Real estate property development and investment trends in Las Vegas and Palm Beach from David right now: The Las Vegas housing market has been through ups and downs over the past few years. Given the current scenario with low inventory and the potential for a reverse crash in prices, January 2024 appears to be a reasonable time for buyers. However, the market’s trajectory will depend on various factors, including the Federal Reserve’s actions and overall economic conditions. How is the Las Vegas housing market doing currently? The Las Vegas Valley real estate industry experienced its most challenging year for sales since 2008, according to the Southern Nevada report published by Summerlincommunities.com (Data by Las Vegas Realtors). A significant contributor to this downturn was the surge in mortgage rates, reaching a more than 20-year high. Read even more details on David Frear.
Port St. Lucie, FL: This area is anticipated to witness a 5.5% increase in home prices by the end of 2024. Port St. Lucie’s real estate market showcases resilience, with a positive trajectory that may attract those looking for a balance between growth potential and stability. Miami, FL: As one of Florida’s most iconic cities, Miami’s msa is forecasted to experience a 5.3% increase in home prices by December 31, 2024. This modest yet consistent growth reflects the enduring allure of the Miami real estate market. Florida home values have risen by about 80% over the past 5 years and a positive trend is forecasted for the next 5 years. With the recent spike in mortgage payments as a result of rising interest rates, analysts are watching the Florida housing market closely to see what effect this will have. It is likely to restrict house price increases, but to what amount is unclear because there is still a “fear of losing out” attitude among purchasers, which is fueling the market, although slowly.
A Las Vegas commercial property was recently acquired by a Los Angeles-based real estate investment company that plans on repositioning it and adding value. BH Properties acquired the Addison Complex facility for a fee of $2.8 million, from seller VanMeetren Family Limited Partnership. BH Properties worked with David Frear, Senior Vice President of Colliers International during the transaction, while the VanMeetren Family Limited Partnership was represented by Charlie Mack, a president and broker with Mack Realty.
VanMeetren Family LP sold the multi-tenant Addison Complex industrial building at 4680 W. Russell Rd. in Las Vegas, NV to BH Properties for $2.8 million, or about $66 per square foot. Delivered in 1984, the 42,471-square-foot building sits on 2.7 acres in the SW Las Vegas Industrial submarket of Clark County and features ten drive-ins, building signage and a fenced lot. The buyer plans to significantly upgrade the building and rearrange the property to just two tenant spaces. David Frear of Colliers International represented the buyer. Charles Mack of Mack Realty represented the seller.
Wauchula, FL: Another msa exhibiting promising prospects is Wauchula, with an expected rise of 8% in home prices by the end of 2024. The region’s real estate market is set to witness positive momentum, making it an area to watch for those interested in property investment. Palatka, FL: Positioned for growth, Palatka is projected to experience a substantial increase of 7.9% in home prices by the close of 2024. This msa’s attractiveness may be attributed to various factors, such as economic development, amenities, and overall livability.
The Las Vegas real estate market has been on a remarkable journey, but in 2023, we see some notable shifts: The Las Vegas housing market is showing signs of cooling down. Sales activity decreased in 2023, and there was a significant drop in new listings. The increased months of supply also indicate a more balanced market, suggesting a cooling trend compared to previous months. The reduction in home prices also presents opportunities for buyers looking for more affordable housing options. However, while prices may have eased slightly, finding a home in Las Vegas remains a challenge due to low inventory. This means that competition among buyers, especially for properties in desirable locations and price ranges, remains fierce.
The Florida housing market has been on a tear in recent years, with home prices skyrocketing. But with rising interest rates and inflation, many buyers are wondering if the market is due for a crash. In this article, we will take a look at the factors that could influence the Florida housing market in the next five years, and we will try to answer the question: will it crash? First, it is important to note that the Florida housing market is not a monolithic entity. There are many different submarkets, each with its own unique dynamics. For example, the Miami market is very different from the Ocala market.