a family live in. so, this home right here, it's amazing to think of having families and normal-to-day activities, but this is where that would happen. you've got your family room. you've got your kitchen with a double island, all the newest appliances. >> and the view, 'cause now, as we're walking, and, of course, we're facing east. so, we actually could see downtown las vegas with this magnificent pool and fireplaces. it's just remarkable, the detail of this home. >> and it's not just "and the view." the view is the home. >> it is, isn't it? >> in las vegas, the strip is our ocean, and this is what we have. we're on the golf course. we're elevated above it. you're on just under two acres. it sets itself apart from just about everybody else because of what it has to offer in terms of view and amenities. >> and behind i see we have fire in different parts of the home, and i know there's a waterfall here. and now we're looking back in, and you see even more so the

detail of this entire beautiful room. how many square feet is this home? >> well, 16,000, and 21,000 under roof. for this particular home, i like to talk about the "wow" factor. i mean, you walk in, and it just, as i mentioned, it just gets you. >> it does. let's go look at some other areas. >> you got it. >> we're walking into the master bedroom, and, again, the views are so consistent, facing downtown las vegas, the east side of the town. >> to have a master bedroom that looks out and is kind of contoured by the ceiling detail and the roof that juts out and captures the strip and the golf course. this is the spot. >> sitting on two acres, the property doesn't just come with amazing views but also unparalleled privacy and security. for a home this size, what is the price on it right now? >> the price on this home is $17.5 million. >> and i will tell you, after walking through the home with you, i'm surprised.

i thought the price point was gonna be $25 million or $30 million. however, as you said, this is an advantage of living in las vegas. you take this home and put it in the hamptons, put it on the beach in los angeles, santa monica, whole different market. >> yeah, this home in a different market, outside of las vegas, you'd be at least double the price. this is the attraction. so many people, they have a misconception of what las vegas actually has to offer. we have things like -- we have a hair salon, a beauty salon. we have a spa that has a hot-and-cold plunging pool, and it has a steam room and an outdoor basketball court. we have a media room that's second to none. when the current owner purchased the home, he put in millions of dollars in upgrades. he added almost a half an acre and beyond to the size of the lot, to the landscaping, to the livability and the entertaining portion of it. he actually converted an extra 1,500 square feet. so, he added on 1,500 square feet to the house. so, the home that you see today is not the home that it was even

a few years back. >> how do you go about in your specialty to find a buyer for this home? >> finding a buyer for a home like this is not something that you do every day. this is a part of the market which is unique, and the buyer needs to be unique. what we do is we spend a lot of our time and a lot of our money in our marketing. but the biggest thing that we do is we create a campaign. we create a whole plan specific to the home, including a specific website. and a lot of our buyers in this price range are gonna come from out of state. >> is this the type of home you think a celebrity would buy, an athlete would buy, obviously somebody very successful that has the money to buy, 'cause you said it's $17.5 million. or is it one of those things you never know who's gonna walk through the door that's gonna say, "i want that home"? >> that's the answer, because it is a specialty home. people that can afford a home like this have multiple homes. and depending upon if this is their primary or secondary or beyond, it could be anybody. >> i guess probably the most important question is, we know

who needs the barbershop and who doesn't. >> [ laughs ] not me. >> exactly! very good. thanks, buddy. i appreciate it. >> thanks, bob. thanks so much. >> for most of us, a home like this is way out of our league. but there are still things you can learn from this property and how it's being sold. we'll tell you what they are when we come back, in the massi memo. [ woman vocalizing ] when you think about success, what does it look like? is it becoming a better professor by being a more adventurous student? is it one day giving your daughter the opportunity she deserves? is it finally witnessing all the artistic wonders of the natural world? whatever your definition of success is, helping you pursue it, is ours. t-i-a-a.

my school could be bad.ing fast. could be a blast. can't find a single thing to wear. will they be looking at my hair? won't be the same without you bro. ♪ when it's go, the new choice privileges gets you there faster. and now, stay two times and you can earn a free night. book now at choicehotels.com unless you have allergies., then your eyes may see it differently. only flonase is approved to relieve both itchy, watery eyes and congestion. no other nasal allergy spray can say that. when we breathe in allergens our bodies react by over producing six key inflammatory substances that cause our symptoms. most allergy pills only control one substance. flonase controls six. and six is greater than one. complete allergy relief or incomplete. let your eyes decide. flonase. 6>1 changes everything.

♪ >> welcome back.

i'm bob massi, the property man. and it's time now for the massi memo. we showed you former gangster lefty rosenthal's house. if you're buying an historic home or even just an old home, well, you need to look out for certain things. in some cases, you can get tax credits if you're restoring the property. and, of course, historic homes, well, by their very nature, they're old, and, therefore, they need repairs. so, do this for me. look for a qualified contractor and get multiple bids. make sure they've worked on aged or historic homes. get a detailed home inspection with a licensed and bonded inspector. these historic and old homes many times, they have safety issues such as lead paint, termite issues, asbestos, structural issues from mere wear and tear. ask for utility bills, guys, to get a history of the cost. it could be expensive. and usually these old homes, well, they're not insulated at all. also, i showed you that stunning

$17 million mansion. go figure. buying and selling multimillion-dollar homes requires specific knowledge of the market. most sellers expect their broker to bring a qualified prospective buyer to the table before they just open their home to strangers. specialized qualified brokers like ivan, they understand the marketplace, and that's so important. prospective buyers, be prepared to answer questions about your financial situation related to the nature of your business -- who you are, what you do. many times, buyers can ask for luxury homes to include the furnishings, specialty items that make the home unique. and also, always remember, guys, you can negotiate closing costs. for you the seller -- well, you must make sure that your asking price is real. qualified buyers who have competent brokers know the marketplace. they've done their homework. that's it for today. be sure to send me your questions or property stories at propertyman@foxnews.com. and check out our website at

foxnews.com/propertyman. i'm bob massi. i'll see you next week. [ woman vocalizing ] >> i'm bob massi. for 32 years, i've been practicing law and living in las vegas. i help people with all sorts of real-estate problems, from trying to save their homes to closing major deals. eight years ago, 6,000 people a month moved here, looking for employment and affordable homes. little did anyone know that we would become ground zero for the american real-estate crisis. now, it's a different story. the american dream is back. we're gonna meet real people who faced the same problems as millions across america, and we'll dive deep into a city on the rebound because las vegas was a microcosm of america, and now vegas is back. [ woman vocalizing ]