Las Vegas Real Estate Bubble

A major component of your search for land for sale in Nevada should be participation in public land auctions. In fact, this access to what may be heavily discounted land for sale in Nevada just got a shot in the arm from the state of Nevada itself. Or, rather, it looks like it’s going to get that shot.

Land for sale in Nevada offered through public auction may increase in numbers soon if proposed state legislation passes both houses. Just this past May a panel of state senators approved a bill that would require local Nevada municipalities as well as the state of Nevada itself to use public land auctions as their sole source to advertise their foreclosed land for sale in Nevada.

There is still some debate on this issue. One representative put forward an amendment that would allow land for sale in Nevada economic development or redevelopment areas (in other words, economically disadvantaged portions of the city or county) to bypass the public land auction process and accept a bid that is below fair market value. The amendment calls for the city council to publicly justify its decision to proceed without a public auction.

What the assembly member explained about his intention with this amendment is that the ability to purchase this land for sale in Nevada in this way, even with a reduction in asking price, might entice an outside firm to relocate to the economically depressed community.

The bill has passed the assembly and awaits the decision of the state House of Representatives.