Excellent real estate property development and investment solutions in Florida and Nevada by David Frear: 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. Discover extra info at David Frear.

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.

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.

The Las Vegas-Henderson-Paradise housing market, according to Zillow’s latest data through October 31, 2023, presents both challenges and opportunities for buyers and sellers. Las Vegas, renowned for its entertainment and tourism, is also emerging as an attractive destination for real estate investment. In this section, we’ll delve into the current state of the Las Vegas housing market and explore why it might be the right place for you to invest.

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.