What’s more expensive? Land on the Las Vegas Strip or land above the Hollywood Sign in Los Angeles?
Posted by Luxury Realty Group - February 18th, 2008
Categories: High Rise Condos
A Los Angeles brokerage has listed for sale 138 acres of land above the Hollywood sign. The land, formerly owned by Howard Hughes, has an asking price of approximately $22 million, and could be split into five separate parcels for five custom homes or used for one massive compound. The price shows just how rare land in a prime location on the Las Vegas Strip has become.
The Resort Corridor Comparison
The 138 acres above the Hollywood Sign is some of the most unique land in Los Angeles. The opportunity to own a piece of property that offers 360 views of the city and mountains (according to listing brokerages website).
- The asking price per acre? Approximately $6.27 million.
According to the Clark County Assessor, land on the Las Vegas Strip between Mandalay Bay and Sahara Boulevard experienced a land value increase of up to 99% in 2007. Some properties parcels are thought to have experienced up to an 800 percent increase since 2003.
- Recent sales per acre? Over $30 million.
Must Build Up
Luxury high-rise condominiums such as Veer Towers, Trump International, The Harmon Residences, and Sky Las Vegas are direct signs that developers must build up to make a project work.
Recently, Crown Las Vegas was approved at over 1,000 feet. Is this the first sign of FAA becoming more lenient on height approvals? Further from McCarran Airport, land in the north section of the Resort Corridor is primed for taller buildings then found towards Bellagio and MGM MIRAGE CityCenter.
See a breakdown of $30 billion worth of mega-resort, casino, and condo construction on the Las Vegas Strip.
Howard Hughes sure was smart
Howard Hughes played a major role in Las Vegas’ history including Summerlin and casinos on the Strip. The land above the Hollywood sign is just more proof that he was like the Walt Disney of real estate.
Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
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Copyright © 2008 Aaron Auxier. All Rights Reserved.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.