Demand
Applied Analysis released a report this week that tends to support the notion that many landowners may be living in denial when it comes to their land’s value in the current real estate market in Las Vegas. With demand for land softening, one would expect that land owners are motivated to sell thus dropping their prices. That would appear to be a misguided perception.
The report, which looks at land transactions found that demand dropped sharply in the fourth quarter, down nearly 68 percent from the same period in 2005 and off 33 percent from July through September of this year.
The report’s authors believe that there is less speculation among investors in the market and that investors and developers are looking for lower-priced, in-fill properties for higher densities in mature parts of the valley, foregoing higher-priced land in the northwest, southwest and southeast in Henderson.
To read more report findings, check out the In Business Las Vegas article by click here.