Rick Andreen, president of Shea Homes, said in a prepared statement that Las Vegas is "a natural choice for Shea Homes, in particular the active adult segment" like the project at Ardiente. He noted that the California-based company sees significant potential in the migration of retirees from California into Las Vegas, and he cited the "very favorable demographics and with no state income tax" as factors that make Las Vegas "a very affordable alternative for West Coastretirees."

Shea's move into the Las Vegas market comes at a time when the region's housing market, although not rebounding robustly, is at least showing signs of flattening―a trend that local Realtors describe as an improvement from where the market has been. Rick Shelton, president of the the Greater Las Vegas Association of Realtors, characterized a February's sales report as "fairly solid," especially for what he said is traditionally a slow time of year for home sales.

"Most experts are forecasting that the 2010 housing market will look very much like it did in 2009. We tend to agree," Shelton said about the Realtor association's latest monthly sales tally.In general, the association's latest report showed single-family home prices staying about the same as previous months and home sales continuing to increase compared to the previous year.