Real estate investing opportunities in Palm Beach and Las Vegas with David right now: The market faces a unique challenge in the form of a shortage of inventory and affordable housing. Many homeowners, benefiting from low interest rates during the pandemic, are reluctant to sell their homes due to the attractive monthly mortgage payments they secured. If the current trend of low inventory persists, it is likely to keep Las Vegas home values elevated. However, the market is poised for potential opportunities in January, presenting a favorable time for buyers. The anticipation of a reverse crash, triggered by a surge in demand once the Federal Reserve lowers interest rates, could lead to a significant increase in prices. Find more info at David Frear.

Whether or not the country enters a recession, the housing market appears to be in good shape for the foreseeable future. Perhaps not at the same rate that the United States has lately seen, but growth nevertheless. This is an excellent moment for real estate investors, particularly those interested in Florida, to capitalize on market possibilities. Florida’s real estate market has seen unprecedented price rises during the last few years, as a result of a lack of supply and high demand. Most of the emphasis is focused on the prices and the possibility of a housing bubble. While Florida’s mild temperature, cheap taxes, and natural attractions have historically enticed newcomers to the state, if affordable housing challenges continue to prevail across the state, these enticing elements may go away.

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 statewide median sales price for single-family existing homes in November reached $413,000, representing a 3.3% increase from the previous year. Condo-townhouse units also experienced a surge in median price, reaching $330,000, reflecting a remarkable 7.5% increase year-over-year. Inventory levels in the state have seen substantial growth, with single-family existing homes having a 3.7-months’ supply, up by 32.1% year-over-year. Condo-townhouse units reported a 5-months’ supply, exhibiting a substantial 85.2% increase compared to November 2022.

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.