Premium real estate property development and investment strategies in Las Vegas and Palm Beach by David Frear: January 2024 is highlighted as a potentially favorable time for buyers, considering the low inventory and the anticipation of a reverse crash. However, individuals should carefully monitor market trends, interest rate changes, and economic developments to make informed decisions. What are the Las Vegas real estate market predictions? The Las Vegas real estate market is one of the most dynamic and ever-changing markets in the United States. One factor contributing to this growth is the strong job market in Las Vegas. With major industries such as hospitality, gaming, and entertainment, Las Vegas has a strong job market that attracts many people to the city. This, in turn, increases the demand for housing in the area, which drives up home values. Another factor contributing to the growth of the Las Vegas housing market is the city’s reputation as a popular tourist destination. As more people visit Las Vegas and enjoy the city’s amenities, they may be more inclined to purchase a home in the area, which can increase demand and home values. Read additional information 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.
The Florida housing market, characterized by positive trends in closed sales, median prices, and increased inventory, offers a promising landscape for both buyers and sellers. The surge in new listings and growing inventory levels indicate a healthy and dynamic real estate sector in the state, positioning Florida as a noteworthy player in the current housing market scenario. Clewiston, FL: This metropolitan statistical area (msa) is poised for substantial growth, with a projected increase of 8.7% in home prices by December 31, 2024. Clewiston demonstrates resilience and attractiveness for potential homebuyers, as indicated by the ascending trend in the forecast.
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.
How is the Florida housing market doing currently? Florida’s housing market witnessed encouraging developments in November, marked by a notable increase in closed sales and a rise in median prices. The state’s real estate market is displaying resilience and adaptability, with various indicators reflecting positive momentum. In November, closed sales of existing single-family homes in Florida totaled 17,722, showcasing a robust year-over-year increase of 4.2%. Simultaneously, the median sales price for single-family existing homes reached $413,000, demonstrating a commendable 3.3% uptick from the previous year. These figures indicate sustained strength in the single-family housing segment.