Talk of The Villages Florida

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-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Home Prices - Where are they now? (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/home-prices-where-they-now-9888/)

SteveFromNY 10-03-2007 09:24 AM

Home Prices - Where are they now?
 
I've seen home prices in TV rise fast over the last few years. When I first started looking at TV web site the prices ranged from $75K for a patio villa into the high $200K range for a premier. That's back a while of course. I bought a house in June 05, and watched houses similar to mine grow in value by comparing to the resales on TV web site.

Now things have changed! :( The resale market has dropped. It seems the new house prices have nose dived as well, even without the incentives.

Where do you think it has dropped to? I've seen homes up for resale that were bought in '06 asking for less than the original selling price (courtesy of the Sumter County Tax Assessor site - http://www.sumterpa.com/ ), and I saw a home yesterday that's priced at 33% higher than it was originally purchased for in Oct 2005 ($299 to $409).

I'm sure lot's of folks keep track of the value of their homes, and I'm just wondering are prices back to what they were in early-2006, late 2005, late 2004, some other time? In other words, when would you have had to buy to be breaking even today? To make a profit? :dontknow:




samhass 10-03-2007 09:31 AM

Re: Home Prices - Where are they now?
 
I bought Mar 06 and didn't sell mine at 14K below what I have in it. I am furnishing it now for rental. It's still for sale, but not below my cost anymore. I intend to sit this market out.

jadebox 10-03-2007 09:43 AM

Re: Home Prices - Where are they now?
 
My brother in law bought a patio villa the first of this year, 2007, because of health can't move here. Has had it on the market since and the price has dropped drastically. We were told new patios are now selling for $20000 less then he paid.
Then again we sold our courtyard villa the end of Dec 2006 and got $90000 more then we paid back in 2001. There were many upgrades but not near $90000 worth.

jjdees 10-03-2007 04:47 PM

Re: Home Prices - Where are they now?
 
For those that have to sell now, they are not going to get the high appreciation over a couple or three years that may have been the case prior to the slow down. If you can sit on it and wait, go for it, but those that have to sell for whatever reasons, the market ain't what it used to be.

SteveFromNY 10-03-2007 10:07 PM

Re: Home Prices - Where are they now?
 
I see a new listing on TV web site today. Asking $329K. Last year it sold for over $370K. Wow!

captain1202 10-03-2007 11:25 PM

Re: Home Prices - Where are they now?
 
We recently contracted for a Juniper at about 75k under "market". i.e. other Juniper listings. Also, TV is hurting the resale market with their deals on new homes.
Long term, I think TV is a great investment due to its desireability. Once the build out is complete, there will only be resales. Probably above average apprecation then.

chuckinca 10-03-2007 11:31 PM

Re: Home Prices - Where are they now?
 
Out of curiosity, I Zillowed my grandparents Fla winter home in Bradenton. They bought it new in 1960 for about $5,600 (while houses in Chicago suburbs were around $25,000); 2 BR 1 Bath, 1 car garage, attached "Florida Room" (Upper Walls Screened). 1100 SF (no air), 7000 SF lot.

According to Zillow, a similar house was at $98,000 four yrs ago, went up to a Zillow value of $198,000 in late 2005 and recently sold for $120,000!

I remember seeing Bradenton having close to 50% annual home price increases a few years ago - guess they went back to near the prices before the bubble effect - say 2002 prices plus "normal" increases.

Bella 10-04-2007 07:31 AM

Re: Home Prices - Where are they now?
 
What I am about to say may sound a little morbid, but it is a fact of life with us...
When we finally retire and get to TV (we will buy what we can afford regardless of the market at the time), it is our intention to stay there until we go to the great beyond...with this being said, I really do not care if our home price has gone up, or has gone down. When we are gone, our kids will have a home to sell and whatever they sell it for is free money to them...
Investment is not our intention when buying in TV, our intention is to enjoy retirement and have a helluva time doing it... :beer2:

DickY 10-04-2007 07:33 AM

Re: Home Prices - Where are they now?
 
Well said Bella :agree: :agree: :agree:

chuckster 10-04-2007 08:45 AM

Re: Home Prices - Where are they now?
 
:agree: :agree:
I agree with Bella. We are not here to roll over our home. It is a retirement home plain and simple. Our heirs can decide what to do with it and I'm sure will sell it for what ever the market will bear. As far as value, hope it stays low for the benefit of the assessor.

SteveFromNY 10-04-2007 08:56 AM

Re: Home Prices - Where are they now?
 
I don't plan on rolling my home either, but I don't erase the possibility. I may decide to buy a different home in TV as things change. With the 5-year capital gain exclusion, I may at some point consider selling and buying a smaller (lower cost) home in TV as a means of picking up some tax free cash.

Like my other investments, I like to understand what my home's current value is.

JUREK 10-04-2007 10:02 AM

Re: Home Prices - Where are they now?
 
Bella : Good post. I feel the same way. It didn't take long to decide on TV. Been here 15 months and absolutely NO regrets. I do check my portfolio daily to see if I need to make changes. I do not worry about my investment in my house in TV. :bigthumbsup: :bigthumbsup:

bamafan 10-04-2007 08:43 PM

Re: Home Prices - Where are they now?
 
Well said Bella :agree: :agree:

jjdees 10-04-2007 09:03 PM

Re: Home Prices - Where are they now?
 
Bama, you resemble the Bear.

bamafan 10-05-2007 07:07 AM

Re: Home Prices - Where are they now?
 
Bears and Indians are #1 :hot:


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