Las Vegas Real Estate: The Rising Cost of Land

The average price paid for an acre of vacant land in the Las Vegas Valley in the first quarter was $423,800, a 55 percent increase from $274,200 an acre in the same quarter a year ago. There were 4,178 acres sold in the first quarter, compared with 1,817 in the fourth quarter of 2004 and 3,875 in the first quarter of 2004. Land prices on the Las Vegas Strip have skyrocketed, with land demanding more than $20 million an acre. Several midrise residential Las Vegas real estate projects are being developed on the south end of Las Vegas Boulevard, including the Manhattan, Loft 5 and Boca Raton condos and the mixed-use Urban Village. With almost 40,000 condominium Las Vegas homes in the pipeline and a massive new mall, South Las Vegas Boulevard will develop into a major residential hub over the next five to seven years. Contact MS Las Vegas Real Estate at 888-349-2595 for more information.

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