Las Vegas Land Booming!
The average price for an acre of vacant land in the Las Vegas area increased 78% from one year ago, to an average price of $1.24 million, according to a local research firm. Land prices have held steady, having more than doubled in value over the past three years. Where condominium developers paid less than $1 million per acre for prime land 3 years ago, prices were in excess of $2 million per acre for Strip parcels. The main reason for this increase in prices is supply and demand. With limited land that is not owned by the BLM, demand exceeds the supply in the commercial, industrial and multi-family market segments. This real estate news confirms the strong economic growth and anticipated appreciation in the real estate market of southern Nevada. For more details about Las Vegas real estate, contact Las Vegas Properties.
Posted: April 2nd, 2007 under Las Vegas Real Estate, Las Vegas Real Estate News, Las Vegas Land.
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