Villages Slashing New Home Prices 6%
 

With the Villages now discounting many homes, I wonder where the bottom is before buying.

Every neighborhood close to sell out, remaining home to close out the neighborhood, has been offered at a reduced rate. Nothing has changed or new, since we have been coming to TV in 2007

Not this time
 

Except more than half the neighborhood is still up for sale and this isn’t the only one, there are a few. The drop of the market is at the door. It should be a great time soon to buy for some. Bargains will abound. Lake Denham isn’t even built out yet.

Homefinder - The Villages(R) Homes and Villas for Sale

Slashing Prices vs. Marketing ploy to make you feel good.

Possibly. But a 6% drop in housing costs is more than offset by the increase in interest rates. Home ownership in TV is 87.1% but the vast majority of those, nearly 70%, have mortgages (datausa . io). It seems logical to assume that that ratio won't be decreasing any time soon.

Additionally, one must consider the recent RISE in prices when comparing it to the recent drop. Since Quarter 2 2020 to Quarter 2, 2023, the average purchase price of a home in TV has risen from $279,120.00 to the current average price of $406,370.00. That is a 30+% RISE in three years, and coupled with the interest rate increase over the same time period that 6% is negligible.

On Sale
 

Hey whatever way it comes, the new homes are still getting price cuts. The Developer is falling in line as needs to be. Price per square footage reductions were sorely needed. The YouTube stations had the writing on the wall for some time now though. I do feel for those privately trying to sell their homes now. Hopefully everything comes out in the wash after the FED stops its tinkering.

Wow
 

We just bought 3 weeks ago. I knew it! This bites, we should have held off longer.

Forget it and just move on. Enjoy your new surroundings.😁

Wet Prairie , decomposing odors and screams from the Coleman prison showers will get that discount …

I disagree. We’re closing in a few days on our pre owned house and I am happy as a clam!

This market might have stops and starts but it’s trending up.

I looked at many pre-owned houses and within days, they all went under contract.

For a buyer, it’s kind of daunting.

A 25 K price drop on New Construction
 

The 25 K price drop can buy a lot of furniture.

1616 Rowell Street
Village of Lake Denham
Yesterday 374,920 now 349,500. That’s a little bit of coin

Less than a year ago people were lining up for a lottery for homes..

Quite a Change
 

Yes, even a month ago there seemed to be a lot of hype. The market has down shifted for sure though. Many of the houses we looked at a month ago are still for sale. We have a list the agent printed out for us from last month and prices have definitely gone down on some. I’m not sure what that means or how often this is done in a new neighborhood that isn’t even done yet, but the OP seems inline from what we have at the house.

That said, we are happy to be retired and moving either way. We are building, I don’t know if we could have bargained with a designer appointment. Obviously this is becoming a buyers market though. I can also say we are hopeful no rentals will be anywhere near us because of the price point of the homes where we will live.

I will predict those new places going in across from Richmond will NOT be discounted and will sell out in about 5 minutes.

I believe that The Villages market will never really have a huge downturn. 10,000 people a day turn 65 every day. The number of retired citizens as a percentage of the population is just going to continue to grow for years to come. The Villages offers a lifestyle that is very attractive and appealing to a lot of people and they do things right.

That being said, there are some issues that are probably in play in the area where new homes are being offered. I do believe that new home buyers are fully cognizant of the nuances of Newell, Lake Denham, and Dabney, but realistically, if one wants to purchase a new home in The Villages, that's where they are being built and offered.

If I am reading the bond amortization schedules correctly, the bond on the home in Newell that was just mentioned is over $41,000. The interest rate on bonds is now also higher at 5.47%, so the yearly payment is almost $3,000 per year. For a house that was listed at $375k, and now at $349.5k, that may be a consideration. Also, the tax rate in Lake County/Leesburg is higher, somewhere around 3 millage points more than Sumter County/Wildwood, and around 6 points higher than Sumter County north of 44. Combine this with the higher mortgage rates for those that need one, and also how far out those homes are, and some folks may have chosen to wait for the next group of homes to be built which will be closer to Eastport.

Those conditions described above do exist right now, but I am confident that all those homes are going to still sell fairly quickly. They are brand new, it's very nice down there, and The Villages is a highly desirable destination and will remain so.

All IMHO.