Land Ownership
The beauty of Las Vegas is the land ownership. The city is surrounded by government land, military bases and mountains. The government will continue to release land until approximately 2012, at which point all the land will be consumed. The result is that Las Vegas real estate is surging. Big time. In June of 2004 the Bureau Of Land Management auctioned a 1,900 acre tract of land for development. The expected sales price was in the $280 million range; it was bought for $555 million by a collection of very optimistic home builders.
Las Vegas is one of those rare metro areas in the United States where there is a good demand for real estate and a finite supply. There are currently 1.5 million residents, and a net increase of 7,500 more each month. Las Vegas is located in the bullseye of the national sun-belt migration pattern. Retirees are heading to the sun and the fun, and enough jobs are in Las Vegas that the working class finds opportunity in the desert too.
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