Excluding Strip deals, valley land prices soften

August 2007
Las Vegas Business Press (10712186);8/13/2007, Vol. 24 Issue 33, pP2
The article reports that land values in the Las Vegas Valley decreased slightly due to high development costs, high interest rates and the slowdown in the housing market. Research firm, Applied Analysis, said that vacant lot prices were 31.2 percent higher in the second quarter of 2008 but $90,600 less than in 2007. Land prices shoot up when magaresort deals are involved, including MGM Mirage. The report said that the demand for land was partially offset by landowner's willingness to sell lower, which force property values to remain stable.


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