It has taken a long time for growth to be mentioned in discussions about metropolitan Las Vegas’ real estate sector, but even lagging markets now ppear to be stabilizing or improving. The latest category to show positive movement: land.
Research from Applied Analysis cited by The Las Vegas Review-Journal indicates that the Las Vegas Valley’s land market is on the rise. According to the data aggregator, the volume of land transactions has increased dramatically in the past year. During the first quarter, 809 transactions were completed, up from 159 purchases recorded in the first quarter of 2012.
Average land prices hit $183,813 per acre during the first quarter, a considerable increase since the same time last year. However, values still have a long climb ahead before approaching the pre-recession peak of about $940,000 per acre recorded in 2007 the Review-Journal reported.
Though the Applied Analysis report signals generally good news for land values, at least one prominent seller is heading back to the drawing board. According to the Las Vegas Sun, Clark County commissioners are looking for alternative plans for 9,000 acres in Laughlin. A planned sale of the parcel for a solar plant to Chinese investor ENN Mojave Energy LLC fell through. Local officials will divide the land in hopes that smaller parcels will attract investors.