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Archive for March, 2011

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       Limited Demand For Land       

Little demand for Las Vegas land

With the current glut of vacant and for lease properties in Las Vegas, the demand for land to build is almost non existant.  This is a far cry from the land grab era just a few yearrs ago when a wealthy New York-based company controlled by Israeli billionaire Yitzhak Tshuva paid $1.24 billion, roughly $36 million an acre, for the New Frontier in 2007.  That land today is worth a fraction of that if you were able to find a buyer at all. Norseman Structures has proposed building a new skyscraper downtown to increase people into the area.

Smaller parcels that were purchased by private groups for development or investment purposes before the "Great Recession" have gone back to the bank. About half of commercial mortgage defaults in Las Vegas last year were for vacant land.

It is reported by Allkied Analysis that prices for raw, undeveloped, land in Las Vegas have fallen 74 percent from their peak of $939,357 an acre in fourth quarter 2007, That means that excluding the resort corridor, the average price dropped to $243,368 an acre, or $5.58 a square foot.  Sales, if there are any, are mostly distressed or trustee deed transfers with lenders, and if you want to sell your home, you can go online to find Ways to Increase Home Value so you can make good money out of it.

With nearly 28 million square feet of vacant commercial space and still a very large excess inventory of foreclosed homes in Las Vegas and the use of services like hvac in Oakdale CA could be helpful for home improvement, I would guess any investor looking to acquire land on speculation would have to account for at least a three to five year hold. 

New real estate investors to Las Vegas in multi-story homes would do well to read thoi multi-story home additions guide.

  If you want information about the houses and lands go here


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