The real estate market is in shambles. We've looked at other parts of Florida and prices can be 50% of the outstanding mortgage balance.
We bought in the villages because of the lifestyle. TV prices have held up compared to everywhere else in Florida and we think that it will continue.
My understanding of the IRS position is that the bonds are not tax exempt because no one lives in the districts that issued them. These districts are not a bad investment and I'm sure that many investors would line up to buy taxable bonds for the town centers.
TV is an economic driver for the whole area. Tens of thousands of homes that need services. Take a look at the developers web site that is selling access to us.
http://thevillagescommercialproperty.com/location.asp
Reporters need to find something to write about and many people have been crushed by the real estate downturn so be wary and read everything you can about the IRS issues.