Vacant Land Prices Set New Record

Around the valley vacant land prices have nearly doubled. Many parts of the valley recoreded median vacant land prices that were nearly 99 percent higher than last year. This was an all-time high for the Southern Nevada real estate market.

Median prices for vacant Las Vegas Valley land stood higher than $708,000 per acre. The average selling price of $16.25 per square foot in the third quarter was 76 percent higher than second-quarter prices.

Centex Homes shelled out $145.5 million for the 15.2-acre former Westward Ho hotel-casino at 2900 Las Vegas Blvd. S which works out to a whopping $9.6 million per acre. Gameday LLC's bought 85.8 acres in the southwest valley for $48.7 million which works out to $568,000 per acre. It also bought 6.7 acres on Las Vegas Boulevard near Circus Circus for $40 million, or $6 million per acre.