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Tuesday, May 3, 2016
$94.5 Million Sold in Largest BLM Auction Since Boom
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.