Maybe
 

Perhaps, but the bottom isn’t an abrupt point in time. The Fed is leaving borrowing rates alone for a while? Just look for the gradual consistent shift upward. It doesn’t happen overnight. If your timing the bottom, I would think you are close.

How can you say prices are coming down when there are still lotteries going on for a new home or lot? The only time TV has dropped the price of a home is when they can’t sell them. I have friends that are looking for a new house in Eastport area and they get notified that they have 2 hours to respond to buy it or it will go to the next person. The villages is getting around $300 sq ft on some of the new home models and that’s before adding in the land. But that’s cheaper than the $500 - $700 per sq ft in our area for a designer home. Cheap homes with Formica and carpet floors are $300 sq ft.

The villages sells everything they make, and if it starts to get a little slow, they will cut costs like putting in cheaper stuff in the house to bring the price down. Newell lots were a steal compared to lots from fennel for example, but you pay more for everything else.

When Florida is getting more and more people migrating here from other states, if it’s truly down in price, it won’t be long before they will be more expensive. On top of that, people migrating from NY, Calif, and other states will think the houses in TV are cheap and will have cash to buy.

Picking Cherries
 

Before I go cherry picking with you, I will be direct by saying I hope it all does turn up well between your friends and the Developer and they get the house of their dreams.

Not everyone shares your optimism about what is happening in the current Villages area. Try selling your home right now if you live in Lady Lake, or any where north of 44. Try selling your house if you even live in St. Catherine or Fenney. The values of these homes have for the most part dropped. Then go to Dabney or even Newell and see for yourself how the Developer has had to drop the prices on those new homes.

As far as cash buyers from out of state, that is what is needed. The real issue is people in other states have to sell their homes in many cases and that is in a market where buyers are paying a 7% mortgage. It’s a buyer’s market in most cases..

There is a term we all have used,”Location, location, location.” Hopefully the new location of Moultrie Creek pans out for all. There are still about a hundred blank lots for sale there. Also your friends might want to try in the new Enclave Premier area as well. Almost all the lots are still for sale there. You mentioned Newell also, good news there is still one new house for sale in that area also.

If I were you I would take that 500-700 dollar a square foot offer.

Look before you leap! Home prices are indeed falling. Moultrie Creek is the ONLY area that is selling. If you purchase a home because of a feverish demand NOW, you may have a difficult time selling if there is a need.

Those who bought homes while in high demand after covid are having a difficult time finding a buyer. On MLS, some new homes have been sitting on the market for three to six months. Price reductions of $50,000 are the norm.

Older homes are not faring much better. Patio Villas are seeing losses. Do your research before buying. Talk with an outside real estate agent who will tell you the truth. Not trying to scare you or talk you out of buying. I am merely trying to give you the full picture.

The Developer sells all homes? Lake Denham and Dabney new homes are sitting. My daughter and I went down at the end of November. 4OO new homes were available and 50 + had price reductions. We did not buy because we saw empty homes on many streets. In January, the Developer reduced the price of 200 additional homes. Nearing the end of March, 260 homes still remain unsold.

There is no telling what the Developer will do at the end of the summer when demand falls in Moultrie Creek area. There is enough land to develop for MANY YEARS. Imo, buyers should take things slow. Not jump on the band wagon with those who are purchasing believing they are winning the lottery. Reality check! Once Moultrie Creek homes are built, there will be many more villages with THOUSANDS of new homes. What is there to win?

They still have studs on the inside and wires can be run.

You are mistaken about prices and selling in Fenney, they homes there are still commanding high prices and are selling quickly some within a week or two with the exception of those that are on undesirable lots which is the case in any village.

I’ve not read this entire thread but when you mention service jobs and a younger generation needed to fill those positions....that is exactly the issue across the nation. People don’t want to work....younger people as well. The demand that new construction will put on those high demand areas you noted will be dramatically insufficient to meet.

Scores of homes in the southeran sections are going unsold. They are starting to discount them but they are still not selling. Regarding the 2 hour notice to accept the home, thats the standard Villages sales process, regardless if others are interested in the home or not.

The homes aren't the same. Some of the cottage homes have no back or front screened Lanai - Just a tiny side patio.. No fence, etc..

Two hour notice to accept a home? Talk about lack of time to do adequate due diligence. A very good reason to buy pre owned.

The two hour time frame applies at the time you agree on a home to purchase after the two hours if you don't put down a deposit it can be sold to someone else. you can take all the time you need for due diligence before agreeing to purchase it. There are a lot of reasons to buy a pre-owned home but this isn't one of them.

The new areas are mainly spec homes which is most of what is being built options are none. There are lots that you can buy and build custom at prices far higher than previous, higher bonds, higher property taxes, and higher build costs. The preowned homes are mostly still at COVID levels and hardly selling at all, too many to count over 100 days and too many to count that are listed for less than purchased a year or two ago. Moultre Creek was supposed to be the area of highest demand, but sales are not brisk. If somebody was in a bidding lottery then that is very rare according to my VLS agent and MLS agents. Speaking to those who believe prices are not coming down, you simply are not paying attention, or are just happy being in the beautiful Villages. Bless your hearts.

I saw some patio villas with designer homes behind with no fence really doesn't look very good.

Not quite a buyers market. Because of the high interest rates people aren’t selling. Of course if they are moving to Florida to pay cash they will sell. But that’s not most people. People don’t want to trade their 3% mortgage for a 7%. So there is very low inventory. Seeing multiple offer situations a lot. Spring market is picking up as people are realizing these rates are the new normal.