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Speculators gone wild -real estate prices
OK- I know prices are what the market will bear but really. :duck:
When I look at a house that is preowned and compare the listing price with the last sold at price (listed on Zillow) a lot of the listings were bought within the last two years and are listed for 50 to 100 thousand over what they paid. And I recognize quite a few of them from when I was looking at rentals a year ago. I think there are some real estate speculators at work here. I understand 20 thou, real estate commission and then a little profit but when a house sold new construction for 60% of the current asking I think that the speculation is out of hand. Do you think it is a bubble that will burst or level out. I mean the number of preowned on the market both VLS, MLS and buy owner as a % of total units built in the villages seems high to me. I know they are selling but how much do you think the hype of the sales people "grab it now or it will be gone" is influencing things. |
Part of the allure of some of the preowneds may be location. IMHO, the location of many of the new areas is not as good as some of the central areas of the Villages. I suppose that sales people can be influencing things as we'll with their "buy now or you'll lose out" spiel.
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In many cases we are just back to 2006-2007 levels so, no I don't think there is much speculation or hype.,Just real demand.
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The prices today still have not reached the 2005-2007 prices. Back then they told you what you were going to pay and what you were going to get there was no negotiations . so I told the sales rep what I wanted in a house and at what price. Three weeks later she called and it meant our satisfaction including the location.
there are people buying homes here who may/maynot live here and using them exclusively as rentals. |
I think prices will rise for the next few years and then stabilize. Once The Villages is built out and all the "snowbirds" retire and move down here full time, or minus the summer months, this place will be a madhouse. If you think "The Season" is bad now, you ain't seen nothing yet. At that point The Villages will be so crowded that the shine will have worn off. You will then see several houses for sale on every street as people start leaving The Villages. At that point the prices will drop and be in line with the rest of the state. As a Real Estate licensee in Florida, I predicted the housing crash that we all watched and predicted the housing crash in California in the early 90's. Everyone thought I was nuts at the time only to come back and say "How did you know the end was near"? With that I will be long gone and have both my properties sold selling before the bust at the top dollar as I did in the past two bursts. Yes the Bust is coming and the bubble will burst!
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There are so many variables that even the developer has no control over. For instance; what will the final tally from the IRS be? What will the water situation be in the future? How about the frequency of sinkholes? What will the Florida Legislature allow insurance companies to get away with? What shopping and dining will be coming this way? These are just a few things that could influence real estate prices in The Villages.
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Sellers will sell for what the market will bear.
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'The upside is that amenities are stressed and will continue to be until or unless more are provided |
Billy world...what makes you so sure that the snowbirds will retire and mover down here full time? Most of the snowbirds I know will keep this as a second home,as I will. Your negative speculation, based on zero facts, is just negative speculation. Please stick with the facts.
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Quite a few very suspect statements about price increases in this thread. Accounting for location differences , upgrades , remaining bond balance at time of sale, the prices may differ much less than anecdotal-incomplete info seen here. Only a competent appraisal will acurately represent values at any point in time.
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And you are exactly right. |
Don't put too much faith in what Zillow reports - my neighbor's house showed it sold for $100k more than it did. The tax records should reflect the correct price - notice I said should.
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