More homes for sale than normal?
 

We have been looking at homes in TV now for about a year. I have noticed more homes for sale now in TV then ever before? Is it just the time of year?

Unless houses on the market have exploded in the 2 weeks I have been gone there was/is very little resale inventory available. Resales were going on the market and being purchased within days. Perhaps you are including specs which the builder is supposedly going full blast building right now. That would make sense since only spec homes will be available for the for see able future.

ron1z - might be that 1] more residents - more availability; and 2] summer is almost over and snowbirds will be flying in sooner than later - sellers trying to attract them!

Two things appear to be happening: (1) Prices have got up big time since one year ago. (2) Interest rates are rising and this will slow down buyers.

I agree with you about point number 1 -- have you seen the prices rise on preowned patio villas? Four are currently for sale on The Villages web site for over $179K.

there are also new patio villas in that $179K range also

Yep. We've had two friends sell their home in the last month because of the significant jump in house prices. Both felt they could recoup their original investment, pay a realtor's fee and still make a few bucks. One is moving to a less expensive retirement community south of Leesburg and the other is moving back up north to be near children

Houses are going off the shelf like bread and water before a hurricane. The Villages alone sold over 600 new and resale during the month of July. I think there is a couple of reasons for this "over exuberance". People coming in are being told that soon there will be no more new houses and second interest rates are soon going much higher----thus over exuberance in buying a home in TV. You better buy now----prices are going higher and higher. I believe some are 50-55 year olds buying and they are not retired yet. Maybe a "bubble", and then again, maybe not. I'm predicting a leveling off after build-out and then a downward trend. Most could care less---one way or the other!

We bought because we were told the lots were almost sold out and there would be no more new construction. This bubble might burst if it is fact 4000 more new homes could go up on the 600 acres the developer bought / is buying. Still happy about the purchase. No wrong answer about that part. Just the prices increasing now vs decreasing again.

:agree:

I think how values hold after build out will depend on how well the various amenities are maintained.

now only spec houses...wonder if that will change with the new property

We were told this won't happen for several years due to inability to get approved for more water right which are scarce and that is not likely to happen as it is at saturation point. If TV gets approved, then Disney will also which has been waiting for a very long time to purchase more land.

What would happen?

house prices going up.....
 

If we were able to purchase in Feb. we would have got our dream house with a view. Since they stopped selling lots and have gone to all specs it seems they have really jacked up the prices. Now our dream home will cost $50,000 to $80,000 more and it really is a dream.

The market s hot elsewhere too.
We sold ours in a suburb in north Atlanta in on day.
Same for my inlaws' 85 yr old house in Rochester NY ( an investor bought theirs cash, like ours)
My friend sold hers in 2 wks, again, North Atlanta.

And here, if the developer bought more land, there will not be a build out any time soon.
Lets just enjoy our homes and the amenities! :) :)

I originally thought our sales person was hyping it up when she said they were predicting the build out in 1-1/2 yrs - 2 yrs. That said, after driving through the Village of Collier, I'd have to say it might be true. Entire streets, maybe 10-15 house being built at one time, and it seemed that way throughout the entire Village, Quite amazing to watch!

What won't happen for several years, and could you please state your source? If it was a sales agent, I might question that fact.

I remember flying into Phoenix some thirty years ago and picking up the newspaper it was all about the shortage of water and how development must stop as it had reached the saturation point. Well...... All the "Valley of the Sun" did was triple in size and population.

Developers like Morse have the unique ability to overcome challenges in order to create what others only can develop in their dreams. With what they have already created here---not much surprises me.

We were told there will be no lots available to build any longer. They will be building 300-400 specs a month until 2015. You will only be able to buy spec houses from this point on. If you are interested in resales, they may have gone up in price, but the landscaping is completed. And lots of enhancements are in place. I have seen some new villas for $150,000.

justjim, Just wondering why you think prices will trend downward after the buildout in TV is complete?

The Boomers are just starting to retire in mass. I would think that supply and demand will raise prices.