Home values
 

Just a question directed to villagers who own small ranches or villas and have lived in them for over 7 years. How much more do you think your home is now compared to the purchase price? We have a 2-2 austin, paid 162,500 in 2005. Between landscaping, all tile floors, better countertops, and other misc. items, have spent 20,000. At most i don't think i would get high 160's. This in part because we bought at the absolute highest prices and you reach diminishing returns when adding on to a smaller home.

You can use this link to find out what homes in your neighborhood are selling at (or any other neighborhood for that matter)
Just put an address in and Run Search to get the property record. Look down at the sales price area. There is a button to search for recently sold homes within a half mile. Click on that and you will get a list with lots of info.

Sumter County Property Appraiser

Home values have been going up over the last year or so and have recovered a fair portion of the loss between 08 and 11.

I live in a patio villa that I purchased late in 2004 or early 2005. I put in lots of cabnets in the garage plus a workbench w/cabnets above and below. I put in wire shelves and some new landscaping.

I haven't tried to sell it but I know from experience that prospective buyers tend to focus on what's wrong or what a house doesn't have, rather than the good features or improvements. Sometimes it may be genuine and sometimes it may be for bargaining purposes. For example, they might say they like title floors but the color isn't right for their furniture. As far as landscaping, all homes have it anyway so they will wonder why they should pay extra.

My experience as a REALTOR in this current market is the home that is updated and has the extras, and the landscaping with curb appeal (not just landscaping) sell quicker and maybe for a little more money. In a buyer's market your home has to be pristeen for people to even consider as a possibility unless you are willing to give it away.

So hopefully all the TLC you have put into your home will probably not be returned $ for $ but hopefully you enjoyed these improvements as you lived in the home and sometimes that alone is a worth the investment.

By the way - you know a REALTOR will do a comparative market analysis for you with no obligation on your part.

My area down about 10% since 2007
 

In my hood which was new in 2007, my estimation is that we are still down about 10% from what we paid new. I see some recent sales that support this.

I should also point out this is the best hood in TV so your price may vary :boxing2:

For the newer homes, the price of a new Gardenia has gone up over 10% since April of last year. If you look at the lots for sale they also appear to be creeping up and the developer has also been decreasing the 4% discounts from last year in 1/2 per cent chunks.

And is it my imagination, but are the lots also getting a little bit smaller???

I think your high 160's estimate is fair but may be a little high. Hope prices firm more in the coming year.

thanks for the link

I posted a new thread about this today. I am a wannabee, currently doing a short term rental in The Villages. Yesterday I attended an open house for a patio villa in Bonnybrook (this villa had very nice upgrades, and a brand new roof was installed on it by Owens Corning last week because of shingle issues for patio villas in Bonnybrook). List price for this patio villa was $154,000. The sales agent (an MLS agent, not a TV agent) who had this listing predicted that this patio villa will be worth close to $200K by 2016 because homes in TV will appreciate that much in 3 years because of the build out. Don't know if this agent is knowledgeable or not, just repeating what he told me.

Check this out - and homes are only going to go up in price

The Villages Home Prices and Home Values in FL - Zillow Local Info

Wow. Any agent who offers predictions on the future value of a property is a fool IMHO. Please don't make a decision about a purchase based on info like this which is based on nothing more than wishful thinking.

2005-2006 was close to the height of the real estate market in the Chicago area before the prices starting going downhill. Just wondering was 2005-2006 about the height of the real estate market in The Villages? How much, if any, did prices dip in The Villages when the real estate market declined across the rest of the U.S.?

Carol, You are right; I have to keep a calmer head about all this, and take what the real estate agents say with many grains of salt.

Thanks for all the imput. I think $200,000 for a patio villa is a way to high estimate by a realtor trying to sell property. Once we have build-out i think prices will go up not but not that much. I see in the sun today that morse bought 600 acres on 466a. Not sure if that is the large farm property on the north side of the road before you get to the library. I was told that the guy who opened the new irish bar parents own that farm and they were going to sell it to someone other than the morse's for commercial developement.

what was the cost of a patio villa in 2007?

I bought a new one (Cabot Cove) in March 2006 @ 147,000 plus closing costs in the Village of Caroline. I think it was 2007 when the Developer starting adding some closing costs "up front" instead of subsequent to the sale. At any rate, my educated guess would be about 153,000 for a Cabot Cove and 150,000 for a Colony. Of course, a corner lot makes a difference and some others might have an up charge.

thanks we stayed in caroline in 2007, but could not remember what the $amount was

I agree. No one can predict the future like that. There are many new developments going up across the country, I'm sure some modeled after the Villages. They could cut into sales here, among other things.

Not just TV.

Last year when we decided to build here we listed our house in Winter Park for $619,000 then reduced it to $599,000 after a few weeks.
Got an offer for 565,000 so we leased it instead for 3,450 a month.

Now 1 year later because the tenant needed to find cheaper rent we listed the house for $639,000 and after 18 days accepted $620,000

Almost 10% in 1 year and we are not complaining so 30% over the next 3 years; who knows?

That leaves us 2 homes and that's enough.

Saw online this morning that one "expert" predicts another housing crash of about 90%. I don't believe him either. NO ONE knows what is going to happen to this tenuous economy, not in this country, not in the world. We'll all have to wait and see.

The bottom line is boomers are retiring. Money is virtually free. They are now able to sell their homes up north. The amount of homes here are finite. Hence, increased value. Will this bubble burst? Well, we will see it first with homes south of 466A - where lots are smaller and prices inflated. My guess is Fed policy will keep money cheap. Stuff can happen...a war...a hurricane...electronic trading bringing down the market (the market sours now because just holding onto money in Fed bonds or state bonds pays so little). I purchased right before prices went mad...I might have gotten the last of the builder give backs. So I sunk money into this place...5 palms...a pond and waterfall...lots of art work. Why - I wanted a nice crypt and a place my son could sell easy. Buy now.

gosh - hope you meant 'crib', not 'crypt' !:ohdear:

The base price of a Gardenia has gone up over 10% since April of 2012 and the discounts are also going or gone. 30% increase in the next 3 years isn't too much of a stretch.

Nope - crypt...tonight Kitty came over and forced me to complete the paperwork for a liver transplant. I am resigned to letting the liver take me down. For my boy - I will try for a transplant...but, I'm not very hopeful...livers are hard to come by. So, I am coming to accept that my son should have a cool place to sell.

good for Kitty...you need to try for a liver

maybe not
 

There's another point of view...that aging infrastructure, aging homes, and increasing numbers of current owners dying off will combine to depress demand for a home in TV.
I read this view in another thread in TOTV. That poster actually did not think there would be much, if any, price jump after build out.

Bottom line...nobody knows. If you want to buy and move into TV, do it because you want to...not as an investment. Let your kids worry about selling later!

thanks for the info

patio villas price are on the rise but not as high as when we looked in 2007

We live in a newer village. Our house is a year and a half old. Three homes have resold immediately and quite a bit more than what was paid for them. One was on market for one day, one didn't get listed, and one for about three weeks.

I have to agree.

Watching CNBC this morning and an interesting number caught my attention. Interest rates over the next 2 to 3 years are expected to climb to the 6% range. It was pointed out that would be a 34% increase in mortgage payment. This is significant and would be enough for many first time buyers and those who want to move up to opt out or be "turned out" of a mortgage approval. The good news---in the short run the increase in interest rates will actually increase housing purchases as people run to buy before the rates push them out of the market. Bottom line----it appears we will probably have a couple of years of a window where housing prices will significantly increase. Good news for property owners. For those thinking about buying their retirement home, you might want to speed up your buying schedule or pay a significant higher price for your retirement home.

I think as interest rates go up, housing prices will go down?

mickey100: Please where in the country are the developments that are modeled after The Villages?

Predicting home prices in this global economy is going to be difficult. Look what Bankanke's big mouth did yesterday to the global indexes. People are use to low or zero interest rates and any increase is going to affect the markets.
Location Location Location is another factor so when someone talks about a model it depends on which lot it is located and what extras it has. Actually I am surprised by the number of variables that have applications to the homes here.

We originally thought we wanted a premier home but changed our minds and purchased a lantana in 2006 on a championship course that has many extras that add value to it. We paid top price but we sold our home for a top price. I do not want to sell my home. I'll let me kids do that Perhaps by then this issue of value will be settled

We purchased a Bougenvillia with an enclosed lanai and golf cart garage in 2012 for $198K. An identical model one street over just sold for $238K. Not bad in a year's time. Would be an excellent comp if I were interested in selling.

How much were patio villas selling for in 2007? And were these new or preowned patio villas?

Realtor / The Villages Sales Agent

COMMISSION.

WHO do you think they are looking out for?

Seriously.

If you look at Trulia, they are predicting home prices will rise 6% in the 32162 zip code area. Probably demand? In Leesburg area and areas around there, they are predicting a decline in house prices.

Future Projection
 

CarolSells

I had the same reaction to the agent making a future projection. Seems like there could be some future liability there.