[Laker14]

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.

This is The Bubble. Bad things don't happen in The Bubble.

[retiredguy123]

Originally Posted by Babubhat

500k is pocket change for those from the Northeast

Not true. $500K in 100 dollar bills would be a stack of bills 21.5 inches high. How would anyone from the Northeast fit that into their pocket?

[Altavia]

Originally Posted by 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.

Also, 80% of home sales are reported to be cash so interest rates have minimal impact.

[Altavia]

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.

How is this stated in the contract?

[manaboutown]

Different demographic than America at large. TV is unique. Affluent retirees, most of whom worked hard their whole lives, were prudent and remained healthy.

From what I see and hear Ferraris are still selling like hotcakes.

[OrangeBlossomBaby]

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.

Most buyers in the Villages don't get a mortgage. Most homeowners who are 55+ have already paid the mortgage off in their previous homes, so whatever they get when they sell their current home, is applied to the cost of their Villages home. They use their savings or cash in investments, to cover the balance.

When we sold our home up north we got around $200k. We were able to buy our home here in the Villages with a little help from a relative after the sales price paid off the balance of the mortgage. We owed very little and didn't have to get a mortgage at all. It was a cash sale.

New homes in the Villages are typically cash sales, which is why they usually close within 30 days (or less) of the agreed offer.

You can also buy pre-owned for less than $500k; in fact you can find plenty of beautiful Villages homes here for under $300k, even in this inflated market.

[retiredguy123]

Originally Posted by Altavia

How is this stated in the contract?

I would suggest that you ask the developer or an agent for a copy of the agreement.

[MrChip72]

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.

We bought new, closed at the end of May. We were never asked to agree to anything like that. We signed a paper that we wouldn't resell in less than a year though.

[retiredguy123]

Originally Posted by MrChip72

We bought new, closed at the end of May. We were never asked to agree to anything like that. We signed a paper that we wouldn't resell in less than a year though.

Interesting. It may only apply to certain types of houses. But, a friend tried to buy a new house for a rental, and he was told that he had to agree to not rent it out or he could not buy it.

[MorTech]

Heavy demand property in great location does not see high price drops..TV property has huge demand as does most coastal Florida. TV is probably the most desirable non-coastal place in Florida.

[kkingston57]

Originally Posted by Babubhat

500k is pocket change for those from the Northeast

And California. Brother has an 80 year old 3/1 1600 Square foot home in Silcon Valley which would sell in a heartbeat for 1Mil.

[BlueHeronFan]

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.

Wouldn't want those rentals to mess with TV plans for Apartments throughout every section.

[Nucky]

Originally Posted by retiredguy123

Not true. $500K in 100 dollar bills would be a stack of bills 21.5 inches high. How would anyone from the Northeast fit that into their pocket?

A briefcase, silly goose! With room leftover for a heater!

[jedalton]

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.

no way the developer can put that restriction on a buyer

[jedalton]

xon't think that's legal