Quality real estate property development and investment solutions in Nevada and Florida from David Frear
Real estate investment strategies in Florida and Nevada by David right now: 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. See extra info at David Frear.
A post-pandemic world necessitates that the state of Florida deal with the fact that pricey housing can in certain respects impede economic growth and have an unequal impact on critical segments of the population. Florida has had some of the strongest housing appreciation rates in the country over the past decade. Finally, when looking at the broader picture from the first quarter of 2000 to the first quarter of 2023, Florida’s real estate market experienced exceptional appreciation, amounting to 281.81%. Even over this extended period, Florida outperformed the national average by 6.00%, reaffirming its status as a top choice for real estate investment over the years.
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.
Condo sales in the state experienced a modest increase of 0.3%, totaling 7,108 units. However, the median price for condo-townhouse units demonstrated a more substantial rise, reaching $330,000, reflecting a noteworthy 7.5% increase year-over-year. The condominium market in Florida remains robust, contributing to the overall positive trend in the real estate landscape. Prospective homebuyers in Florida witnessed a welcome expansion in choices during their home searches. The inventory for existing single-family homes rose by a significant 13.9%, and for condo-townhouse units, it increased by an impressive 49.8%. This surge in inventory availability offers increased options for buyers, addressing concerns from previous home searches.
Top Reasons to Invest in the Las Vegas Real Estate: Here are several compelling reasons why you should consider investing in Las Vegas real estate for the long term: The Las Vegas metro area is one of the fastest-growing regions in the United States, with approximately 19,000 new residents from the summer of 2020 to 2021, as reported by the U.S. Census Bureau. The city’s diverse economy, driven by sectors like tourism, entertainment, gaming, technology, healthcare, and education, provides a stable income source for residents.
So, will the Florida housing market crash in the next five years? It is impossible to say for sure. However, there are both positive and negative factors that could influence the market. Let’s take a look at the latest housing market trends in Florida. Florida’s housing market is poised for optimism in 2024. Several factors contribute to this positive forecast, providing a favorable environment for both buyers and sellers in the state such as a significant slowdown in inflation, leading the Federal Reserve to halt its rate hikes. Consequently, mortgage rates are expected to have reached their peak. This stabilization in mortgage rates is a crucial factor contributing to the positive outlook for Florida real estate in 2024. Homebuyers can anticipate more stable and potentially lower mortgage rates, enhancing affordability.