[conn8757]

We looked at a new home yesterday with our Villages Realtor that we are really interested in - (Darbyduff - if you are back, it is a designer in Duval). We were told about the 10% furniture option and are seriously considering it. There was something I didn't really understand - somehow that 10% is added back into the value of the mortgage-in our case if we paid approx $250,000 for our home and got $25000 in furniture - the $25000 is not put in the price of the home, but for the sake of the loan (we haven't sold our other home yet), we would have to put down more than $50,000 to avoid PMI insurance of $66 a month - we would have to put down $75,000 in order to have more than 20% down. I hope I stated that right. We are considering just taking a home equity loan on our paid for house and just buying the TV home outright and crossing our fingers our Orlando home will sell in the next year or less. In doing that, I am wondering if there would be any tax consequences on receiving the $25000 furniture --- even I know you don't get anything for free. Anyone have any thoughts on that? Also, my husband wondered if you can negotiate pricing with their realtors. We think the home we looked at is a good price, but I am afraid we just want to get there since we have been browsing up there for 2 years. It didn't seem like there was any negotiating allowed -

[nyclicker]

That's a very good point. I'm wondering if you would have to claim the $25,000 in free furniture on your tax return. If I were to guess the answer would be yes.

[Barefoot]

We were told by a Villages Sales Rep last March that there is absolutely no negotiating on new homes, and perhaps 5% on resales. Perhaps they are more flexible now. We were also told that the real estate slowdown in the U.S. doesn't affect the Villages at all as their market is separate and unique. Not true! Since many people have to sell their existing homes up north before moving to TV, there is obviously more inventory available now in TV, and prices have decreased, thus the incentives they are offering on new homes.

Bottom line .... it's a great time to buy!!

[bestmickey]

Hey, let's all remember that DarbyDuff got TV to lower the price of her designer home by telling them their (already) discounted price was still too high. :bigthumbsup: That was for a designer home. Don't know if they'd reduce on a villa or ranch.

[captain1202]

We're coming to buy next week and from what I've observed and been told by realtors is the market at TV is VERY soft, just like everywhere else. If we see a TV home for sale, we will make a suitable offer, if not accepted, there are plenty of MLS props for sale who would be more than happy to accept an offer reasonable for today's market. Sorry Martha, it's not 1 year ago!

[chuckinca]

Good Luck and keep us posted on how things turn out.

[Barefoot]

Captain, I agree, the market in TV is soft right now and owners should be negotiable!! I found that VLS (Village) agents were very resistant to discussing "low ball" offers -- it seemed to me that they encouraged owners not to consider them. (I was told they try to get higher prices for resales in order to keep new home prices high. Perhaps just a rumour.) Many owners list with the Village at "top dollar" and don't sell and then list on MLS at a lower price; you often see that. MLS (Multiple Listing Service) agents seems to encourage negotiation. We purchased through MLS and offered $30,000 under list price. Our agent was great.

Good luck with your purchase! Let us know how you're doing. :bigthumbsup:

[bimmertl]

One important thing our non Villages realtor did was to print up the tax records from the appropriate county prior to our viewing of the re sell homes. If you check the web sites of the appropriate "tax collector" you can search the records for tax and purchase information. You will then know exactly when the current owner purchased the home and how much they paid. I didn't think of this when we viewed the pre owned being sold by TV personnel.

So line up some pre owned to see. Ask the TV sales person to print up the tax records indicating purchase price and date. All they need to have is the owners name (Sumter County) to get the information and needless to say they have that as the "listing agent" is another TV sales person. If they refuse to do this it's obvious who's interest they are protecting and it won't be yours. This is all public information. Surprisingly, in Sumter County you need to have the name of the owner to get this information. In the county I live, Pasco, all you need is the street name. Who convinced the Sumter tax collector to put this complication in his site is unknown. (somewhat amazing that each county isn't standardized, but hey, it's Florida). I didn't check Marion County's site so I don't know. But google Sumter County tax collector or the same for Marion. Then do a real estate search and you'll see in Sumter you need the owners name or property number to get the info.

With this information in hand, I knew the current owner of the home we bought was not the original owner. I saw the date of the original owners purchase from TV and the purchase price. In addition is showed the same info when the property was resold to the current owner. This was extremely valuable in analyzing a current value an making an appropriate offer. Some modification to the property may not be included but it still gives you a big leg up in the process.

[az2fla]

Barefoot you said "(I was told they try to get higher prices for resales in order to keep new home prices high. Perhaps just a rumour.)"

Not a rumour. For the past few months I have checked homes for sale on both VLS and MLS. I've kept a list of the type of home we would consider if/when we relocate to TV. On more than one occasion, I saw a house on VLS which had been on MLS and didn't sell. Guess what? On every such case the home was relisted on VLS for a higher asking price; anywhere from a plus 5k to a plus 9k. It appears that someone is convincing the sellers that the house will sell now that it's on VLS and that they should price it higher in order to cover the additional commission structure. Most outside Realtors agree to a lower fee than the fee that TV sales office charges.

[Barefoot]

Thanks for that info az2fla. I was a real estate broker for many years (but not in Florida) so I was quite interested in figuring how the VLS/MLS thing works. Apparently TV used to be a member of MLS, and chose to set up their own system in which TV refuses to cooperate with outside agents. The Commission rate on Villlage Resale Listings -- owner pays 6% to the developer, and I understand that the Sales Agent gets very little of that amount. Doesn't surprise me, TV Sales Office is very posh and must cost a lot of money to run!
Apparently the Agent's commission on new homes is much higher, thus explaining why most Village agents try hard to push new homes. Rate on MLS can be 5% or less depending on the type of service. I am told MLS agents get a much larger chunk of commission on a resale than do VLS agents.

I was so naive when I went for my Preview and walked into the Sales Office that I thought VLS had a monopoly on all the listings available in TV. I was dazzled by the whole Village ambience. After driving through the neighbourhoods with our Village agent, I started noticing other signs. When I checked out the Daily Sun, I was so surprised to realize there are hundreds of listings not on VLS (and many reduced from previous higher VLS prices).

That is a great idea about checking Tax Records Bimmer. It pays to do the homework! I also figured out that you can tell approximately how long a Village listing has been on the market by the Listing number (another piece of information the Village agents don't want to share with you). Our Village agent treated us well and was very nice, but don't forget TV agents are working for the owner of the home, not for you. I did feel our MLS agent was straight up with us, didn't "guard" any relevant information and helped us get the best deal possible.

My only regret is that I didn't have this site available before I bought. I have learned so much. Thanks to everyone for sharing such great information. TOTV rocks. :bigthumbsup:

[darbyduff]

Hey- Darbyduff is back and here is my observation....


On new homes, we were told the same as all of you. No bargains until we mentioned the ranches and villas and pretty soon the bargains on the Designers came out of the woodwork. Now if you look at "Pre-Owned" homes in TV, you'll notice that ...take for instance The Designers.... Our home, The Jasmine, is listed at anywhere from $235,000 to +++++ We purchased a Jasmine for $209,000 and we did not have the items in our home that we did not want, nor pay for what was already paid on someone else's bond. Is this the way to go?????? It's up to you all!!! Our bottom line was - WE WANTED TO LIVE IN THE VILLAGES! We would have purchased a pre-owned home or a new villa if that was what we thought was best for us. And let's face it.... If you want to live in TV, the owners have us by "the short and curlys"

You can look at all of the other 55+ community's such as THE PLANTATION or DEL WEBB'S and I'm sure there are people who moved there who think they got a "raw deal". You all know what your bottom line is and if the Sales people or owners of TV have crossed it, don't purchase a home there We didn't get to this age by being stupid. We all have to do what works for us!

That being said....... Hope to see you all down here!!

[lisagenek]

We are looking to by in TV, visiting on long weekends...What is the best way to 'get to know' the various neighborhoods? Also - does anyone own a horse, or know about horse boarding? :dontknow:

[Villages Kahuna]

There was a reference that the cap on the newly announced Southern Lifestyle furniture program is $3,500,000 and when that's met, the deal is over. If you intend to take advantage of the deal, you'd better move FAST!

If you do the arithmetic, the cap will be met with the sale of only 150 to 175 homes. (That's 175 homes costing $200,000 or 150 costing $225,000.) Under normal selling rates in TV, that's about two weeks worth of sales. This program sounds like one that is designed to "jump start" sales, as opposed to being a long-term program to attract buyers.

Better move fast!

[samhass]

Going to the tax records to see what the owner paid is a great idea. On a resale, realize that you have to add the bond cost (if paid) and builders cost to that number. Then figure out what add- ons the owner has paid for..landscaping, pavers, window treatments etc. That should give you a good idea of what you should offer on a preowned. For the month of Sept my home is for sale for 14,000.00 less than I have in it. After that I intend to pull it off the market, furnish it and rent it for several years. This market will change. My location is superb.