Real estate investment strategies in Florida and Nevada from David right now: 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. See additional details on 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.
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.
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.
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.