Skyrocketing Land Prices.
Land prices are skyrocketing in the Las Vegas valley and this is prominent by the sales of the more than 3,003 acres of land by the Bureau of Land Management for a total of $799.3 million. The largest piece of land offered for sale was the 2,675 acres in North Las Vegas with a starting bid price of $522.4 million, which was won by Garry Goett’s Olympia Group for $639 million.The final sales price was 18.25% more than anticipated reflecting the valley’s increasing real estate value. This large parcel of land in spite of being sold at such a huge price has its own restrictions. 300-acres of the land has to be set aside for pleasing the environmentalist who have found rare variety of bear poppy and buckwheat in the area. Another obstacle that may increase the time of development- to delivery is the running of natural washes through the site. These encumbrances will delay the quick returns from the investments for the developers.
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