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November BLM Land Auction Results

By | Market Watch, Buyers' Knowledge, Sellers' Knowledge

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. 

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Clark County Aviation Land Auction Results

By | Market Watch, Buyers' Knowledge, Sellers' Knowledge
On July 18, 2022, at the Clark County Aviation Land Auction, 20 properties totaling 161 acres were auctioned at a collective fair market value of $117,877,500.

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.

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Station Casinos to Close and Demolish 3 Properties

By | Market Watch, Buyers' Knowledge

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:

https://www.reviewjournal.com/business/casinos-gaming/station-casinos-to-demolish-3-closed-properties-sell-land-2608205/

Upcoming Clark County Aviation Auction

By | Market Watch, Buyers' Knowledge

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.

Sunbelt Development Founder and Managing Partner Bill Lenhart Brokers $44M Las Vegas Land Sale

By | Las Vegas, Market Watch, Buyers' Knowledge, Sellers' Knowledge
As an established land brokerage group in Las Vegas, we have an active role in the land supply chain servicing landowners and developers that need land for their projects. This week, Bill Lenhart, Founding Partner and Manager of Sunbelt’s Development Services Division brokered a large tract of land located on Las Vegas Blvd at the (new) I-15 & Starr Avenue Interchange. The purchaser was a private developer, and the seller was an Institutional Private Equity Group that develops land and provides capital to both Public & Private developers nationwide.

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The Land Market in Las Vegas: A Look at Leading Indicators

By | Las Vegas, Market Watch, Buyers' Knowledge, Sellers' Knowledge
Whether you’re seeking land for sale in Las Vegas or are looking to list your lot, understanding the land market plays a key role in paying a fair price for property in Las Vegas or extracting the most value from your land. At Sunbelt, focusing solely on land sales in our Valley for decades has allowed our team to develop a comprehensive understanding of the market and—in particular—its leading indicators. Today, then, we’re talking land market leading indicators—what they are, why they’re important, and what different indicators can tell you about a constantly shifting market.

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The 2018 Las Vegas Office Real-Estate Sales Report: An Overview

By | Las Vegas, Market Watch, Buyers' Knowledge, Sellers' Knowledge
As an established Land Brokerage group in Las Vegas, we work to empower buyers and sellers with helpful guidance and actionable information before they list their land for sale in Las Vegas or purchase Las Vegas land. And one major way we do this is by remaining on top of local real-estate trends and keeping a constant eye on market reports. Today, then, we’re offering a look at CoStar’s 2018 Office Real-Estate Sales Report for Las Vegas—read on for a complete breakdown of the report.
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The 2018 Las Vegas Real-Estate Multifamily Sales Report: An Overview

By | Market Watch, Las Vegas, Buyers' Knowledge, Sellers' Knowledge
As established Las Vegas land specialists, we keep a constant eye on market reports to inform our approach as we help our clients list land for sale in Las Vegas or buy land in Las Vegas. Today, then, we wanted to specifically look at CoStar’s 2018 Multifamily Sales Report for our market—read on for our top findings.
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The 2018 Las Vegas Real-Estate Hospitality Sales Report: An Overview

By | Las Vegas, Market Watch, Buyers' Knowledge, Sellers' Knowledge
As established Las Vegas land realtors, our brokerage team keeps a constant eye on market reports to help inform our approach as we guide clients looking to buy land in Las Vegas or list their land for sale in Las Vegas. Today, then, we wanted to specifically look at CoStar’s 2018 Hospitality Sales Report for our Valley—read on for a complete overview.
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The 2018 Las Vegas Industrial Real-Estate Sales Report: An Overview

By | Las Vegas, Market Watch, Buyers' Knowledge, Sellers' Knowledge
As a team of seasoned Las Vegas land realtors, we always strive to remain on top of current market trends as we help developers and investors looking to buy, sell, or invest in Las Vegas land—and one of the ways we do so is by keeping a close eye on insightful market reports. Today, then, we’re offering an overview of CoStar’s 2018 Industrial Real-Estate Sales Report for Las Vegas—read on for our top takeaways.  Read More

The 2018 Las Vegas Retail Real-Estate Sales Report: An Overview

By | Las Vegas, Market Watch, Buyers' Knowledge, Sellers' Knowledge
At Sunbelt, our seasoned team of Las Vegas land realtors keeps a constant eye on insightful market reports to help us empower buyers and sellers with the information they need to make smart, strategic decisions as they list or purchase Las Vegas land. Today, then, we’re taking a look at CoStar’s 2018 Retail Real-Estate Sales Report for the Las Vegas area. Read on for an overview of the report. Read More