Excellent real estate investing opportunities in Las Vegas and Palm Beach 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 info at David Frear.
Port St. Lucie, FL: This area is anticipated to witness a 5.5% increase in home prices by the end of 2024. Port St. Lucie’s real estate market showcases resilience, with a positive trajectory that may attract those looking for a balance between growth potential and stability. Miami, FL: As one of Florida’s most iconic cities, Miami’s msa is forecasted to experience a 5.3% increase in home prices by December 31, 2024. This modest yet consistent growth reflects the enduring allure of the Miami real estate market. Florida home values have risen by about 80% over the past 5 years and a positive trend is forecasted for the next 5 years. With the recent spike in mortgage payments as a result of rising interest rates, analysts are watching the Florida housing market closely to see what effect this will have. It is likely to restrict house price increases, but to what amount is unclear because there is still a “fear of losing out” attitude among purchasers, which is fueling the market, although slowly.
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.
Las Vegas has a strong rental market, with a significant portion of its population choosing to rent rather than buy. This creates opportunities for long-term investors to generate steady rental income, especially in desirable neighborhoods and near employment centers. Rental properties in Las Vegas are always in high demand. In September 2023, the median rent for single-family homes increased by 16.7% compared to the previous year, reaching $2,100. The city’s rental vacancy rate, at 4.8%, is lower than the national average of 6.2%, ensuring high occupancy rates and cash flow for landlords. The demand for rental properties in Las Vegas often results in low vacancy rates. Long-term investors can benefit from a stable stream of rental income and less downtime between tenants, increasing overall profitability.
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.