Is The Media Wrong About Las Vegas?

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.