Las Vegas Land Prices Plummet Near A Record Devaluation Of 74 Percent

Focus Property GroupLas 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.

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110 Acres Of Las Vegas Land Purchased For $330 Million On The Strip

Focus Property Group110 acres of Las Vegas land purchased for $330 million on the Strip. A New York investment firm, SDS Investments, took out a hefty $400 million mortgage loan for costs and to pay for the real estate for sale.

SDS Investments is committed for the long term in Las Vegas Nevada real estate with no intentions of condos being built.

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Focus Property Group Asks To Stop Interest Payments For Three Years

Focus Property GroupFocus Property Group asks to stop interest payments for three years on the $470 million in Las Vegas Nevada real estate loans on 4,800 acres of land. Last month they stopped making their loan payments.

Focus asked investors of their mortgage loans to extend them three years of credit with additional extensions.

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Focus Property Group Stops Making Interest Payments On $500M In Loans

Focus Property GroupFocus Property Group stops making interest payments on $500 million in land loans. The real estate in Henderson, Nevada was won in June 2004 at a Bureau of Land Management auction for $557 million.

The property in question is 4,800 acres of land located in Victorville, California, Pahrump and the Las Vegas Valley. The Focus Property Group is one of the largest developers in Southern Nevada.

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