Housing $ situations in the USA

[glgene]

I have seen 'heat maps' that show states in the USA that are faced with distressed housing prices (including some metro cities in FL). Is TV the only spot in FL that is exempt from this condition?

I understand the law of supply and demand, and it must simply be the huge demand for TV that keeps it a robust housing market.

The other factor in TV's favor, I presume, is because many (most?) people aren't saddled with a mortgage, which greatly helps TV in its very low foreclosure factor. Cities with an undesirable unemployment situation are certainly more prone to have distressed housing prices (and foreclosures).

Am I missing anything?

Three cheers for TV!

Gene (& Kathy)
TV gonnabe's

[glgene]

Curious...would anybody care to guess what % of persons who buy at TV (say, over the past 5 years) take out a mortgage on their house?

My uneducated guess would be less than 30%. Am I high, low, or close?

Again, just curious. I have no special reason for asking.

Gene

[RVRoadie]

It is just in TV. Just picked up another foreclosed house within 5 miles of TV. Built in 2005 for $199k, got it for $78k. They make great rental properties.

[wendyquat]

I am totally amazed at how distressed the market is here in Phoenix. My brother got a "great deal" on a 4 BR 2 1/2 bath 2600 sq. ft. home built in 2006. The original owner paid $240,000 and died. In 2008 his son sold it to my brother for $160,000. Thinking he got a great deal, he put several thousand adding plantation blinds, upgraded light fixtures and fans and landscaping. Right now, similar homes have sold recently for less than $80,000. Most people are "upside down" and owe more than the house will sell for so many are facing foreclosures and some will just have to "walk away" if they are faced with having to move from the area. No one can "put their finger on" what caused such a downturn - - just supply and demand I suppose.

[2 Oldcrabs]

Prices have come down in TV. Just not to the level most of the country has seen. The delveloper has lowered prices on new homes or changed the names of homes and priced it lower. The developer has a great marketing department that convinces people they are buying a "life style" not a home. I am not convinced the life style today will be there when the build out is complete. We will probably buy a home there when ours sells in De. but with both eyes open and the expectation that when we do need to sell in TV we probably lose money on our TV home.:posting: You have to decide if the "life style" is worth the premium.

[Figmo Bohica]

Our broker advised us not to pay cash for our home, at least not until the Government takes away the mortgage deduction.

[memason]

Prices have come down in TV. Just not to the level most of the country has seen. The delveloper has lowered prices on new homes or changed the names of homes and priced it lower. The developer has a great marketing department that convinces people they are buying a "life style" not a home. I am not convinced the life style today will be there when the build out is complete. We will probably buy a home there when ours sells in De. but with both eyes open and the expectation that when we do need to sell in TV we probably lose money on our TV home.:posting: You have to decide if the "life style" is worth the premium.

I hear you, but so far, 80,000+ people have decided the premium is well worth it. I looked for something to be "wrong" with TV for 5 years, before moving here full time. I only found one thing wrong....I WASN'T HERE! Now, it's perfect! :D

[senior citizen]

Curious...would anybody care to guess what % of persons who buy at TV (say, over the past 5 years) take out a mortgage on their house?

My uneducated guess would be less than 30%. Am I high, low, or close?

Again, just curious. I have no special reason for asking.

Gene

I would guestimate that most retirees have owned and paid off many homes in their lifetime and WOULD NOT want a mortgage later in life....meaning after retirement. We paid off our mortgage in our mid 40's and would certainly not want another one in our late 60's. Deduction or not for tax purposes.
It's more a peace of mind thing.

So, I would say for us no mortgage.

[mulligan]

The thing that always puzzled me when people tout the advantages of a "tax deduction" is that in order to claim it, you still have to spend the money first. As far as I can see, the bottom line is $0 gained.

[villagegolfer]

Curious...would anybody care to guess what % of persons who buy at TV (say, over the past 5 years) take out a mortgage on their house?

My uneducated guess would be less than 30%. Am I high, low, or close?

Again, just curious. I have no special reason for asking.

Gene

I remember reading somewhere that it was around 40% who take out a mortgage. I believe it is accurate. When you see a house getting surveyed, it usually means they are applying for a mortgage.

[Challenger]

I am always taken back when people tell me that they only got a mortgage in order to have a tax deduction. I don't think this works unless you are in the 100% or + bracket. ??

[graciegirl]

I am totally amazed at how distressed the market is here in Phoenix. My brother got a "great deal" on a 4 BR 2 1/2 bath 2600 sq. ft. home built in 2006. The original owner paid $240,000 and died. In 2008 his son sold it to my brother for $160,000. Thinking he got a great deal, he put several thousand adding plantation blinds, upgraded light fixtures and fans and landscaping. Right now, similar homes have sold recently for less than $80,000. Most people are "upside down" and owe more than the house will sell for so many are facing foreclosures and some will just have to "walk away" if they are faced with having to move from the area. No one can "put their finger on" what caused such a downturn - - just supply and demand I suppose.

When a home is sold at a loss, due to foreclosure and short sales, than the other homes around it are devalued. Now this only comes into play when someone tries to get a mortgage. The appraisal is based on what other homes in the area sell for. So what has SEEMED to have happened, and maybe this belongs in political, is that people who didn't have the money to pay for a home were given a loan for a home and they defaulted. It is our American generosity that probably caused it. We want everyone to be happy.

I remember when we were kids buying our first home and we scrimped and saved and went without to have the 20% down for that conventional loan. AND we figured and refigured our budget so that we could make the payments on that home that cost $13,900. We had one older car and I cut my own hair.

So here we are. We somehow survived all those "deprivations" that everyone was doing at the time.

[Bogie Shooter]

Prices have come down in TV. Just not to the level most of the country has seen. The delveloper has lowered prices on new homes or changed the names of homes and priced it lower. The developer has a great marketing department that convinces people they are buying a "life style" not a home. I am not convinced the life style today will be there when the build out is complete. We will probably buy a home there when ours sells in De. but with both eyes open and the expectation that when we do need to sell in TV we probably lose money on our TV home.:posting: You have to decide if the "life style" is worth the premium.

I have not seen any evidence to support that our life style will change when buildout is complete. What is your basis for believing that it will?

[jblum315]

I have not seen any evidence to support that our life style will change when buildout is complete. What is your basis for believing that it will?

I believe most people are thinking too many people and not enough regional rec centers and restaurants.

[RVRoadie]

I have had two appraisals done in the past year as a result of getting a Home Equity line of credit. Last year house was $246k, this year $244k. Very little downward pressure here in TV.

[batman911]

Appraisals are based on past sales. Appraisals will remain high as long as the developer is selling new homes at higher prices than the surrounding area which also keeps the resale prices higher. The reality check will come when/if buildout occurs. Will the demand for resale homes in TV be sufficient to maintain those prices? Without the developers advertising funding and PR department, prices could drop. Other developers could open new communities next to TV. Only time will tell.

[KEVIN & JOSIE]

The way I look at it, if you are happy with the lifestyle, happy with your home, can afford your home, who really cares about what the market will do unless you want to sell it. After all, none of us are getting younger, and really who cares how much you have to leave behind when you die. Life is not promised, and can be taken in an instant. Enjoy everyday!

[villagegolfer]

The way I look at it, if you are happy with the lifestyle, happy with your home, can afford your home, who really cares about what the market will do unless you want to sell it. After all, none of us are getting younger, and really who cares how much you have to leave behind when you die. Life is not promised, and can be taken in an instant. Enjoy everyday!

:BigApplause: This is the best post I have read today.

[graciegirl]

The way I look at it, if you are happy with the lifestyle, happy with your home, can afford your home, who really cares about what the market will do unless you want to sell it. After all, none of us are getting younger, and really who cares how much you have to leave behind when you die. Life is not promised, and can be taken in an instant. Enjoy everyday!

:thumbup:

I so agree!

[Larry Wilson]

Bargains on pre-owned in here.
Friend just had a $300,000 bid accepted on a concrete w/cement finish house that cost half a million in 2006. Got a mansard lanai, a pool, and built in spa. Huge garage- 2 car plus golf garage. Pre wired sound system. Tile and granite and more. Best part- it is on Palmer golf course with golf path on the other side of golf course. Breathtaking views.
Can't say more as friend would kill me. Let's just say it went for far less than asking price. Yes he paid cash. Daughter had inherited and she was willing to really deal. Don't give up on your dream house.

[jackz]

The way I look at it, if you are happy with the lifestyle, happy with your home, can afford your home, who really cares about what the market will do unless you want to sell it. After all, none of us are getting younger, and really who cares how much you have to leave behind when you die. Life is not promised, and can be taken in an instant. Enjoy everyday!

Totally agree. Note my signature line for additional proof....

[Dennis Ga]

The way I look at it, if you are happy with the lifestyle, happy with your home, can afford your home, who really cares about what the market will do unless you want to sell it. After all, none of us are getting younger, and really who cares how much you have to leave behind when you die. Life is not promised, and can be taken in an instant. Enjoy everyday!

I love your thought of ENJOYING EVERYDAY.
:BigApplause:

[mrfixit]

I love your thought of ENJOYING EVERYDAY.
:BigApplause:

.............been DRINKING to "that" for LOTSA years..... NOW...my kids send me $$$$....PAYBACKS are "SUH---WEEEETT". They call it "GEEZER COLLEGE FUNDS".

[784caroline]

If you take out a mortgage to get a tax deduction you are spending $7 to get$3 back.......now having this deduction most likely will alllow you to itemize and add more deductions..BUT this should not be the reason to take out a mortgage.

[Pturner]

I hear you, but so far, 80,000+ people have decided the premium is well worth it. I looked for something to be "wrong" with TV for 5 years, before moving here full time. I only found one thing wrong....I WASN'T HERE! Now, it's perfect! :D

I loved Kevin and Jose's post, too-- and let's not overlook this gem. :thumbup:

[2 Oldcrabs]

I have not seen any evidence to support that our life style will change when buildout is complete. What is your basis for believing that it will?
We have been looking at TV since 2004. We could not move because of elderly parents issues. Things have changed for us and our house in De is on the market. We know of 2 couples who moved to TV in 1998. They have both moved this year because they felt TV has changed too much. The music at the squares has changed, the pools are not as warm in the winter and the delveloper is putting all the money into amenties south of CR466. Lets not forget the POA had to sue the developer to get improvements. There are things in place to try and keep the life stye in place , but the developer is the driving force. When I listen to TV sales people, I sometimes think I am listening to a Timeshare sales presentation without the high pressure. I have a sister who has lived in TV since 2008. She thinks she has died and gone to Heaven. I met people in "Top of the World" who use to live in TV and moved because of the crowds in TV. With the build out, will it be too crowded? Is the extra 30-40% you pay for a TV home worth it? Some people will tell yes others wil tell you no. I still think we are going to buy in TV but we are trying not to let our emotions make the decision.:mmmm:

[villagegolfer]

is summertime in The Villages. I have spent the last few months golfing when I feel like it, no lines at the restaurants, traffic has been light and everybody is happy. My neighbors will come back from the north in a few months and I will have fun with them. I will alter my schedule for a few short months and then they will be gone again, leaving me with all this great stuff.

Life is great.

[Bogie Shooter]

We have been looking at TV since 2004. We could not move because of elderly parents issues. Things have changed for us and our house in De is on the market. We know of 2 couples who moved to TV in 1998. They have both moved this year because they felt TV has changed too much. The music at the squares has changed, the pools are not as warm in the winter and the delveloper is putting all the money into amenties south of CR466. Lets not forget the POA had to sue the developer to get improvements. There are things in place to try and keep the life stye in place , but the developer is the driving force. When I listen to TV sales people, I sometimes think I am listening to a Timeshare sales presentation without the high pressure. I have a sister who has lived in TV since 2008. She thinks she has died and gone to Heaven. I met people in "Top of the World" who use to live in TV and moved because of the crowds in TV. With the build out, will it be too crowded? Is the extra 30-40% you pay for a TV home worth it? Some people will tell yes others wil tell you no. I still think we are going to buy in TV but we are trying not to let our emotions make the decision.:mmmm:

I have been here since 2001 and I disagree with everything you have said.

[jgbama]

I have seen 'heat maps' that show states in the USA that are faced with distressed housing prices (including some metro cities in FL). Is TV the only spot in FL that is exempt from this condition?

I understand the law of supply and demand, and it must simply be the huge demand for TV that keeps it a robust housing market.

The other factor in TV's favor, I presume, is because many (most?) people aren't saddled with a mortgage, which greatly helps TV in its very low foreclosure factor. Cities with an undesirable unemployment situation are certainly more prone to have distressed housing prices (and foreclosures).

Am I missing anything?

Three cheers for TV!

Gene (& Kathy)
TV gonnabe's

I've noticed a number of posts getting a little off topic of your thread (happens all the time:D), but as you stated the depressed markets everywhere are a real concern, expecially for us gonnabe's.

We, closed in March, on our beach place in Panama City Beach, FL for just a little more than what we owed, not what we paid in 2002. But we were happy to unload it so we can start preparing, financially, for TV.

We will probably have a mortgage because we will probably not get what we would like on our home here. I'm not opposed to a mortgage, but do want one as low as we can get so we will have the funds for other things (i.e. trips, cruises, DisneyWorld, etc.).

I agree with some of the posts about why have a mortgage just to have a tax deduction. But, we certainly don't want to drain everything to avoid a mortgage.

Good luck on your quest to become frogs!!