It is on the fringes of Las vegas, but not nearly as far out as Fountain Hills was/is. It is centered around a lake, except the lake is much larger in LLV (it is really a branch of Lake mead). LLV has celebrity residences, and substantial commercial developments.

The thing LLV has that may be furthering the bankruptcy is substantial soils issues. They did a lot of fill work on the slopes of the canyons. You get great views, but if the compaction and soil mix is off you have major issues with homes sliding. I would be curious to see how this is playing out.

Also, out of town people who want to buy a home are being drawn to the highrise condos. Impressive residence, and much easier to maintain than a mansion 45 minutes from the airport.