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-