Land Auction Slow
Author: Diana Heeb Bivona
The latest Bureau of Land Management (BLM) sale sold only 27 acres of federal land in southern Nevada for a total of $11 million. Sixty parcles were up for auction, but only 9 sold. BLM officials do not believe it is a sign of a slowing market, but of overpriced appraisals and several parcels that may need to be rezoned. The parcels sold at an average price per acre of $408,400. This was up from the average price at a November auction of $266,250. The city of Las Vegas has benefited from these types of previously held auctions. To date, the auctions have generated over $2.7 billion in sales for the city.