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The Newsroom - 2010 |
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Land transactions in Las Vegas area up
for third straight quarter
February 12, 2010 -
Land transactions
picked up pace in 2009, but investors continue to remain cautious about jumping
into the market with such a large supply of empty commercial space, according to
research firm Applied Analysis.
Sales increased for the third consecutive quarter with 531 acres sold in the
fourth quarter of 2009, up 28 percent over the third quarter, the firm reported.
Overall, sales rose 33 percent in 2009 with 1,600 acres changing hands. Despite
the increase, that’s only one-tenth of the amount reported during the peak of
the market in 2004, said Applied Analysis Principal Brian Gordon.
The land transactions reported in the fourth quarter of 2009 are the most since
the second quarter of 2007. The reason is prices have become more realistic and
property owners could no longer afford to hold onto their properties, Gordon
said.
Lender foreclosures accounted for 66 percent of the transactions while more
traditional sales accounted for 28 percent, he said.
The price paid per acre in the fourth quarter for land outside the Las Vegas
Strip corridor was $241,287, up from $225,999 in the third quarter.
For 2009, the price per acre paid was $241,287, down $478,544 in 2008. Land sold
for $784,150 an acre in 2007.
The price per acre varies by location and what is allowed to be built on it.
In the fourth quarter, the largest transaction was 62.6 acres at the northwest
corner of Russell Road and I-15 behind Mandalay Bay. The vacant resort property
was sold for $40 million or $639,182 per acre. |
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Applied Analysis provides professional services in urban
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