I have been saying it all along that the media reports about the Las Vegas Real Estate Market are just not completely accurate. Today on CNBC they stated that Las Vegas Home Prices will continue to drop into 2010 but that is just crazy with over 100K jobs being created in the next 5 years with the opening of Encore, Project City Center and Echelon to name just a few.

The Las Vegas Housing Inventory has dropped from over 29K homes on the market in September 2007 to 21K homes on the market as of April 2008. That is a 25% drop in homes for sale! That is a positive sign for the Las Vegas Real Estate Market, which the media is not talking about?

Alex Edelstein, the developer of Manhattan West also agrees that the Las Vegas Real Estate Market is not as bad as the media is depicting. Watch the video below of his interview on Fox News.

Coyote Springs, a master planned development was announced a few years ago.  Once completed, this project which sits on over 40,000 acres will have over 150,000 homes, nature preserve, trails and parks.  The Jack Nicklaus-signature golf course is already completed and open to the public.

Pardee Homes had decided to delay residential building for at least 18 months, according to the Review Journal.  I don’t doubt the Las Vegas Real Estate Market is playing a huge role in the decision to wait, but I would also guess that the cost of gasoline also played a factor in that decision.  Due to the fact that Coyote Springs is 60 miles North of Las Vegas, many of the residents that would purchase homes would probably be commuting to work in Las Vegas.   I am sure that would be a key factor in whether a buyer would decide to purchase a home in Coyote Springs.  I think Pardee Homes made a good call in delaying construction on residential homes in Coyote Springs right now!