Best rated real estate property development and investment opportunities in Palm Beach and Las Vegas with David Frear: Economic Uncertainty and Forecast – Forecasters speculate that the Federal Reserve may slash the overnight funds rate in the coming year as inflation cools. This move could potentially provide a boost to the real estate market. However, given the unpredictable macroeconomic climate, the actual trajectory of the economy in 2024 remains uncertain. In December, there were 1,518 single-family houses sold, marking a 5.8% increase from November but a 1% decrease from December 2022. The median sales price of previously owned single-family homes in December was $449,900, showing a $100 drop from the previous month but a 5.9% increase from the prior year. The year started at $425,000, reflecting a 5.9% year-over-year increase. See even more information on David Frear.
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.
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.
Lifetime periods of economic downturns, Las Vegas has proven to be resilient. After the challenges of the Great Recession of 2008-2009 and the COVID-19 pandemic in 2020-2021, the city has bounced back with robust growth and development. New projects and initiatives are continually revitalizing the city. Las Vegas has ongoing infrastructure development projects, including new roads, public transportation, and community amenities. These investments can enhance the quality of life and property values, making it an appealing choice for long-term real estate investors.
There are some general trends that are affecting the entire state. For example, Florida’s population is growing rapidly, and this is putting a strain on the housing supply. Additionally, Florida is a popular destination for retirees and second-home buyers, which is also driving up demand for housing. On the other hand, there are some factors that could put downward pressure on the Florida housing market in the coming years. For example, rising interest rates are making it more expensive to borrow money to buy a home. Additionally, inflation is eroding the purchasing power of consumers, which could make it more difficult for some people to afford a home.