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Las Vegas real estate market update and home sales figures show single family homes sold median price show a gain for May 2008. The Greater Las Vegas Association of REALTORS or GLVAR reported Las Vegas residential real estate sales raised for a fifth month in a row.

The real estate market in the valley could be stabilizing according to sales data. For more than a year the local housing market has had some very tough challenges with the credit market and real estate valuation.

The Las Vegas mls showed a medium price of a single family home in May 2008 at $236,692 an increase of 0.3 percent from April. Year to date data showed a decline of 21.5 percent.

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Crown Las Vegas $5 million hotel casino resort has been canceled.

Crown gaming company from Australia said a joint venture for the site of the former Wet n Wild 27 acre site in Las Vegas real estate. The current credit market and struggling hotel neighbors on the Strip have concluded the project not financially viable.

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Las Vegas NV Real Estate

Las Vegas Luxury Real Estate Home Sales For May 20 - 26 2008

$1.6 million, Turnberry Place Las Vegas High Rise, 2,805 square feet, 3 bedrooms, 3 baths, fully furnished condominium, 24-inch travertine flooring, private elevator, city views, plasma televisions, custom lighting and sound.

$1.04 million, Anthem Country Club Luxury Home, 4,302 square feet, 4 bedrooms, 3.5 baths, half-acre, detached guest quarters, guard-gated entry, custom cabinetry, wet bar, pool and spa.

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Mira Villa Las Vegas condominiums bankruptcy saga continues in court. Two motions were filed including a bond to pay for construction completion.

The Mira Villa condo appointed trustee has filed the motions to ultimately sell the development in Summerlin real estate near the luxury One Queensridge Place.

One motion is allow the sale of the completed mid rise condos to pay off the loan allow the sale of homes to the existing buyers. The second is a motion for a $46 million bond to finish the phase of construction, market and pay the mortgage interest of the existing loan.

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