Las Vegas Strip Market

Yes, while many people don't think about it, the Las Vegas Strip is a market unto itself.  If you don't think so, contact someone regarding the asking price of a retail lease on space in Summerlin (West Las Vegas), then contact someone who has a retail space for lease in the City of Henderson, then as a final step contact someone who has retail space for lease in one of the major casino / hotels.  You will find that you are not in Kansas anymore.  The dramatic difference in lease rates can also be found in the sales market.  Land and improved properties located in or just off the Las Vegas Strip for considerably more that those only a block or two away.  High-Rise / Luxury condominiums are also priced on the Strip at a much higher price than those located off Strip.

For appraisers, appraising real property located on or adjoining the Las Vegas Strip presents research and reporting challenges that simply do not exist for them elsewhere in Las Vegas and Clark County.  Importantly, many properties are owned by large casinos, and due to the confidential nature of their business, they are not free with their information.

How big is the differences in prices between Las Vegas Strip properties and off Strip properties?  Well, as an example that should not be applied to any specific situation, for vacant land located on the Las Vegas Strip it is not unusual to see parcels sell in the $ 200 per square foot to $ 400 a square foot range that would normally sell for 1/10th of that amount (or $ 20 per square foot to $ 40 per square foot) if they were located off Strip in many other parts of Las Vegas. 

The recession that began in 2008 has had a significant negative impact on property values on the Strip in 2009.  With many large-scale gaming corporations coming close or declaring bankruptcy in 2009, the landscape has changed.  The once strong hav fallen, however the perception that the "sky is falling" is also wrong.  It is not, and it is our expectation that Strip properties, and Las Vegas in general, will bounce back in time.

Gaming / Casino properties are also considered to be part of the Las Vegas Strip market.  The appraisal of properties of this type is specialized and many appraisers do not accept gaming property appraisal assignments.

Contact us at grigdon@cox.net with your questions about the Las Vegas Strip market, gaming properties or with your specific appraisal related questions, or call us at 1-702-568-6699.                  

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.