Appraiser's Report, Part 2
boundary of the subject neighborhood may be defined as those
that are shown on the preceding neighborhood
this strip, there are the following hotel/casino
neighborhood is 'traversed by U. S. Highway 95, commonly known
as the Las Vegas “Strip” or Las Vegas Boulevard South and Paradise
Road. It has direct access to the Interstate Freeway located
approximately 1/2 mile west, via the Tropicana Avenue Interchange,
the Flamingo Interchange, the Spring Mountain Road Interchange
and the Sahara Avenue Interchange. From the east the neighborhood
the exception of a few privately held parcels, almost all the
vacant land has been purchased in the past by the Hughes Tool
Company. Since, historically, Hughes ownership has been retained
in its original state in the Las Vegas area, with the exception
of two smaller parcels on the “Strip” and outlying parcels,
the future development of this prime, tourist oriented land
is uncertain. As a result, an acute shortage of vacant, developable
land has been created along the Las Vegas “Strip”. This condition
has resulted in substantially increasing
land values, not only for vacant land but also for land which
is presently improved with interim type improvements.
This is illustrated by analysis of the sales shown in this report.
The sales show rapidly increasing neighborhood values as well
as absorption of parcels currently improved with older, obsolete
improvements. Improvements are removed for either new construction
or plottage to adjacent parcels.
is anticipated that the increasing demand for vacant land will
result in rapidly increasing land values, not only for vacant
land but also for improved “Strip” frontage.
subject neighborhood is located approximately 1 mile south of
the Las Vegas “Downtown” area which is another gaming center
of the Las Vegas Valley. However, the amount of development
in the“Downtown” area is substantially less than that on the
entire area surrounding the neighborhood is developing with
a combination of high-density residential improvements, single
family residential improvements, and commercial improvements
to the east; high-density residential improvements and warehousing
improvements to the west. In addition, there are single family
residential improvements to the west. Approximately 40% of the
surrounding area is still in an undeveloped stage. Development
has been heavy on undeveloped parcels over the past 4 years,
adding a substantial stress to existing major thoroughfares
by heavy increased traffic volume.
|Intersection: Las Vegas Strip and Tropicana|
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Last modified Wednesday, 02-Dec-2009 11:34:44 PST