Villages real estate market update q2 2024
 

Community-Wide Results by Properties of The Villages

Spanish springs area

Lake Sumter Landing Area

Brownwood Area

Sawgrass grove area

Eastport area

Strong 2nd Quarter.

Interesting that they sell just about as many new homes as used and at a lower average price.

Also interesting how they restructured the sales areas.

Build Baby Build!

Lower price upfront for new, but that bond adds thousands!

Lower Price Needed
 

I noticed the price has stayed the same over the last year too. Lower prices should continue to help the market. If the Villages continues to sell “new homes” at their current rates and build accordingly, it will take at least a decade to sell out the entire area they have been working on. There is no rush if anyone is on the fence about buying.

I am sure they own more land than we know about.

What’s also interesting is that the Villages south of Warm Springs and west of the Turnpike don’t seem to exist on any of the sales area maps any longer…Fenney, etc. Are we just in “no man’s land?”

What is the definition of "Homes & Villas Pending"? Is it the number of homes & villas that offers have been accepted and are waiting for closing to be completed at the end of the quarter?

If that is the definition then showing YTD numbers makes no sense.

As I see it, you're in the Eastport area.

Interesting that about 50 pre-owned per quarter in Eastport. .

pretty short holding period. . flippers!!

otherwise, remember, rising home prices increases taxes and insurance sometimes higher than inflation, which squeezes your SS paycheck

Isn’t Fenney and the surrounding area included in “Eastport” now?

Correct

It can get confusing given the sales areas can include multiple different designations: CDD's, counties, cities, etc.

The District Government website shows that the bond principle for a CDD 15 (south) home is $51,492.15. The bond's interest rate is fixed at 5.19%. The total interest the homeowners would pay over 30 years is $50,527.71.

The difference between a PRE-OWNED and a NEW is $53K in the MARKET UPDATE.

When I purchased my home in CDD 5 twenty years ago, my bond principle was $8,171.20, and the interest rate was 4.73%.

Where can we find the MLS data? TY

In real estate, a home listed as "pending" means that the seller has accepted an offer on the property and the contingencies have been met, but the sale has not yet been finalized. The home is no longer an active listing.

They do not count them as sold until they are actually sold. They will most likely move to that category but they are simply not counting their chickens.

This is how the entire industry does it, MLS and VLS.

New homes are less expensive because the existing homes most have done extensive changes to them... extending lanai, extensive landscaping, backsplashes, painting, custom cabinets, closet cabinets, and many other upgrades.

Late last year and early this year they acquired a lot of more land. It has been said at the current building rate they have enough land to build for the next 25 years. AND... they are still not stopping buying land.

NO thought to most buyers are looking for immediate gratification for retirement, such as existing infrastructure of shopping, amenities, and consecutiveness. For those people, which are in the majority, buying in an existing development versus starting with dirt, and no amenities and shopping nearby is much more attractive. Also, many existing houses have pools versus not having a pool for most new construction. Friends just bought up in Spanish springs. . no new interior upgrades at all, no extensive landscaping. . . but all the boxes were checked for not having to travel far everything and had a pool, as many houses do. . .

I think the answer is too simplistic and too convenient. . . especially since resales and new houses can have new interior. . I doubt a house will sell for significantly higher for an enhanced closet. .

Expensive new homes are not being build as spec homes. If you look at their site you will see there are only one or two homes over $500,000.00 then compare that to a host of homes well over $500,000.00 to well over 1 million.. If a buyer want's a larger home on a premium lot they have to build one and be lucky enough to get a lot large enough when they are released or buy a pre-owned home. The average selling price of new homes is lower because there are no expensive homes on the market, and there are many expensive pre-owned homes for sale, nothing to do with pre-owned homes having made improvements.

Not enough to impact the average but there's at least two spec homes under construction in Wellpoint with pools and birdcage, one overlooks a golf course. Will be interesting to see what those sell for.

There's already 100's of homes under construction, (many complete) in Richmond and Wellpoint that may sell quickly.

So I suspect Q3 may look even stronger.

Could Use It
 

Hopefully. The second quarter states have gone down from previous years 3 years running (although this year’s was only a little over a 3% decrease from 2023.)

Interest rates have decreased to 6.5% and we had a good report on inflation yesterday that should lead the Fed to a rate reduction in September.

Not to mention, "location, location, location"...

That’s impossible, the real estate experts on TOTV, were telling us the end is near for the Developer only 2 months ago.