Buying and reselling

[tommy steam]

Have many people in TV bought homes to move up or down in TV? Like haveing a larger home and finding out it was too big so they buy a smaller one, or the other way around.

[jblum315]

Answer: A LOT of people.

[brostholder]

Happens all the time. My impression is that many people buy a small home and after a while decide they need more room. I think that happens more often than downsizing.

[Pturner]

I've read that the average villager moves three times within TV. It makes sense because needs change as one moves from snowflake or snowbird to full time.

A couple at our neighborhood pool who has lived here for 10 years in a 3-bedroom on a corner lot now wants a smaller home and lot. They are planning to sell and move to a 2 bedroom, possibly a villa. The couple from whom we bought out TV home purchased a larger home in TV.

[zcaveman]

I hate to disagree but I have to disagree.

I really think it is a low number. Do I have any statistics to back this up?

No.

Most of the people in my area are still here and I moved here in 2001. Yes we did lose a few to those that miscalculated and needed bigger garages (not houses but garages). And we lost a few to death and the desire to move back to where they came from (kids and grandkids). And we lost a few to those that wanted to move up or down. And we lost some that wanted to move to the new areas (with a generous price allowance (from the developers) because they wanted to populate south of 466.

When you decide to move to TV, figure out what you want in rooms and area, what you can afford and where you want to live in proximity to the various activities you want to do and go from there.

Every move you make causes you money.

Just plan and think about it.

Z

[2BNTV]

I am hoping with proper planning, it will be a one and done deal. :)

I hate moving!!!!!!!

[784caroline]

Its my belief that most of the multiple home buys in TV were due to "Flippping" prior to 2006. I mean it was easy to buy one day and sell days or months later for $1000's profit without even moving into the house and then buy another new home that was bigger and more modern. 2003-2006 were absolutely crazy years here in The Villages. Also alot of people back then made their initial purchase in TV not expecting it to be their permanent home but then they got here liked the lifestlye a little and then said this is for us.

Today however, in our small section of approx 82 designer homes which opened in August 2006, there have been at least 5-6 families that have moved to other homes within the Villages. In most cases these people initially bought the smaller designer, wanted to down size from up north and may not have been here full time. Then during the next 5 years they find out they want to spend more time in TV, the smaller house was not to their liking and they moved to a larger designer that had more amenities.

So people are still moving within TV but I dont think it is as fast as what it was prior to 2006. If you bought in TV in 2006-2007, any sale today most likely would not exceed your initial investment, or if it did, not enough to make you move for investment purposes. The drop in home prices and we know it today did not take place until around 2008.

[tommy steam]

Thanks to you all for the information. As if right now am tring to sell my house in NY ,ugh!..I am hoping to be in TV before the fall. We will see if it happens...

[swrinfla]

tommy:

I've also heard the "residents move an average of 3 times" figure, but have no stats to back it up.

Local 'history' may or may not prove anything!

On my street, 16 homes. All but one built in late 2004 or early 2005. The other, late 2005.

Currently, all but one occupied by the original owners, most full time. The exception: original owners never did come, as one of them became sick, subsequently died. House was purchased soon thereafter (late 2006 or early 2007, if I recall correctly) and has been occupied by the same folks ever since.

That said, next door neighbor is building an addition on her house right now. I think she decided she liked the 'hood, but wanted more space!

So, who really knows?

I do suspect that someone could probably track sales/resales/moves, etc., by studying property tax bills and such. But, you know what? I'm not going to do all that work!

:bigbow:

SWR
:beer3:

[John_W]

We bought a new masonry CYV in July, all 80 villa units sold out between January and August of this year in Tamarind Grove. I know about 15 neighbors on my street and vicinity. One is on his third home in six years. They went from rancher to designer to CYV. Another neighbor was diagnosed with a terminal disease shortly after moving in and moved back to their original state, I have heard he passed away. Villages Realty resold the home in about 60 days. Another neighbor was homesick after one month so he sold his CYV by owner during a open house and moved back to his original state only to return to TV and buy another new CYV a couple months later a few blocks away. The other 12 neighbors are 7 permanent like myself and 5 are snowbirds.

[Debfrommaine]

Think we're on of the statisics.......bought our 2nd home in 17 months.....no regrets!

[graciegirl]

Its my belief that most of the multiple home buys in TV were due to "Flippping" prior to 2006. I mean it was easy to buy one day and sell days or months later for $1000's profit without even moving into the house and then buy another new home that was bigger and more modern. 2003-2006 were absolutely crazy years here in The Villages. Also alot of people back then made their initial purchase in TV not expecting it to be their permanent home but then they got here liked the lifestlye a little and then said this is for us.

Today however, in our small section of approx 82 designer homes which opened in August 2006, there have been at least 5-6 families that have moved to other homes within the Villages. In most cases these people initially bought the smaller designer, wanted to down size from up north and may not have been here full time. Then during the next 5 years they find out they want to spend more time in TV, the smaller house was not to their liking and they moved to a larger designer that had more amenities.

So people are still moving within TV but I dont think it is as fast as what it was prior to 2006. If you bought in TV in 2006-2007, any sale today most likely would not exceed your initial investment, or if it did, not enough to make you move for investment purposes. The drop in home prices and we know it today did not take place until around 2008.

As I understand the rules on selling your home in less than a year, you will be penalized if you sell at a profit. There is a home like ours which is a brand new model now listed currently in Pennecamp. The buyer closed one month and listed it the next because she learned that her retirement plans had changed...I was told. She cannot make a profit on the house. It has to be listed at what she paid for it or below that amount because it is less than a year.

These rules are to prevent flipping. And using this hometown for an investment turn around grab your profit site. Those Morses have it figured out.

[Ohiogirl]

I think that's true (Gracie's rules about flipping) but I think The Villages only figured that out after the fact. In 2005-2006 (I heard - strictly rumor from our realtor) that they did allow multiple purchases and flipping, but outlawed it in the closing documents after they figured out what was going on.

Nowadays, of course, no flipping. We think we are just lucky to have purchased in about the only place in Florida that did not lose money big time. We bought in 2006 and think if we had to sell, we would only lose a little, if any. But we are in the under $200,000 range. Higher, we would probably have to take a loss. But, since we have no intentions of selling, we feel just fine, and happy to be able to retire at all in this economy.

[Barefoot]

Think we're on of the statisics.......bought our 2nd home in 17 months.....no regrets!

We're also one of the moving statistics. We bought a CYV 2007 and then moved to a larger home in 2009. No regrets, it's all good.

[renrod]

As I understand the rules on selling your home in less than a year, you will be penalized if you sell at a profit.
Gracie...I have heard something to that effect about the Bungalows at Edgewater (or whatever they are called), but I don't know that it is true. We just bought this year and I don't know that our sales contract had any such language, of course we bought a preowned from the previous owner. How would that be handled and who would enforce the "law/policy"???:undecided:

[Barefoot]

Gracie...I have heard something to that effect about the Bungalows at Edgewater (or whatever they are called), but I don't know that it is true. We just bought this year and I don't know that our sales contract had any such language, of course we bought a preowned from the previous owner. How would that be handled and who would enforce the "law/policy"???:undecided:

Applies to new houses, not pre-owned.

[Posh 08]

If you take the homestead tax exemption, can you sell, say, in one year?

[getdul981]

As I understand the rules on selling your home in less than a year, you will be penalized if you sell at a profit. There is a home like ours which is a brand new model now listed currently in Pennecamp. The buyer closed one month and listed it the next because she learned that her retirement plans had changed...I was told. She cannot make a profit on the house. It has to be listed at what she paid for it or below that amount because it is less than a year.

These rules are to prevent flipping. And using this hometown for an investment turn around grab your profit site. Those Morses have it figured out.


If you make any improvements to your home, be sure and keep all the receipts. They add to the cost base of your home if you sell within a year. Also, the agent's commission can be included in your resale price.

If you take the homestead tax exemption, can you sell, say, in one year?

Yes you can.