Cameron Fowler, one of four Hoffman brokers licensed to do business in Nevada, says there has been a "tremendous shift" in Nevada's land market over the past few months. "It has always been more difficult to acquire property in Nevada because most of it was owned by the government and a handful of master planned communities," he says. "But recent foreclosures have returned those distressed assets to the lenders. Now there is a whole host of new land owners who are eager to sell that property."

Hoffman contends that land is changing hands in Las Vegas at a faster pace than at any time in the past three years, that almost all sellers in the market are now institutional lenders or community banks with REO property. Moreover, Hoffman says prices are inching upward, something it believes is "a strong signal" that the city's housing market has hit bottom and is starting to recover.

"There is a big misconception out there that the land market in Las Vegas is dead and all the homebuilders have gone away," said Aman Lal, one of the other Hoffman brokers licensed in Nevada. "In fact, what's happening now is just the opposite. The supply of finished lots is diminishing rapidly and builders are clamoring to snap up what's left so they won't be forced to buy raw land."