Real estate property development and investing opportunities in Las Vegas and Palm Beach from David right now: 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 more details at https://www.linkedin.com/in/david-f-745528188/.
Will the Housing Market Crash in Florida? Population growth, and particularly growth in the number of households, lead to a growth in housing demand. Real estate is subject to the law of supply and demand: when there are more purchasers than available homes, prices rise. Since the 1940s, Florida’s population has increased year after year, often outperforming the national average. However, like the rest of the United States, growth plummeted to historic lows during the initial years of the pandemic until rebounding last year. Florida is now America’s fastest-growing state. According to recent census data, the Sunshine State added over 400,000 additional people between July 2021 to July 2022. It was a growth of 1.9%, bringing the total population to 22,244,823. That makes it faster-growing than Texas, which has the second-largest population in the United States, trailing only California.
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 statewide median sales price for single-family existing homes in November reached $413,000, representing a 3.3% increase from the previous year. Condo-townhouse units also experienced a surge in median price, reaching $330,000, reflecting a remarkable 7.5% increase year-over-year. Inventory levels in the state have seen substantial growth, with single-family existing homes having a 3.7-months’ supply, up by 32.1% year-over-year. Condo-townhouse units reported a 5-months’ supply, exhibiting a substantial 85.2% increase compared to November 2022.
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.
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.