[BrianL99]

Originally Posted by Shipping up to Boston

For context, can you tell us what the original price of the home you purchased was listed for? If it was a higher end home, then that would be a nominal drop in price.....if it was from a more entry level home then that would be a steal. Especially turnkey.

I'm sure this will come as a shock to you, but you can't believe everything you read on the Internet ... not even on TOTV !

[Randall55]

Originally Posted by BrianL99

Every time the subject of STR's come up, the same folks seem to post their quasi-legal opinions and spout the delusion position, that STR's can or will be or should be, outlawed.

The Tourist trade contributed about $130 BILLION to Florida's economy in 2023.

Tourism generated $16 BILLION in state and local tax revenue.

The State of Florida has zero interest in curtailing STR's. It would bankrupt the state.

All of which contribute to the reason the state has adopted regulations that prohibit cities, towns & counties, from messing with the STR business. They can regulate (to an extent), but cannot prohibit, nor adopt regulations regarding "duration".

& for all you folks who say that occupancy can be regulated, by requiring the owner to be present, that just isn't factual. Some communities are trying that approach, but they're all getting dragged into court and the smart money says they're going to lose.

The folks (same ones all the time) that say the Developer could, would, should control STR's, don't understand the Developer's business model.

Folks keep saying, "the Developer is only interested in selling homes". That statement shows a lack of understanding of business and the Developer's business model.

Every square inch of commercial space in The Villages, is owned by the Developer. At its core, Commercial real estate demand is driven by one and only one factor. The amount of business a company can do, that's location driven. In this instance, "location driven", means (3) things. Location, demographic and population.

If the Developer woke up tomorrow and said ... "no more rentals in TV", what would happen? The value of his commercial holdings would tank over-night. 30-40% of the potential customers of the various businesses, would be gone.

The numbers are probably worst than I'm guessing, because renters/vacationers spend more money than residents. More dining out, more shopping, more golf, more of everything. Unless it was to the Developer's interests, why would he/she get involved in the quagmire of STR regulation?

The only possible change in in the rental/STR side of The Villages, would be if the CCD's took some tighter control over Guest Passes & (non)-Resident ID's. Considering the Developer essentially controls the CDD's, that's fairly unlikely. Then again, I've heard some people have been struck by lightening, twice.

We live in a free enterprise state. The state's zero interest in curtailing strs is NOT because of tourism. The state has no dominion over private property and cannot tell a owner he/she cannot rent their property. The most they can do is regulate their decision to operate a business.

Apparently, you did not read the bill. It addresses occupancy, two per room. It also requires someone to be available 24 hours to handle complaints. It seems the folks in Tallahasee see things differently than you.

The developer cannot do a thing to stop strs. Again, this is a free enterprise state. The developer, like all Florida residents, must abide by state law. Fenney once had a clause that disallowed rentals. It has since been removed. Either the Developer does not want to get entrenched in controlling strs or someone pursued legal action and he was forced to remove the clause. A clause in a deed restriction is enforceable ONLY IF it adheres to the laws of the government.

Our state says strs are legal. Nothing anyone can do to stop them.

[Bill14564]

Originally Posted by Randall55

We live in a free enterprise state. The state's zero interest in curtailing strs is NOT because of tourism. The state has no dominion over private property and cannot tell a owner he/she cannot rent their property. The most they can do is regulate their decision to operate a business.

Apparently, you did not read the bill. It addresses occupancy, two per room. It also requires someone to be available 24 hours to handle complaints. It seems the folks in Tallahasee see things differently than you.

The developer cannot do a thing to stop strs. Again, this is a free enterprise state. The developer, like all Florida residents, must abide by state law. Fenney once had a clause that disallowed rentals. It has since been removed. Either the Developer does not want to get entrenched in controlling strs or someone pursued legal action and he was forced to remove the clause. A clause in a deed restriction is enforceable ONLY IF it adheres to the laws of the government.

Our state says strs are legal. Nothing anyone can do to stop them.

Wrong.

- Some counties do still have restrictions on which homes can be used as STRs.
- The State has considered restricting STRs but has chosen not to.
- More counties would like to restrict STRs but the state will not allow them to.
- The Developer has in the past (and continues as far as I know) restricted any rentals in certain areas.

[margaretmattson]

Originally Posted by Shipping up to Boston

For context, can you tell us what the original price of the home you purchased was listed for? If it was a higher end home, then that would be a nominal drop in price.....if it was from a more entry level home then that would be a steal. Especially turnkey.

Preowned homes are sitting on the market for MONTHS. Wanting to take advantage of this, it took us a long 7 months to find a home.

We were not concerned about location, any village was fine. Daily, we would look at preowned homes and centered in on those that checked all our boxes. We paid close attention to those that were sitting. When the price dropped, we paid closer attention. Sometimes, a home would sell immediately after the price drop. Some remained on the market.

We found a CYV that went under the radar. It had poor pictures and a poor description. It had been sitting with no foot traffic. Yet, we knew the neighborhood very well. It was actually one of our desired.

We looked at the price of the home when it was bought. Turns out, the owner would make $380,000 in profit. We gave an offer $100,000 below ask. We were expecting to negotiate back and forth or lose the home entirely. Instead, we were asked for $30,000 more. We accepted.

The home was first listed for 745,000. It had several drops in price. We paid $630,000. The former owner was a 94-year-old woman who recently passed. The children did not wish to continue to pay the expenses and wanted to rid themselves as quickly as possible.

Some will say we were lucky or this did not happen. I will tell all to pay close attention to the market. There are great buys out there. You can't be choosy in location. Which doesn't matter much because NEARLY EVERYTHING in the villages can be reached in minutes.

I do not believe this strategy will work on newer homes in the south or homes less than $350,000. You have to search for homes in the North and look for an original owner. Original owners profit is one of the highest in the villages. They can and are willing to negotiate.

[Shipping up to Boston]

Originally Posted by margaretmattson

Preowned homes are sitting on the market for MONTHS. Wanting to take advantage of this, it took us a long 7 months to find a home.

We were not concerned about location, any village was fine. Daily, we would look at preowned homes and center in on those that checked all our boxes. We paid close attention to those that were sitting. When the price dropped, we paid closer attention. Sometimes, a home would sell immediately after the price drop. Some remained on the market.

We found a CYV that went under the radar. It had poor pictures and a poor description. It had been sitting with no foot traffic. Yet, we knew the neighborhood very well. It was actually one of our desired.

We looked at the price of the home when it was bought. Turns out, the owner would make $380,000 in profit. We gave an offer $100,000 below ask. We were expecting to negotiate back and forth or lose the home entirely. Instead, we were asked for $30,000 more. We accepted.

The home was first listed for 735,000. It had several drops in price. We paid $630,000. The former owner was 94-year-oldld woman who recently passed. The children did not wish to continue to pay the expenses and wanted to rid themselves as quickly as possible.

Some will say we were lucky or this did not happen. I will tell all to pay close attention to the market. There are great buys out there. You can't be choosy in location. Which doesn't matter much because NEARLY EVERYTHING in the villages can be reached in minutes.

I do not believe this strategy will work on newer homes in the south or homes less than $350,000. You have to search for homes in the North and look for an original owner. Original owners profit is one of the highest in the villages. They can and are willing to negotiate.

Those anomalies do exist. To the victor goes the spoils. Golf clap

[Randall55]

Originally Posted by Bill14564

Wrong.

- Some counties do still have restrictions on which homes can be used as STRs.
- The State has considered restricting STRs but has chosen not to.
- More counties would like to restrict STRs but the state will not allow them to.
- The Developer has in the past (and continues as far as I know) restricted any rentals in certain areas.

Not exactly. Yes, There are places that restrict strs through their deed restrictions. Most people in these communities do not challenge and are happy to follow. But, all it takes is one individual who is willing to seek legal action on ANY clause they believe is unlawful. Sometimes, a person does just that and the only people privy to the legal action are the lawyers, person contesting, and developer.

It is similar to signs posted in some areas. Beware! Look for trippng hazards, or something similar. They then try to avoid paying out when someone does indeed fall and is injured. The person injured can easily get a lawyer and have their medical bills paid.

You can write whatever you want. It doesn't mean it is legal. I believe the Developer removed the no rental clause in Fenney because he is intelligent enough to understand this. Or, he has a great team of lawyers checking and rechecking the legality of each clause in his deed restrictions.

Why do you believe the no rental clause was removed? Just curious to hear another viewpoint. The counties you are referring to were grandfathered in when new legislation was passed. It has nothing to do with deed restrictions.To the best of my knowledge, Sumter is not one of those counties.

Many of us know the story of the white cross lawn ornament. A person MOST DEFINITELY can fight deed restrictions.

[Bill14564]

Originally Posted by Randall55

Not exactly. Yes, There are places that restrict strs through their deed restrictions. All it takes is legal action to show a clause is not enforceable because it goes against government laws. People in communities do not challenge their deed restrictions. They are happy to follow. But, all it takes is one individual who is willing to seek legal action. Sometimes, a person does just that and the only people privy to the legal action are the lawyers, person contesting, and developer.

It is similar to signs posted in some areas. Beware! Look for trippng hazards, or something similar. They then try to avoid paying out when someone does indeed fall and is injured. The person injured can easily get a lawyer and have their medical bills paid.

You can write whatever you want. It doesn't mean it is legal. I believe the Developer removed the no rental clause in Fenney because he is intelligent enough to understand this. Or, he has a great team of lawyers checking and rechecking the legality of each clause in his deed restrictions.

Right back at you.

Why do you believe the no rental clause was removed? Just curious to hear another viewpoint. I believe the counties were grandfathered in when new legislation was passed. It has nothing to do with deed restrictions.To the best of my knowledge, Sumter is not one of those counties.

I honestly don't know why it was removed. Seeing that it was removed in two steps, I assume it was because an influential individual purchased in that area and petitioned the developer to ease the restrictions for him. But, I really don't know.

The restrictions were not removed from "Fenney." The restrictions didn't cover "Fenney." The restrictions were removed from one unit within CDD12. In fact, that unit is not listed as Fenney but rather, it is listed as Southern Oaks (of which Fenney may be a part). However, there is another unit within CDD12 that had non-rental language added in an amendment. That unit is named Fenney in the deed restrictions.

[Randall55]

Originally Posted by Bill14564

Right back at you.



I honestly don't know why it was removed. Seeing that it was removed in two steps, I assume it was because an influential individual purchased in that area and petitioned the developer to ease the restrictions for him. But, I really don't know.

The restrictions were not removed from "Fenney." The restrictions didn't cover "Fenney." The restrictions were removed from one unit within CDD12. In fact, that unit is not listed as Fenney but rather, it is listed as Southern Oaks (of which Fenney may be a part). However, there is another unit within CDD12 that had non-rental language added in an amendment. That unit is named Fenney in the deed restrictions.

Thanks for the correction. The removal still seems odd to me.

[Normal]

Originally Posted by Randall55

Thanks for the correction. The removal still seems odd to me.

Just a special interest thing done by the Developer. You know, kind of like having county commissioners removed (who won in a landslide) that wanted to charge the Developer due impact fees like other developers are charged. Then again, the friend up in the governor’s mansion was sure to appoint pro developer commissioners so the people wouldn’t have a say. Money talks.

[Randall55]

Originally Posted by Normal

Just a special interest thing done by the Developer. You know, kind of like having county commissioners removed (who won in a landslide) that wanted to charge the Developer due impact fees like other developers are charged. Then again, the friend up in the governor’s mansion was sure to appoint pro developer commissioners so the people wouldn’t have a say. Money talks.

Is there still an area in the Villages that has a no rentals clause in their deed restrictions? I looked at Villages 4 rent site. Every village seems to have rentals. I thought at one time Fenney restricted them in their deed restrictions. But, there are homes in that area available for rent on that site. Am I confused?

[DebMil]

Originally Posted by Normal

While few care for STRs in their neighborhoods, they still exist. The housing economy should flush many of them out of business I hope.

All the same I ran across a useful website for calculations and rentals… Causal: a browser-based modelling tool

It is very informative for those still wishing to delve into treacherous waters before the bottom falls out of the market. When all is said and done by summers end, we should see solid below 200 dollars a square foot averages.

Let's hope it doesn't go that low as even the newer patio homes will lose money. We need a bit bigger home and I see the home prices dropping like crazy..in most cases, the over 55 buyer used to pay cash up to say 400k. So interest rates should not be affecting sales, but it seems to be..

[Randall55]

Originally Posted by DebMil

Let's hope it doesn't go that low as even the newer patio homes will lose money. We need a bit bigger home and I see the home prices dropping like crazy..in most cases, the over 55 buyer used to pay cash up to say 400k. So interest rates should not be affecting sales, but it seems to be..

Prices are all over the board. A few preowned are selling at aggressive prices but the majority are sitting on the market for months. Daily, I see price reductions up to $50,000. Moultrie Creek is selling quickly but Denham and Dabney still have quite a bit of inventory even with reduced prices. The market is unstable to say the least.

[BrianL99]

Originally Posted by margaretmattson

The ENTIRE community can be driven end to end in 30 minutes. The ENTIRE community is full of golf courses and amenities all pretty much identical to each other. Each is minutes away from another. The ENTIRE community has cookie cutter homes. The ENTIRE community is located minutes away from town squares. My daughter is looking for a home. I'll tell her to look at the ENTIRE community for location, location, location. Thanks for pointing this out. We couldn't figure this out ourselves. Nice to have someone teaching us amateurs.

Originally Posted by margaretmattson

Flippers do not go to remote areas and wait until a home becomes desirable to sell. They look for areas where they can make $$$$. This is why areas like Richmond sell out quickly. [Homes close to squares bring in large, year-round, rental income. The homes are also ridiculously easy to flip for a large profit.

If you are thinking about buying your forever home near a square, be warned. You may be surrounded by rentals and neighbors who have no plans on staying. When they leave, another rental may be added to your neighborhood. AirBnB owners snatch as many homes near the squares that they can get their hands on.

Originally Posted by margaretmattson

On several of your comments, you continue to call other posters amateurs.

So which is it?

Are all homes locations "identical" or are homes near Squares more desirable or "better for appreciation"? Or does it depend on what day it is?

I probably should have used the word, "non-professionals" or "less savvy", perhaps?

[Randall55]

Originally Posted by BrianL99

I probably should have used the word, "non-professionals".

Reading comprehension is important. What FLIPPERS and INVESTORS do has nothing in common with how OTHER BUYERS choose to purchase a home. Location in a cookie cutter community is not important to all. Some see every village as nearly identical. The home and features are most important to them. YOU believe one village is better than another. FLIPPERS, INVESTORS, OTHER BUYERS, and YOU have different needs. To each their own. No need to call others names or continue unnecessary battles.This is an opinion based forum.

[Normal]

Originally Posted by DebMil

Let's hope it doesn't go that low as even the newer patio homes will lose money. We need a bit bigger home and I see the home prices dropping like crazy..in most cases, the over 55 buyer used to pay cash up to say 400k. So interest rates should not be affecting sales, but it seems to be..

Would you consider renting a home here and selling your existing home before the bottom of the market? There are options to circumvent realtor fees and charge a competitive/aggressive price for faster liquidation.

400k is a lot of money to many people. The market in a home state is affected by interest rates. People aren’t selling right now because their home values have dropped in most places. Buying a home in many cases is contingent on selling the previous dwelling.

I certainly hope you find your ideal situation and get the home you wish for. There is the possibility of a blip in interest rates if the FED makes an announcement to hold rates or lower them.