It feels like two completely different housing markets in the villages.
 

There are hundreds existing homes on the market on MLS. There are many more on thevillages.com. I get at least four emails/day from Zillow reporting price drops.

On the other hand, if you want a home with a larger view lot in the Eastport area you are in a lottery with about 20 competitors for the privilege of paying $650K-$800K. Homes are sold instantaneously.

I live in a nice Winslow CYV on a corner lot. But, I'd like to upgrade to a Veranda with a view lot. It ain't easy. There aren't very many, and you have to enter lotteries.

In real estate in my experience it has always been "location, location, location". Looks like that still holds true.

tough being in rural FL in a development with more development going on, and people looking buy new versus old. . . there are tipping points for everything, but if a cow pasture looks like it can be developed by a developer, then a developer will develop. .

New South is cheaper than developed North??

See a lot of "Northern" properties for sale by owners thinking, "Well if I can get this price, I'll move."

:posting:

Saw a recent article about a home where the owner wants to double the price in just 24 months. Could be a large amount of work went into a newly constructed house but seems more like shooting for the moon.

The so called lotteries
 

We live at the southern end of the existing villages and heard about possible lotteries from our villages agent while shopping here in the summer of 2023. The lots we were viewing were in "The Enclave" and the 2 best were about $300k just for the dirt lot. We realized we were too poor and moved on. There are multi million dollar homes sandwiched together there now. Since then we heard new residents talking more about lotteries and apparently now on the west side of Turnpike, lotteries are a common thing....while OP points out there are thousands of homes available in the market. We chose a prebuilt 3/3 designer home on a pond with a huge yard and no lottery. There are probably 100k homesites over on the new side and there will be something for anyone that can afford "The Lifestyle" lol. I shake my head whenever I hear someone fearing the lottery.

That being said....I whole heartedly believe that these lotteries are a fabrication created to instill a "buyers frenzy" so to speak. Villagers are competitive and everyone wants the best available. The developers are taking advantage of their potential buyers' need for instant gratification and can take a so-so lot and make it attractive when the agent says "so many people want this lot, or home, that there's a lottery and you better put your name and deposit in now". Next day...."oh you got it".

OP mentioned Verandas....most veranda homes don't have a view because it's walled in....but occasionally there are a few. We went over to Shadeybrook and looked at a designer veranda on a preserve and also the shallow creek golf course....had a weirdly shaped huge backyard lol. It was basically the new version of the gardenia model. $800k and I hated the neighborhood because the streets were very tight and the homes seemed closer together. Made us love our home even more. You can find a new home if you want it with a villages agent that knows exactly what you want and they can alert you to lots and homes that will be coming onto the market. We got our home because I found it the morning it was put on the market. Best wishes whatever you decide

Yep, folks in Fenney are already whining about Coleman Ridge. I don't know when people will learn that buying near undeveloped property in FL is a crapshoot.

It’s still true that property is only worth what somebody is willing to pay.

It's not the folks in Fenney that are whining as you say. Coleman Ridge is on the western side of The Village of Hammock of Fenney, why they named it that is beyond me, which is far from the original village of Fenney. The industrial park and multi-family housing over there was already in the works when they built homes in Hammock and it was well publicized, buyer beware.

The headline from the news source that shall not be named:
Village of Fenney residents wary about massive Coleman Ridge development

Our first visit in TV was the free for all buying of “07”, from 2010 until 2014, our first 3 homes we had 1 hour to take the home. Today It’s far more competitive for certain new Villages, than previously. So here is actual experience of how specs and lots now happening in TV.

The lottery as you are questioning, isn’t a lottery of sorts. Your VLS guy 24-48 hours receives a list of sites that will be released either a build lot or spec home. Every VLS agent has the same info to give to their potential buyers. Then the VLS agent has a list for each lot or home, with all of his clients that would like those properties. With over 350 VLS agents also have the same property and more or less potential buyers.

On the day of release at 0800 the sites go live. Up to 350 agents are clicking each property. By 0805 95% of all properties have anywhere from 1-2 names to over 40. Each agent can screenshot to their customer the list of where their name is.
So out of 15 build lots, we were 5th to 43rd on the list.

We were first on #16 lot release. Not the ideal lot, but checked off model fit, view lot, stretch 6’ front and back, room for small pool. What we didn’t get was lot stretch sides, no 3 car garage just a golf cart garage, larger lot for bigger pool.

After we wrote $10,000 check to lot #16, we continued on 5 more build lots that would have fit more of our needs. We were #2 on 3 lots, and #11 and above on the last 2. If we would have taken one of the last 5 lots we would have lost our $10,000 deposit on lot #16.

In Florida, a “Hammock” is a large stand of hardwood trees and palms that grow on slightly elevate land. The beautiful village of Hammock @ Fenney has such a feature, hence the name.

We are not “whining” about the development, you’re just reading the sensational headlines of an on-line local “National Enquirer”.

When we looked at homes 3 years ago before we custom built, the homes up north were as expensive as a new one.

When one took into account outdated kitchens,baths, AC units and possibly a new roof, the new homes were more appealing.

Granted you had a mature landscape but at the end of the day, you were just too expensive for what you were asking.

Not sure if that’s changed but it’s what we faced back then. So when you compare the houses (new vs. old) keep that in mind.

Bond
 

And then there is that little bitty of an EXTRA charge….the BOND of 50 K. It’s all int he fine print.

What percentage do you really believe Don’t have a clue about a Bond? The bond stays with the house as it is sold, rarely do you find new home with paid bond. Our last four houses sold with bond in place, not a surprise to anyone bidding on the homes. I must give too much credit to those buyers in TV, not buying with blindfold on. Even my parents in their 80s asked balance of bonds. according to you most are just clueless and bonds are hidden in the fine print.:faint: or maybe it your personal experience that you didn’t see the bond fine print and are warning all.