Excellent real estate investment trends in Florida and Nevada by David Frear: Are Home Prices Dropping in Las Vegas? While the median sales price of single-family homes experienced a modest decrease in December, the overall trend throughout 2023 showcased a 5.9% year-over-year increase. The dynamics of home prices will likely be influenced by market forces and the Federal Reserve’s decisions in the coming months. The potential for a reverse crash is mentioned, suggesting a surge in demand once the Federal Reserve lowers interest rates. However, the actual occurrence of a market crash remains uncertain and is contingent on various economic factors in the upcoming year. Read extra details at David Frear.
Lake City, FL: The Lake City metropolitan area is expected to see a 6.2% increase in home prices by the end of 2024. This moderate yet steady growth indicates a stable and potentially lucrative market for individuals considering real estate transactions in this region. Key West, FL: Despite being a renowned and sought-after destination, Key West’s msa is projected to experience a 5.8% increase in home prices by December 31, 2024. This highlights the nuanced nature of Florida’s real estate market, where even established areas undergo shifts in pricing dynamics. Arcadia, FL: Arcadia demonstrates a unique trend with a forecasted 5.7% increase in home prices by the close of 2024. Despite a modest negative change in the base data, the positive projection signals potential growth and opportunities in this particular msa.
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.
Florida continues to be a magnet for individuals relocating from other states, and its impressive job growth rate further solidifies its attractiveness. The state has consistently maintained one of the highest rates of job growth in the U.S., making it an appealing destination for those seeking employment opportunities and a vibrant lifestyle. This influx of residents contributes to the demand for housing in the state, stimulating the real estate market. While the overall forecast for Florida real estate is positive, challenges persist in the form of an undersupply of homes for sale. The limited availability of housing options poses a hurdle, and affordability concerns accompany this issue. These challenges emphasize the need for discussions and strategies to address the undersupply and affordability matters.