Las Vegas Land Prices Plummet Near A Record Devaluation Of 74 Percent
Las Vegas land prices plummet near a record devaluation of 74 percent due to the real estate market and higher than normal commercial real estate vacancy rates.
Third quarter real estate sales this year have been 427 acres for an average price of $524,725 an acre. This is a massive decrease from the 2007 same quarter totals.
Nonresort land pricing also declines for a third straight quarter from a peak in the fourth quarter of 2007 of $939,400 an acre.
A $iece of property near McCarran Airport sold for $30 million or $6.1 million an acre. Subtract the previous sale and the average price was $459,798 an acre.
Less user demand and fundamentals have softened for the resort, residential and commercial real estate markets. Even though the current financial crisis, felt around the world and hit the Las Vegas market hard, it is expected to become even worse with the mortgage foreclosures.
The real estate market is rolling back the prices and investors are wondering how financially they can retain their property values in Las Vegas, Nevada.
The current owners holding property in the Las Vegas land market are some with the ability to wait out the economic conditions and by owners dramatically losing their value. Aggressive real estate investors are seeking those owners who need to sell.
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Las Vegas land prices plummet near a record devaluation of 74 percent.