In its monthly report on the state of Las Vegas residential real estate, Home Builders Research Inc. reported that there were 3,203 resale transactions in February, bringing the 2006 total to 6,460 — a year-to-year decline of almost 11 percent.

The median price of a resale home in the valley declined in February to $282,000 — a month-over-month decline of $3,000 — but a $22,000 increase over the same month a year ago.

Resale housing prices have remained relatively stable for the past eight months — reaching a peak of $285,000 in September and a "low" or $280,000 in June and October, Home Builders Research reported.

Smith said in his report that it appears that Las Vegas' resale segment has hit an "extended flat period" and that movement up and down will continue through the next six months.

A flattening of the market price-wise could burst the bubble talk, especially stability that continues through most of the year, Smith reported.

But the decline in the number of resale houses sold indicates a softness in the resale market, he reported. Much of that softness is in the move-up price segments of $500,000 to $750,000, Smith reported.

On the flip side, new houses continued to show modest gains over the previous year.

In February, there were 2,872 recorded sales, bringing the 2006 tally to 5,734, a year-to-year increase of 21 percent, Home Builders Research reported. That includes 705 apartment-to-condominium conversions in February.

The median price of a new house, without condo conversions, in February was $345,265, a $51,875 increase from February 2005. When condo conversions are included, the number drops to $308,753, a $29,557 increase from the same month a year ago, Home Builders Research reported.

The median price of apartment conversions in February was $192,990, Home Builders Research reported.

Smith reported that sales at many apartment-to-condo conversions have slowed over the past two months, in part because of sales incentives by builders. Smith warned that to stay relevant to buyers, conversion products may also have to begin giving incentives to prospective buyers.

Randy Friend, co-founder and principal of California-based Eagle Real Estate Group, has been successful in Las Vegas' converted condo arena — selling out its Sedona on the Boulevard project in a year.

Friend said the combination of location and pricing helped sell out the property; condos started at $200 a square foot and finished at about $250 a square foot.

"We had a great location and a great product right on the Strip," he said. It's next to the South Coast and in the area of progress."

The project is divided among investors, secondary homebuyers and people who bought for a primary residence, Friend said.

Condo conversions have had success in Las Vegas, and most likely will continue to be popular because of their relative affordability when compared to other options, he said.

"In 2004 the median home price (in Las Vegas) went up 52 percent," Friend said. "This provides affordable housing to a certain extent."

Eagle Real Estate Group owns about 2,000 apartment units in the Las Vegas Valley and is in talks to expand its apartment base and is looking at more condominium projects, he said.

In other news:

Illinois-based Redbox is expanding its video vending machine presence in the Western United States to include 70 percent of Smith's Food & Drug grocery stores throughout Las Vegas, Salt Lake City and Albuquerque.

The Redbox video vending machines were previously given a test run in 27 Smith's Food & Drug grocery stores throughout the Las Vegas Valley.

The automated DVD rental kiosks hold more than 500 videos, with new titles available every Tuesday. Customers use a touch screen to select a movie and pay using a credit or debit card. The cost is $1 per night plus tax.

• Excavation work is under way at the site for the second tower at Turnberry Towers, a high-rise condominium community at Paradise Road and Karen Avenue. Construction is also under way on a five-floor parking structure.

Construction on the east tower has surpassed the 20th floor, and completion is slated for mid 2007. The west tower will be completed in spring 2008.

This is Turnberry's sixth high-rise tower under way in Las Vegas. In addition to the two 45-story towers at Turnberry Towers, three condo-hotel towers are under construction at The Residences at MGM Grand and one 40-story tower is almost complete at Turnberry Place.

Three towers are already completed at Turnberry Place. Between the six towers under construction, more than 2,500 condominiums have been sold totaling more than $1.5 billion.

• One Las Vegas Condominiums has contracted with J.E. Dunn Construction Group to build the first phase of One Las Vegas Lifestyle Condominiums, the first in the village of One Las Vegas on Las Vegas Boulevard South near Windmill Lane.

The developer of One Las Vegas, Midbar Condo Development, is a joint venture of local developers Wayne Krygier and Chet Nichols of AmLand Development Inc. and international developer The B.S.R. Group.

The 19.5-acre One Las Vegas master plan will have five 18- to 21-story residential towers along with retail open to the public, including a hotel, health club and spa, retail and restaurants.

• Gateway Las Vegas, a tower planned for downtown Las Vegas recently received final approval by the Las Vegas City Council, said Paul Murad, the project's developer. The project, designed by Perlman Design Group, is a 39-story tower that includes 236 condominium units, 75 condominium-hotel units with a ground floor of retail.

• Thomas Fico, a local unlicensed landscape contractor who at one time was on the Nevada State Contractors Board Top 10 Most Wanted list, was sentenced March 27. He was ordered to serve concurrent terms in the Nevada State Prison from 18 to 48 months for the felony crimes of contracting without a license and 28 to 72 months for diversion of funds and obtaining money under false pretenses.

Separately, the Contractors Board last month awarded 14 homeowners $95,112 from the Recovery Fund. The fund was established in 1999 to assist homeowners who have been hurt by licensed contractors.

• Southwest Engineering was awarded a contract for Marble Canyon by Southwest Homes in Bullhead City, Ariz. Marble Canyon is a 100-acre community that will include single-family houses on 404 lots. Combined fees for this project are estimated to be $550,000.

• The Ladeki Restaurant Group is opening a fourth Sammy's Woodfired Pizza restaurant, to be open summer 2006.

The new restaurant will be located in the Montecito Market Place, 7160 N. Durango Drive. The restaurant will be 3,500 square feet, with a seating capacity of 170.

• The Silverton Casino Hotel Lodge is scheduled to open its new buffet, Seasons, this week. The restaurant will serve gourmet-style entrees, sides and desserts.