Prices of pre-owned homes more than new homes

[spinner1001]

Does anyone having local professional real estate knowledge know why the average home price of pre-owned homes in The Villages is more than new homes for comparable properties? The attachment comes from the developer.

[Djean1981]

Probably because of the shortage of new homes and some may prefer an area that is already built out.

[PugMom]

i'm not a professional, but i would imagine some of the pre-owned homes may already be equipped with upgrades such as: tile floors, good quality countertops, outdoor landscaping, hot tub and/or pool. :popcorn:

[JMintzer]

i'm not a professional, but i would imagine some of the pre-owned homes may already be equipped with upgrades such as: tile floors, good quality countertops, outdoor landscaping, hot tub and/or pool. :popcorn:

That, and some folks prefer the location of some of the older homes...

Our resale came with a painted driveway/lanai, epoxied garage floor, attic stars, built in garage cabinets, a Pelican water softener, crown molding, granite countertops, luxury plank vinyl throughout the house, plantation shutters on all windows (except the sliding doors), high end washer/dryer, built out custom closets, added landscaping, etc...

The cost of adding those (as well as the benefit of not having to deal with doing it ourselves), made a difference...

All we did was repaint a few rooms and show up...

That and NO POWERLINES... My wife refused to buy a home with powerlines in the back yard, or even a view of them...

We're in the newest section of the "old sections" (Osceola Hills), and our house is only 4-5 years old...

But, driving thru Marsh Bend, we saw some lovely homes which we would have considered, but we wanted to be closer to our friends and the squares/shopping...

Just remember, there's a top for every pot, an ass for every seat...

[tophcfa]

Many pre-owned homes don’t include a bond or the bond carries a low balance, making the comparison less apples to apples. Plus, some homebuyers prioritize living near lots of Championships golf, pretty much eliminated new homes.

[golfing eagles]

Does anyone having local professional real estate knowledge know why the average home price of pre-owned homes in The Villages is more than new homes for comparable properties? The attachment comes from the developer.

My guess is:
a) upgrades
b) Owners always think their property is worth more than it is, only sales price counts
c) minor factor---bond paid down/off

Upgrades add up quickly and owners think (hope) they can get their investment back

For example:

Bathroom remodel: $ 23,000
Closet professionally designed $ 7,000
Hot tub: $14,000
Professional landscaping: $11,000
replace carpet with laminate: $7,500
Lanai shades: $7,000
attic stairs $ 500
garage epoxy: $ 1,100
replace lights/fans $ 3,000
Pelican whole house water filter $ 3,000
Induction cooktop $ 2,500

Total $ 79,600 + whatever I forgot

[jrref]

That's mostly exactly it. When you buy a new home you get the basics and then often invest in upgrades over time.

[RICH1]

LOCATION Location LOCATION.. better construction, Upgrades as mentioned in other posts, TURNPIKE widening Project, NOISE... and who wants to live around young people..

[Madelaine Amee]

I believe it is location. If you are within easy reach of Sumter Landing your house is worth much more to someone than a beautiful new build way out in the Southern end of TV.

Just my opinion of course, and everyone has one of those.:)

[spd2918]

We went new for several reasons (these comparisons won't apply to newer preowned):

We wanted a new neighborhood, not one with established clicks.

We wanted neighbors closer to our own age to share interests and activities.

We wanted to avoid homes turned over to banks or kids, neither of which commonly upkeep their properties.

We wanted to be close to newer amenities.

We wanted volume ceilings, an open floor plan,, new appliances, new roof, new AC, etc.

We found that older homes may have "upgrades," but they were not to our taste or current style.

We didn't want a worthless 1.5 car garage.

Your mileage may vary, but we are very happy with our decision as all the above concerns were met. We are in Hawkins and can't hear the turnpike, prison, or blasting at all.

[Papa_lecki]

Major reason - It’s the upgrades. Lots of small items.
Painted driveway, drop down stairs, upgraded landscaping, etc.

Probably not major stuff like new kitchen, pool, etc

There’s a thread on the value of paying off the bond. Some think it adds to the resale some think it doesn’t.

[davem4616]

location, more mature trees and upgrades

[Babubhat]

Location, location, location

[dewilson58]

Does anyone having local professional real estate knowledge know why the average home price of pre-owned homes in The Villages is more than new homes for comparable properties? The attachment comes from the developer.

There is your error.

[vintageogauge]

I believe it is location. If you are within easy reach of Sumter Landing your house is worth much more to someone than a beautiful new build way out in the Southern end of TV.

Just my opinion of course, and everyone has one of those.:)

The same thing is happening south of 44, the homes that are a couple years old have had upgrades, possibly enclosed lanais, pavers, landscape upgrades, etc., all of that adds up and therefore the homes are selling at prices higher than a equal new home. It has been like that for at least 4 or 5 years now which is when we bought our new home down south. It has nothing to do with Sumter Landing, more so the improvements and the lot that the home sits on. There are 1900 sq. ft. homes without pools in the souther sections selling between $600.000 and $700,000 and they are not on golf courses. Many designers are now hitting the million dollar mark down here, hard to believe but it's a fact jack.

[dewilson58]

There are 1900 sq. ft. homes without pools in the souther sections selling between $600.000 and $700,000 and they are not on golf courses. Many designers are now hitting the million dollar mark down here, hard to believe but it's a fact jack.

County Assessors love threads like this.

:clap2::clap2::clap2:

[Laker14]

County Assessors love threads like this.

:clap2::clap2::clap2:

No doubt, the county assessor spends his evenings scouring TOTV, to learn more about how much homes in TV are worth.

[coffeebean]

I believe it is location. If you are within easy reach of Sumter Landing your house is worth much more to someone than a beautiful new build way out in the Southern end of TV.

Just my opinion of course, and everyone has one of those.:)

We are in Mallory. I like your train of thought!!!

[coffeebean]

The same thing is happening south of 44, the homes that are a couple years old have had upgrades, possibly enclosed lanais, pavers, landscape upgrades, etc., all of that adds up and therefore the homes are selling at prices higher than a equal new home. It has been like that for at least 4 or 5 years now which is when we bought our new home down south. It has nothing to do with Sumter Landing, more so the improvements and the lot that the home sits on. There are 1900 sq. ft. homes without pools in the souther sections selling between $600.000 and $700,000 and they are not on golf courses. Many designers are now hitting the million dollar mark down here, hard to believe but it's a fact jack.

I recently toured a 3/2/2 open house south of 44 that was just over $600.00. The home had Corian countertops throughout. That's right......Corian!!!! What the +%#* ??????

[sales1202]

We are closing next week on a house in The Village of Amelia. We purchased it because of the location:
1 - close to Lake Sumter Landing. We stayed in TV 3 times on lifestyle tour, return and rental to know where we wanted to live. We liked LSL better than the other town squares and the new area didn’t have one as developed.
2 - we both play golf. Our favorite courses are Cain Garden, Palmer’s, Evans Prairie and Bonify. We wanted them to be in close proximity.
3 - we liked Amelia area because of the elevation changes. Our house is on a pond and is about 20-30 feet elevation above the pond and offers a great view.
4 - didn’t want to be close to the federal prison.

The home we purchased has Corian countertops , has contractor grade materials - no upgraded cabinets in the kitchen or baths, but does have an enclosed lanai and was in pristine condition. We will lose out on the camaraderie of everyone being new and forming friendships. Still, although it appraised above our purchase price, I think the going rate on existing homes are overpriced. I justify the price because my wife loves it and unless you plan on selling soon, it doesn’t matter if you can afford it. We did our research and this is where in TV we wanted to live.

[EdFNJ]

I recently toured a 3/2/2 open house south of 44 that was just over $600.00. $600.00 is a great deal! I'll offer $607! Do I have a chance? :D

[John41]

I believe it is location. If you are within easy reach of Sumter Landing your house is worth much more to someone than a beautiful new build way out in the Southern end of TV.

Just my opinion of course, and everyone has one of those.:)

True being close to the Town Square in Lake Sumter Landing is a big deal. Location, location, location. We are in a CYV less than a mile South from LSL and a 3br CYV corner villa just sold for $650,000., $2k more than two years ago . South of 44 has Turnpike noise, power lines, long traffic lines, few amenities and blasting. Plus it is a planning hodgepodge compared to the good planning north of 44. But some people fool themselves into thinking it’s the equal of north of 44.