I managed to create a Model First DBContext model (before it was a normal ObjectContext derived model).
Strangly now my VS is not showing ANY of my classes in the Mo
I got the same issue , Check the package (asp.net mvc, & EF ) compatibility , upgrade all nuget packages. clean and Rebuild project. That works for me.
http://forums.asp.net/t/1791616.aspx?Can+t+create+new+controller+No+model+classes+are+available+