Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

I am in the middle of a fresh look at all of the available vacant land for sale which are listed in property Line. Property Line is the commercial real estate agents version of MLS. I am primarily looking at all the land between 1- 15 acres. There are 610 parcels listed and I am up to 250, however a few things are worth noting. There are many price cuts and one can see phrases such as “$250,000 below appraisal” which brings up the question about the appraisal date, appraisals are not valid for period of longer than six months and that’s in markets that are going sideways and not as dynamic as Las Vegas. According to data published by Applied Analysis the total acreage sold in Greater Las Vegas Valley is down by 60%, and average price has gone down to $718,000, this is a 9.5 percent decline from the last quarter and 11.3 decline from the same quarter last year. Although comparing average prices is meaningless due to varying zoning and location of the parcels sold in two consecutive quarters or years, the 60% decline in total acreages sold is telling and further price cuts can be easily seen in the listings available for sale.