The Bureau of Land Management held its first oral land auction in Clark County, NV since November 2007 on Thursday. 28 parcels totaling more than 440 acres, most in southwest Las Vegas, were up for bid.
More than half the land went unsold. However, this was mainly due to the largest parcel, nearly 250 acres near Hollywood and Cheyenne, failing to sell.
According to Jennifer Robison in the RJ, this parcel may have had some unique characteristics that made it unattractive to buyers at this time. Robison also notes the BLM plans to have another such auction in May or June.
The resumption of these auctions is a positive sign for the construction industry in Southern Nevada. Virtually all of the land outside of the perimeter that is already developed, and significant portions inside of it, is owned by the BLM.
These auctions are the only means of releasing this federally-owned land for private development. Therefore, the fact these auctions are resuming is an indication that builders and developers have enough confidence in the future that they are willing to invest in raw land.