Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   Ask The Expert about The Villages Florida Real Estate (https://www.talkofthevillages.com/forums/ask-expert-about-villages-florida-real-estate-300/)
-   -   Bond payment now all up front on new homes??? (https://www.talkofthevillages.com/forums/ask-expert-about-villages-florida-real-estate-300/bond-payment-now-all-up-front-new-homes-89116/)

howardandsheila 03-23-2014 09:52 AM
Quote:
Originally Posted by jimbo2012 (Post 849806)
yes
thanks jimbo.

Indydealmaker 03-23-2014 10:04 AM
Quote:
Originally Posted by jebartle (Post 849811)
and pay NO bond!....Yea!
All of the infrastructure costs in Lake County must then be built into the sales price. That makes development much more costly in Lake County as the developer must front that cost prior to the first sale.

Many developers fund that infrastructure with cash flow from sales which often results in home owners left holding the bag with unfinished streets, pools, rec centers, etc. as a result of a bankrupt developer.

TNLAKEPANDA 03-23-2014 10:14 AM
My sister closes on Tuesday and I would have to say Not True. That would put a real hurt on sales since most new homes you are looking at 20K plus plus.

TNLAKEPANDA 03-23-2014 10:16 AM
Quote:
Originally Posted by howardandsheila (Post 849802)
So, if I pay off my mortgage this year, my bond payment would just become an annual payment included with my tax bill?
That is exactly correct.

Bonanza 03-24-2014 06:17 AM
Quote:
Originally Posted by gomoho (Post 750837)
Well that is how it is done in most new communities - included in the purchase price. Unless there is a substantial increase in model prices don't think this would be true.
You are correct regarding the bond.
I have lived in many different places where I have been a homeowner and have never paid a bond.

I'm embarrassed to say this, but I was on the Villages mailing list for 12 years before my husband and I actually purchased here.
Years ago I had heard that the bond we have to pay is not legal.
Common sense tells me that cannot be the case because everyone still has to pay it.
Has anyone out there heard the same thing?

graciegirl 03-24-2014 06:25 AM
Quote:
Originally Posted by Indydealmaker (Post 849862)
All of the infrastructure costs in Lake County must then be built into the sales price. That makes development much more costly in Lake County as the developer must front that cost prior to the first sale.

Many developers fund that infrastructure with cash flow from sales which often results in home owners left holding the bag with unfinished streets, pools, rec centers, etc. as a result of a bankrupt developer.

Interesting. Thanks Steve. And of course the new Villages of Osceola Hills and Belle something are in Fruitland park, Lake County.

JMEZARIC3 03-24-2014 07:42 AM
Bond
 
Quote:
Originally Posted by Indydealmaker (Post 849862)
All of the infrastructure costs in Lake County must then be built into the sales price. That makes development much more costly in Lake County as the developer must front that cost prior to the first sale.

Many developers fund that infrastructure with cash flow from sales which often results in home owners left holding the bag with unfinished streets, pools, rec centers, etc. as a result of a bankrupt developer.
So the new homes in Fruitland(Lake County) will not have bonds? The cost of the infrastructure will be included in the sale price.According to Lyle this will be a gift from the developer to all existing home owners.
The Fruitland section should be the final buildout in TV and the sale price will include $20,000 TO $30,000 for the bond.

justjim 03-24-2014 08:07 AM
Cost out of sight
 
Quote:
Originally Posted by JMEZARIC3 (Post 850323)
So the new homes in Fruitland(Lake County) will not have bonds? The cost of the infrastructure will be included in the sale price.According to Lyle this will be a gift from the developer to all existing home owners.
The Fruitland section should be the final buildout in TV and the sale price will include $20,000 TO $30,000 for the bond.
If this is true, the homes in the new Village of Fruitland Park will be high indeed! :coolsmiley: Very good for current homeowners----there will be some sticker shock for sure.

eremite06 03-24-2014 09:52 AM
If an appraisal is done correctly, this shouldn't be a gift to all existing homeowners. When using comparable sales within the new Lake county area, those sales used as comps will need to be adjusted to account for the bond inclusion in the sales price.

The subject of the appraisal is valued based on whether the bond is paid in full or not.

rubicon 03-24-2014 10:37 AM
Is it an advantage or disadvantage to have a break out of the bond as a separate charge? Does it necessarily mean that residents are paying more for a house where all cost are packaged into one price?

Is it more likely that manipulation of price is easier with a breakout or with a single listed price?

OBXNana 03-24-2014 12:04 PM
We closed 2/14. We paid off the bond. The interest rate was almost double on the bond than the rate of the mortgage. If the bond is included in the selling price, the interest rate, may very possibly be lower. Plus, mortgage interest is a tax deduction and the bond is not.

I'd far rather have the bond as part of the selling price, than a payment at a greater rate of interest.

mickey100 03-24-2014 03:33 PM
Quote:
Originally Posted by OBXNana (Post 850472)
We closed 2/14. We paid off the bond. The interest rate was almost double on the bond than the rate of the mortgage. If the bond is included in the selling price, the interest rate, may very possibly be lower. Plus, mortgage interest is a tax deduction and the bond is not.

I'd far rather have the bond as part of the selling price, than a payment at a greater rate of interest.
If you're not paying the bond off it makes financial sense to have it as part of the selling price.

yabbadu 03-25-2014 07:05 AM
Quote:
Originally Posted by mrich61 (Post 750613)
Hello - I heard a "rumor" today that the Villages is now requiring bond payments to be made up front at time of closing in full upon purchasing a new home......How true is this please???

Thanks!
Why not call the sales office to confirm "RUMOR"!

yabbadu 03-25-2014 07:08 AM
Quote:
Originally Posted by Bonanza (Post 850283)
You are correct regarding the bond.
I have lived in many different places where I have been a homeowner and have never paid a bond.

I'm embarrassed to say this, but I was on the Villages mailing list for 12 years before my husband and I actually purchased here.
Years ago I had heard that the bond we have to pay is not legal.
Common sense tells me that cannot be the case because everyone still has to pay it.
Has anyone out there heard the same thing?
Have you checked with a lawyer regarding the legality?

ilovetv 03-25-2014 08:08 AM
We've paid a bond in every home we've owned in other states. It was in the price of the LOTS we either bought from a developer or with a used home we bought.

You pay for the infrastructure construction and maintenance, one way or the other. Get over it.


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