[Robbb]

I just read online the stock market decline this year has taken 17 trillion out of the economy, in addition todays 30 year mortgage rate is 7.5%+ yet dozens of new homes are being sold every day in the Villages. I am financially very secure but no way am I going to drop 500K on a house in this market. I just don't get it.

[billethkid]

Maybe a little research on housing pricing in TV over the last 25 years will tell you something.

Hint: most properties have never gotten cheaper!

[Garywt]

If you sell high and buy high it all comes out in the wash.

[retiredguy123]

Originally Posted by Robbb

I just read online the stock market decline this year has taken 17 trillion out of the economy, in addition todays 30 year mortgage rate is 7.5%+ yet dozens of new homes are being sold every day in the Villages. I am financially very secure but no way am I going to drop 500K on a house in this market. I just don't get it.

I agree. I wouldn't buy a new house now, but I might make a low offer on a pre-owned house. If you want a new house, you may need to wait until the builder resets the prices for new houses.

[Papa_lecki]

Many are buying for a short term rental - rental prices are up as well.

Others are selling primary home (at a premium) and buying here. The prices in TV are still less than the north/northeast. So they are paying cash, and still have a few bucks in their pocket.

[Stu from NYC]

Rumor has it prices have gone down about 10%. With interest rates rising will be less demand and prices will fall some more

[retiredguy123]

Originally Posted by Papa_lecki

Many are buying for a short term rental - rental prices are up as well.

Others are selling primary home (at a premium) and buying here. The prices in TV are still less than the north/northeast. So they are paying cash, and still have a few bucks in their pocket.

The developer is now requiring buyers of new houses to agree in writing that they will not rent out their house. I don't know if that applies to all new houses, but it probably does.

Update - Sorry, it is not a written agreement. My bad. See Post No. 69 for a clarification.

[Bilyclub]

The resales are slowing down in our neighborhood. A lot of red dots on the website, compared to a month or two ago.

[Robbb]

Originally Posted by retiredguy123

The developer is now requiring buyers of new houses to agree in writing that they will not rent out their house. I don't know if that applies to all new houses, but it probably does.

Are you sure about that? Is that legal?

[retiredguy123]

Originally Posted by Robbb

Are you sure about that? Is that legal?

I'm sure it is happening. I don't know about the legality. But, I wouldn't want to sue The Villages.

[Djean1981]

Originally Posted by Robbb

I just read online the stock market decline this year has taken 17 trillion out of the economy, in addition todays 30 year mortgage rate is 7.5%+ yet dozens of new homes are being sold every day in the Villages. I am financially very secure but no way am I going to drop 500K on a house in this market. I just don't get it.

They must have an overabundance of money. I saw some vinyl siding houses - one bedroom, one bath 800 something square feet (barely small apartment size - and apartment grade) selling for $220,000 in DeLuna. Imo, way waaaaay over priced. But I guess somebody must be buying them .

[Djean1981]

Originally Posted by Robbb

Are you sure about that? Is that legal?

We were told we couldn't sell our house for a year. I don't think there was any restriction on renting it out. If my house was ever rented out, I wouldn't want it anymore. But, that's just me..

[retiredguy123]

Originally Posted by Djean1981

We were told we couldn't sell our house for a year. I don't think there was any restriction on renting it out. If my house was ever rented out, I wouldn't want it anymore. But, that's just me..

I think you can sell the house, but, if you make a profit after paying the real estate commission and any upgrades, the profit reverts back to the developer. That has been the policy for many years.

The no rental agreement is a relatively new policy.

[Babubhat]

500k is pocket change for those from the Northeast

[MartinSE]

In answer to the OP, there are over 4 million people over 65 in Florida alone. There are, last I heard, around 175,000 here in TV. They build and sell about 400 homes per month. So, you do the math, TV is the BEST retirement community in Florida, and it makes up a tiny percentage of the market. Prices reflect demand. There is a significant larger demand here than there is supply. Most people, in my humble opinion, go somewhere else because some don't want to wait.