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IPFS News Link • Economy - Economics USA

Real Estate: Recession leaves raw land in dust

Prices for raw, or undeveloped, land in Las Vegas have fallen 74 percent from their peak of $939,357 an acre in fourth quarter 2007, business advisory firm Applied Analysis reports.
Excluding the resort corridor, the average price dropped to $243,368 an acre, or $5.59 a square foot, in the fourth quarter, down 37.9 percent from a year ago, Applied Analysis reported. The slide is starting to level off.
Prices fell 50.8 percent in the third quarter compared with the year-ago period and 58.3 percent in fourth quarter 2008.
Also, the fourth-quarter average is up from $225,999 in the third quarter, the firm reported.

1 Comments in Response to

Comment by Found Zero
Entered on:

ROTFL! Man, I think some of you get the idea I'm pretty bad with math and that's true in some way. I don't like reading long numbers. Good thing I'm not stinking rich or my account balances would make my eyes hurt, but does the above really mean $.93M per acre? For a flat patch of dirt with services running into it? No? So .93 for dirt.

Now running at the bargain price of a quarter mil per acre of desert dirt. But not just any dirt, Las Vegas dirt.

Now hang with me for a sec here. If we took our Arizona dirt to Vegas, how much would it be worth? Could we undercut the market and sell for around $125k and acre? Or could we maybe help Vegas export it's relatively high-priced dirt elsewhere? Perhaps to Mexico? That way all the relocated businesses and expats can still walk on American soil.