Quote:
Originally Posted by asianthree
Remember when you looked at new homes and had a 2 hour window to yes or no. Then again there wasn’t 5 different villages being released, and drone flights giving you extensive knowledge that 3 more villages are coming in the mix.
2007 PVs and homes with kissing lanais didn’t sit long. Now view lots snapped up in 5 minutes of release, as does build lots ( except in Enclave interior lots only).
New buyers are becoming more attuned to what properties they want to live in, no longer is “We are done building” looming in the near future. Homes have and will always sit if the lots are less than desirable, or certain models.
Larger homes seem to be moving, along with many view lots, no matter, bond or tax. According to many on this site interest rates aren’t a problem since many buyers are mortgage free. Or if they are smart listening to their financial advisor take interest rate in stride.
I really never remember this many newly released villages at the same time. I could be wrong be usually you had one or two closing out, then one new village opened. Someone here longer I am sure has those stats.
Many are waiting for certain new villages to release, guessing they will sell with quickly with multiple names for each property. Just remember those who build, don’t close for months, so those Sold numbers are still in the wings. Like the close to hundred of lots on new golf courses
I think the buyers are out there, but buying mindset has changed. If I don’t see what checks my boxes, there will be another village open soon. Leaving spec houses that doesn’t fit sitting.
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Your analysis is spot on. What you forgot to mention is historical number of buyers has remained the same. Hundreds more preowned than average have been listed. The Developer can build hundreds of new homes quickly. However, there are not hundreds and hundreds of additional buyers. Throughout this past year, the historical number of buyers has not varied; not even a smigeon. Not enough buyers equals rising inventory.
The winners are the few buyers. They have the opportunity to choose from a large inventory. As expected, they are cherry picking the best and the hundreds remaining are left sitting. This is happening in both preowned and new construction.
It seems the Developer has noticed this trend. In future builds, I believe there will be more homes with fences. IMO, he should also consider building townhomes. Or, add more homes with low maintenance yards. The courtyard villas with all concrete backyards (like in northern area) would do well. The newest wave of retirees enjoy carefree living.