Land for Sale in Reno, NV
Prior to the 1950s, Reno, not Las Vegas, was the gambling capital of the United States. During that period, land for sale in Reno, NV was more sought after and more expensive than land in Las Vegas.
Gold was discovered near Virginia City in 1850, and the small settlement that grew into Reno was founded. After discovery of silver in 1859 at the Comstock Lode, the area began to expand rapidly. After the Central Pacific Railroad was built, Reno was officially established in 1868. The town was named after Major General Jesse Reno, a Union officer who was killed in the Civil War.
In 1871, Reno became the county seat of Washoe County; however, political power within the state was held by the transcontinental railroad and the mining interests in Virginia City, Tonopah, and Goldfield. During the last half of the 19th Century, Reno continued to grow and prosper as a mining, agricultural, and business center.
In 1931, Nevada legalized casino gambling and passed very liberal divorce laws. These actions ushered in boom times for Reno. As new hotels and casinos were built, the rest of America began to notice Reno, and tourism followed.
In the first decade of the 21st Century Reno was quite prosperous, with numerous real estate developments, including housing, industrial, and commercial. As the nationwide recession began unfolding in 2008, however, all of these dropped severely. In fact, some real estate experts have predicted that Reno, along with Las Vegas, in the southern part of the state, just might offer some of the very best real estate bargains to be found anywhere in the United States today.
Astute investors might find that buying land for sale in Reno, NV, at today’s greatly depressed prices, could turn out to be exceedingly profitable in the future.