Real estate property development and investment strategies in Las Vegas and Palm Beach by David in 2024: 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 extra details at https://www.linkedin.com/in/david-f-745528188/.
Lake City, FL: The Lake City metropolitan area is expected to see a 6.2% increase in home prices by the end of 2024. This moderate yet steady growth indicates a stable and potentially lucrative market for individuals considering real estate transactions in this region. Key West, FL: Despite being a renowned and sought-after destination, Key West’s msa is projected to experience a 5.8% increase in home prices by December 31, 2024. This highlights the nuanced nature of Florida’s real estate market, where even established areas undergo shifts in pricing dynamics. Arcadia, FL: Arcadia demonstrates a unique trend with a forecasted 5.7% increase in home prices by the close of 2024. Despite a modest negative change in the base data, the positive projection signals potential growth and opportunities in this particular msa.
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.
Florida continues to be a magnet for individuals relocating from other states, and its impressive job growth rate further solidifies its attractiveness. The state has consistently maintained one of the highest rates of job growth in the U.S., making it an appealing destination for those seeking employment opportunities and a vibrant lifestyle. This influx of residents contributes to the demand for housing in the state, stimulating the real estate market. While the overall forecast for Florida real estate is positive, challenges persist in the form of an undersupply of homes for sale. The limited availability of housing options poses a hurdle, and affordability concerns accompany this issue. These challenges emphasize the need for discussions and strategies to address the undersupply and affordability matters.
