The Bureau of Land Management conducted an online sale, offering 16 parcels of public land totaling over 600 acres. The BLM successfully sold nine parcels totaling 589.53 acres in the northwest valley, for a total of $93,141,000. Under the terms of the Southern Nevada Public Land Management Act of 1998, 85% of the total funds from the sales will be allocated towards projects such as park development, capital improvements on federal lands, acquisition of environmentally sensitive land, hazardous fuels reduction, and landscape restoration. The remaining 15% will go towards the State of Nevada General Education Fund and the Southern Nevada Water Authority. Among the bidders who purchased parcels of various sizes, developer Lawrence Canarelli purchased the largest parcel up for auction, 505 acres near the west end of Centennial Parkway, for $55 million . Some of the smaller parcels are located near the Kyle Canyon and U.S. 95 interchange. The BLM removed a 225-acre parcel from the sale, due to an appraisal issue. The parcels that were not sold may be re-nominated for consideration in future land sales by the local government.
Most properties met the minimum bid requirements and were ultimately sold to the highest bidder. 133 acres were sold for a total of $100 million, averaging a price of $757,000 per acre.
The bidding activity at the auction exceeded our expectations. Despite the recent economic uncertainty, the results of the land auction are evidence of continued strong land values in Las Vegas.
Station Casinos announced the closure and demolition of three properties on July 18th. The Texas Station, Fiesta Rancho, and Fiesta Henderson will close, and after their demolition, the 107.5 acres of land they previously stood on will be sold. Station Casinos’ President Scott Kreeger revealed that the decision to close the three properties was solely based on economics, stating that they were the company’s worst-performing properties even before the pandemic. Kreeger, in an exclusive interview, said that the proceeds from the sales of the properties will go towards company projects. Currently, Station Casinos are working on a potential development site for a large-scale resort in North Las Vegas.
Read more from the Las Vegas Review Journal here:
At 9 AM PST on Monday, July 18, Clark County Aviation will auction +/-165 acres divided into 20 sale units of either single parcels or multiple parcels. The parcels are all located in Southwest Las Vegas where demand for residential development land is the highest. Click here to download a map of the auction property.
Over the past few years, Clark County Aviation Land Auctions have been well attended. Given the current market conditions, there may be a limited number of bidders at the upcoming auction. If this occurs, then it will be another indication of the short-term direction of the market. As property owners and real estate investors, data points like this help shape our expectations and our near-term investment strategy.