[Villages Kahuna]

...that real estate over time will always...always...convert to it's highest value and best use. That's a principle that I learned during that period when I financed lots and lots of commercial real estate projects.

While the principle is always true, that may not provide much financial certainty in making a construction loan or real estate investment. That's because the principle doesn't define how long it might take for real estate to reach it's highest and best use. But if one thinks about it, there are all kinds of examples of how the principle is true. In fact, the process has been given a name...urban renewal. Such projects are common across the country, some privately financed and some financed with public funds.

With regard to our Historic District, we all know and we can all see that many of the residential structures built or placed there certainly will not last very many more years, regardless of the care and love residents invest in maintenance and repairs. Many homes will simply age and eventually the community will degrade into something less attractive than now. (By the way, over a much longer time that will also happen here in the newer parts of The Villages.)

But in the case of our Developer acting proactively to buy older and deteriorating homes in order to replace them with new structures, he's effectively begun the process of renewing the Historic District. The first homes to be rebuilt won't be the last. My guess is that many more homes with limited remaining life may be sold by their current owners and then replaced with new structures. Such "urban renewal" will be a positive thing and will renew that seminal part of our community that we know is so loved and valued, both by it's residents as well as others of us that live here in The Villages.

[Chi-Town]

Very well said.

[Dr Winston O Boogie jr]

Originally Posted by Villages Kahuna

...that real estate over time will always...always...convert to it's highest value and best use. That's a principle that I learned during that period when I financed lots and lots of commercial real estate projects.

While the principle is always true, that may not provide much financial certainty in making a construction loan or real estate investment. That's because the principle doesn't define how long it might take for real estate to reach it's highest and best use. But if one thinks about it, there are all kinds of examples of how the principle is true. In fact, the process has been given a name...urban renewal. Such projects are common across the country, some privately financed and some financed with public funds.

With regard to our Historic District, we all know and we can all see that many of the residential structures built or placed there certainly will not last very many more years, regardless of the care and love residents invest in maintenance and repairs. Many homes will simply age and eventually the community will degrade into something less attractive than now. (By the way, over a much longer time that will also happen here in the newer parts of The Villages.)

But in the case of our Developer acting proactively to buy older and deteriorating homes in order to replace them with new structures, he's effectively begun the process of renewing the Historic District. The first homes to be rebuilt won't be the last. My guess is that many more homes with limited remaining life may be sold by their current owners and then replaced with new structures. Such "urban renewal" will be a positive thing and will renew that seminal part of our community that we know is so loved and valued, both by it's residents as well as others of us that live here in The Villages.

Has anyone confirmed that the developer is buying up homes and replacing them with new ones?

[njbchbum]

Originally Posted by Dr Winston O Boogie jr

Has anyone confirmed that the developer is buying up homes and replacing them with new ones?

Heard today that several homes were purchased in June - deeds not yet recorded - revitalization will not begin until after the Villages of Fruitland Park have been completed.

Personally reviewed sales records in historic neighborhoods and found nothing in the name of the developer thru the end of May [which was the most recent deed transfers recorded.]

[janmcn]

There are currently 17 or 18 homes for sale on the historic side, ranging in price from $90,000 to $155,000, listed with The Villages alone. It doesn't seem like there is much of a profit margin for a buyer to pay these prices, remove the home and build new. The asking price of these homes is anywhere from two to five times the value of the lot.

[Halibut]

There are some homes that have perhaps been abandoned and fallen into disrepair, but by and large, I prefer the comfy, quiet, and gently worn feel of the historic side -- lawn ornaments, orange and lavender house colors, overgrown bushes and all. I would be sad to see that laid-back vibe replaced by new homes. But that's just me, and it would take a couple of decades, so it's not exactly keeping me up nights. The frequent bathroom trips do that.

[Allegiance]

Originally Posted by Villages Kahuna

...that real estate over time will always...always...convert to it's highest value and best use. That's a principle that I learned during that period when I financed lots and lots of commercial real estate projects.

While the principle is always true, that may not provide much financial certainty in making a construction loan or real estate investment. That's because the principle doesn't define how long it might take for real estate to reach it's highest and best use. But if one thinks about it, there are all kinds of examples of how the principle is true. In fact, the process has been given a name...urban renewal. Such projects are common across the country, some privately financed and some financed with public funds.

With regard to our Historic District, we all know and we can all see that many of the residential structures built or placed there certainly will not last very many more years, regardless of the care and love residents invest in maintenance and repairs. Many homes will simply age and eventually the community will degrade into something less attractive than now. (By the way, over a much longer time that will also happen here in the newer parts of The Villages.)

But in the case of our Developer acting proactively to buy older and deteriorating homes in order to replace them with new structures, he's effectively begun the process of renewing the Historic District. The first homes to be rebuilt won't be the last. My guess is that many more homes with limited remaining life may be sold by their current owners and then replaced with new structures. Such "urban renewal" will be a positive thing and will renew that seminal part of our community that we know is so loved and valued, both by it's residents as well as others of us that live here in The Villages.

"regardless of the care and love residents invest in maintenance and repairs"

I do not believe that part to be true. Well maintained manufactured home will last as long as stick built homes.

[bkcunningham1]

Originally Posted by janmcn

There are currently 17 or 18 homes for sale on the historic side, ranging in price from $90,000 to $155,000, listed with The Villages alone. It doesn't seem like there is much of a profit margin for a buyer to pay these prices, remove the home and build new. The asking price of these homes is anywhere from two to five times the value of the lot.

That is exactly right. Commonsense.

[bkcunningham1]

Originally Posted by Allegiance

"regardless of the care and love residents invest in maintenance and repairs"

I do not believe that part to be true. Well maintained manufactured home will last as long as stick built homes.

I agree. More commonsense. I bet it took longer to build some of the manufactured homes on the historic side than it takes to build some of the new stick built.

[Dr Winston O Boogie jr]

Originally Posted by janmcn

There are currently 17 or 18 homes for sale on the historic side, ranging in price from $90,000 to $155,000, listed with The Villages alone. It doesn't seem like there is much of a profit margin for a buyer to pay these prices, remove the home and build new. The asking price of these homes is anywhere from two to five times the value of the lot.

I know of a home that burned down. The owner replaced it with a beautiful manufactured home at least twice the size of the old home. The cost of the new home including landscaping, new concrete driveways, walkways and patios, as well as installation and water. sewer and electric hookups was $86,000.

Home that are completely worthless over here sell for a minimum of $39,000 unless there is an absolute auction. $39,000 is the value of the lot. My house is insured for it's value less $39,000.

So, if you buy for $39,000, and rebuild for and additional $86,000 you'll have invested $125,000. Looking at the house that I know of I would say that it would sell for considerably more than that. The highest priced manufactured home that I see on The Villages.com is $167,000. I would think that the owner of this new home would get at least that.

[bkcunningham1]

Originally Posted by Dr Winston O Boogie jr

I know of a home that burned down. The owner replaced it with a beautiful manufactured home at least twice the size of the old home. The cost of the new home including landscaping, new concrete driveways, walkways and patios, as well as installation and water. sewer and electric hookups was $86,000.

Home that are completely worthless over here sell for a minimum of $39,000 unless there is an absolute auction. $39,000 is the value of the lot. My house is insured for it's value less $39,000.

So, if you buy for $39,000, and rebuild for and additional $86,000 you'll have invested $125,000. Looking at the house that I know of I would say that it would sell for considerably more than that. The highest priced manufactured home that I see on The Villages.com is $167,000. I would think that the owner of this new home would get at least that.

Are you sure that you are talking about a manufactured home?

[dirtbanker]

Originally Posted by bkcunningham1

I agree. More commonsense. I bet it took longer to build some of the manufactured homes on the historic side than it takes to build some of the new stick built.

Yeah, who would want to wait longer than they had to for a house...? That is probably the reason the developer is not selling brand new manufactured homes...?

[Dr Winston O Boogie jr]

Originally Posted by bkcunningham1

Are you sure that you are talking about a manufactured home?

No, it said manufactured home on the top of the listing, but it is a site built home in Del Mar

There are several manufactured homes over here that are priced in the $150,000 range. There's one on Kiley Court that they're asking $154,900 for.

It's VLS 216208

[john2]

Yes TV properties bought my manufactured house on historic side.