I don't mean to beat a dead horse, but are these prices of used homes for real.
 

I am looking for a home in the Villages but am getting very discouraged over the very recent increase in prices, are these for real?. I looked at a home this morning that sold for 345K in April, today it listed at 700K, this is insanity. I can't believe people are really buying this stuff.

They are.....and have been!

We went thru this B4 2001 to 2007 housing bubble. It's not only happening here.

Isn’t it happening where you are now?

$345 to $700 in under a year???

I wonder if it is the exact same house

that said, it certainly appears to be a sellers market

Please post the address.

5746 Landon Ave, sold April 2021 346K listed at 697,500 now, they may have added a pool, but still a 101% increase in 9 months. The crazy thing about it is, that it will probably sell in 15 minutes.

Yes as long as one does not have to buy another property as the advantage will be absorbed by the escalated price of the new property!!

I though all buyers had to sign a legal document stating they would not sell their house for a year.

Owner's Name PAN AMERICAN PROPERTIES INC
Site Address 5746 LANDON AVE, THE VILLAGES, FL 32163
Mail Address 17 UNION RD RTE 221, C1E 3B2, FC


The Villages is also the lister. Looks like some sort of flipping?

Insanity is the real estate commission. At 6% in April it was $20700. 9 months latter the same house commission is $42000. According to some sources people are standing in line to buy houses. The way I see it the real estate firm is doing less work and less advertising expenses at a minimum. Are the sellers really paying these (fill in the blank) kind of commissions ?

They mention the home cannot close until April 9th I believe.

Ok I get it now, foreign buyers buying up property as investments, then flipping them in a year. I, naively didn't realize that was happening there. Buy it, rent it out for a season then flip it.

Yeah, just read the flyer. Looks like the pool was added too. No birdcage over the pool.


The Villages - POH Flyer

House prices are insane. I guess if you sell your place up north for a crazy price, you are willing to buy here for a crazy price. Lots of factors driving the prices higher such as companies such as Zillow buying homes. I've read they recently stopped. Prices will fall. It's just a matter of when.

If these #'s are correct, I suspect that previous buyer had many upgrades including a swimming pool. Our neighbors did the same thing.

Suspect that the amount of potential buyers is dwindling. This should calm the market down

Canadians.

It appears that some of the seemingly overpriced resales are NOT selling.

I Iris near us sold for about $440K last summer. Now a nearby Iris is asking $565K and it has gone unsold for several weeks.

LOL a ray of hope.

I personally know for a fact (ie. I know those doing it) are flipping houses and making hundreds of thousands of dollars. I know one couple that just made $800,000(profit) after adding a pool.

And people are paying $1,700,000 for a 2,000 sq ft house with a pool. That is only happening here.

The question is why.

To me it seems sorta like buying a sandbox in Las Vegas. There are (as I recall reading) over 100 pools available for TV residents; heated and sanitized.

I am surprised at how few homes are for sale between Lake Sumter Landing and Pinellas. That's a pretty highly sought after area, due to proximity to LSL, Brownwood, many executive and championship courses.
There just isn't much to be had there.

I believe the beautiful new pool at Homestead Rec Center in number 103.

The obscene increases is not just TV, it's nationwide. While I think the bubble will soon be pricked, I don't see the bottom going back to where it was even 1-2 years ago. In hindsight it seems we sold our old home a bit early, anticipating a quick move to TV (yet to happen), we were satisfied at the time and still are, particularly since the invested proceeds have done extremely well. Sooo, we'll wait for a correction that we think is reasonable (smart enough to not try and time the absolute very bottom), then purchase in our preferred area which is a +-2 mile radius from LSL. In the meantime, there's a lot worse things than spending winters here renting. Except maybe last week...or next. lol

Re: prices for homes, you can ask whatever you want. The question is what do you sell it for. We I guess like all people have experience, not much but some experience buying homes, selling homes and shopping for homes. Frankly home costs are going up everywhere. First of all there is high demand due to low mortgage rates, and there is also higher building costs, higher cost for land, causing a shortage of new housing stock. A home that sold for 345 and now listed at 700. Obviously a lot of missing details. Assuming it is really worth the 700,000. It is possible someone put a lot of money into the home. We all are aware of those shows about people who update homes and then resell them. Perhaps, as my sister did, she sold her home to her daughter for far less than it's real value.

Our own experience. We sold our home for roughly 6x what we paid for it. When, be bought it roughly 40 years ago, we paid roughly 3x what my parents paid for their home which was roughly twice the size of ours roughly 12 years earlier. For a down payment I put down, in cash, what my parents paid for their home. I never thought it would go up as high as it did. We bought in the villages 9 years ago. Again, I never thought it would go up-BUT IT DID.

My point is all must decide what they want, WHAT THEY CAN AFFORD. WOULDA, SHOULDA COULDA, MIGHTA does not help at all. Like say the stock market. Hindsight is of no value. WOULDA SHOULDA COULDA MIGHTA is also of no value.

Rather than looking at what people are asking, you'll get more meaningful information on Trulia. You can search "recently sold", and filter for "newest". You won't see anything handled by The Villages Realty, only MLS listing sold. No question things are going up, but not as crazy as what you might think looking at some of the asking prices.

Demand is increasing a lot.
Supply in increasing a little.
Driving more developments just outside our bubble. Wildwood is building up fast.

However these higher sales prices should help reduce the tax burden for us that remain in our humble abodes.

I'm in Sumter, so assuming the land baron developer of the villages doesn't succeed with the deceitful plan to impose increased tax burden to existing homeowners for future development (impact fees), shouldn't I assume that my tax bill will go down?

Let's assume the population increases by 3701 people this year....that's just over 2.6%. Then let's assume that costs to run the county go up by 7% this year (LGB affect).
There aren't many children vs population so funding of schools shouldn't increase too much..
So maybe the county costs go up by 8.5%. Maybe less since they are cost cutting (Village annex closed).

Each homeowner burden is based on the assessed value of their home (real value is determined at a sale / assessed value increases are capped / but can be reduced during downturns by the action of the county assessor)
Since 1995 the assess value can increase no more than the CPI or 3% whichever is lower, assuming no major upgrades.

Now...due to the huge cost (value) increases for homes sold recently, the revenue to the county from the new homeowners will be substantially higher.
Seems intuitively obvious that my meager dwelling should bear a lesser burden thanks to the influx of the increased revenue.

https://floridarevenue.com/property/Documents/pt107.pdf

County Millage Rate Information | Sumter County, FL - Official Website

sumter county population increase 2020 to 2021 - Google Search

http://https://www.**************.co...cent-tax-hike/

One Year Rule Only Applies to First Owner.
 

Not all buyers .. First time buyers, After that, it's the free market at work. Nobody is forcing anyone to buy a home Will the bubble burst some day ? It certainly has in the past.. but how, when and where is what makes the game interestinghh

Nope. Been getting mail for 4 percent commissions. Zero is the right number in this market

Actually, in the same neighborhood, about 2 streets down, another owner is selling his house for 1.5+ million. I understand he paid 770K for it 11 months ago. It is listed as needing to close right after his 1-year mark, so he can keep the profits. He did upgrade the interior quite a bit -- although, not 100% markup improvement.

The owner and his wife are private citizens, not a corporation. I'm told they like to personally flip homes in the Villages.

It's all fun and games until someone loses an eye.

A lot of Chinese money….. they buy and rent…..our grandchildren will all be renters someday to the CCP…

I've discovered the best time to invest in a home is just after a hurricane passes through... if you look at the prices over the years... there are huge price swings. The current price increase seems to be the cost of materials and labor... labor is in such demand and so much work right now. Look for a temporary solution and wait. I am also looking for a home in the Villages... I'm a cash buyer and when I see it... I will have to jump!!! no hesitation allowed.

I guess you missed this post. Definitely not Canadian.

Owner's Name PAN AMERICAN PROPERTIES INC
Site Address 5746 LANDON AVE, THE VILLAGES, FL 32163
Mail Address 17 UNION RD RTE 221, C1E 3B2, FC

Well that is extreme, but seems every homeowner is very happy with the demand for homes in the Villages especially if have owned it for several years. They say villagers move an average of three times,judging from prices over the years buying and selling with continued price increases makes for a very nice cash retirement.

The solution is not to buy in The villages. There are at least 8 or 10 other Senior communities all with lovely golf courses 50% of the price of The villages. It's cold location location. PS and yes it is happening all over the country my son is priced out of the market as a home that was half a million last year is now 1 million so isn't it crazy that our children and their grandchildren will never ever be able to afford homes again especially since interest rates are going to be rising to fight inflation

Apples to apples comparison would be two sold prices. Your example is a sold vs a listing price. Also it’s in Hawkins and should come with built in audio of THE TURNPIKE

No home jumped that much in price unless someone discovered oil or gold there. Might be a good idea to check those figures again.

I’m glad I’m not the only one who realizes this

That price seems pretty extreme. We just bought a nice 2 and 2 built in 2009 for $285K. Our budget was $310K, so we were happy with our purchase. We bought it for a snowbird home, but we were prepared to keep looking if we didn't find what we liked.

It has appreciated like all homes there but not a real crazy amount. Like many have said, home prices are up everywhere and inventory is at an all time low.

We're trying to downsize from our 3000 sq ft home here in SW Indiana, but we can't even find anything to go look at around our area.

I don't see TV home market cooling off for a while. Too many boomers looking to move to warmer weather. And there's a lot of us. Factor into that as well, more people are retiring early than there used be.

I'm thinking the market will level off at some point, but who knows when.
I'm 65 and my wife is 66. We don't feel like we have the time to wait it out. Now, if we were 10 years younger we would probably be willing to see how it all shakes out. Then again, it may never go down. It's a roll of the dice.

Negotiate, negotiate, negotiate. We paid our agent 1.25 % and the buyer 2.5% when we sold our home in Texas to move here.