That's a good thing, according to Jim Letchinger, president of Chicago-based JDL Development, which is building the Mercer, a midrise-condominium development at Tropicana Avenue and Grand Canyon Drive near Summerlin.

The condo market across the country is sketchy, especially in Chicago, and it's definitely in a lull in Las Vegas, Letchinger says. JDL, which is planning to start construction in early 2008, has sold 51 of the 113 units — about 70 percent of those shortly after the sale center opened nine months ago. Only about 10 units had been sold over the last few months, but Letchinger isn't fretting.

"It appears worse than it is because investors have fallen out of the market, but they were never targets for the Mercer anyway," he said.

With job and population growth continuing in Las Vegas, the Mercer is positioned to take advantage of it, he says.

Since the target is people who are going to live in the units rather than investors, the key to projects such as the Mercer going forward is allowing potential buyers to "kick the tires," Letchinger says.

Buyers are leery of putting down deposits on a proposed project because of cancellations and delays that have occurred in the market. Seeing a condominium complex rise from the ground will bring out buyers in July and August, Letchinger says.

That gives the Mercer a competitive advantage when it opens by the end of 2008, he says.

"Buyers are skeptical that projects will happen, and they don't want to put down earnest money and take a leap of faith," Letchinger says. "The second issue is we are growing so quickly, and it's more of a transient environment (where)people aren't making their home-buying decisions a year ahead of time, but closer to when they are moving in."

Letchinger says he still believes there is a strong market for midrise condos at about $300 a square foot and away from the Strip for empty nesters, young couples or singles at the start of their careers.

The remaining units range in price from $315,000 to $750,000, but Letchinger says he's confident there are enough jobs being created for people to afford those prices. There are enough executive positions at casinos and higher-salaried jobs such as lawyers, accountants and medical professionals because of the population growth, Letchinger says.

Although other casino jobs aren't as high paying, the competition for workers in this market will continue to drive up salaries, he says.

Housing outlook: The National Association of Realtors outlook for home sales has improved in 2008. The group says 2008 home sales will be 5.7 million, up from the 5.67 million it is predicting will be the final number for 2007. Lawrence Yun, the association's chief economist, said job growth and government-backed loans to replace subprime borrowers is behind his optimism. The association is predicting home prices will finish the year down 1.9 percent — the third largest year-over-year decline in history. Prices will rise 0.03 percent next year, the group said.

Realtors honored: Linda Reinberger, former president of the Greater Las Vegas Association of Realtors, has been named by the group as Realtor of the Year. The group has also inducted Fafie Moore, Mark Stark and Debbie Primack to the group's Hall of Fame. Rhonda Berlino of First American Title was named affiliate of the year for providing outstanding service to members. Paula Smith earned the Gene Nebeker Memorial Award honoring a Realtor who exemplifies professionalism and service.

On behalf of her late husband, Barry Sloss, Bonnie Sloss accepted the Ronn Reiss Award, which is given for being a role model and providing leadership and support for educational programs. Kellie Rubin won the Frank Sala Award for demonstrating a commitment to grass-roots political action and profit protecting private property rights.

During its annual president's appreciation dinner on Dec. 6, Lee Barrett was selected as instructor of the year and Soozi Jones-Walker as commercial instructor of the year. Patty Kelley, owner of Kelley & Associates Real Estate, was installed as the president for 2008. The President-elect is Sue Naumann.

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