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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Las Vegas is now closed
Posted on 11/16/2006 05:10 AM | Link | Post Comment
Las Vegas closing in on full house from the USA TODAY,
reports that Las Vegas is running out of fee simple land, and that available acreage may be gone in less than a decade at the current pace. Las Vegas, home to 1.8 million residents, will add more than 1 million residents in the next 10 years, the state estimates, and hit 3 million by 2020. Developers who 15 years ago paid less than $40,000 per acre for land are paying more than $300,000 today. A 1998 law that grew out of a legal settlement allowed the BLM to sell land it owns inside Clark County. About 75,000 acres were suppose to last for 30 years, but two-thirds has been snapped up. The rest is being consumed at 6,000 to 7,000 acres a year. As a result, builders and developers are looking farther out toward Mesquite and Kingman, leapfrogging over BLM land and planning mega developments over 50 miles from the strip.
Cities seek to cut condo conversions from the Arizona Republic,
reports that even with a lull in the Valley's condo-conversion boom, city officials are still concerned about the number of condo conversions planned and how it could displace renters. Researchers with CB Richard Ellis predict that, even with the slowdown, about 20,000 apartments will be converted to condos throughout the Valley before the trend ebbs in a few years. City officials have little leverage in controlling the conversions because state law prohibits municipalities from crafting regulations specifically targeting condominiums. Scottsdale alone saw 3,500 apartments converted to condos in 2005, and is taking the lead in fighting to change the law, said Scottsdale mayor Mary Manross. She is concerned with the stories she has heard about tenants being kicked out of their apartments with little notice.
Obstacles unlikely to stop sprawl to Prescott, from the Arizona Republic,
reports that metropolitan Phoenix's onward growth could soon cut a swath all the way to Prescott. But the path to Prescott is filled with roadblocks, including state and federal lands, water issues and transportation issues. Still, the Valley is expected to stretch from Prescott, 85 miles north of Phoenix, all the way south to the Mexican border as early as 2040.The area is already considered a megapolitan or "super-sized" metropolitan area. Urban researchers call it the "Arizona Sun Corridor" and rank it as one of the next 10 big U.S. growth hubs. That designation will help it get more growth funding and planning assistance from the federal government. The metropolitan areas of Phoenix, Tucson and Phoenix together have a population of about 5 million, a figure expected to double by 2010. Prescott's population has climbed from 9,000 in 1990 to about 38,000. Economists
reports that Las Vegas is running out of fee simple land, and that available acreage may be gone in less than a decade at the current pace. Las Vegas, home to 1.8 million residents, will add more than 1 million residents in the next 10 years, the state estimates, and hit 3 million by 2020. Developers who 15 years ago paid less than $40,000 per acre for land are paying more than $300,000 today. A 1998 law that grew out of a legal settlement allowed the BLM to sell land it owns inside Clark County. About 75,000 acres were suppose to last for 30 years, but two-thirds has been snapped up. The rest is being consumed at 6,000 to 7,000 acres a year. As a result, builders and developers are looking farther out toward Mesquite and Kingman, leapfrogging over BLM land and planning mega developments over 50 miles from the strip.
Cities seek to cut condo conversions from the Arizona Republic,
reports that even with a lull in the Valley's condo-conversion boom, city officials are still concerned about the number of condo conversions planned and how it could displace renters. Researchers with CB Richard Ellis predict that, even with the slowdown, about 20,000 apartments will be converted to condos throughout the Valley before the trend ebbs in a few years. City officials have little leverage in controlling the conversions because state law prohibits municipalities from crafting regulations specifically targeting condominiums. Scottsdale alone saw 3,500 apartments converted to condos in 2005, and is taking the lead in fighting to change the law, said Scottsdale mayor Mary Manross. She is concerned with the stories she has heard about tenants being kicked out of their apartments with little notice.
Obstacles unlikely to stop sprawl to Prescott, from the Arizona Republic,
reports that metropolitan Phoenix's onward growth could soon cut a swath all the way to Prescott. But the path to Prescott is filled with roadblocks, including state and federal lands, water issues and transportation issues. Still, the Valley is expected to stretch from Prescott, 85 miles north of Phoenix, all the way south to the Mexican border as early as 2040.The area is already considered a megapolitan or "super-sized" metropolitan area. Urban researchers call it the "Arizona Sun Corridor" and rank it as one of the next 10 big U.S. growth hubs. That designation will help it get more growth funding and planning assistance from the federal government. The metropolitan areas of Phoenix, Tucson and Phoenix together have a population of about 5 million, a figure expected to double by 2010. Prescott's population has climbed from 9,000 in 1990 to about 38,000. Economists
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