Thursday, May 12, 2005

Not Enough Land in Sea Bright

One of the arguments about why Shore housing, or coastal housing in general, will remain strong is that there is not enough land to meet all of the demand. This, of course, should make perfect sense. However, if the lack of available land and high demand is what is driving real estate prices higher, then how come Las Vegas property values are going through the roof? If there is one thing that there is plenty of in Nevada, it is land. I don’t think a lack of land is what is driving the real estate market in Vegas, but rather speculation. If speculation is driving property values in Vegas higher, then it might be doing the same at the Shore too.

[With 900 homes sold in three months, Mountain's Edge has overtaken Summerlin as the top-selling master-planned community in Las Vegas, Ritter said.

"The market response has been excellent," he said Wednesday on his way to New York, where he'll talk to bankers about financing Focus' other developments. "We built a drought-tolerant community and the public's response has been fantastic."

Focus also purchased 485 acres from the BLM in the northwest valley for $113.5 million in 2003, 1,940 acres in Henderson for $557 million last year and 1,710 acres near Kyle Canyon for $510 million in February.]


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