A recent article in the Las Vegas Business Press by Tony Illia discusses the land values in Las Vegas and how they are continuing to tumble.

A deepening recession and financial market collapse have caused more property foreclosures and distressed sales. It has also resulted in a steep depreciation of first quarter vacant Las Vegas Valley land values, reports Applied Analysis, a Las Vegas-based business advisory firm. Southern Nevada property prices averaged $240,400 an acre at the end of March, 84.5 percent less than a year ago, including higher value Strip properties. It equals a sales price of $5.52 per square foot, down $35.62 per square foot from 12 months earlier.

"......We need to be realistic about where we are. There is some softening in asking prices from sellers, but they are not lowering the prices to the level where you are going to see a high volume of trading," said Derek Rafie, first vice president CB Richard Ellis' Land Services Group. "It's really banks taking back secured land. There isn't a lot of volume from buyers. ... We are about a year behind from where the residential market is. Prices have definitely not hit rock bottom."

For the full article, click here.

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