TV real estate might hold value longer than the average
 

https://x.com/TrishaFLsun/status/1803763885331112300

Ouch, sale by private equity (PE) landlord starting to unload houses at steep discounts. .
I can't be happier as PE landlords should be limited or prohibited.

Access to this page has been denied

TV has competition for VALUE per sq foot based upon the house alone. .
TV might hold its value more for the location. .

Mortgage Applications at 35 year low
 

I think many households will be OK as long as they aren’t trying to sell right now. If anyone was thinking of selling, it may be better to just ride things out and pull their home off the market till things get better. It shouldn’t be a time for anyone to buy unless they are desperate or offered one heck of a deal by a seller. Builders in many areas of the state have stopped construction for now.

Of course it is no secret that this week’s mortgage applications are at a 35 year low. Not great when you consider about 55% of all Villages home purchases are financed.

This resale in Lake Denham (that desolate area with nothing around it) is under contract. No way to know what they sale price is until after closing, but it was listed at 1.2 million.

I realize it's a "premier" but it's really just a nice designer home with no pool. Great location but I am being told that I shouldn't have bought in Lake Denham because I'll lose my shirt. Sale like this says otherwise.

The Villages(R) Homefinder - Find Your Dream Home

Still selling 70-100/week.

Pending says $980,000. Closing in August.

I'm very familiar with that area. My parents bought their vacation home around there over 40 years ago. I've spend around a month a year for almost 40 years there. I even own some land around there that I bought in 2007.

It's extremely saturated with speculative investors. You can check the property records for any given street and often the majority will be owned by foreigners in South America or Asia, or some corporation. It's been like this for 20+ years.

I don't think there's any valid comparison there to The Villages area that proves anything. The area was oversold and now many people are in unloading mode. Just look at Zillow for that area and you'll see thousands of homes and lots for sale with many on the market for over 200 days.

It depends on what type of home you purchased. Homes with great views and/or pools are making a great profit. Other types of homes are hit or miss depending on the LOCATION. Homes closer to squares usually sell quicker than those farther away.

This thread is about PREOWNED homes. The developer selling 70-100 homes is HIS PROFITS ALONE. A significant factor is hundreds of his homes are being sold at reduced prices. A homeowner wanting to sell his/her home has to compete with the developer's slashed prices and nearly 1000 available preowned homes. Not a great time to place your home on the market unless it has a great view and/or a pool or is unique in some way.

disagree

So I guess it is a good time to buy

Bottom isn’t here
 

:1rotfl: :1rotfl: :1rotfl: sure wink wink

You can if you wish, but the bottom isn’t here yet. I would wait till you see a change in interest rates and look for when prices start to go up first. Right now prices are still decreasing and in many cases plunging in many parts of Florida.

Interesting. How can you see the pending sale price.

I go into the app on my iPhone and I find the house. When you pull it up, scroll down to flyer and click on flyer.

Yes, it works
 

So cool. The 20% + discount on the home is great way to gauge what the lots and homes are worth there. I’ve noticed a large swing in comps many places here. Hopefully many will jump in when the market gets right and we start on a rebound.

I’m not sure I’m reading your post right. I wouldn’t call this a 20% discount. The house sold a year ago for $674K. If it’s going for 980 then they are making about a 40% profit (assuming about 30k in landscaping upgrades) in 1 year. Dang.

Looking at a pending
 

sorry looking at a pending that was listed at 1.2

I don’t see it as a discount. It was overpriced and they sold lower. But still 40% higher than its sale 1 year ago.

Resales are still overpriced IMHO. Houses in TV have appreciated, on average, about 50% in the last 10 years. There is no guarantee that interest rates will be lowered by the Fed this year. If you don’t need to buy, I would hold off a bit longer. Just my two cents.

I see the usual suspects have entered the chat, spreading their hope for gloom and doom...

Yeah lots of that. But as I showed real evidence, a home in Lake Denham (granted on a good lot) is about to make an almost 40% profit in 1 year with the only upgrades I can see being some landscaping.

The twisting that was done by the other poster, trying to call it "discounted" because they had to sell 20% lower than their list price is simply absurd. The 1.2 million list was a pipe dream. It was absolutely crazy. But they are getting 980K for something that was in the 600s less than a year ago.

The house I’m buying doesn’t say that. Wonder why it doesn’t?

Just curious where you saw that info?

Rainger noted it’s on the flyer that you can click if you search the home using the app. I didn’t find the flyer on the website. I am curious why that would be shown. I don’t think it’s usual to show a price while under contract. Reason being it gives potential new buyers some leverage if the current deal falls apart. We can’t be sure until it actually closes. But if it was listed at 1.2 then 980 is reasonable.

Only the internal VLS sales
 

Note that these pictures show new owners of homes listed through the VLS...not including pre-owned homes sold through MLS.

Me too. I don’t see a closing date.

And the price I see on the flyer is the listing price not the actual price it sold for.

People don’t get it. They think the sky is falling (tv real estate) when somebody is only making $200,000-$300,000 profit in a year or 2 instead of $250,000-$350,000 they would have got a year ago. I know friends that have bought preowned houses here in the last couple months and their sellers made well over $150,000 in 1 year with no improvements.
I also have friends that are trying to buy new houses/lots in Eastport and they are up against hundreds of others bidding for the same house/lot. TV is still using the lottery system. No price reductions here.
Now in the undesirable areas, TV was discounting because they weren’t flying off the sales sheet. These areas I wouldn’t look in with a 50% deduction.
As for a good time to buy, this is a perfect time to buy. I have cash so I don’t need to pay 7% for a loan, and there are fewer people out there that are willing to pay 7% interest or pay cash, so the seller is more negotiable on price.
Selling is different. If you can wait while selling and not panic, then you will do fine. But if you buy a new place and have to sell, then you put yourself in this situation.

Agree. Waiting for discounts on homes nobody else wants is not smart financially at time of resale. A desirable home will appreciate more and resell faster.

They are building like crazy in Wellpoint now. Close to 50 homes in progress at the southern edge of Monarch Gtove and are starting 2-3 a day. The Villas that will overlook the golf courses have also started.

Absolutely true! View lots, pools, etc., make selling very easy for a nice profit in the southern area of TV.

Its because of the PE landlord the normie can't afford to buy. Prices will come down everywhere and whether or not they do in TV depends on resalability.

Most of these homes won't last more that a decade without major repair.

So one dumb buyer saves your home value??? Not...

Sounds ominous- what specific types of “major repairs” are you predicting for most new homes in TV within the next decade?

Rumors and Rumors of Rumors
 

You can't believe half of what is on Zillow. They have no valid verification processes. Also, there is demand for more secluded locations, not everyone wants to be near all the traffic. As long as people retire, TV is and will be just fine.

They can't close until August as they haven't owned it a year yet.

The house was listed for 1.2 million up until it went pending as far as I can tell. I watched it daily.

You figure it's just a dumb buyer. No one told them they are paying 40% too high? I'm personally not worried about it. My home in Lake Denham is worth 6 million. Or 200K or 800K. IDK because it's my plan to live in it, not sell it. Could that change, of course.

But if I do decide to sell I think I'll do okay. At the very least this sale gives a comp for realtors. I'm assuming it's a cash sale because I don't see it appraising for 980.

I don’t know if that $980,000 is the original asking price or the pending price. Someone said it was listed at $1.2 million. But there is no way to check on that unless you look in the newspapers.

I think they are talking about the Village of Lake Denham near 470.

It was listed at 1.2. That I am sure of. But it is strange to see a price in a pending flyer. Perhaps they lowered to 980 before accepting an offer and that was the last listing price. Won't know for sure until August after it closes. But even if they took 900 they made a hefty profit in 1 year.

Hmmm, they bought in 7/23 for $674.2k - nice profit.

It sure is. Of course they could have an accepted offer at 900. We don't know for sure yet. Still doesn't seem like the sky falling.

I think key to this house (and my house) is the preserve view. Down in Eastport area they have water views and golf courses, but not much in the way of preserve view privacy yet. Certainly there is a huge difference in the Lake Denham interior lots that still have a few discounted and sitting. But private lots are all gone (well there are a couple resales still on the market that I think are overpriced).

Does the 674.2k original cost include the price paid for the lot? I think some information is missing.

The price I was given to build in the Enclave was a little over $1 million, including pool and lot. I can understand why the buyer would not pay full 1.2 million asking price. The home does not have a pool.

I am having a hard time believing the seller of the home paid $674.2k. The home is in the same area as the Enclave and was built a few months before construction started in the Enclave.