Las Vegas Land Worth 75% Less Than 2007 Peak

About half of commercial mortgage defaults in Las Vegas last year were for vacant land. With loans impossible to get and construction at a halt, vacant land is a hard sell.

"For land speculators today, what's the exit strategy? Their ability to build out is limited by upside potential," [Applied Analysis principal Brian] Gordon said. "The commercial end continues to struggle and we're seeing construction activity essentially coming to a halt, so you have less demand for real estate for commercial today, whereas residential land has been turning over in anticipation of the bottom."

Full Story: REAL ESTATE: Recession leaves raw land in dust

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!
T-shirt with map of Chicago

Show your city pride

Men's Ultrasoft CityFabric© tees. Six cities available.
$23.00
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $16.95 a month