Paying $700k for a resale court yard...
 

What are people thinking.....?

Wow, what did this CYV have driveway lined with gold

If people like they can buy it at whatever value they believe is proper. Is really anyone else's problem? There are several homes currently for sale at over $1,000,000. It's their money to spend as they see fit. I see no difference between these high home expenditures and the $700,000 motor coaches , or $250,000 sports cars, etc, one sees running around The Villages, or $300,000 weddings, or private jets.

i was mistaken, not 700k, 730k....
With all the other homes available, square footage and all.....must have some great view, or gold sink fixtures, but really..

do I act jealous that I can't afford to spend 730k on a courtyard, probably or do I want to find these new owners and sell them a used golf cart for 55k......

just joking, if you got it, flaunt it.... just wondering who put this in the paper....

Think of it this way,

A rising tide lifts all ships.

Just curious ... where did you find your information on this home?

I do not believe it happened unless in downtown Leesburg. Whoops, I mean New York.

It was listed by The Villages and is now shown as pending. If you go to the TV homes website and click the "include pending homes" line, you can look at the details. It's in Edgewater Bungalows, next to the Waterfront Inn. Nice view of Lake Sumter, swimming pool, 1800SF --

i friended that site ...that we do not speak of.....on facebook and they send out articles to my facebook page daily...... this was top story today...

The bond isn't paid off. Wow

Yes, THEY VALUED IT. THE APPRAISAL WAS LESS AND THEY HAVE TO PAY CASH. Was this sold with all furnishings?

Yes it had furnishings included

If the furnishings were included and he bond has not been paid(newer home), then the reported price is not the value allocated to the Real Estate. A good appraisal(emphasis on good) would sort this out. Apparently a number of amenities were added after the initial purchase(swimming pool). The initial purchase price can mislead casual observers about how much appreciation is directly related to appreciation of the RE.

Villa Sold
 

Apparently, there were multiple buyers for this property.

I have a beautiful Villa on the golf course, water view, etc.

No Bond.

First $650,000 takes it all.

Call 555-555-0000.

CASH ONLY PLEASE!

I find it quite interesting that it is an all cash deal. There may be much more to the story. I wonder what the property taxes will turn out to be.

Still a huge profit in 3-4 years. CYV with golf course front are hard to come by. Only about 5-6 on the market at any one time. But this price seems way above the norm. It will be interesting to see the reaction of present owners of CYV on the golf course. There is a great one for sale in Bonita Villas for $399,000. It is a FSBO but not listed anywhere but ZILLOW. Address is 1093 Cottageville Lane. I believe one of the owners passed away.

i know.....really......strange.....

it would have to be all cash......i dont think even the tricky sales pros from the villages sales department could get a appraiser to agree to that price....

the mortgage banker would have to be crazy to put that mortgage thru to underwriting....

According to the online newspaper, the CYV is directly on Lake Sumter with an oversized lot, pool and waterfall.
Market value is what purchasers are willing to pay. There were multiple offers.
It's a cash deal. I doubt they are worried about a mortgage.
According to the online newspaper article, taxes are $5,083.

Hopefully they are not worried about insurance either. No way any insurance company would insure it for what they paid for it.

Not strange if they were going to sell in the next 5 years

If they insure for replacement cost, does it matter?

Bank could approve a mortgage for 80% of the appraisal value.

Must have been a bidding war. We had one on our street but nowhere near that kind of money.

WHAT tricky sales pros from the Villages Sales Department.????????

Good GRIEF! I wonder what our good and decent pro Jim McLaughlin feels about that? I can't let that go unchallenged, even if M brings up again that she thinks I work for the developer.

You know, I think this is the time of the year for negativity...and I don't like it.

when we purchased our home in the villages a few years ago, we were informed by the villages sales pro that we will be hard pressed to get a typical bank appraiser to appraise our new home. He strongly suggested that we use the villages owned mortgage company. we informed him the villages mortgage company does NOT have competitive rates and we were going outside the villagesowned companys to obtain a mortgage.

once again he explained that my bank appraisal would be not impossible, but highly unlikey for my mortgage to go to underwriting/closing within the 30 days to obtain the asking price of the home. Thus the price of the home would go up for eveyday it did not close and if i remember correctly it was about 3k for a 2 week addition for mortgage completion.

so.....he specifically said, your bank appraiser would not appraise the new home and it would take time for the VLS to convince my banks appraiser into seeing the villages price point...

needless to say, we went with a resale and did not pay a dime over the appraisal....as it should be.

ps......appraisals do not include furniture......appliances yes....furniture no.....

i'm not making this stuff up....that was reality.....

. Some of these negative stories really confound me. Not just the comment but the angry tones.

In my lengthy career as a Commercial Banker I have seen this type of transaction a few times
1 ] No , I doubt very much that such a transaction even if for " cash " is anything close to a " Money-laundering " scheme . Calling a purchase of real estate a ' cash " deal only means that there is no loan involved to acquire the property . Even a " money-launderer would not be making this public type of transaction with a suit-case full of cash :)

2] usually when you come across this type of situation there is another " part of the deal " involving a separate piece of income producing real estate or as is often the case a viable successful ongoing business .

3] The " other " part of the deal involves selling say an ongoing business at it`s " Net asset value " which leaves no capital gains to be subject to income taxes . The " Cash flow " value of the business say in this case about $500,000 is added into the price of a home residence .

4] Recall that a Homeowner over the age of 55 who has lived in their residence for 2 years or more can claim a one time tax exemption for the Capital Gains they might realize upon sale of their home .

5] So......... say I own a business which at market is worth about $750,000 as a going concern . say the physical assets of the business are worth about $250,000 . if I sold the business for $750K , I would be subject to long term gain taxes on the $500K over and above the book value which is $250K .

6] So as part of my negotiations I agree to sell the business for only $250K [ book value ] , if and only if the buyer also agreed to purchase my residence for $500K more than it might be appraised for .

7] Net result , I sell my business and my residence and avoid any Capital Gain Taxes .

8 ] Now before every former CPA , Lawyer et al come at me : I have seen this done in " real life " 2 or 3 times . The deals took place in the Buffalo area and also took place almost 10 years ago . So I would not be in the least bit surprised if the " Tax -Folks " have by now figured out how to prevent such structured transactions . Then again ..................

Edgewater Bungalows are exclusive part of the villages and in prime location. I bet few homes in that area sell for less than 500K and some probably more than this one. Just across the street in Creekside Landing the normal small CYV sell for 300K or slightly less and some probably will want more. So who cares what someone else paid? It's none of my business

Wow, that is a shocker. Makes me think we can do okay selling ours in the not to distant future. We have a designer, in a cul-de-sac, on a championship golf course, on water and have a swimming pool. I guess if it is something someone wants they will pay for it (at least to some degree)!!!!

Thank you for a thoughtful and grounded explanation. I'm still waiting for someone to say it has something to do with an alien invasion.

Watched this thread yesterday and had many good laughs. Hate to ruin your fun guys but my sister-in-law is the buyer. She is not an alien, not avoiding taxes, not laundering money, nor does she own a cigarette boat. She is a great gal that has been very blessed and fell in love with TV just like the rest of us.
We didn't tell her about this thread and hopefully she won't she it and see all the negative attitudes and envy that we told her wasn't prevalent here.
Happy New Year and let's show that we really are America's Friendliest Hometown.

Bravo and welcome to your sister in law. I also hope she doesn't read this thread. Some of the comments were clearly inane.

And we are glad she is joining us. But you have to admit there were some hilarious posts.

Happy New Year.

I LOVED seeing your post! This is so typical of an online chat site. Everyone chimes in with their assessment of the situation and then out of the blue the truth comes out ................. you actually made my day!:laugh:

Heck, I'd show her the thread. The posts are either intentionally funny or ridiculous or somewhere in the middle.
Either way, the fact that you speak so highly of your sister-in-law tells me she can handle the truth. [emoji6]

Beaner, thanks for setting the story straight.
Some of the speculation was funny, and some (like the money laundering post) was way out of line.
Your sister-in-law now has a beautiful home on Lake Sumter.
I wish her much joy and happiness in her new community.

or a $30,000 golf cart! :laugh:

You ruined a very entertaining thread. :o) Please welcome your sister in law to The Villages.

Has it been verified that this woman is NOT an alien? :-)