Federal land sale could help with Las Vegas housing shortage

Land mostly sold in northwest, southwest valley

LAS VEGAS (KTNV) - An auction of land from the Bureau of Land Management would allow new development in several parts of the valley.

Under the Southern Nevada Public Land Management Act, the BLM is allowed to sell public lands within certain boundaries around Las Vegas to generate money for the state and for conservation.

At an auction Wednesday, they sold more than 461 acres of land out of almost 755 that were put up for sale. They were sold mostly to home builders for a total of $75 million.

Most of the parcels sold were in the northwest, with 28 parcels near the 215 and the 95, and 9 parcels in the southwest, south of the 215 and west of the 15, including many in the Blue Diamond area. Find out who bought the parcels here.

Experts say the sales with help with a shortage around Las Vegas to make sure there are enough homes on the market to meet demand.

"We're a little island in a sea of federal land," says developer Jay Heller. 

Heller says he expects the new lands sold will eventually be developed and lower prices.

He says in addition to new homes with mountain views, the increased supply will also lower prices on resale homes overall.

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