Quote:
Originally Posted by Glowing Horizon
The primary reason for many newer home sales in the South is real estate speculation. They hope to cash in after the new home appreciation has happened but before the home & neighborhood has aged enough to demand a lot of maintenance & the bloom is off the rose. Rental properties are not nearly as attractive at higher interest rates & newly constructed homes will receive their property tax assessments.
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Many investors are buying in the Eastport area. A large percentage are Villagers. This is creating two different housing markets. Owners with views are trying to push the value over the one million mark. While buyers of the remaining homes are pushing the prices down. Very few want to pay $500,000 for a kissing lanai, a home that needs work, or a home in a bad location. A year ago, Lake Denham and Dabney construction was complete. Nearly 100 of those new homes are sitting empty. Inventory on MLS and VLS is increasing.
It will not surprise me if the Developer is forced to reduce the price of homes in Moultrie Creek. If you are looking for a $500,000 home, waiting may save you 10%- a hefty $50,000. For obvious reasons, it is best to buy LOW in a new neighborhood than High.
But, if you absolutely need a home with a view, good luck! You will have to contend with the lottery and pay full premium price. If your plan is for investment, keep this in mind. The amount of higher-priced homes listed for sale is increasing every day. Competition is fierce. In previous years, there were a few on the market. Now, hundreds.