Las Vegas Distressed Land Sales
In the Las Vegas metro area, it’s not just homeowners who are feeling the effects of the economic crunch. With land prices currently at the lowest that they have been in over a decade, land owners are seeing more and more Las Vegas distressed land sales
on the market, as well.
“More than half of the land transactions in the region over the past year and a half have been distressed land sales,” says Jessica Henning, Broker/Owner of STATUS International Real Estate, “approximately 60 percent, in fact. This is not only indicative of the state of the economy, it also shows that more than a few investors have come to realize that there are outstanding deals to be made in land and Las Vegas bank owned properties
Las Vegas Distressed Land Sales Are on the Rise
Las Vegas distressed land sales have become increasingly common among Las Vegas commercial foreclosures and present an excellent opportunity to acquire key locations in the Las Vegas valley at a tremendous discount. In early May alone, according to Nevada Title Co., of the 42 notices of default which were filed on commercial properties, 9 were for vacant land.
Citing figures from a recent article in the Las Vegas Review-Journal, Henning notes that the price of vacant land in the region fell by 24.1 percent in the first quarter of 2010, as compared to the same period a year ago. In the first quarter, prices for vacant land were $182,400 an acre. This is a far cry from the $900,000 an acre peak price during the fourth quarter of 2007.
With vacant land being sold at such deeply discounted prices, it is certainly a favorable time to invest in real estate in the region today. “What is hindering many who wish to invest in raw land is a lack of financing,” says Henning. “This means that those who have the funds on hand have an edge over everyone else. They will get first pick of the exceptional investment opportunities in the region today.”
In Las Vegas distressed land sales, many of the largest bargains are in commercial land and raw land with no improvements. Meanwhile, finished residential lots that already have hard improvements are being snapped up by homebuilders.
Banks are now some of the largest landholders in the region. All told, Henning works closely representing the banks for many of these transactions and remains optimistic that the Las Vegas real estate market will be making a comeback in the near future. As such, she is encouraging investors to take advantage of current market conditions and of Las Vegas distressed land sales today.