Real estate property development and investment trends in Nevada and Florida from David 2024: 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. Discover even more information at David Frear.
It’s no surprise that Zillow ranked Tampa, Florida, as the top real estate market in the United States in 2022. Florida housing prices have witnessed some of the most dramatic increases in the country, with Miami and Tampa at the forefront of the upswing. Due to a variety of variables, the housing market in Tampa has outpaced many others, including a large number of potential buyers, a scarcity of supply, strong property sales, and an active employment market in the area. Overall, the Florida housing market is strong and is predicted to remain so in the next five years. If you’re a seller, this is wonderful news since it implies property values are rising and there isn’t much selling competition, giving you the luxury of selecting from the best offers on your schedule. Higher mortgage rates may cause unprepared house buyers to postpone their purchases.
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.
Okeechobee, FL: Okeechobee’s real estate landscape is forecasted to see a rise of 7.1% in home prices by December 31, 2024. This suggests a buoyant market in the region, providing potential opportunities for both buyers and sellers to capitalize on the upward trajectory. Sebring, FL: Lastly, Sebring is expected to witness a 6.2% increase in home prices by the end of 2024. This msa showcases steady growth, and the forecasted percentage reflects the region’s resilience and appeal to those seeking a property in a burgeoning market.
Lifetime periods of economic downturns, Las Vegas has proven to be resilient. After the challenges of the Great Recession of 2008-2009 and the COVID-19 pandemic in 2020-2021, the city has bounced back with robust growth and development. New projects and initiatives are continually revitalizing the city. Las Vegas has ongoing infrastructure development projects, including new roads, public transportation, and community amenities. These investments can enhance the quality of life and property values, making it an appealing choice for long-term real estate investors.
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.