Nevada Land for Sale

Land for Sale

The price of Nevada land for sale has escalated steadily and substantially during the last 10 years. Let’s review some transactions involving the Bureau of Land Management (BLM), the largest landowner in the state, since it began annual auctions in 1999. And remember, most of the acreage being auctioned was close to Las Vegas and offered immediate development potential.

In November 1999, 105 acres were sold for $9.4 million ($90,000/acre).

In June 2000, the federal government received $16 million for 120 acres ($133,000/acre).

In May 2001, a 1,905 acre tract in North Las Vegas was sold to a partnership consisting of American Nevada Corporation and Del Webb Corporation for $47.2 million ($24,800/acre).

In November 2002, the BLM netted $159 million for 992 acres purchased by Focus Property Group ($160,000/acre).

In 2003, another 485 acres was auctioned off to Focus Property Group for $113.5 million ($234,000/acre).

In June 2004, 1,940 acres in the Las Vegas suburb of Henderson sold for $557 million ($287,000/acre).

After 2004 prices continued to escalate, but most of the sellers were private owners not involving the BLM. By the time the real estate recession began in 2008, prime property for residential development was selling for as high as $900,000 per acre.   

The above prices become even more astonishing when compared to the 25,000 acres Howard Hughes purchased in the 1950s from the federal government for $75,000 ($3/acre). Howard Hughes’ 25,000 acres, now located in the city of North Las Vegas, became the community known as Summerlin, the largest residential development in the State of Nevada.

Today there is probably more Nevada land for sale than at any time in the state’s history—but prices are plunging almost as fast as they escalated after 1999. However, to the seasoned and well-funded land investor, this is incredibly good news because it presents a once-in-a-lifetime buying opportunity!

To view Nevada land for sale, please click here.

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