Excellent real estate property development and investing strategies in Palm Beach and Las Vegas by David Frear: The median sales price of condos and townhomes dropped by $5,000 to $270,000 in December, down 1.8% from November but up 9.3% from the prior year. December witnessed a total of 1,500 new listings, reflecting a 23.8% decrease from November and a 10.6% decrease from the prior year. The housing supply in Southern Nevada stood at 2.5 months of inventory, down 18.2% from November and 38.7% from the prior year. In comparison, December 2022 had 4 months of inventory on the market. Notably, 57.6% of closings in December occurred within 30 days of being on the market. This is a slight decrease from November’s figure of 65.5% but a significant increase from December 2022, where only 40.8% of homes were on the market for 30 days or less. Read even more details 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.
Condo sales in the state experienced a modest increase of 0.3%, totaling 7,108 units. However, the median price for condo-townhouse units demonstrated a more substantial rise, reaching $330,000, reflecting a noteworthy 7.5% increase year-over-year. The condominium market in Florida remains robust, contributing to the overall positive trend in the real estate landscape. Prospective homebuyers in Florida witnessed a welcome expansion in choices during their home searches. The inventory for existing single-family homes rose by a significant 13.9%, and for condo-townhouse units, it increased by an impressive 49.8%. This surge in inventory availability offers increased options for buyers, addressing concerns from previous home searches.
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.
So, will the Florida housing market crash in the next five years? It is impossible to say for sure. However, there are both positive and negative factors that could influence the market. Let’s take a look at the latest housing market trends in Florida. Florida’s housing market is poised for optimism in 2024. Several factors contribute to this positive forecast, providing a favorable environment for both buyers and sellers in the state such as a significant slowdown in inflation, leading the Federal Reserve to halt its rate hikes. Consequently, mortgage rates are expected to have reached their peak. This stabilization in mortgage rates is a crucial factor contributing to the positive outlook for Florida real estate in 2024. Homebuyers can anticipate more stable and potentially lower mortgage rates, enhancing affordability.