The Villages purchase another 900 acres

[rustyp]

The Villages’ Buffalo Hide and Cattle Co. has reportedly paid $7 million for 900 acres near Mascotte.

By my calculation that puts us approx 30 miles from Disney. Come on monorail !

[kansasr]

This purchase is not adjacent to any property the Villages currently owns and separated by a lot of individual properties that would have to be acquired in order to do so.

[Altavia]

The Villages developer buys 900 acres in Mascotte – GrowthSpotter (https://www.growthspotter.com/news/lake-county-developments/gs-news-villages-mascotte-20230323-qmpgdd2kvndrzgn25f5cvpncj4-story.html)

The Villages developer buys 900 acres in Mascotte

By Katie Sartoris
Growthspotter
Mar 23, 2023 at 11:12 am

The Villages could be planning another major expansion into Lake County — this time in the City of Mascotte.

The mega-retirement community, under the LLC Buffalo Hide and Cattle Company, bought land from real estate firm Maury L. Carter & Associates for $7 million earlier this month, according to Lake County property records. The 900-acre property sits west of State Road 33, South of Austin Merritt Road and east of Honeycut Road.

The Villages’ land purchase in Mascotte comes as the community is expanding, but it is unclear at this point what is planned for the property, as no plans have been submitted yet, said Max Spann, the city’s planner.

Daryl Carter, president of Maury L. Carter and Associates, confirmed that the property was sold and that he represented the seller and was the broker. He said he could not comment on the buyer or their intentions with the property.

According to the firm’s website, the property is currently zoned as rural residential and allows for one dwelling per acre, which would mean around 900 homes could be built. A rezoning would be required to build more homes at a higher density.

Currently, The Villages spans three counties — Lake, Sumter and Marion — and several cities including Fruitland Park, Lady Lake, Leesburg, Wildwood and Coleman. It’s the nation’s largest and fastest growing retirement community, boasting a population of more than 138,000. And it continues to climb.

In 2018, Leesburg sold about 1,200 acres to The Villages to build The Villages of West Lake. Plans call for more than 3,200 homes and a $100 million, nearly 250-acre mixed-use district, complete with a regional hospital. Construction started in August 2022.

The Villages’ newly purchased property in Mascotte appears to be about a mile and a half southwest of the property it owns in Leesburg.

The Villages is also building in Coleman and expanding further into Wildwood.

RCLCO, a leading real estate consulting group, named The Villages No. 1 in its list of the country’s top 50 master-planned communities. In 2022, the group reported, 3,923 homes were sold in The Villages, the most of any master-planned community in the nation.

That No. 1 spot isn’t new for The Villages, either. The community topped the same list in 2021, 2020 and 2019, with 4,004, 2,453 and 2,429 homes sold, respectively.

[HandyGrandpap]

This will be a game changer for those of us in TV's. The value of propertty/home values $$ are function of supply and demand. The supply side appears that it will not stop for many years.

Suspect there will not be a private egress physcial connection between the new purchase and TV's, other than public highway. The new purchased will be packaged as a new concept.
Suspect more land will be purchased to enable the new area to provide the growth (new homes) that supports $$ the family
Current parcel could support around 6,000 homes
Anticipate, guess, build out of TV (extraction of $'s for the family) to be completed ahead of the new concept as in the interim more land will be secured and infrastructure built out,

[tophcfa]

This will be a game changer for those of us in TV's. The value of propertty/home values $$ are function of supply and demand. The supply side appears that it will not stop for many years.

The game changer will be when the demand side of the equation dries up. Future generations are up to their eyeballs in debt, don’t have pensions, and many live paycheck to paycheck. At our ages, it will be our children’s issue to deal with.

[HandyGrandpap]

The game changer will be when the demand side of the equation dries up. Future generations are up to their eyeballs in debt, don’t have pensions, and many live paycheck to paycheck. At our ages, it will be our children’s issue to deal with.

very interesting and appreciated perspective

[Hape2Bhr]

I'll wait for GoldWingNut's video.

[Two Bills]

Maybe an upmarket, real gated community.

[Babubhat]

Like the phases of Del Boca Vista. Being near booming Clermont is a positive

[Altavia]

This will be a game changer for those of us in TV's. The value of propertty/home values $$ are function of supply and demand. The supply side appears that it will not stop for many years.

Suspect there will not be a private egress physcial connection between the new purchase and TV's, other than public highway. The new purchased will be packaged as a new concept.
Suspect more land will be purchased to enable the new area to provide the growth (new homes) that supports $$ the family
Current parcel could support around 6,000 homes
Anticipate, guess, build out of TV (extraction of $'s for the family) to be completed ahead of the new concept as in the interim more land will be secured and infrastructure built out,


Just for perspective, north of SR 44 there’s approximately 37 square miles. From SR 44 to CR 470 there’s approximately 20 square miles. And maybe another 20 sq mi South of 470

900 acres is 1.4 sq mi., Not exactly a "game changer."

[kansasr]

And the developer owns over 15,000 acres south of Middleton that hasn't even started yet.

[Altavia]

And the developer owns over 15,000 acres south of Middleton that hasn't even started yet.

Yep, 24 more sq mi., and they are kicking up dirt down there already.

[Michael 61]

This is all very exciting!

[tvbound]

Not really surprising, given that Da Family is getting larger, with ever so many more mouths to feed - and palms stretched out. It wouldn't even surprise me to hear that at some point in the not to distant future, that a large portion (all?) of the existing sprawl gets sold and they start fresh somewhere else (like in the area of this new purchase?).

As anyone who made it to upper management in a previous life knows, the larger the entity/responsibility, the larger the headaches and time/effort/attention suck. It's not out of the realm of possibility, that the elder Morse children may have designs on wanting to totally retire themselves at some point and hand off what has proved to be a winning formula, to the younger generations...who can start all over in a different location.

As someone else mentioned previously though, makes no never mind to us as it will be our kids choice to sell or stay in what might be by that time, the 5th largest city in Florida. lol.

[westernrider75]

This purchase is not adjacent to any property the Villages currently owns and separated by a lot of individual properties that would have to be acquired in order to do so.

According to the article the property is about one and a half miles from the property owned in Lessburg!

[Laker14]

This will be a game changer for those of us in TV's. The value of propertty/home values $$ are function of supply and demand. The supply side appears that it will not stop for many years. ...

,

I agree with your second and third sentence, however not with your first sentence. This isn't a "game changer". This is a continuation of the same game they've always played.

One of the aspects of owning a place in TV that I wrestled with for several years was the fact that if I wanted to sell some day, I would in essence be selling in competition with the developer. Eventually I wrapped myself around that reality, accepted it, and did what I wanted to do, figuring I could survive a "worst case" scenario, that likely wouldn't be all that bad anyway.

At my stage in life, I will do what I want if I can afford it, and not worry about where the chips will fall in a decade or two. I think we'll be OK.

[Veracity]

Plans for the new land acquisition could also include retail, commercial, or non-age restricted housing. Non of that would require connectivity to The Villages age restricted area. It's all speculation.

[Papa_lecki]

After reading TOTV for years, the developer finally bought land for a Villages COSTCO

[jimkerr]

The Morse family is doing it right! It’s exciting to see the growth.

[Mrfriendly]

According to the article the property is about one and a half miles from the property owned in Lessburg!

AKA the new walking trail

[Fastskiguy]

The Morse family is doing it right! It’s exciting to see the growth.

Totally agree, it's fun to be part of it.

Joe

[Michael 61]

It’s an exciting time to be part of The Villages for sure - as a younger retiree, I can’t wait to watch as all the new development unfolds over the next 20-30 years.

[ThirdOfFive]

Translation (for at least some who object): "I have my little slice of heaven, now slam the door shut!"

[coconutmama]

Maybe an upmarket, real gated community.

I’d be interested. Tired already of surrounding communities mooching off our multi modal paths, courts & pools. Maybe it would have a no short term rental clause too! That would be perfect. Guess I am dreaming…

Do like the idea of a separate Villages II concept. Can only wish.

[MandoMan]

This will be a game changer for those of us in TV's. The value of propertty/home values $$ are function of supply and demand. The supply side appears that it will not stop for many years.

Suspect there will not be a private egress physcial connection between the new purchase and TV's, other than public highway. The new purchased will be packaged as a new concept.
Suspect more land will be purchased to enable the new area to provide the growth (new homes) that supports $$ the family
Current parcel could support around 6,000 homes
Anticipate, guess, build out of TV (extraction of $'s for the family) to be completed ahead of the new concept as in the interim more land will be secured and infrastructure built out,

I suspect that the developer already owns a number of properties between this new purchase and The Villages. There is a lot of open land between the two. Highway 44, it seems, may indeed be our Mason Dixon Line between the Villages North and The Villages South. It will be a VERY long drive down to the bottom part by golf cart, and I don’t expect the 100,000 new residents to come to Spanish Springs for the music and dancing.

[Sbrothnj]

The Villages developer buys 900 acres in Mascotte – GrowthSpotter (https://www.growthspotter.com/news/lake-county-developments/gs-news-villages-mascotte-20230323-qmpgdd2kvndrzgn25f5cvpncj4-story.html)

The Villages developer buys 900 acres in Mascotte

By Katie Sartoris
Growthspotter
Mar 23, 2023 at 11:12 am

The Villages could be planning another major expansion into Lake County — this time in the City of Mascotte.

The mega-retirement community, under the LLC Buffalo Hide and Cattle Company, bought land from real estate firm Maury L. Carter & Associates for $7 million earlier this month, according to Lake County property records. The 900-acre property sits west of State Road 33, South of Austin Merritt Road and east of Honeycut Road.

The Villages’ land purchase in Mascotte comes as the community is expanding, but it is unclear at this point what is planned for the property, as no plans have been submitted yet, said Max Spann, the city’s planner.

Daryl Carter, president of Maury L. Carter and Associates, confirmed that the property was sold and that he represented the seller and was the broker. He said he could not comment on the buyer or their intentions with the property.

According to the firm’s website, the property is currently zoned as rural residential and allows for one dwelling per acre, which would mean around 900 homes could be built. A rezoning would be required to build more homes at a higher density.

Currently, The Villages spans three counties — Lake, Sumter and Marion — and several cities including Fruitland Park, Lady Lake, Leesburg, Wildwood and Coleman. It’s the nation’s largest and fastest growing retirement community, boasting a population of more than 138,000. And it continues to climb.

In 2018, Leesburg sold about 1,200 acres to The Villages to build The Villages of West Lake. Plans call for more than 3,200 homes and a $100 million, nearly 250-acre mixed-use district, complete with a regional hospital. Construction started in August 2022.

The Villages’ newly purchased property in Mascotte appears to be about a mile and a half southwest of the property it owns in Leesburg.

The Villages is also building in Coleman and expanding further into Wildwood.

RCLCO, a leading real estate consulting group, named The Villages No. 1 in its list of the country’s top 50 master-planned communities. In 2022, the group reported, 3,923 homes were sold in The Villages, the most of any master-planned community in the nation.

That No. 1 spot isn’t new for The Villages, either. The community topped the same list in 2021, 2020 and 2019, with 4,004, 2,453 and 2,429 homes sold, respectively.

Appreciate all the detail. You obviously are on top of this. Pretty interesting. But these figures always throw me. So RCLCO says the Villages sold 3932 homes last year. Is that just new construction? Villages Realtors generally quote that they build about 1000 homes a month. So those numbers work But then they also sell a lot of resales, and MLS also sells a healthy number of resales. What does that 3932 actually represent? Thanks

[defrey12]

This purchase is not adjacent to any property the Villages currently owns and separated by a lot of individual properties that would have to be acquired in order to do so.

They probably already have their hooks in much of that land already, albeit owned under different land trusts. In Florida, it’s next to impossible to determine the actual “owner” of Florida land trusts. It’s how Disney did it…

[billethkid]

Would anybody care if the XYZ company out of Dallas bought the 900 acres?

It will soon be 20 years here. Experiencing TV growing from 30,000 to 130,000. Has it affected our lifestyle? Yes.....it has become better. Once critical mass population achieved national brands started opening businesses here.

More traffic? yes....so what! Takes and extra 5 minutes out of a retired schedule....not a big deal.

T-times....never had a problem to date.

Crowded restaurants? Just go after the early birds....no problem.

The lifestyle we bought 20 years ago is still being enjoyed today!

[Jenniemae]

The Morse family is doing it right! It’s exciting to see the growth.

I agree, everything they do is quality

[Worldseries27]

not really surprising, given that da family is getting larger, with ever so many more mouths to feed - and palms stretched out. It wouldn't even surprise me to hear that at some point in the not to distant future, that a large portion (all?) of the existing sprawl gets sold and they start fresh somewhere else (like in the area of this new purchase?).

As anyone who made it to upper management in a previous life knows, the larger the entity/responsibility, the larger the headaches and time/effort/attention suck. It's not out of the realm of possibility, that the elder morse children may have designs on wanting to totally retire themselves at some point and hand off what has proved to be a winning formula, to the younger generations...who can start all over in a different location.

As someone else mentioned previously though, makes no never mind to us as it will be our kids choice to sell or stay in what might be by that time, the 5th largest city in florida. Lol.

westward hooh

[rsmurano]

Why do people think this place is so expensive and things are going to dry up? 99.9999% of the people moving here, this is not their 1st home, and I’ll bet most of these same people will be selling a house that costs much more than what they will be spending here in TV.
On top of that, a lot of people pay cash so they will be benefiting from any soft sales in TV that might occur.
All of Florida is benefiting from a huge influx of people coming from other states and I don’t see this ending anytime soon, and actually, we might be getting more people move here than in these last few years. How many new homes do you see go unsold?

[champion6]

Appreciate all the detail. You obviously are on top of this. Pretty interesting. But these figures always throw me. So RCLCO says the Villages sold 3932 homes last year. Is that just new construction? Villages Realtors generally quote that they build about 1000 homes a month. So those numbers work But then they also sell a lot of resales, and MLS also sells a healthy number of resales. What does that 3932 actually represent? ThanksSee attachment - page 1 of the 2022 TV Market Update mailed by Properties of The Villages.
2022
2,538 Pre-owned
3,923 New
6,461 Total
Not included, pre-owned sold by MLS

[Altavia]

Appreciate all the detail. You obviously are on top of this. Pretty interesting. But these figures always throw me. So RCLCO says the Villages sold 3932 homes last year. Is that just new construction? Villages Realtors generally quote that they build about 1000 homes a month. So those numbers work But then they also sell a lot of resales, and MLS also sells a healthy number of resales. What does that 3932 actually represent? Thanks

They reported 3,749 new homes closed in 2022.

[ThirdOfFive]

Why do people think this place is so expensive and things are going to dry up? 99.9999% of the people moving here, this is not their 1st home, and I’ll bet most of these same people will be selling a house that costs much more than what they will be spending here in TV.
On top of that, a lot of people pay cash so they will be benefiting from any soft sales in TV that might occur.
All of Florida is benefiting from a huge influx of people coming from other states and I don’t see this ending anytime soon, and actually, we might be getting more people move here than in these last few years. How many new homes do you see go unsold?
SO true.

Just seeing the situation in my state of origin, Minnesota, is proof of that. Minnesota's population has remained relatively stable over the last decade or so, but the NUMBERS of people don't begin to tell the tale. The people moving there are largely persons who come to take advantage of Minnesota's largesse: third-worlders, mainly Somalis, routed there by the Federal government because of Minnesota's liberal (calling it what it is) welfare policies. Migrants who work, when work is available, in Minnesota's agricultural industry and who subsist on the taxpayer's dime during the rest of the time. Folks who once a month crowd Amtrak and the bus lines to come to Minnesota to claim welfare benefits while using the local address of a friend or family member. And etc. etc. etc.

The other side of that coin are the folks who are fleeing Minnesota like deranged lemmings because of the vapid government policies, ruinous taxes and lack of effective law enforcement. But those deranged lemmings are the folks with money; not only retirees but skilled workers and professionals who have tired of what Minnesota has become. All these people take not only their money, their bank accounts, their toys and their purchasing power to the states they move to, thus enriching that state, but they're also taking with them all the potential taxes they WOULD have paid, had Minnesota not have tried to wring every possible dime out of them while they were there.

So...in Minnesota the NUMBERS have remained more-or-less stable, but the people moving out with the money and the careers are being replaced largely by people whose idea of a "career" is slurping at the public trough.

The politicians realize this. Not all that many years ago the then-Governor of Florida joked publicly that he was thinking of sending the Governor of Minnesota a thank-you card, for all the Minnesotans with money flooding into his state.

[westernrider75]

I’d be interested. Tired already of surrounding communities mooching off our multi modal paths, courts & pools. Maybe it would have a no short term rental clause too! That would be perfect. Guess I am dreaming…

Do like the idea of a separate Villages II concept. Can only wish.


Just an FYI, some of your neighbors are here because they did a short term rental to check out The Villages and decided they loved it. They are not all bad!

[midiwiz]

Totally agree, it's fun to be part of it.

Joe

until your house is worth less than what you paid for it..... supply and demand... new vs old.

[CoachKandSportsguy]

until your house is worth less than what you paid for it..... supply and demand... new vs old.

At this point in life, today or any day following could be, and eventually one will be, my last day, the value of my house is the least of my worries . . . with or without a mortgage, though the TV house has no mortgage.

future former finance guy

[skippy05]

It is true. A day of Villages reckoning will come where the generations have no retirement funds in order to buy these used houses and the place will fall into an abandon land of the dead. The only option will be to open it up to non 55 normal purchasing in order that anything gets purchased at all.

[CoachKandSportsguy]

We played golf last week all along the West Coast from Venice to Bradenton, and played with a former:

NY Fire fighter
Local Merrill Lynch rep
PA small business owner

All moved for better weather. . . and less crazy lifestyle

Twice played near Lakewood Ranch, and the traffic on 75 was jammed most of the day,
but the interesting part was south during the morning and north during the afternoon/evening
and looked like a lot of trades heading to the hurricane damage to work for the day. .

During the commute home, some light sequences weren't timed to the amount of traffic so there were
cars trapped in the middle of the intersection when the light turned red. Some restaurants had a 90+ minute wait.

Lakewood ranch is a Villages built around a normal lifestyle. Most all have terra cotta roofs, and normal residential type businesses a short drive away. . houses are a bit more expensive than TV, but you are closer to the coast.

[Goldwingnut]

This is simply long term supply chain management. They (the developer) have been doing this for years, they have to, it can take years to put together large swaths of contiguous properties to create any development. Don’t kid yourself into thinking this won’t be an eventual part of The Villages, it is only about a mile away from the Renaissance Trail property in Lake county that they acquired that is now a part of CDD14, and some digging into property records of the properties between these two parcels reveals entities with long relationships with the developer. This property will probably stay undeveloped for longer than most of the readers of this post, myself included, will be around.

As far as the market collapsing from a lack of retirees, I think you are selling a lot of the younger generations short. There are many that are planning ahead and for their own retirements, there is also, just like in our own generations, that have and are not planning for retirement. The developer has shown themselves to be adaptable to market changes for nearly 40 years, it seems unlikely that they’ll either get suck in the mud and not adapt or thrown in the towel on the family business.

[dewilson58]

As far as the market collapsing from a lack of retirees, I think you are selling a lot of the younger generations short. There are many that are planning ahead and for their own retirements, there is also, just like in our own generations, that have and are not planning for retirement. .

Not only, "don't sell the kids short".............there are significant numbers retiring for the next 20 years.

Today, there are about 11,000 people turning 65 EVERY DAY.

In 20 years, there will still be 9,000 people turning 65 EVERY DAY.

For TV to sell 4,000 homes per year, they need 10 couples or single to retire every day.

:coolsmiley:

[Laker14]

I think the older sections will remain attractive to new buyers as long as the owners of the older sections continue to maintain the amenities and common areas up to the standards that have always existed to date.
Which means, instead of complaining about the rising cost of amenity fees, and maintenance assessments, understanding that those fees are what keep the place looking good, and attractive to potential buyers who will also be looking at the new areas, and as a consequence, maintain the value of our homes.
I also think that it's important that the amenities in the older areas keep in touch with the changing desires of new retirees.

[PJ_Smiley]

We first came to TV for a visit almost 10 years ago. While driving on the turnpike near the CR 468 overpass (now Warm Springs), the Okahumpka rest area, and the then Bailey bridge (now Bexley), I commented to my family regarding the hundreds of acres of farmland/pasture that TV developer may not own the land, but the TV developer most certainly has a renewable option to buy the land. So, just because the TV developer does not currently own the land between TV and the newly purchased 900 acres, they may have (most likely) an option to buy. There is no public record of purchase options, and the potential buyer can hold the land under option for multiple years and even longer with a renewal option. The potential buyer pays an option price upfront and the option is exercised before the expiration date, renewed (for an additional fee) or the option expires.

FYI, The reason cows are grazing on property (like at the corner of 466A and Powell Rd where new Home Depot is being built) up until construction starts is so the owner can retain the agricultural exemption on the land and pay less property taxes, a lot less.

[Aces4]

Translation (for at least some who object): "I have my little slice of heaven, now slam the door shut!"

Or translation for those who object: Not at all what we wanted for a nice retirement and it feels very incestuous. Time to get out and leave it for those who love the overcrowding like a big city only on a cloistered level.

[Bilyclub]

Anybody know what they're building just South of the TV industrial park ?

[Goldwingnut]

Anybody know what they're building just South of the TV industrial park ?

Can you be a little more specific? I probably know, I just don’t know exactly where you’re talking about.

[kkingston57]

After reading TOTV for years, the developer finally bought land for a Villages COSTCO

Costco is perfectly capable of buying their own land.

[kkingston57]

Why do people think this place is so expensive and things are going to dry up? 99.9999% of the people moving here, this is not their 1st home, and I’ll bet most of these same people will be selling a house that costs much more than what they will be spending here in TV.
On top of that, a lot of people pay cash so they will be benefiting from any soft sales in TV that might occur.
All of Florida is benefiting from a huge influx of people coming from other states and I don’t see this ending anytime soon, and actually, we might be getting more people move here than in these last few years. How many new homes do you see go unsold?

Agree with most of what you have to say, but do not understand how Florida is benefitting from huge influx of people. Most people moving here are retired or about to retire. Where are the worker bees coming from? Most of the communities are 55+ communities. Take a ride on the newest parking lot 1-75. Already bumper to bumper. Florida is not doing anything to take into consideration the rapid growth rate.

[Bilyclub]

Can you be a little more specific? I probably know, I just don’t know exactly where you’re talking about.


The East side of I-75, just South of the current buildings in the Governor Rick Scott Industrial Park. They left a pocket of trees up, but are pretty prepping the land for something.

[JMintzer]

Agree with most of what you have to say, but do not understand how Florida is benefitting from huge influx of people. Most people moving here are retired or about to retire. Where are the worker bees coming from? Most of the communities are 55+ communities. Take a ride on the newest parking lot 1-75. Already bumper to bumper. Florida is not doing anything to take into consideration the rapid growth rate.

Not really...

According to the Move.org report, 65% of the people who moved were between the ages of 25 and 44 and most people moved between August and October of 2020.

Also...

Why Are People Moving to Florida? - James Madison Institute (https://jamesmadison.org/why-are-people-moving-to-florida/)

[JoMar]

Not really...

According to the Move.org report, 65% of the people who moved were between the ages of 25 and 44 and most people moved between August and October of 2020.

Also...

Why Are People Moving to Florida? - James Madison Institute (https://jamesmadison.org/why-are-people-moving-to-florida/)

Try not confuse peoples speculation or opinion with facts :)

[coffeebean]

Not really surprising, given that Da Family is getting larger, with ever so many more mouths to feed - and palms stretched out. It wouldn't even surprise me to hear that at some point in the not to distant future, that a large portion (all?) of the existing sprawl gets sold and they start fresh somewhere else (like in the area of this new purchase?).

As anyone who made it to upper management in a previous life knows, the larger the entity/responsibility, the larger the headaches and time/effort/attention suck. It's not out of the realm of possibility, that the elder Morse children may have designs on wanting to totally retire themselves at some point and hand off what has proved to be a winning formula, to the younger generations...who can start all over in a different location.

As someone else mentioned previously though, makes no never mind to us as it will be our kids choice to sell or stay in what might be by that time, the 5th largest city in Florida. lol.

Going so far south IS A NEW LOCATION!

[Kenswing]

All the land around here WILL get developed sooner or later. The only question is by who? Do you want the devil you know or the devil you don't?

[tophcfa]

All the land around here WILL get developed sooner or later. The only question is by who? Do you want the devil you know or the devil you don't?

If the devil we don’t know if building something other than a retirement community it would certainly help diversify the local economy.

[Altavia]

If the devil we don’t know if building something other than a retirement community it would certainly help diversify the local economy.

Have you seen any sign of long range planning outside TV?

Seems to be the same thing only different, hodge podge of competing chain business, clustered together, with no golf cart access.

These developmrnts will mostly be under staffed and create traffic choke points as we see happening along 466/466A.