Land Prices Continue to Rise
Author: Diana Heeb Bivona
A recent report from Applied Analysis shows that overall, land prices continued to rise during the first quarter of 2007. The only area that showed slowing was premium resort land. The data provided by Applied Analysis suggests that any impacts resulting from a slowing residential market were more than offset by the combination of speculation, increased development densities and relatively low interest rates.
In the first quarter, 164 parcels totaling 887 acres changed hands in the Las Vegas valley at an average price of $793,700 per acre. It represents a 13.2% increase in price from the same period one year ago, when 354 parcels totaling 1,688 acres changed hands at an average price of $701,000.