Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   How on earth haven't home prices crashed in the Villages. (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/how-earth-havent-home-prices-crashed-villages-335541/)

JMintzer 09-29-2022 04:19 PM
Quote:
Originally Posted by RiderOnTheStorm (Post 2141325)
Find a local country club that offers the same amenities as The Villages (e.g. zillions of fairways, pools, softball fields, etc.) and subtract their membership initiation fee ($30K? $60K, more?) from the home cost. Then figure out the net present value of their monthly dues ($250, $500/month or more?) and subtract this from the home cost. Add back in the net present value of TV amenity fees. You will probably find the "adjusted cost" of your Villages home is 25% or more less. That's how we looked at it (don't think for a minute that the developer doesn't factor this into their pricing decisions). In any event, it is really a "quality of life" consideration.
There are no "country clubs" that offer anything close to the amenities available in TV...

I know... We looked... Yes, Country Club homes in West Palm, Boca West, etc, can be had for about$100/sq ft, much less than in TV. BUT... You MUST join the golf club ($70-100K), the yearly dues and dining minimums are at least $25K... You get 1, maybe 2 golf courses... 1, maybe 2 pools... One health club... A half a dozen tennis and pickelball courts...

Those houses are also very dated, built in the late 80's with so much brass and glass, shiny lacquer laminate cabinets and built-ins... They need a complete remodel...

If that's what you want, go for it... We preferred TV...

JMintzer 09-29-2022 04:20 PM
Quote:
Originally Posted by jimbomaybe (Post 2141366)
DEEP pockets
Cargo Shorts...

MartinSE 09-29-2022 04:21 PM
Quote:
Originally Posted by Babubhat (Post 2141304)
The real objection is prices that have gone up a third or more in 3 years. The reset has started. Just saw a house asking 150k more bought a year ago. Absurd
Hmm, well, it is only absurd if no one buys it. Fair market value is the actual value of anything. If people pay it, it is considered fair.

Babubhat 09-29-2022 06:09 PM
This is Palm Beach compared to upstate NY

DaleDivine 09-29-2022 08:38 PM
Quote:
Originally Posted by retiredguy123 (Post 2141164)
After speaking with an expert, I found out that, about a year ago, the developer instructed agents to discourage investors from buying new houses. It was not a written agreement, but, in some cases, they would not sell a house to someone who already owned multiple houses in The Villages, or who openly expressed the intent to buy a house as a rental investment. This policy has recently been discontinued because the market has slowed down. It may seem strange, but, apparently the developer feels that they can control who is able to purchase the new houses. In some cases, a group of houses would be released for sale, and they were immediately purchased by investors. So, I can understand the policy.
I have a friend that is younger than 60 and he owned 4 houses in TV at one time. He lives in a premier home overlooking lake Miona. And he only has one other home now a CYV that he has been renting out to a long time rental.

:bowdown::bowdown:

MX rider 09-30-2022 06:20 AM
Quote:
Originally Posted by rustyp (Post 2141335)
According to an article published by Bankrate.com Ryan Erisman, real estate salesman and author of “The Villages Florida Book,” Erisman estimates that about 50 percent of buyers at The Villages mortgage their homes
We financed ours by choice. Our home here in Indiana is paid off. But when we bought last March the rate was 2.8%. We could've paid cash but we were making good money on our investments, quite a bit more than 2.8%.

Obviously the market is down now, but it always comes back strong. We're all good, and happy with our decision. We've since found out what we did is not uncommon. Everyone's situation is different. There's no right or wrong on this.

BlueStarAirlines 09-30-2022 06:46 AM
Quote:
Originally Posted by Papa_lecki (Post 2141024)
It would be a deed restriction, not in the sales contract.

I would not be surprised if certain villages have short term rental limits.
There are some Village neighborhoods that have a "no rental" restriction no matter the length. It is clearly disclosed in the sale:

Homefinder - The Villages(R) Homes and Villas for Sale

BlueStarAirlines 09-30-2022 06:49 AM
Quote:
Originally Posted by Altavia (Post 2141070)
Which village has this in their deed Restrictions?
I know of (and posted a link- Post #112) to a section of Marsh Bend.

Laker14 09-30-2022 06:51 AM
Quote:
Originally Posted by BlueStarAirlines (Post 2141518)
There are some Village neighborhoods that have a "no rental" restriction no matter the length. It is clearly disclosed in the sale:

Homefinder - The Villages(R) Homes and Villas for Sale
interesting . I've never seen that in an ad before. I wonder if that "no rental neighborhood" is a forever restriction, or a restriction that expires after a year or two.

BlueStarAirlines 09-30-2022 06:56 AM
Quote:
Originally Posted by Altavia (Post 2141070)
Which village has this in their deed Restrictions?
Quote:
Originally Posted by Laker14 (Post 2141521)
interesting . I've never seen that in an ad before. I wonder if that "no rental neighborhood" is a forever restriction, or a restriction that expires after a year or two.
I looked into that neighborhood when we were house hunting and every home in that section has had it referenced either up front or in the details. It's been over two years, so if it falls off its a number above that.

Dr Winston O Boogie jr 09-30-2022 08:40 AM
Sorry. Duplicate post.

Dr Winston O Boogie jr 09-30-2022 08:41 AM
It’s pretty simple. Prices have not come down because demand is still high. Like almost everything economic, it’s the law of supply and demand.

Stu from NYC 09-30-2022 08:55 AM
Understand that many of us can pay cash for a home mostly with proceeds from existing home.

However if prices go down by 25% lot less cash to put onto a home here reducing demand.

Still think prices will come down here just no idea how much.

Bill14564 09-30-2022 08:59 AM
Quote:
Originally Posted by Laker14 (Post 2141521)
interesting . I've never seen that in an ad before. I wonder if that "no rental neighborhood" is a forever restriction, or a restriction that expires after a year or two.
Look in the deed restrictions for District 12, Unit 24. In my restrictions section 2.10 says no commercial use that requires ... In the District 12, Unit 24 deed restrictions there is language specifically prohibiting rentals.

Without going through all the dozens of individual deed restriction documents I'm not sure how to find which neighborhoods have that extra provision but there is at least one.

Altavia 09-30-2022 09:20 AM
Quote:
Originally Posted by BlueStarAirlines (Post 2141518)
There are some Village neighborhoods that have a "no rental" restriction no matter the length. It is clearly disclosed in the sale:

Homefinder - The Villages(R) Homes and Villas for Sale
https://districtgov.org/images/DeedR...012/S12-24.pdf

Thanks!

2.10 Properties within the Subdivision are intended for residential use and no commercial,
professional or similar activity requiring either maintaining an inventory, equipment or customer/client visits may be
conducted in a Home or on a
Homesite.

Renting and leasing of Homes within the Subdivision is prohibited without
the prior written consent ofthe Developer.

Owners of Homes within the Subdivision may not transfer their rights to
those recreational facilities arising from payment of the Contractual Amenities Fee to any party, except to
subsequent Owners of the Home, without the prior written consent of the Developer


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