Premium real estate property development and investing strategies in Palm Beach and Las Vegas by David Frear: 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. See additional information at https://www.quora.com/profile/Frear-Family.
Whether or not the country enters a recession, the housing market appears to be in good shape for the foreseeable future. Perhaps not at the same rate that the United States has lately seen, but growth nevertheless. This is an excellent moment for real estate investors, particularly those interested in Florida, to capitalize on market possibilities. Florida’s real estate market has seen unprecedented price rises during the last few years, as a result of a lack of supply and high demand. Most of the emphasis is focused on the prices and the possibility of a housing bubble. While Florida’s mild temperature, cheap taxes, and natural attractions have historically enticed newcomers to the state, if affordable housing challenges continue to prevail across the state, these enticing elements may go away.
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.
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.
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.