Like the 2017 NFL preseason, the Las Vegas Raiders real estate boom has officially begun.
An investment group called Global Trust Group just bought 2.5 acres of land right next to the new Raiders stadium site… for $7.25 million. That’s almost 3 million dollars per acre — about 6 times the average price of land in Southern Nevada right now!
That’s a lot of money but, given the popularity of the Raiders and the excitement surrounding their move to Sin City, this deal could lead to a huge windfall for the new owners.
Here are a few more interesting facts about this big commercial real estate deal:
- No one knows yet exactly what the new owners plan to do with the land
- There were no “preconditions” for the deal, meaning the buyers didn’t require project approvals from Clark County to finalize the deal (evidence that they may plan to re-sell it instead of developing it)
- Immediately after acquiring the property, the new owners posted a sign that says “Create and defend wealth” which sounds like a solid investment strategy to be honest
- There’s a 1.8-acre parcel adjacent to this parcel that’s tangled up in legal problems (and purported to be haunted)
- Global Trust Group beat out 6 other qualified prospective buyers to get the land
Construction on the new Raiders stadium is expected to start within the next 5 months and finish before the 2020 NFL season begins. We expect several more large land deals to happen within the next year as demand skyrockets for both commercial and residential real estate near the Raiders’ new home.
Now that someone has paid nearly $3 million per acre, you can expect every property owner in the area to be posting “For Sale” signs very soon.
Want your own piece of “Raiders real estate” in Las Vegas? Now is the time to buy before home prices go up even more. Contact us today!
(h/t LVRJ)
Image courtesy of Manica Architecture