Dive Summary:

• The real estate organization of hedge-fund owner John Paulson has taken 530 acres of residential land in the Lake Las Vegas development in Henderson, Nev., 20 miles from the city of Las Vegas. Lenders let them go for four cents on the dollar.
• A hotel and casino, abandoned in 2010, have new operators, and homes are selling again after adjusting to the new market.
• The renewed interest in Lake Las Vegas suggests the housing recovery is moving out from city centers.

From the article:

The latest sign that the housing market is bubbling to life: The artificial waterfall at the entryway to Lake Las Vegas is again flowing. ...