Find Foreclosures for Sale in the Vacant Lands of Las Vegas

Investors are now again rushing to find distressed foreclosures for sale in the vacant lands of Las Vegas at bargain prices. As the number of new homes continues to dwindle, home builders and housing investors have been accumulating home lots and developable land for residential projects when demand for new homes will again rise.

According to Hoffman Company and Home Builders Research, there are currently 17,500 developed lots in Las Vegas and 2,500 of these lots are for sale. The rest are still being held by lenders, investors and builders waiting for higher prices.

Over the past months, land prices in Las Vegas have been rising because of the shift of investor attention from homes to land, according to Cameron Fowler of California-based Hoffman Company which recently opened its branch in Las Vegas.

Although home builders hold around three years of land supply in Las Vegas, the number of groups owning land banks has been increasing, according to Ken Perlman, a top executive of San Diego-based Sullivan Group Advisors. The quick emergence of land banks shows that efforts to find foreclosures for sale in vacant lands have been successful for these groups.

Among home builders looking for more developed lots are KB Home, DR Horton, Richmond American and Harmony Homes, according to Dennis Smith, head of Home Builders Research. He added that home builders sold their lots over the past few years as land values sharply fell and are now back in the market before prices reach their high levels.

According to Smith, prices for developed lots range from $25,000 through $45,000 depending on size and location, substantially lower than the $100,000 price level, which was the lowest level for developed lots during the boom years.

Investors have been buying lots with plans to sell them after three years or more, but may sell them earlier if home builders need more lots and are willing to buy at premium prices. They are hoping that lots will sell at good prices within the next two years.

According to Richard Gollis, a top executive of California-based property consulting firm Concord Group, the city of Las Vegas accumulated a total of 32,000 developed lots, unsold new houses and foreclosure homes over the past five years.

In addition to looking at developed lots, investors can also find foreclosures for sale in raw lands, including vacant lands in the Kyle Canyon master-planned community which was foreclosed by lenders.

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