Land In Las Vegas Down 85% from Peak

From CR, who noted from Buck Wargo at the Las Vegas Sun: Land that sold for $30 million fetches $4.4 million after foreclosure

A 23.53-acre property at the Las Vegas Beltway and Hacienda Avenue that sold for $30.2 million in 2007 and was later foreclosed upon has been sold for $4.4 million.

We are probably close to bottom on these land prices — I was expecting about 90% decline, shall we say target has been reached?