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Originally Posted by jeffc1965
We are relocating (via renting initially) to the Villages this spring with the hope to build in the area north of Eastport. Wellpoint, Oak Hollow, and Edenfield are on our list of preferred villages. I am wondering how the developer reacts to slowing economy/market. I am assuming they will dramatically slow the progress given the seemingly growing amount of inventory. For anyone that has been around since before the great financial crisis, was it a dramatic slowing and did any reduction in services/maintenance occur of existing facilities?
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I have lived here since early 2000. Each time a Village was open for sales, it sold out very quickly. This is the first time home sales have slumped leaving the Developer with a huge inventory.
Quite a bit of newly constructed home prices were reduced in Lake Denham. My sales rep told me he expects more. However, I do not see this happening. The developer must keep prices relatively the same to satisfy the needs of those who have purchased homes and to protect future sales.
I believe he needs to work with his sales team and come up with new and innovative ways to sell the inventory. In my estimation, he is looking at approx $250 million worth of homes unsold. It's a new world and it is not likely to change back to the old norms. Members of the sales team who cannot find customers in this changed environment should be eliminated.
Your idea to rent before buying is spot on. This will give you time to evaluate the market yourself. A good starting point would be to count the number of new homes and lots available on the Villages site. Each month, do a new count. These numbers will reveal if the slump is continuing or has improved.