[Bilyclub]

Originally Posted by Robbb

Ok I get it now, foreign buyers buying up property as investments, then flipping them in a year. I, naively didn't realize that was happening there. Buy it, rent it out for a season then flip it.

Canadians.

[VApeople]

It appears that some of the seemingly overpriced resales are NOT selling.

I Iris near us sold for about $440K last summer. Now a nearby Iris is asking $565K and it has gone unsold for several weeks.

[Robbb]

Originally Posted by VApeople

It appears that some of the seemingly overpriced resales are NOT selling.

I Iris near us sold for about $440K last summer. Now a nearby Iris is asking $565K and it has gone unsold for several weeks.

LOL a ray of hope.

[sail33or]

I personally know for a fact (ie. I know those doing it) are flipping houses and making hundreds of thousands of dollars. I know one couple that just made $800,000(profit) after adding a pool.

And people are paying $1,700,000 for a 2,000 sq ft house with a pool. That is only happening here.

[ThirdOfFive]

Originally Posted by sail33or

I personally know for a fact (ie. I know those doing it) are flipping houses and making hundreds of thousands of dollars. I know one couple that just made $800,000(profit) after adding a pool.

And people are paying $1,700,000 for a 2,000 sq ft house with a pool. That is only happening here.

The question is why.

To me it seems sorta like buying a sandbox in Las Vegas. There are (as I recall reading) over 100 pools available for TV residents; heated and sanitized.

[Laker14]

I am surprised at how few homes are for sale between Lake Sumter Landing and Pinellas. That's a pretty highly sought after area, due to proximity to LSL, Brownwood, many executive and championship courses.
There just isn't much to be had there.

[VApeople]

Originally Posted by ThirdOfFive

There are (as I recall reading) over 100 pools available for TV residents; heated and sanitized.

I believe the beautiful new pool at Homestead Rec Center in number 103.

[tvbound]

The obscene increases is not just TV, it's nationwide. While I think the bubble will soon be pricked, I don't see the bottom going back to where it was even 1-2 years ago. In hindsight it seems we sold our old home a bit early, anticipating a quick move to TV (yet to happen), we were satisfied at the time and still are, particularly since the invested proceeds have done extremely well. Sooo, we'll wait for a correction that we think is reasonable (smart enough to not try and time the absolute very bottom), then purchase in our preferred area which is a +-2 mile radius from LSL. In the meantime, there's a lot worse things than spending winters here renting. Except maybe last week...or next. lol

[DAVES]

Originally Posted by Robbb

I am looking for a home in the Villages but am getting very discouraged over the very recent increase in prices, are these for real?. I looked at a home this morning that sold for 345K in April, today it listed at 700K, this is insanity. I can't believe people are really buying this stuff.

Re: prices for homes, you can ask whatever you want. The question is what do you sell it for. We I guess like all people have experience, not much but some experience buying homes, selling homes and shopping for homes. Frankly home costs are going up everywhere. First of all there is high demand due to low mortgage rates, and there is also higher building costs, higher cost for land, causing a shortage of new housing stock. A home that sold for 345 and now listed at 700. Obviously a lot of missing details. Assuming it is really worth the 700,000. It is possible someone put a lot of money into the home. We all are aware of those shows about people who update homes and then resell them. Perhaps, as my sister did, she sold her home to her daughter for far less than it's real value.

Our own experience. We sold our home for roughly 6x what we paid for it. When, be bought it roughly 40 years ago, we paid roughly 3x what my parents paid for their home which was roughly twice the size of ours roughly 12 years earlier. For a down payment I put down, in cash, what my parents paid for their home. I never thought it would go up as high as it did. We bought in the villages 9 years ago. Again, I never thought it would go up-BUT IT DID.

My point is all must decide what they want, WHAT THEY CAN AFFORD. WOULDA, SHOULDA COULDA, MIGHTA does not help at all. Like say the stock market. Hindsight is of no value. WOULDA SHOULDA COULDA MIGHTA is also of no value.

[Laker14]

Rather than looking at what people are asking, you'll get more meaningful information on Trulia. You can search "recently sold", and filter for "newest". You won't see anything handled by The Villages Realty, only MLS listing sold. No question things are going up, but not as crazy as what you might think looking at some of the asking prices.

[pablo cruze]

Demand is increasing a lot.
Supply in increasing a little.
Driving more developments just outside our bubble. Wildwood is building up fast.

However these higher sales prices should help reduce the tax burden for us that remain in our humble abodes.

I'm in Sumter, so assuming the land baron developer of the villages doesn't succeed with the deceitful plan to impose increased tax burden to existing homeowners for future development (impact fees), shouldn't I assume that my tax bill will go down?

Let's assume the population increases by 3701 people this year....that's just over 2.6%. Then let's assume that costs to run the county go up by 7% this year (LGB affect).
There aren't many children vs population so funding of schools shouldn't increase too much..
So maybe the county costs go up by 8.5%. Maybe less since they are cost cutting (Village annex closed).

Each homeowner burden is based on the assessed value of their home (real value is determined at a sale / assessed value increases are capped / but can be reduced during downturns by the action of the county assessor)
Since 1995 the assess value can increase no more than the CPI or 3% whichever is lower, assuming no major upgrades.

Now...due to the huge cost (value) increases for homes sold recently, the revenue to the county from the new homeowners will be substantially higher.
Seems intuitively obvious that my meager dwelling should bear a lesser burden thanks to the influx of the increased revenue.

https://floridarevenue.com/property/Documents/pt107.pdf

County Millage Rate Information | Sumter County, FL - Official Website

sumter county population increase 2020 to 2021 - Google Search

http://https://www.**************.co...cent-tax-hike/

[valuemkt]

Originally Posted by Bilyclub

I though all buyers had to sign a legal document stating they would not sell their house for a year.

Owner's Name PAN AMERICAN PROPERTIES INC
Site Address 5746 LANDON AVE, THE VILLAGES, FL 32163
Mail Address 17 UNION RD RTE 221, C1E 3B2, FC


The Villages is also the lister. Looks like some sort of flipping?

Not all buyers .. First time buyers, After that, it's the free market at work. Nobody is forcing anyone to buy a home Will the bubble burst some day ? It certainly has in the past.. but how, when and where is what makes the game interestinghh

[Babubhat]

Nope. Been getting mail for 4 percent commissions. Zero is the right number in this market

[BigSteph]

Actually, in the same neighborhood, about 2 streets down, another owner is selling his house for 1.5+ million. I understand he paid 770K for it 11 months ago. It is listed as needing to close right after his 1-year mark, so he can keep the profits. He did upgrade the interior quite a bit -- although, not 100% markup improvement.

The owner and his wife are private citizens, not a corporation. I'm told they like to personally flip homes in the Villages.

Originally Posted by Robbb

Ok I get it now, foreign buyers buying up property as investments, then flipping them in a year. I, naively didn't realize that was happening there. Buy it, rent it out for a season then flip it.

[Laker14]

Originally Posted by BigSteph

Actually, in the same neighborhood, about 2 streets down, another owner is selling his house for 1.5+ million. I understand he paid 770K for it 11 months ago. It is listed as needing to close right after his 1-year mark, so he can keep the profits. He did upgrade the interior quite a bit -- although, not 100% markup improvement.

The owner and his wife are private citizens, not a corporation. I'm told they like to personally flip homes in the Villages.

It's all fun and games until someone loses an eye.