BrokerageIndustry News

Las Vegas grows up…and up

Part 1: Land rush strikes desert oasis

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This is the first part of a two-part series highlighting the residential real estate market in Las Vegas. This article examines development trends and the state of the Las Vegas housing market. Part 2 will examine a unique land program in the Las Vegas area that provides for the regular sale of government land by auction in the Las Vegas metropolitan area. (See Part 2: Federal real estate auctions fuel urban growth.) A silver-mining rush put Nevada on the map in the 1860s. Gambling made Las Vegas a desert metropolis. And now, the sizzling commodity in the Las Vegas area is land to feed the voracious housing boom. This new rush is driving land and home prices into uncharted territory, with some real estate investors and developers playing the market like a high-stakes poker hand. Hiked prices are leading builders to squeeze in more units per acre and are driving the skyline sky-high for some new residential developments in the region. Las Vegas is quickly growing up...and up. One agent...