Land prices are down by 80.6% in Las Vegas from the fourth quarter of 2007 peak of $939,400 per acre for land not on the Strip (i.e. to about $182,244 per non-strip acre now).
This would be profoundly troubling if it weren't for the fact that this represents only the appreciation that took place from 2003 to 2007 in land prices, during a period when inflation has been very low, and everyone was aware at the time that those prices went up that the prices were being driven by land speculators. It has taken two and a quarter years of bust so far to undo a little less than four years of bubble.
New subdivision lots are frequently sold for $20,000 each in non-bubble zones, so Las Vegas land prices are simply returning to some semblence of reality, which is probably far too high for vacant land, since Las Vegas already has a gross excess of developed property driven by the housing bubble that it experienced.