Quote:
Originally Posted by circletrack
Would it be financially worth it to sell a modular home on the historic side to The Villages, then turn around and buy maybe a resale elsewhere in TV?
The have been paying pretty well to take over the old lots right?
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The Villages initially was paying market value and higher to get some of these lots. Once they got the ball rolling they started making low offers. I was told that my manufactured home was worth $100,000-$110,000. At first they offered me $70,000 and I got them up to $85,000. I kept it and sold it for $100,000.
There was one of the early ones that I knew the owner of. She had the house on the market for $130,000 and everyone I knew thought it was much too high. She went through three different real estate agencies over a year and a half and finally sold it to The Villages for $120,000.
It didn't make sense to me that they would pay that much for that house just to tear it down. The house had a lot of additions that made it worth a bit more to someone who wanted to live there, but it cost The Villages more money to tear it down. There was also a lot of additional concrete pads that had to be removed.
But like I said, they wanted to get the ball rolling so a lucky few got the benefit.
You have to look at all of the numbers to see what makes sense for you. I got my house for the price I wanted. I felt that there weren't going to be many, if any more at the price I paid. Sure enough, every ad that I see for the same model is $15,000-$30,000 higher than what I paid. Some people sell to The Villages just to get out. Some make a deal with TV to have their house replaced with a new home. Some sell and move to a resale in another area. Some sell and move into a new home here. Some have even had their old manufactured home torn down and put a new manufactured home on their lot. I assume that every deal is different. The home owners just has to do what works for them.
And, as has been pointed out, many of these homes are in great shape and the people aren't going anywhere. I would think that it might be fifty years before there are no manufactured homes here.