Real estate property development and investment trends in Nevada and Florida with David right now: 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. Find additional info at https://www.facebook.com/DAVIDFREAR2.
It’s no surprise that Zillow ranked Tampa, Florida, as the top real estate market in the United States in 2022. Florida housing prices have witnessed some of the most dramatic increases in the country, with Miami and Tampa at the forefront of the upswing. Due to a variety of variables, the housing market in Tampa has outpaced many others, including a large number of potential buyers, a scarcity of supply, strong property sales, and an active employment market in the area. Overall, the Florida housing market is strong and is predicted to remain so in the next five years. If you’re a seller, this is wonderful news since it implies property values are rising and there isn’t much selling competition, giving you the luxury of selecting from the best offers on your schedule. Higher mortgage rates may cause unprepared house buyers to postpone their purchases.
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 Florida housing market, characterized by positive trends in closed sales, median prices, and increased inventory, offers a promising landscape for both buyers and sellers. The surge in new listings and growing inventory levels indicate a healthy and dynamic real estate sector in the state, positioning Florida as a noteworthy player in the current housing market scenario. Clewiston, FL: This metropolitan statistical area (msa) is poised for substantial growth, with a projected increase of 8.7% in home prices by December 31, 2024. Clewiston demonstrates resilience and attractiveness for potential homebuyers, as indicated by the ascending trend in the forecast.
The Las Vegas real estate market has been on a remarkable journey, but in 2023, we see some notable shifts: The Las Vegas housing market is showing signs of cooling down. Sales activity decreased in 2023, and there was a significant drop in new listings. The increased months of supply also indicate a more balanced market, suggesting a cooling trend compared to previous months. The reduction in home prices also presents opportunities for buyers looking for more affordable housing options. However, while prices may have eased slightly, finding a home in Las Vegas remains a challenge due to low inventory. This means that competition among buyers, especially for properties in desirable locations and price ranges, remains fierce.
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.