Posted by Patrick Moreau on January 25, 2024 in Investment
Real estate investment solutions in Florida and Nevada by David in 2024: The market faces a unique challenge in the form of a shortage of inventory and affordable housing. Many homeowners, benefiting from low interest rates during the pandemic, are reluctant to sell their homes due to the attractive monthly mortgage payments they secured. If the current trend of low inventory persists, it is likely to keep Las Vegas home values elevated. However, the market is poised for potential opportunities in January, presenting a favorable time for buyers. The anticipation of a reverse crash, triggered by a surge in demand once the Federal Reserve lowers interest rates, could lead to a significant increase in prices. Discover additional 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.
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.
There are some general trends that are affecting the entire state. For example, Florida’s population is growing rapidly, and this is putting a strain on the housing supply. Additionally, Florida is a popular destination for retirees and second-home buyers, which is also driving up demand for housing. On the other hand, there are some factors that could put downward pressure on the Florida housing market in the coming years. For example, rising interest rates are making it more expensive to borrow money to buy a home. Additionally, inflation is eroding the purchasing power of consumers, which could make it more difficult for some people to afford a home.