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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.
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