and check out our website at... 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 ]

>> thanks for joining us. i'm bob massi, the property man. las vegas was the epicenter of the housing bust, and nowhere was that more evident than a place called ascaya. this massive mountain development came to a halt, but it is back in a major way, and it's a place you really need to see to believe. ♪ i'm standing at one the most amazing developments i've ever seen. i mean, it is truly majestic. the mountain was purchased in 1989 by a man with a vision -- dr. henry cheng. >> yes. he had vision. what he did is he came here. he built all these lots. >> it takes a staggering amount of work to get these mountaintop lots ready for homes. >> you've got water. you have electricity. you have gas. >> but the developer took the time to do it right, before listing them for sale.

>> typically, what happens is the developer will do maybe a few lots or wait for reservations and, with those funds, create the next phase. in this situation, everything's done. the lots are graded. utilities are in. the developer's invested hundreds and hundreds of millions of dollars of his own money. >> $250 million in development in all the groundwork, design, everything over a 5-year period. >> they say that ascaya is a greek word meaning "one who chisels boulders," and it is easy to see why. >> i've got approximately 32 miles of boulder walls in here. >> finally, all the boulders were in place, and the lots were ready. then the recession hit. >> that 5-year period ended right around 2008, and, obviously, at that time, it was not the right time to release a new community. so they made the decision to go ahead and pull the community off the market. >> he realized what was happening to the economy, and he just said, "shut it down." >> they didn't want this to be a ghost town, with one or two homes built in here. >> right. when many real-estate developers were running for the hills, the folks behind ascaya were just

sitting tight for years. >> he kept making sure that the landscaping was taken care of. they kept looking for what type of architecture they were looking for. everything was continuing. >> and we waited, and we waited. and then the signs from an international and a national and a local level all pointed to "now is the time." >> now here we are in 2015, and ascaya is up and running again. the vision he had more than two decades ago is now a reality. >> yay! >> there we go! [ applause ] >> the first two lots just broke ground, with 311 more to follow. the designs for the custom-built homes that will go there -- well, they're just as stunning as the land that will surround them. >> clients can come in, meet with their builder and architect, and design the home right on site. that is one of the hardest things in selling a lot, is that you have to also build the dream for the client so that they want to design and they have an idea

of what they want to build. ♪ you get a little bit of everything. you've got the buyers that are coming here as their second home to the family with three kids that are moving here for a permanent residence. >> what's amazing is the nature part of this and the brilliance of the design. >> they wanted to make sure that the design incorporated views for every homeowner as they would throughout the community. the way that the lot is positioned -- that's to maximize the view for each homeowner, who can still maintain a great view of the strip. approximately 80% of our lots have incredible city views. the other 20% are interior lots that still maintain those incredible canyon views that you saw coming up. >> the area around ascaya is a protected preserve, so the homes will always be surrounded by this natural beauty. >> the feeling that somebody gets when they walk in to ascaya is indescribable. you see it from a plane. you see it on a postcard. but you don't understand, truly, what you have until you drive up in and see the magnitude of the layers, of the boulders, of the

mountains, and you're immersed in what this project really is. it's this feeling of zen. but, at the same time, you look out and you've got the strip at your doorstep. you have this feeling of this energy that's all around you, where if you love nature and appreciate it, you will come in here and feel at peace and, at the same time, look out and see what las vegas has to offer. >> when we come back, the first home being built in ascaya will not just be beautiful, but it will also be energy-neutral -- no electric bill, no heating or cooling bill -- and we're gonna show you why. [ woman vocalizing ] at mfs investment management, we believe in the power of active 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.

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>> welcome back. i'm bob massi, the property man. how would you like to never pay another electricity bill again? your home could actually generate more electricity than it uses. it's called "net zero," and the folks at blue heron design and build some really beautiful

homes this way. ♪ tyler jones -- he's the founder and owner of blue heron. he's involved every step of the way. so, tyler, this is one that's under construction here, and, in this case, which is probably unusual, you're the developer, you're the contractor, you're the architect completely, right? >> yes. blue heron's really unique in that regard. we're full-service, and that whole integrated service is what really sets us apart, and it helps us to achieve this level of technology, 'cause there's a lot of planning that goes into developing net-zero homes. >> one of the most critical things is sealing the house completely so that no air leaks in or out. that involves using spray-on insulation and choosing the right windows and doors. >> the insulation in a typical home stops when it reaches the ceiling, and then the attic space is ventilated, so all of your mechanical -- your heating and cooling ductwork goes through this space that is not part of the building envelope.

so, what we do is called the cocoon system. we're gonna bring that insulation all the way up to the roof line, and then we'll use a closed cell foam on the roof so the entire building envelope is insulated. that way, all of our heating and cooling systems are within this insulated cocoon, and that is a big deal for the efficiency of the overall home. we let people pick and choose how energy-efficient they want their home to be. >> so, you give them options? >> yes. so, we give them all kinds of options, and it's really just about education, because, you know, some things are simple. you talk about a cocoon system. that's something that everybody should be doing. it doesn't cost any more money. it's just a best practice. and there's no reason to not do it in every home. >> let's go see one of these completed homes. i can't wait to see it. >> sounds great. ♪ >> from the outside, blue heron "net-zero" homes may look like any other high-end desert contemporary design. but inside the walls of these innovative and cutting-edge properties, you're introduced to a whole new world, where energy

efficiency is meant to be not only affordable but also luxurious. tell us about the courtyard and why you designed it this way. >> yeah. the courtyard's a big part of what we do. so, what we want to have is great connections to the outdoors -- a lot of glass to bring in this indirect natural sunlight into the home so we don't have to use a lot of lights during the day, but we want to keep the sunlight off the glass so we're not letting that heat into the home when it's trying to cool it in the summertime. >> it's really neat -- all this water here, a little waterfall and places to sit and a television. >> this is the main integrated living space. want to have all the living space kind of in one casual space you don't have to have all these subdivided rooms all over the house that people never use. the orientation is key, so, facing north, we can really have as much glass as we want, because we're not gonna have any direct sunlight coming through the glass. >> mm-hmm. >> the choice of glass that you choose -- the window and door system -- is huge, as well. really high-efficiency glass, really well-put-together window. kitchen's over here to my right. you can see all of the low-energy appliances, all

energy star plumbing fixtures, as well, so everything down to the efficiency in the appliances has got to be done properly. >> this is not a matter of just putting some solar panels on the roof, although that certainly is a big energy saver. the entire design and construction process is focused on saving energy while maintaining luxury. >> you know, everybody's lived in a home that is not energy-efficient. you know, we can continue to build homes that way, or we can do something that's better. >> let's go take a walk upstairs and see what it looks like. ♪ there's almost windows all around this home. >> yes, there is, and there's one key footnote to that, which is if you look at the wall behind me, which is the west-facing wall, there's actually no windows whatsoever. so, that western sunlight, when the sun's going down, we're gonna keep all that heat out of the building envelope. >> what are you giving up insofar as cost? is it that much more expensive than building just your regular home, which, obviously, is not as efficient as this? >> we talk about passive solar

design. that's just actually how we create the architecture to be efficient in the first place. so, we use a lot of these heavy overhangs, we use these courtyards, and it's all part of that vegas modern strategy of having all this indoor/outdoor relationship but not letting the heat through. that costs nothing. other things do. probably the biggest thing is the solar panels themselves -- significant cost to that. of course, you're gonna get that back over a series of years as you live in the home, saving energy. >> do they take longer to build than an average home the same size? >> the green building technology -- to put in the high-efficiency water heater or hvac system definitely doesn't take any longer than it would to use a conventional system. >> the water heater issue is very interesting to me, because you've explained how you literally get instant hot water. >> yeah. this is a tankless hot-water heater. there's two of them that run this entire house, and it's basically on-demand hot water, so when you turn on the faucet, it's gonna run cold water through a pipe. it's gonna run a flame on top of that. it's gonna heat it up instantly until you're done asking for hot water.

>> the perception is this place is gonna cost a fortune to air-condition it, but yet this net-zero concept works even with units like this. >> exactly. these are high-efficiency units. these are kind of the top-of-the-line units you can use for hvac. there's no excuse to not use this technology. it exists, so it has to be this way. there's no other way around it. >> up next, if you're 62 or older, the federal government just made some changes that could make things a lot tougher for you. we'll tell you why after this short break. [ 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?

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process and explain how the new rules could affect anyone over 62 years of age. >> senior citizens today are having a very difficult time because either they don't have a pension or they're up to their eyeballs in debt. the reverse mortgage is an opportunity they have to allow them to have financial freedom in their senior years. >> a reverse mortgage is simply a loan from the bank based on part of the equity in your home. it's available only to homeowners 62 or older, and it must be your primary residence. >> the advantage that the seniors have for that is that there is no mortgage payment. >> in fact, with many reverse mortgages, the bank makes monthly payments to you instead of the other way around. i wanted to see how reverse mortgages really work for actual folks, so i hit the streets to talk to a few homeowners. i'm gonna go meet with josh shein. he is a reverse-mortgage expert, and he's gonna introduce me to two families. hey, josh. what's up, buddy? >> hey, bob. good to see you. how are you? >> let's go meet these families we're talking about. >> that sounds great. we're gonna meet two families today who have reverse

mortgages, both different circumstances. first family we're gonna meet -- bob and marge. they did a lot of retirement planning, put a lot of money away, saved a lot. >> why did you both consider to do a reverse mortgage? >> we were going to be starting to tap in to our long-term stock investment, and, in looking at it, we said, "wait a minute. that's got time to grow yet, but we have a tremendous amount of equity in our property. why not take advantage of that?" >> they made sure that when they gave us the reverse mortgage, it would never take all of the equity so that, at the end of our 10-year term, there will be a lot of equity left in the house. >> it makes life a lot more pleasant for us because, "a," we don't have a mortgage payment anymore... >> right. >> and, "b," we have tax-free income coming in, and we're leaving our stock-brokerage accounts alone to grow. >> was it an expensive transaction for you? >> the only thing out of pocket, i think, was just the appraisal, which was about $350.

>> there seem to be a lot of people now realizing that a reverse mortgage is not we're losing the house, it's we're using the house to have financial security. >> from when you applied for the reverse mortgage, how long did it take to get it finalized, closed, and get your first check? >> i think it was 27 days. >> from start to finish? >> start to finish. >> you did hit the jackpot. >> yeah, we did. that's what we thought. >> just a few blocks away from bob and marge is another couple who got a reverse mortgage but, in this case, for a completely different reason. chuck and izola were tired of paying their traditional mortgage every month, and, suddenly, they needed to scrape up some extra cash. >> i needed some money for medical, things like that, around the house. >> you had some medical costs, medical expenses, and you thought, "this is a good way to get it without having a payment." >> yes. >> what did you understand your responsibilities were going to be? >> keep the insurance and pay the taxes, and that was it. >> how long did it take you, actually, to finally get funded

on the reverse mortgage. >> maybe 30 days. >> now, you said there was a second time you did a reverse mortgage. >> yes. i wanted to improve the house and get a new automobile. i went on a cruise last year. hadn't been on one in a while. and i got a little money in the bank now. >> would you encourage people to consider a reverse mortgage? >> hey, anytime i don't have a house note... >> [ chuckles ] >> ...it's a no-brainer. >> probably the biggest misconception about reverse mortgages is that the banks end up getting your home. that simply is not true. >> homeowners automatically assume you're giving up your home, you're giving up the deed to your home, ownership to your home. that's the biggest misconception. a reverse mortgage, when it really boils down to it, is just a loan. you're borrowing money. the difference is you're not making a payment on it regularly, as you do on a traditional loan, so that balance of the loan grows over time. you do independent counseling by a third party. that counseling will make sure you're educated on all the different options and make sure you know what you're getting into. >> in recent years, there were a lot of defaults on reverse

mortgages, but how could that happen if the people aren't required to make any payments? >> essentially, since there's no payment being made, the only default that can come up is if you don't pay your taxes or your insurance or you move out of the home. >> so, federal government -- well, they made some major changes to the reverse-mortgage rules. the new rules make it tougher to default by making sure borrowers can pay their taxes, their insurance, and their hoa dues. >> the changes that were recently set in place require the borrower to show to have an ability to make those payments for as long as they're gonna remain in the home, or, similar to the escrow on a traditional loan, have the money set aside to make sure the payments get made. >> can it end up excluding those people that need an extra $500, $600 a month and now that potential could be taken away from them because they don't have a cash reserve or a large portfolio? >> well, it's gonna depend on how much equity they have in their home. a certain amount of the money can be set aside for the taxes and insurance. an additional amount of money can be set aside and given to the borrower in a lump sum for home repairs, for the travel, or

maybe to buy something if they wish. >> what do you do in a situation where one of the two spouses is 62 or older -- okay? -- they get the reverse mortgage under their name, and they pass and now they don't meet that requirement? >> in the past, there was an issue where they could have been forced out of the house, forced to sell the house. the rules changed that, so it protects the borrower, the younger homeowner, staying in the house. >> so, the last of the reverse-mortgage people -- they die. what then has to be done by the beneficiaries who inherit the house? >> they could simply sell the home. that's the easiest way to pay off the balance due on the reverse mortgage. and they would certainly keep whatever equity, whatever money's left, when they sell that home. a lot of other families want to refinance the home and keep it. so, the nice thing about a reverse mortgage -- it's fha-insured. it's a non-recourse loan. the borrower is never responsible, nor is the family, nor are the heirs, so no one is ever accountable for any harm or ding to their credit or any bill coming due in the mail at any time. that's the important thing.

>> after the break, we've got an update on a couple we met a few weeks ago. they were stuck in what was called a zombie foreclosure -- one they thought was long dead but just keeps coming back. wait until you hear how it turned out. [ woman vocalizing ] at ally bank, no branches equals great rates. it's a fact. kind of like grandkids equals free tech support. oh, look at you, so great to see you! none of this works. come on in. 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.

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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. a few weeks ago, we met with mark and yessenia. they were stuck in what i call a

zombie foreclosure -- one that just won't die. they thought their home was foreclosed on, so they moved out and worked on repairing their credit. years later, they found out the bank never foreclosed and they were still on the hook. i told them what they needed to do to put this thing in the grave once and for all. let's check in and see how things actually turned out. i put you in touch with a realtor. i know it was frustrating, because you're still jumping through hoops with lenders. >> yeah. >> tell us what happened. >> once we finished with you the first time, we got ahold of the real-estate agent. the next process was to put the house up for short sale. >> right. >> so, i went through the short-sale process, and it got a little frustrating halfway through because the second was sold to another lender, and then, of course, the housing market was starting to go up a bit, so they started changing the price on the house. >> the numbers. sure. >> and the initial buyer came in and was ready to pay everything the bank wanted, but the bank thought they'd get $10,000 more for the price of the real estate going up in that area, so they upped the price, the buyer backed out, we waited for another buyer, so we had to

start the process over, i think, about three different times because the lender selling the mortgage out to different companies. >> yeah, and that's what happens. when you're in the middle of a short sale and new servicers come in, it's like you're starting all over again, so they want the same paperwork you provided somebody else. and then i understand -- weren't there some liens against the property, too, that caused a problem? >> there were. there were some liens from the trash company, water company... >> hoa, probably. >> ...and the hoa, of course, so... >> but, finally, it was resolved. you got the house short-sold. now everything's out of your name, and you can now move on. you're in a new place, and life is better. >> oh, life is great right now. yeah. the house sold in october of last year, in 2014, so now the clock's on and we're ready to rebuilt, start over. >> it is a frustrating process. nothing happens quick when it comes to dealing with lenders, but at least we got the problem resolved, and that's -- and thanks for the opportunity to try to work with you and get it done. >> thanks for helping us. appreciate it. thanks, bob. >> thank you. that's it for today. be sure to send me your questions or property stories at... and check out our website at...

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 ]