Alex Edelstein is fed up and he's not going to take it anymore.
As the CEO of Las Vegas-Based Gemstone Development, Edelstein believes the media has it all wrong when it comes to the local economy and real estate market. So he has created a new blog called Frothing Developer to right the media's wrongs.
"If you read and believe all of the negative stories in the traditional media and vulture blogs, it's easy to get a skewed perspective on what's really happening in the economy and the housing markets today--particularly in the local Las Vegas market," said Edelstein in a prepared statement. "We'll go hand-to-hand with anyone who knocks Las Vegas' prospects without an understanding of our market and the real facts. We kept waiting for the media to pick up the positive news here and finally decided we needed to just get the word out ourselves."
Edelstein claims to be thriving on the perceived economic pullback, savoring the leverage it gives him to get his costs down and his developments completed quickly. "I love the smell of recession in the morning," Edelstein said. "The greatest opportunities come when everyone else is paralyzed by fear, particularly when I know that fear is irrational."
The Frothing Developer blog, which is available on an eponymous web site, has posted roughly 40 stories during its first two weeks ranging from deconstructions of media reports on home prices and inventory to pieces on CNBC's Jim Cramer's relatively bullish outlook on housing.
Gemstone is among the largest condo developers in Las Vegas. Its $230-million Manhattan Condominiums project was the first new mid-rise condominium to be built in Las Vegas since 2002. It sold out its initial 700 units and finished construction on its last building this year. Gemstone's newest development, ManhattanWest, is a mixed-use community with some 600 residences and 200,000 square feet of shops, restaurants, offices, and an all-suite hotel 20 acres in Southwest Las Vegas.