The Las Vegas real estate market continues to show signs of improvement as the Federal Bureau of Land Management recently sold its largest amount of land in a single auction. In the auction, which was held inside the Clark County Government Center, the agency auctioned off 818.7 of 856.2 acres it put on the market. This was the largest sale since Southern Nevada’s boom era.
The 34 parcels sold for a total of $94.5 million, or 10.7 percent more than the $85.4 million total starting price tag on all 39 available lots.
Auction winners included names that have become familiar since the competitive oral auctions resumed in January 2014. Homebuilder, American West Development, bought 37.5 acres for $7.6 million and another big, local homebuilder, Lewis Investment Co. of Nevada, picked up 77.3 acres for $23 million. The Roohani family, which owns development companies and has been amassing a land portfolio partly through the auctions, also bought several parcels.
The biggest parcel sold was a 247.6-acre plot at Hollywood Boulevard and Cheyenne Avenue. The land was listed for $1.85 million and sold at that amount.
This site has been on the auction block several times in recent years but hasn’t had much luck getting out of the development gate. A limited liability corporation called Sao Tome bought the land at auction in May, but records with the Clark County Assessor’s office show the entity never closed on the purchase. Secretary of State records don’t list the company’s officers.
The land’s development barriers include a gravel pit, mineral rights that belong to a third party, and a location inside Nellis Air Force Base’s live-ordnance loading area.
Vision Commercial One, which lists former Focus Property Group and current Colliers International Senior Vice President, Vince Schettler, as its manager, bought the land.
Vision Commercial One also bought two other parcels: a 2.5-acre piece at Johnson Street and Gary Avenue, for $525,000, and a 140-acre site at Larson Lane and La Cienega Street, for $12 million.
The auction was the biggest since the November 2005 sale of more than 2,900 acres across the Las Vegas Valley.
Sale proceeds go to the state’s education fund, the Southern Nevada Water Authority, public parks, and the purchase of environmentally sensitive land. Past auctions have funded the $25 million renovation of Lorenzi Park, as well as the visitors’ center at Red Rock Canyon National Conservation Area, outdoor features at the Las Vegas Springs Preserve, and amenities at Lake Mead.
For more information about the Las Vegas real estate market, or to discuss investment opportunities, please contact Brazill Team Real Estate.