Land swap deals net big profits for brokers

Adrienne Packer and J.M. Kalil of the Las Vegas Review-Journal continue their investigation into land swap deals, finding that "on at least three occasions, land broker Scott Gragson traded property to McCarran International Airport and then reacquired it nearly two years later for less than he originally sold it for...That means the properties depreciated hundreds of thousands of dollars even as the Las Vegas Valley ranked among the nation's hottest real estate markets." In one case, Gragson re-purchased land and resold it for nearly $2 million more in eight days, thanks to a swiftly approved rezoning decision.