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Las Vegas Land Prices At Lowest Rate Since 2003
By Stephen Roberts | May 26, 2010
Banks have not hesitated in taking land away from owners who default on their payments here in Las Vegas, resulting in some of the lowest prices for land off the strip in the past seven years. In the first quarter of this year, 74.4 percent of land transactions resulted from bank foreclosures. Many investors can greatly benefit from these downed prices. The average price per acre has dropped dramatically since the peak of the market. At the market’s peak in 2007 land off the strip was selling for an average of $939,400 an acre and now is down to an average per acre price of $182,441. This average price is the lowest that we have seen in here in the Las Vegas and Henderson Valley since the fourth quarter of 2003.
Due to the poor economic situation that Las Vegas and the rest of the nation is currently in there is a low demand for raw land. Many developments such as residential or commercial developments have come to a complete standstill here in the Las Vegas and Henderson Valley, leaving a relatively large quantity of raw land with low demand. It will be hard for investors to ever find prices like this again once the economy bounces back and people begin to build again. Now is a better time than ever to invest in raw land. Thought the price per acre is similar to 2003’s statistics, there is nowhere near the same amount of transactions occurring. In the first quarter of 2003 there were over 3,100 transactions involving raw land. That number is down to 527 for the first quarter in 2010, even though prices are close to the same.
For all your Real Estate needs contact Steve Roberts at 702-739-4392.
Topics: Henderson Nevada Homes, Investment, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »