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According to a recent Review Journal article, "the federal Bureau of Land Management on Tuesday sold its largest amount of land in a single auction since Southern Nevada’s boom era. The agency auctioned off 818.7 of 856.2 acres it put on the market in the sale, which was held inside the Clark County Government Center. The 34 parcels went for a total of $94.5 million, or 10.7 percent more than the $85.4 million total starting price tag on all 39 available lots."
Highlights: American West Development 37.5 acres for $7.6 million
Lewis Investment Co. of Nevada 77.3 acres for $23 million
Vision Commercial One 2.5-acre piece at Johnson Street and Gary Avenue for $525,000 140-acre site at Larson Lane and La Cienega Street for $12 million
"Tuesday’s auction was the biggest since the November 2005 sale of more than 2,900 acres across the Las Vegas Valley."
As events such as this one continue to happen, it just continues to reiterate the come back that the market in Las Vegas is making. If you didn't think real estate was starting to stablize, here is another example of the confidence in the market.
According to a recent Vegas Seven article, the southwest area has seen a mini boom recently. The new IKEA is opening soon, but there is also a lot of other growth in the area as well, which includes commercial and residential. The southwest has the most available underdeveloped land, which has been a big factor for the recent growth.
“IKEA stores exist for the permanent residents of the area, not the tourists,” Roth says. “We want to be there for people to be able to furnish their homes.” Which is why Roth says the store was not built on the strip. IKEA has been waiting for Las Vegas to hit the target population and then they moved forward.
In addition to IKEA, there is a St. Rose hospital being built. It will be one of the four new hospitals built. It will employ 100 people.
On the residential side, master-planned communities such as Mountain's Edge, Rhodes Ranch, and Southern Highlands has continued to grow. "Last month, SalesTraq reported that home prices in some of the ZIP codes in the southwest had appreciated higher than any other part of the Valley. For instance, Mountain’s Edge’s 89178 and 89179 had appreciated by 6.8 percent and 7.9 percent, respectively. The 89141 ZIP code of Southern Highlands had appreciated by 8.9 percent since 2015, and was ranked as the 10th-best value in the Valley."
According to a recent Review Journal article, Faraday Future broke ground on it's North Las Vegas electric car plant last week. Governor Brian Sandoval was one of the speakers for the event. Faraday Future is one of many projects that he has been working on to help diversify Nevada's economy. "More than 200 people attended the ceremony where a model of the 3 million-square-foot factory was unveiled. Among them were North Las Vegas Mayor John Lee and Clark County Commissioner Steve Sisolak."
Sandoval called the project “The next chapter in the Nevada story” and a “new beginning” for Southern Nevada, North Las Vegas and the Apex Industrial Park, where the factory will be built.
As stated in the article, "Lawmakers approved $215 million in tax incentives in December to draw Faraday to the state. The company has set a goal of building cars as early as 2017 and hiring 4,500 employees with an average wage of $22 an hour as part of the deal." On Wednesday, Faraday Future spokeswoman Stacy Morris said the company expected to be producing cars “in the next couple years.”