[Kenswing]

Originally Posted by vintageogauge

I heard from one of the agents at an open house yesterday that there are going to be 2 more price increases within the next 6 months due to the cost of material, fuel, road impact fees ( they'll tack that on before it even happens), labor, etc. Not only has lumber sky rocketed but metals too. Another thing is they cannot get washers and dryers so these higher priced villas do not have them included. One good thing is we are being told inflation is under control, NOT. The really good thing is if you already own a home it's value too has gone way up.

Our house isn't even finished yet and it's probably worth 10% more than we paid for it. We snuck in just under the wire before the recent price increases took effect.

[MickeyStevens]

Cost of building homes is up everywhere due to the cost of materials. I talked to a neighbor this morning his friend is building in North Carolina and the price of the in progress home has shot up by about $15k.

[Marathon Man]

Originally Posted by geofitz13

I have been watching new home prices in the southern villages for some time. Ever since "connectivity" became a reality, a lot of those prices have skyrocketed. Not just a couple thousand dollars, but tens of thousands. Small patio villas under 1000 square feet were in the 160-170,000 range. There are, as of today, 25 under 200,000 and many more above that. "Regular" patio villas, over 1100 square feet, go for $225,000 and up. Cottages, verandas and designers are going for 20-30,000 more than just a few weeks ago. This has nothing to do with impact fees, it's strictly a result of connectivity. I worry about the affordability of housing here going forward. It is, of course, good news for those of us who already own.

Looks like not.

[FG111]

Originally Posted by Kenswing

Our house isn't even finished yet and it's probably worth 10% more than we paid for it. We snuck in just under the wire before the recent price increases took effect.

The price of your home is not worth 10% more. Your home is worth what someone is willing to pay for the home. When your home resales, that price will become what your home is worth. Real Estate 101...

[rustyp]

Originally Posted by geofitz13

I have been watching new home prices in the southern villages for some time. Ever since "connectivity" became a reality, a lot of those prices have skyrocketed. Not just a couple thousand dollars, but tens of thousands. Small patio villas under 1000 square feet were in the 160-170,000 range. There are, as of today, 25 under 200,000 and many more above that. "Regular" patio villas, over 1100 square feet, go for $225,000 and up. Cottages, verandas and designers are going for 20-30,000 more than just a few weeks ago. This has nothing to do with impact fees, it's strictly a result of connectivity. I worry about the affordability of housing here going forward. It is, of course, good news for those of us who already own.

The proper way to respond to this cause and effect hypothesis is to analyze the cost of housing across large regions Vs. TV over the past year. I suspect the hypothesis of connectivity will yield an R square not worthy of placing a bet.

[vintageogauge]

Originally Posted by FG111

The price of your home is not worth 10% more. Your home is worth what someone is willing to pay for the home. When your home resales, that price will become what your home is worth. Real Estate 101...

And they're selling fast and high both new and used.

[Kidsmith77]

We are another relocation from California. We knew we were moving to TV and had an area selected where we wanted to be. We came out to TV for NY (family member living there already) and found a house NY Eve morning. Met agent within the hour, put an offer in and accepted. We had not anticipated to find a house on vacation so were still in shock when we got home that we had pulled the trigger. But as stated here, we could see prices increasing and needed to make that decision quickly. Preparing CA house to sell which agent says will go quickly with multiple offers - currently it's a seller's market due to low inventory. We can't wait to get to our new home!

[justjim]

Prices of homes across Florida show significant price increases and very low inventory. For example, inventory along the space coast (Cape Canaveral/Cocoa Beach) is down to less than last months sales. I have a family member who is a Realtor in that area and she worries about losing Agents because there are so few homes and Condos to sell. I read about the building materials shortage a couple of weeks ago and the shortage is for real and could get worse. Low interest rates, is causing a true “Sellers Market” and in some places homes are selling for more than the asking price. The bridge connecting the south villages by golf cart to the north villages and completion of Magnolia Plaza certainly won’t slow new home sales. Resales between 466 and Rt 44 have been rapidly selling too. Where this goes from here is anybody’s guess. We will just have to wait and see.

[Boomer]

This is going on everywhere, and it’s being caused by a mix of things — most of which have already been mentioned in this thread.

Emotion is a player in many real estate transactions, but this time it seems like the emotional component is a bigger part than usual.

Who would have ever thought that a pandemic would make people want to move.

Inventories in places other than TV are practically non-existent. First-time homebuyers are paying through the nose for houses that would have cost a whole lot less before 2020 — that’s if they can find one. Bidding wars are raging.

Those in bigger homes who might be ready to sell are hesitant. Although their homes might sell fast, they better have some place to go. (Maybe this is part of what is driving the TV market because there is always a house to buy.)

There is something eerie about the current national real estate market. This cannot go on forever. The RE market needs to take a breath before it grows some economically dangerous, far-reaching arms and legs.

I hope homeowners are not too quick to borrow against what could be phantom equity. Remember that term “underwater mortgages”?

We are a nation of amnesiacs. (sigh)

Cassandra Boomer

[geofitz13]

I stand corrected and educated. All good, sensible answers. Thanks!

[Cobullymom]

Originally Posted by geofitz13

I have been watching new home prices in the southern villages for some time. Ever since "connectivity" became a reality, a lot of those prices have skyrocketed. Not just a couple thousand dollars, but tens of thousands. Small patio villas under 1000 square feet were in the 160-170,000 range. There are, as of today, 25 under 200,000 and many more above that. "Regular" patio villas, over 1100 square feet, go for $225,000 and up. Cottages, verandas and designers are going for 20-30,000 more than just a few weeks ago. This has nothing to do with impact fees, it's strictly a result of connectivity. I worry about the affordability of housing here going forward. It is, of course, good news for those of us who already own.

It’s not a bridge, it’s the cost of construction materials...they have increased significantly in the last couple of months. They will continue to increase thanks to future taxes, rising fuel costs imposed on companies as well....

[Veracity]

Originally Posted by Number 10 GI

If the new houses cost more the value of your existing house will also go up.

If the value of your existing home goes up, the county will also increase its assessed value, which will result in higher property taxes.

[lkagele]

Originally Posted by Dotneko

Well, those of us in the purchase/design/construction queue over the past 6 months have seen 2 increases in construction costs totalling about 10 %. Nothing to do with connectivity, but with supply issues in windows and wood.

Some might call that inflation but according to our government, inflation is non-existent.

[dewilson58]

Originally Posted by Kenswing

It's just a fact that Florida is where people are moving to. We're getting ready to move to Florida from Washington state. A 26' U-Haul truck from WA to FL is currently $6950. The same truck for the same dates from FL to WA is $1107. All the trucks are going to FL and TX. They just about have to pay people to drive the trucks back to the places people are moving from.

Can you rent it from FL to WA & just drive backwards??

[Girlcopper]

Originally Posted by geofitz13

I have been watching new home prices in the southern villages for some time. Ever since "connectivity" became a reality, a lot of those prices have skyrocketed. Not just a couple thousand dollars, but tens of thousands. Small patio villas under 1000 square feet were in the 160-170,000 range. There are, as of today, 25 under 200,000 and many more above that. "Regular" patio villas, over 1100 square feet, go for $225,000 and up. Cottages, verandas and designers are going for 20-30,000 more than just a few weeks ago. This has nothing to do with impact fees, it's strictly a result of connectivity. I worry about the affordability of housing here going forward. It is, of course, good news for those of us who already own.

Its been in the news everyday that its a sellers market right now. Prices have gone up ALL over. The Villages isnt special. Just today the news said how people from the NE are flocking to Florida and other southern states. NYC is a dead community and people are leaving in droves