NV Land for Sale

Land for Sale

The very first NV land for sale occurred as the result of America’s victory over Mexico in the Mexican-American War. In the Treaty of Guadalupe Hidalgo in 1848, the negotiations that ended the war, it was agreed that the United States would pay Mexico $18 million for land that eventually comprised all or part of the states of California, Nevada, Arizona, Utah, Colorado, New Mexico, Texas, and Oklahoma.

Considering the area involved, the price came out to about three cents per acre. In view of all the gold, silver, and copper eventually mined in the state, three cents per acre for Nevada’s 70 million acres has to be considered one of the most beneficial real estate acquisitions in history.

Real estate prices are now considerably higher than the initial purchase price, but abundant bargains still are available due to the nationwide recession that hit in late 2008. This is evidenced by the fact that the State of Nevada has the highest percentage of mortgages with negative equity. An amazing 60% of mortgages in the state exceed the current value of the home. Arizona is second at 49%, then Florida at 45%, Michigan at 36%, and California at 30%.

The State of Nevada also has the highest unemployment rate in the nation at 13.4%, followed by California at 11.9%, and Michigan at 11.1%. Revenue in the casino industry is 17% below the 2007 peak, and Nevada homebuilders expect to sell less than 3,500 homes this year, down from 36,000 homes constructed in 2007.

Where there are big financial down turns, however, there are also big upswing potentials. Recessions don’t last forever, and eventually, the economy surges ahead, and real estate prices again begin to increase at a rapid pace. NV land for sale at today’s greatly depressed prices will seem like an incredible bargain in future years.

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