Las Vegas Real Estate Auction Brings in $33 Million
A Las Vegas real estate auction held yesterday brought in $33,220,000. The auction, conducted by the Bureau of Land Management, saw the sale of 281.54 acres in Laughlin, Nevada, just 2 hours south of Las Vegas.
Several Las Vegas real estate development companies ended up purchasing land in this town in the southern tip of Nevada. As a whole, the land sold for 40% higher than its appraised value, according to the Mohave Daily News.
Land just outside of Las Vegas is attractive to Las Vegas real estate developers because the city itself is so overdeveloped, and land there is so scarce.
Those who did not get what they wanted will have another chance. Unpurchased lots will likely be up for sale again in November at another Las Vegas real estate auction.