stories at... i'm bob massi. thanks for watching. [ 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 ]

i'm bob massi, the property man. celebrities and entertainers from all over the world come to las vegas to have a good time. and in addition to that, many of them, they actually buy real estate as an investment and also second homes. our own ed henry, white house correspondent for fox news, he actually bought a home. and he bought it at an auction. when did you first come to las vegas? >> i came here with john kerry in the 2004 campaign. i was the low man on the totem pole, so i had to do the really early live shots, like 6:00 a.m. eastern time, which you know better than anyone is 3:00 a.m. here. and i just got the bug. i thought, "oh, vegas is really fun." and then my wife had never been here. next thing you know, we were coming here every couple months. >> and that was back in '07, which is actually whenever things started slowly -- >> the economy was rocking here. >> it was. >> and you could feel it was starting to change. >> it was. i mean, you know, '04, '05 is when all the homes were being built. i remember driving in different areas, and i was gone for two weeks and go back there, and there's a whole development that went up. they put cookie-cutter homes.

but then the housing market imploded. that meant that suddenly apartments were affordable, and ed decided to take a risk. >> the las vegas review-journal had stories about all of the foreclosures and how all these condos were available for a song. and we thought, "why not make a little investment?" it was almost like we were literally rolling the dice. it was a little bit risky because we didn't know if it had hit bottom. >> in the end, the timing was right. ed got himself a condo in a building with some of the most spectacular views around and truly beautiful amenities. >> it's the million-dollar view. it never gets old. this is the strip. this is what it's all about. >> it really is. >> you got the 360 view here, so every which way you go. >> there's a running track here, too. you could run around. >> you got the mountains on one side, you got the strip on the other. >> but how did they pull it off? >> $222,000. $223,000. >> ed and his wife decided to go to a foreclosure auction. >> sold for $254,100. >> we saw that there were more and more foreclosures, and it seemed like, frankly, there was

a bargain. there was something that might be a good investment for us. >> and what year was that? >> that would've been around 2008, 2009. that's when it was right in the throes. >> that's when things started crashing. >> it was a free fall. >> at an auction, multiple homes are offered up by an auctioneer. an opening bid is established, and potential buyers bid. investors often use these auctions to find good deals on properties they think they can flip and make money. but back then, there were so many foreclosures happening, the auctions could get overwhelming. >> there were so many units. there was a glut because of the foreclosure crisis, so they were auctioning off 40 or 50 units from this building. and so we had our pick of places. it was just a matter of "do you want the one that's 2,000 square feet, 1,000 square feet?" we wanted something smaller because we didn't want this to be a huge gamble that was gonna put our mortgage back home underwater. we had to be careful not to bite off more than we could chew. >> did you see the unit before you bid on it? >> no. so, we came here a few times with our agent, debbie drummond

and her husband, mike. they were awesome. and they really walked us through this chaotic process. and i tell you, we looked at several units that were for sale and were gonna be at the auction. this particular one we bid on had never been sold before, so it was not for viewing, so we had never seen it. but on paper, it's about 1,100 square feet. it was going for about $140,000. and i wasn't a math whiz or anything like that, but i knew that the square footage, the price of dollars per square foot was pretty darn good. the scary part was, has it reached bottom? you know, it seemed like this is a great buy. but what if the prices go lower and nobody knew? >> had that question all the time back then. people come, they say, "hey, bob, do you think it's gonna keep going down lower and lower?" i say, "you know what, man? right now the way the market is, the way the lenders are, it could," and that was the risk. i said, "look, that's why it's called an investment." sometimes it goes up, sometimes it goes down. >> it's a boom-and-bust economy. and vegas has been through it many times.

going back -- and i remember when we were thinking about investing, finding an old life magazine -- early '60s -- with all these great historic photos of vegas, and they were saying, "it might go bust. it's gone bust before." and that was in the early '60s. >> did you intend it to be a vacation place for you and your wife or did you intend to just rent it? >> we wanted it to be our place, and my wife and i were dating at the time. we weren't married yet. and we thought we were gonna get married in vegas. but it's hard sometimes 'cause when you're on the east coast working all the time, a 4 1/2-, 5-hour flight... >> so you rented it out. >> so we've now rented it out. and it's a good investment because we bought it at the bottom. it was essentially $100 per square foot. you can't get that. >> no, you cannot, not with this view. i mean, really, when we're standing up here -- >> it's a million-dollar view for $140,000. >> and it's panoramic. when we come back, we're gonna see a massive construction project that revolutionizes the

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♪ >> welcome back. i'm bob massi, the property man. the one constant in las vegas -- it's always changing. and one of the biggest symbols of the city's resurgence is a gigantic construction project that is currently under way. >> live from las vegas, it's showtime! >> nothing is small in las vegas, and that includes a shovel they brought to this groundbreaking, along with fireworks and confetti, of course. but this is not just another hotel going up. it's the start of what will be a $375 million, 22,000-seat arena right smack in the middle of the las vegas strip with an expansive park and public plaza right outside. nearly 300 construction workers are hard at work, shaping 7,000 tons of steel and 21,000 cubic yards of concrete

into this gigantic arena right behind new york-new york. it's the kind of project that can completely transform the entire area, and it's already having an impact, starting with jobs and the local economy. >> not only ongoing employment, but you can see the construction employment is pretty amazing. about 4,000 workers on this job site alone. and it's gonna be something that really changes the face of what we're doing. they say that the arena is kind of nestled into a tight site, but actually it's a very functional site. its visibility off of i-15 all the way through down to the strip. it's gonna change this region and really lighten it up. >> this arena will be a full modern arena. we'll be able to seat 20,000 people for events. as you see, leading up to the arena, we have a two-acre plaza. >> this is private money? no government money. and for what this country has been through in the last six, seven years with the real-estate

crisis in america, why was the private-money thing so important to aeg and mgm? >> it's really important to us because we don't want to go to the community and ask for funds. we have a $375 million g.m.p., or guaranteed maximum price. we're gonna fully fund that. we project 100 events in year 1. so, out of those events -- 50 concerts, 25 sporting events, 15 boxing/ufc, 5 award shows, like billboard music awards. we can eventually get that return on investment by bringing in those high-profile events, but we didn't want to ask for public money, and we feel that we're better served and so is the community. >> in fact, arenas like this have been planned for years in las vegas, but they usually wanted some sort of public subsidy to help pay the bills. >> that's the reason why the other projects really never got off the ground. it's very complicated to get public money and get taxing authority in order to make those things happen. we built the grand garden arena and mandalay bay events center with private funds, and we're very, very adamant about the fact that if you're gonna build a venue like this that it needs

to be self-sustaining and not on the backs of the public. >> but these two companies realized that the country -- america -- and the city -- las vegas -- well, they've been evolving. >> vegas has changed dramatically. the younger generation, they want outdoor experiences as well as more entertainment experiences across the board. we have two other festival lots that we program. obviously nightlife has been a major boost. we're finding that the millennials -- gen x, gen y -- are really searching for those alternative experiences other than just gaming. >> years ago, the casinos never wanted anybody outside. they wanted everybody inside. and now it's such a reflection of how this town has changed that the casinos are willing to have people go out and enjoy as a family. >> the paradigms changed. the gaming casino companies now realize 70% of their revenues from food, beverage, and entertainment. so, as a result of that, that's where the focus is, and this all works well together and

integrates well together because it's a total entertainment experience. certainly when we have events, the park will be thriving, it'll be lively, it'll draw people in. and then we can bring them all the way back here to the plaza as well as the arena. >> it looks like there's a park area, there's water. >> well, this is a full entertainment district. this will transform las vegas unlike any other development. close to seven acres, and it'll have approximately 85,000 square feet of food, beverage, and retail. the idea is to pull our guests and visitors into a nice, pleasing environment where they can actually relax. they can enjoy the park-like atmosphere. there's nothing like this. i'd like to take the roof off of the arena here so that you can see this. >> i see something in the middle that looks like... >> hockey. [ laughs ] we have a hockey rink in here. we also have a concert set up, but we put hockey in here, obviously, because of the excitement and the energy around the hockey team.

>> an nhl expansion hockey team for las vegas is looking more and more likely, and we're excited. and season-ticket reservations are already selling fast, even though a team right now has not yet been announced. although it is being built to fit major league hockey and basketball teams, well, they promise that even without them this arena, it's gonna thrive. not only are you catering, if you will, to the patrons and visitors that come here, but also for the local community. >> oh, definitely. this is really designed with the locals in mind. there's no question about that. we wanted to build a las vegas arena in las vegas and not build just another arena in las vegas. >> up next, if you build it, they will come. but this field of dreams, it's not in an iowa cornfield, and it can be yours. and by the way, if you want, they'll throw in your own private hockey rink as well. [ woman vocalizing ]

♪ >> welcome back. i'm bob massi, the property man. we've shown you some unbelievable homes over the past few weeks. but you haven't seen anything yet. realtor frank napoli has one hitting the market that he promises will blow your mind. let's go look. ♪ frank, we're really at an amazing compound. it's spectacular. >> yes, it is. >> so, i want to start walking through some areas so you can show us exactly what's involved with this beautiful, beautiful place, so let's take a walk. this stunning property has 6 bedrooms in the main house, 7 1/2 baths, and is more than 43,000 square feet, including both the living area and a huge recreation center.

the detail of the chairs in the room and the chandelier. >> right now we're in a very comfortable and functional formal dining area. it's a circular dining area. it's very comfortable. you have your wine cellar with your custom wood-carved door, solid wood, stone finishes. look at the ceiling. it's just absolutely beautiful. the chandelier. and then in addition to that, this whole wall area of windows opens up to take you to the outside. >> so, now going into the amazing kitchen. >> this is another one of those rooms that just drops your jaw. again, we're in a 20,000-square-foot home, and they have managed to construct this large area to make it still so inviting and comfortable for the family to enjoy. >> look at the beams, the woodwork in the ceiling. and again, the chandeliers. >> this is jerusalem stone reclaimed from the streets in the middle east that have been refinished to be used in this home. these floors are about two inches of solid stone. >> let's go look at some other place. >> let's do it. >> now we're going into the master bedroom area.

and again, the thing that's amazing is how beautiful it is, how warm it is. the colors are so engaging to just give the warmth and love of a home. >> in a 20,000-square-foot living space, it's hard to find the cozy feel. usually it's big and open. it doesn't fit right. every little piece of this house fits, and it feels formal and cozy everywhere you go. >> over here is the fitness center, obviously. >> one of the nicest home gyms that i've ever seen. and it's right off the master bedroom. >> the master bath is something you really need to see to believe, with a custom-built hearth and mantelpiece, a two-person, self-heating spa tub, and a steam shower like nothing you've ever seen before. i don't even think you have to say much. you just have to look at it. almost it's like in the old roman days. >> yes. it's hard to talk also when your jaw is on the floor. [ both laugh ] >> that's true. this is the entrance into the shower, which is also a steam room. >> yes. also a steam room. >> so, we're gonna go from here through the master bedroom shower, which is also a steam room. >> yes. you have surround sound in the shower. floor to ceiling stone,

obviously a marble, stone-covered bench that goes from one end to the other. plenty of water sprays that come out of the walls. again, the shower heads that come out of the ceiling. and it is also all steam. >> so, you know, frank, there are such things as basements in homes. >> yes. >> this is like a little way past a basement. talk about a kids' paradise. >> yes. >> you got your pinball machines, you got your video games. i'm looking up, and i'm looking at cinema. some people like to say that they have a home theater. wait a second. this is the real deal. the custom-built theater even has its own concession stand. here it is right here, where you get your tickets. >> yes. this is where you get your tickets. you get your popcorn over here, you get your movie-size candy over here, and then you enter this beautiful movie theater. ♪ >> but the truly amazing features aren't even part of the main house. >> we're 20,000 square foot in the residence, and that includes the basement. then we have a separate recreational building that's

15,000 square feet. >> so, over here we have, of course, racquetball court, squash court, handball court. >> all in one right here. indoor recreational center. you also have bleachers for the family to watch. >> of course. >> all right. in addition to that, you have your own locker room with his and hers bathrooms. >> and then we have our own indoor hockey rink and basketball court. >> yes. with professional lighting, and again, climate-controlled as well. >> i cannot even imagine what it must have been like for the kids to have their friends over and to have this type of facility available and the enjoyment of it. >> and the nice thing about it is with a full kitchen here, if you did want to have an event at the house, you can throw whatever event you're looking to throw here in the recreational center, have it fully catered out of the kitchen here, and never have to worry about having anybody in your residence. >> oh, my goodness. >> when was the last time you've been to a home where they've had an indoor batting cage to go along with the indoor hockey rink and along with an indoor golf simulator as well?

>> the custom-built, 15-foot-deep, heated pool features a commercial-grade water slide and diving platform. this sort of gives a whole new definition to a slide in the backyard. >> this is a commercial-grade water slide in the backyard of your private residence, all right? and then attached to the commercial-grade water slide, you don't have a diving board, but you have a diving structure. >> it is like an adult disneyland but for children. it has everything you could ever want. >> yes. fantastic for the family, and if you want to entertain, plenty of space for entertaining. we have an outdoor full kitchen out here with another wood-burning pizza oven, a gas outdoor fireplace over here that's covered in stone and brick. >> you would never know you're in las vegas. >> no, that's for sure. you never know you have houses around here. >> never. we're now gonna go see something that's also outside that sort of, when you look at it, you think this can't really be here, and it is, so let's go take a look at it right now. >> let's do it. [ "take me out to the ballgame" playing ] [ bat cracks ] >> this can't be happening.

this cannot be happening. >> this really is happening. believe it or not. >> this is way past "field of dreams." i mean, i remember as a kid, we'd come out after school. "can we go out and play baseball?" yeah, we'd go out in the backyard. it was like maybe right here. this is a full-service -- this is a baseball field. about 300 feet out to center field, 250. >> 90-foot baselines. >> 90-foot baselines. >> and this is in your backyard. ♪ every single square foot of this house, the attention to detail is incredible. every room is the perfect size. and you get that wonderful calm feeling. it's like being in your own park out here. >> from the strip, how far do you figure we are? >> depending on traffic, 5 to 10 minutes to actually get to your destination. >> when you go to market a home like this... >> yes. >> ...i mean, what are you thinking? >> [ chuckles ] this home could suit really anybody, and a home like this really markets itself. i mean, it's really just making sure the home gets in front of the audience to make sure they can see how beautiful this home really is.

>> up next, the massi memo. can you score a great apartment like ed henry did by going to an auction? yes, you can, and the property man, i'm gonna tell you how. [ 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.

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. time now for the massi memo, where we review what we learned today. earlier, ed henry told us how he was able to get an amazing deal

on a great apartment by going to a foreclosure auction. now, auctions can be a good way to purchase property at below-market value, but like most things in real estate, you better know what you're doing. you must make sure you understand the foreclosure process itself. what type of auction are you at? are you at a trustee auction? is it a sheriff's sale? is it a bank foreclosure auction? is it a government foreclosure auction? if you're a novice, watch out. if you've never gone to an auction, take a few minutes, go see what happens at the property, see what happens at the auction. research the area of the home. you can't actually get inside the home where you normally could. and there is a saying. the way it looks on the outside, that's how it is on the inside. check the prices of the property in the area so you'll have time and an idea of how much to bid. be on time at the auction, guys, because if you're not, you're gonna lose out. believe me, they're fast, and they get it done. by the way, you've got a lot of information at our website covering auctions and all the other items we covered today. go to foxnews.com/propertyman, and also, don't forget.

send me your questions or your stories at propertyman@foxnews.com. i'm bob massi. thanks for watching. [ 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. 8 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. but even today, i still get over 300 e-mails a week from people. they just want to know how to navigate the new landscape so they can live the american dream. we're gonna meet real people who face the same problems as millions across america, and we'll dive deep into a city on